NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
TORONTO, Oct. 29, 2019 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IE) (the “Company or “Goliath”) is pleased to announce a non-brokered private placement of up to $500,000 in flow-through financing. The offering will consist of one (1) flow-through share priced at $0.05; it is anticipated to close shortly.
The funds are currently earmarked for exploration to advance its new discoveries at Lucky Strike and Golddigger; the Au-Ag-Cu-Mo mineralized Lorne Creek Porphyry System and its High-Grade Polymetallic Gold Zone at Sure Bet respectively.
The Company may pay finder's fees equal to 7% of the gross proceeds from a portion of the financing in cash, and 7% finders warrants equal to the number of shares sold priced at $0.07 for a twenty four (24) month period in accordance with the policies of the TSX Venture Exchange. The proposed private placement and finder's fees are subject to TSX Venture Exchange acceptance. All shares issued pursuant to the offering and any shares issued pursuant to the exercise of finder's warrants will be subject to a four-month hold period from the closing date.
Goliath Resources Limited is a project generator of precious metals projects focused in the prolific Golden Triangle and surrounding area of northwestern British Columbia. It has four separate option agreements to acquire 100% of four highly prospective properties that include Bingo, Copperhead, Golddigger and Lucky Strike covering over 52,000 hectares.
The newly drilled discovery of Au-Ag-Cu-Mo at the Lorne Creek Porphyry System on its Lucky Strike Property and High-Grade Polymetallic Gold Zone at the Sure Bet discovery on its Golddigger Property is currently the main focus for future exploration.
Further information regarding Goliath Resources Limited can be found at:
Chief Executive Officer
Goliath Resources Limited "Goliath" has taken all reasonable care in producing and publishing information contained in this news release and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Goliath assumes no responsibility. Goliath does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Goliath be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
This news release contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.
TORONTO, Oct. 28, 2019 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (FSE: B4IE) (OTCQB: GOTRF) (the “Company” or “Goliath”) announces the results from its 2019 inaugural exploratory diamond drilling program and surveys on the Lorne Creek Porphyry System discovery on its Lucky Strike property, 8 km to highway, power, rail and ~40 km north of Terrace, British Columbia. The program was designed to test the newly discovered, outcropping Lorne Creek Au-Cu-Mo porphyry target to depth. The exploratory drilling intersected widespread sulfide mineralization, potassic alteration, key porphyry texters with several polymetallic intervals. Drill hole LS-19-01 intersected 20.7 meters of 0.39 g/t AuEq, including 3.7m of 1.18 g/t AuEq near surface and Drill hole LS-19-02 intersected 45m of 0.14 g/t Au, 1.35 g/t Ag and 0.05% Cu near surface. The drilling suggest that all three holes intersected a pyritic alteration zone in the porphyry system adjacent to the ore zone (see Lowell & Guilbert, 1970).
2019 Exploration Program:
The inaugural three holes were drilled from one single drill pad location totaling 1741 meters. The exploratory drill program confirmed the presence of Au, Ag, Cu, Mo mineralization within a pyritic alteration zone containing potassic alteration, key textures and geologic units consistent with a porphyry system from the surface and to the bottom of all drill holes. The system remains open (Video Link).
Compilation and interpretation of the exploratory drilling and the 2019 newly acquired high resolution geophysical surveys suggests that the porphyry pyritic alteration zone was intersected in all three holes (Click Here). These pyritic alteration zones are commonly observed adjacent to the ore zone of porphyry deposits suggesting the current three holes were drilled proximal to the porphyry ore zone (see Lowell & Guilbert, 1970). The 2019 inaugural drill program and surveys have provided important data that was used to vector in on new multiple high priority drill targets designed to intersect the porphyry ore zone with future drilling. Based on these results, a more extensive drill program is warranted and has been strongly recommended by the geologic team to be designed to locate the ore zone of this newly identified porphyry system.
Table 1 - 2019 Lorne Creek Drill assay results. All intervals are drill core lengths and do not represent true widths.
