Golden Goliath Samples 23.65 g/t Gold & 141 g/t Silver Over a 2.45 Metre True Width
March 04 2010 - 8:00AM
Marketwired
Golden Goliath Resources Ltd. (TSX VENTURE: GNG)(PINK SHEETS:
GGTH-F)
HIGHLIGHTS
-- Gold grades of 174 channel samples average 1.70 g/t gold and 67 g/t
silver over 151 metres in the newly opened Los Hilos West tunnel within
the Filo de Oro trend on the Las Bolas property.
-- A high grade zone of 12 samples averaged 8.50 g/t gold and 129 g/t
silver over an 8.32 metre length. Three consecutive channel samples
returned 23.65 g/t gold & 141 g/t silver over a 2.45 metre true width.
Los Hilos Area of the Las Bolas Property:
Golden Goliath's exploration team continues its efforts to
expand the mineralization along the Filo de Oro trend to define a
gold/silver bulk-tonnage deposit. The Company has recently received
assay results from both underground and surface sampling. The Filo
de Oro trend cross cuts the main east west trending mineralized
structures making up the Las Bolas property. The Los Hilos West
tunnel is located within this trend and has been rehabilitated and
extends a total length of 192 metres.
The latest underground sampling results combined with previous
channel sampling within Los Hilos West total 174 channel samples
over the initial 151 metres of the tunnel. The combined average
grade is 1.70 g/t gold and 67 g/t silver, including a high grade
zone of 12 samples averaging 8.50 g/t gold and 129 g/t silver over
8.32 metres. The sampling density from 80 metres to 144 metres
along the length of the tunnel averages one sample every 4.5
metres. The mineralization is still open since the last three
consecutive samples average 1.11 g/t gold and 30 g/t silver over
2.25 metres. Further assay results are pending for the remainder of
the tunnel.
Situated 105 metres vertically below the Mosca de Plata vein and
within the Filo de Oro trend, previous results from 48 channel
samples within the Los Hilos West tunnel averaged 2.07 g/t gold and
98.61 g/t silver. This section included a higher grade component of
3.90 g/t gold and 133.82 g/t silver over 36.5 metres and 6.78 g/t
gold and 220.35 g/t silver over 19.06 metres. The vertical
continuity of the mineralization combined with a high grade vein
component give the Filo de Oro trend significant potential for a
bulk tonnage deposit. Filo de Oro is one of the four defined
mineralized trends on the Las Bolas property.
The Los Hilos area includes the Los Hilos, Mosca de Plata and
Palo Dulce vein systems which in turn are part of the larger NE-SW
Frijolar mineralized trend. The north-south Filo de Oro trend
intersects the Frijolar trend and the high grade vein systems act
as sweeteners for the Filo de Oro bulk tonnage potential.
Filo de Oro plan map is shown at the link below
http://www.brmstatpack.com/lt/1002/1074/filo-de-oro-gold-silver-bulk-tonnage-target
Filo de Oro- Bulk Tonnage Target
Surface sampling and preliminary geologic and alteration mapping
indicates that the Filo de Oro trend is over 1,300 metres long and
200 metres wide. The current surface sampling results cover an area
that is over 300 metres long and 180 metres wide. To date 476
surface rock chip samples taken from this area average 0.49 g/t
gold and 22 g/t silver. The current surface sampling program has
returned results as high as 7.5 g/t and 1525 g/t silver over 0.8
metres. At Filo de Oro a grand total of 825 surface and underground
channel samples, including Los Hilos, Mosca de Plata and Palo Dulce
veins samples, have returned an average of 1.50 g/t gold equivalent
(assuming 100% silver recovery and a 1:60 gold to silver ratio) or
0.77 g/t gold and 44 g/t silver. The bulk tonnage grade is
comparable to Fresnillo PLC's nearby Orisyvo deposit of 2.8 million
ounces of gold (69MT at 1.3 g/t gold). The Company will continue to
expand the surface sampling along the generally north-south
trending Filo de Oro trend.
