Golden Goliath Resources Ltd.: More High Grade Gold from Las Bolas Trend as Surface Work Continues on Filo de Oro Trend in Prepa
May 06 2010 - 8:30AM
Marketwired
Golden Goliath Resources Ltd. (TSX VENTURE: GNG)(PINK SHEETS:
GGTH-F) -
The Company is pleased to announce that is has now received an
additional 505 rock channel sample assays from its fully owned Las
Bolas project in Chihuahua, Mexico. Recent work, in preparation for
a major drilling program scheduled to start next month, has been
focused on the three main Las Bolas northeast trends (which host
the Las Bolas working itself as well as other important workings
such as Gambusino, Frijolar, Corazon and Guadalupana), as well as
the newly discovered, north-south Filo de Oro trend, which hosts
the Los Hilos West, Palo Dulce, Mosca de Plata, La Plomosa and Los
Hilos East workings. The upcoming drilling program is being
designed to accomplish several objectives; to significantly
increase the existing inferred resource, to substantiate the
previously estimated potential target of the 12 known vein systems
in the western portion of the property, to start to define a
resource in and around the high grade Los Hilos workings and
evaluate at depth the rapidly developing open pit potential of the
Filo de Oro trend.
A total of 197 of the recently received assays come the Silicosa
Vein area, which is one of the twelve know vein systems within the
western portion of the Las Bolas property, and is a relatively new
discovery with previously announced values of 9.1 g/t gold &
920 g/t silver over a 1.1m width. The Silicosa Vein lies 400m east
of the Las Bolas Tunnel. The mineralized structure strikes
southeast, which is typical for the Las Bolas Trend. Current
results include 5.33 g/t gold with 235 gm g/t silver over 0.7
metres and 2.10 g/t gold with 238 g/t silver over 2.45 metres.
The Silicosa area has two underground workings known as Silicosa
North & Silicosa South. The south mine has been partially
rehabilitated, the remaining mine of unknown dimensions cannot be
accessed due to a cave-in. The South mine rehabilitated to-date is
all mineralized. Both north and south mines are likely connected.
The southwestern end of the northern mine that is oriented towards
the south mine is mineralized, indicating that mineralization is
continuous at that level towards the south mine (Please see
Silicosa figure below or on the Company's website).
Current results from the accessible part of the Silicosa South
mine have an overall weighted average of 1.44 g/t gold, 155 g/t
silver with an average width of 1.33m (width range 0.6m to 2.45m).
The mineralized structure at the Silicosa North returned 0.53 g/t
gold & 125 g/t silver over a 1.90m width.
The following is a summary of the results for the Silicosa South
Mine:
------------------------------------------------
Sample Gold g/t Silver g/t Width (m)
------------------------------------------------
917533 0.14 8 0.60
------------------------------------------------
917534
------------
917535
------------
917536 0.16 18 1.95
------------------------------------------------
917537
------------
917538
------------
917539 0.55 99 2.35
------------------------------------------------
917540 0.97 187 0.70
------------------------------------------------
917541 5.33 235 0.70
------------------------------------------------
917542 1.25 157 1.00
------------------------------------------------
917543
------------
917544
------------
917545 0.59 44 1.65
------------------------------------------------
917546
------------
917547 0.49 43 1.10
------------------------------------------------
917548
------------
917549 2.85 217 1.50
------------------------------------------------
917550
------------
917551 1.28 263 1.30
------------------------------------------------
917552
------------
917553 2.10 238 2.45
------------------------------------------------
917554 4.47 549 0.70
------------------------------------------------
Follow this link to see maps on our web site
http://www.goldengoliath.com/propertiesLasBolas.html.
A further 139 channel samples from the current results were
taken for the area of the La Plomosa working, which is located 300
metres east of Silicosa, within the Filo De Oro trend. Of the
remaining samples, 89 were taken within the central portion of the
Filo de Oro trend and the final 80 were taken along new road cuts
close to the Los Hilos Mine workings.
These samples also returned encouraging assays ranging up to
1.52 g/t gold and up to 81 g/t silver, with an overall weighted
average of 0.26 g/t gold and 4 g/t silver. The Company is pleased
with the current results as they further enhance the Silicosa area
of the Las Bolas trend and continue to demonstrate the widespread
surface gold mineralization along the Filo de Oro trend. The
Company is currently receiving bids from potential drill
contractors and anticipates the start of drilling in June. The
drill program is scheduled to include the along strike extension of
known vein systems on the western area of the property and possible
underground drilling from within the main Las Bolas tunnel,
following the recommendations of the 43-101 report completed last
November by Discovery Geological consultants. In addition,
underground drilling is also being planned for the Los Hilos tunnel
on the east side of the property, as well as surface drilling on
the El Orito area, and other areas of the Filo de Oro bulk tonnage
gold target.
At El Orito, which lies some 240 metres southwest of the
entrance to the Los Hilos West Mine tunnel, three lines, totaling
182 surface channel samples have returned:
0.48 g/t gold, 50 g/t silver over a 46m width
1.17 g/t gold, 27 g/t silver over a 35m width
0.83 g/t gold, 23 g/t silver over a 27m width
The northeast striking Orito Zone is projected to intersect the
east west Los Hilos vein system. Gold values at the intersection of
the Los Hilos vein system with another north south vein system 45
metres from the entrance to the tunnel returned gold values of up
to 33.53 g/t gold with 171 g/t silver over 1.70 metres.
The average grade to date for the Filo de Oro trend, based on
1412 channel samples is now 0.66 g/t gold & 32 g/t silver (1.19
g/t gold Equivalent(i)), clearly demonstrating its open pit
potential.
((i) 1g Au=60g Ag, 100% recovery of silver)
Based on the Company's work, Filo de Oro has two components. A
large surface zone that may be over 1,120 metres in length, from
200 to 440 metres in width and approximately 230 metres thick which
overlies near-vertical high-grade-vein feeder zones that are
beneath and cut through the surface zone. The roughly north-south
Filo de Oro trend is a topographic high located at the east end of
the east-west Las Bolas, Frijolar and Corazon trends. These three
east west trends host the other 12 known vein systems on the Las
Bolas property and the main Las Bolas Mine workings which were the
focus of the NI 43-101 report completed last fall.
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 and approved 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Golden Goliath Resources Ltd. J. Paul Sorbara, M.Sc.,
P.Geo President & CEO (604) 682-2950 (604) 685-3764 (FAX)
jps@goldengoliath.com www.goldengoliath.com
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