TORONTO, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (FSE: B4IE) (OTCQB: GOTRF) (the “Company” or “Goliath”) is pleased to report the original discovery of high-grade gold and polymetallic mineralization over an extensive area on its 100% controlled Golddigger Property. This newly discovered area is referred to as the Sure Bet Zone that measures 1550m by 1130m and remains open in all directions. This area is demarked by a series of large NW - SE trending structures that host high grade polymetallic massive sulphide lenses within a gold mineralized alteration halo. These halos have been observed to be in excess of 40m wide surrounding the structures. The inaugural test channel cut on the discovery outcrop assayed 7.37 g/t AuEq over 8.4 meters including 3.4 meters of 17.68 g/t AuEq and 0.4 meters of 102.16 g/t AuEq true width. The channel started and ended in gold mineralization, confirming that the polymetallic gold zone remains open in all directions.
This new gold rich polymetallic discovery is located in an extensive area of recent glacial and snow pack abatement along an unexplored region in close proximity to the ‘Red Line’ in British Columbia’s Golden Triangle (Link to Map). This world class geologic setting and newly discovered wide spread high grade polymetallic gold mineralization on the Golddigger property has several early indications of a significant new discovery.
The property is in an alpine environment with excellent bedrock exposure and is only 7km west of the Dolly Varden Mine road and 10km to deep water barge access, providing good access to infrastructure in Alice Arm.
- During a brief reconnaissance field program on the Golddigger property designed to follow up on targets generated from lidar and geochemical data, the new undocumented Sure Bet Zone was discovered (Link to Video).
- The field program on the Sure Bet Zone included preliminary mapping, prospecting, drone surveying and channel sampling. A total of 33 chip or grab samples were taken of which 23 (or 70%) were greater than 1.40g/t Au, that ranged from 1.41 g/t Au to 49.50 g/t Au or 1.98 g/t Au Eq to 63.30 g/t Au Eq (Assay Map over Zone).
- Only 1 channel cut was taken, totaling 8.4m. The channel was designed to test both the massive sulphide lenses and a small portion of the silicified mineralized Hazelton group sediments hosting the alteration halo which was observed to be in excess of 40m wide. The inaugural test channel assayed 7.37 g/t AuEq over 8.4m true width. The channel started in the sediments assaying 2.15 g/t Au and ended in the sediments assaying 1.44g/t Au. The gold mineralization contained in the broad alteration halo confirms the significance of this zone that remains open in all directions.
- Mineralization within the Sure Bet Zone consists of structurally controlled lenses of massive sulphide containing Galena, Sphalerite and Pyrite. These lenses occur within broad alteration halos of silica flooded sediments which also contain polymetallic mineralization.
TORONTO, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Goliath Resources Ltd. (TSX-V: GOT) (FSE: B4IE) (OTCQB: GOTRF) (the “Company or “Goliath”); is pleased to report the newly identified Goldzilla Hinge Zone, the Hinge measures up to 20 meters wide and can be traced for 100m along strike, contains broad high grade gold mineralization and is drill ready. The hinge zone is part of the Goldzilla orogenic vein system that has been traced for 800 metres with a vertical relief of 300 metres and remains open to the South East. Channel cut grades on the Hinge Zone assayed up to 5.86 grams per ton (g/t) gold and 6.00 g/t AuEq over 12 metres including 5 metres of 13.03 g/t AuEq and 1 metre of 31.66 g/t AuEq true width. The Goldzilla Hinge Zone is located on the Gold Standard property on the central coast of British Columbia, 4 km from major infrastructure.
The DSM Syndicate (DSM) is a private precious metal project generator in British Columbia that owns a total of six properties inclusive of the Gold Standard Property. All six properties are lien free with no cash payment requirements or underlying NSR’s. Goliath is a 10% shareholder of DSM and is entitled to receive its pro-rata share of all economics (cash, NSR, shares, etc.) in relation to any transaction(s) completed with any of the six DSM properties.
Mr. Roger Rosmus, President and CEO, states: “We are extremely pleased with the results from the program with the discovery of the Goldzilla Hinge Zone and several other high-grade orogenic gold veins on Gold Standard. These orogenic gold systems are commonly mined to depths of 1 to 3 kilometres. This geologic setting and model have proven to host several world class multi million-ounce deposits. The Gold Standard property has excellent potential for additional discoveries both on surface and at depth. It has already garnered the interest of several miners and institutions alike confirming the significance of this discovery. We also look forward to announcing our 2019 exploration and drilling and results once received and interpreted from our 100% controlled Golddigger and Lucky Strike properties.”