Previous surface sampling north of the Los Hilos tunnel, within
the main Filo de Oro trend, included chip sampling of six exposed
outcrops returning an average of 1.13 g/t gold, and 87.66 g/t
silver. This sampling extended the established strike length of the
Filo de Oro trend to 790 metres. Historic sampling indicates that
the mineralization continues for at least another 290 metres to the
south of the current sampling, making the total known mineralized
strike length of the Filo de Oro trend 1330 metres. Recent access
road construction on the Filo de Oro trend has uncovered more old
workings which will now be rehabilitated, mapped and sampled. The
numerous old workings reflect the extent of mineralization in this
area. Please refer to the map for reference
http://www.brmstatpack.com/lt/1002/1074/filo-de-oro-gold-silver-bulk-tonnage-target
Paul Sorbara, Golden Goliath CEO, commented "The known size of
the Las Bolas mineralized system has expanded very significantly as
a result of our work at Filo de Oro over the last several months.
The model now includes this disseminated, gold- dominant system
overlying the original high grade silver and base metal roots of
the 12 previously known Las Bolas vein systems. We are looking
forward to an aggressive exploration program this year including
surface and underground drilling focusing on the Filo de Oro
gold/silver bulk-tonnage disseminated target, as well as the 12 Las
Bolas vein systems that are documented in the NI 43-101 report
completed on the property last year. That report did not include
the Filo de Oro trend. When the current exploration program is
finished, the 43-101 report will be updated to include Filo de Oro
trend. Our goal is to significantly increase the inferred resource
documented in the report and properly define the potential target
on the Las Bolas property, including Filo de Oro. Las Bolas was an
exciting property before we started work on this new area, and now
the picture has been greatly improved. We are very, very pleased
with the situation."
Other Target Areas:
Golden Goliath's property portfolio encompasses the large
Uruachic mining district situated in the heart of the Sierra Madre
precious metal belt. Many of the Company's claims host drill
targets that remain to be tested. Uruachic is surrounded by
numerous other precious metal deposits in various stages of
exploration and development, including Agnico Eagle's Pinos Altos
deposit, located 45 northwest of Las Bolas. Agnico Eagle is Golden
Goliath's second largest shareholder with over 8% of the stock and
Agnico's Vice President on new projects, Marc Legault, is a
Director of Golden Goliath.
Another nearby project of particular significance is Fresnillo
PLC's Orisyvo deposit which hosts a reported 2.8 million ounces of
gold and is only 7 kilometres from Golden Goliath's property
(source: Fresnillo PLC's website, www.fresnilloplc.com).
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company
listed on the TSX Venture Exchange (symbol GNG). The Qualified
Person who has reviewed this release is J. Paul Sorbara M.Sc.,
P.Geo. The Company is focused on exploring and developing the gold
and silver potential of an historic mining camp located in the
world famous Sierra Madre Occidental Mountains of northwestern
Mexico. Golden Goliath's Uruachic claims are owned 100% by the
Company and are fully paid for with no property option or purchase
payments to make.
Filo de Oro Gold Bulk-Tonnage Results Summary
--------------------------------------------------------------------------
Zone Gold Silver Length Width No. of Comments
g/t g/t (metres) (metres) Samples
--------------------------------------------------------------------------
1.50 g/t gold
equivalent
(assuming 100%
Filo de Oro 0.77 44 300 180 825 silver recovery and
a
1:60 gold to silver
ratio)
--------------------------------------------------------------------------
Including
--------------------------------------------------------------------------
Included in this are
Filo de Oro 0.49 22 300 180 476 the current
Surface 396 channel samples
--------------------------------------------------------------------------
Average of samples
Los Hilos West 1.70 67 151 -- 174 along the
length of the tunnel
Tunnel sampled
--------------------------------------------------------------------------
Including 8.50 129 8.32 -- 12 -------do--------
--------------------------------------------------------------------------
True width (Samples
or 23.65 141 141 2.45 3 are
consecutive)
--------------------------------------------------------------------------
Mosca de Plata is
Mosca de Plata 0.70 142 47 -- 39 105m vertically
above the Los Hilos
Tunnel West Tunnel
--------------------------------------------------------------------------
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Golden Goliath Resources Ltd. J. Paul Sorbara, M.Sc.,
P.Geo President & CEO +1-(604)-682-2950 Email:
jps@goldengoliath.com www.goldengoliath.com
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