2019 HIGHLIGHTS OF NEWLY IDENTIFIED GOLDZILLA HINGE ZONE:
- Through detailed mapping and surficial sampling, a 100 m by up to 20 m wide Hinge Zone has been discovered containing high grade gold mineralization of up to 6.00 g/t AuEq over 12 m including 5 m of 13.03 g/t AuEq and 1 m of 31.66 AuEq (Schematic of Hinge Zone). This Hinge Zone is part of the Goldzilla orogenic system that is traced on surface for 800 m with 300 m of vertical relief and remains open;
- The Goldzilla Hinge zone target is drill ready, the planned inaugural drill program will target the gold mineralization discovered at surface and trace it to depth; and
- Drilling will be designed to unlock the full potential of this high grade orogenic vein system and to understand the relationship between multiple other large en-echelon gold-bearing veins at depth (Main Video - Click Here).
HIGHLIGHTS OF OTHER OROGENIC VEINS ON GOLD STANDARD:
- The Leviathan vein has been traced on surface for 500 m with 50 m of vertical relief. and remains open.
○ Channel sampling from 2019 returned grades of up to 3.65g/t AuEq over 3 m including 10.55g/t AuEq over 1 m true width. (Leviathan Video – Click Here) (Leviathan Schematic);
- The Kraken Vein has been traced on surface for 1000 m with 520 m of vertical relief and remains open.
○ Channel samples from 2019 returned grades of 29.48g/t AuEq over 0.7 m and a 1m chip taken 305m along strike grading 6.52g/t Au. (Kraken Video – Click Here) (Kraken Schematic);
- The East Vein is a newly discovered large vein system with grab samples up to 7.22 g/t Au and a 3 m chip sample grading 5.75 g/t Au. The discovery of this vein system has increased the Big Show High Strain zone from 2 km by 1 km to 4.6 km by 1.5 km. (East Vein Images); and
- Several large en-echelon gold-bearing orogenic veins have been found within the Big Show high strain zone, that has been expanded in 2019 from 2 km by 1 km, to 4.5 km by 1.5km, containing multiple large en-echelon gold-bearing mineralized quartz veins and shear zones. Based on this new discovery, the claim block was expanded from 1774 Ha to 4533 Ha.
Approximately 67 % of Canadian gold production comes from orogenic systems in world class geologic settings, with examples including the nearby Bralorne Pioneer Camp in British Columbia (4.17 Moz) with depths to ∼2km, and many regions within the Canadian shield including Kirkland Lake (>40 Moz), Timmins (>70 Moz), Val d’Or/Noranda (>69 Moz) and Red Lake gold camps (>29 Moz). These gold deposits typically contain average mining grades of ~5 gpt Au to ~15 gpt Au, similar to what is found at the Gold Standard property. Other orogenic systems are currently being explored such as Great Bear Resources Dixie project that confirm similar grades in drilling (Orogenic Model - Click Here).
THE 2019 EXPLORATION PROGRAM:
The 2019 program, which included detailed mapping, whole rock geochemistry, channel cutting, drone surveys and prospecting, was designed to expand on the positive results of previous years and to delineate drill targets. This program collected 365 rock samples on the Gold Standard property, in which 78 have gold grades between 0.25 g/t Au and 30.6 g/t Au.
This exploration program has further confirmed the extent of gold mineralization within multiple quartz veins and shear zones, within the Big Show High Strain confirming an extensive orogenic gold system within the property.
This mineralized orogenic system is part of a regional high strain zone, a brittle and ductile, sub-vertical shear zone system that is proximal to the boundary between the Intermontane and Insular superterranes, demarked by the Coast Shear Zone. Localization of high strain zones within the system are associated with sheeted, oxidized, sulphide-bearing quartz veins and shear zones that have been identified in outcrop with a strike length of 4.6 km and 1.5 km wide, which remains open in all directions. Discrete gold bearing quartz veins and shears trend up to ~1 km in strike with 500 m of vertical extent and are up to 15 m in width. They host variable amounts of gold mineralization, oxidized pyrite and disseminated pyrite with chalcopyrite.
Table 1 – Gold Standard Property 2019 Channel Interval Highlights