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MI3 Financial Communications Inc.

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MI3 is a Montreal-based new-age financial communications company geared for today’s fast-paced global economy. MI3’s ......

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Goliath/DSM Cuts 12 Metres of 6.00 g/t AuEq at Newly Discovered Orogenic Hinge Zone on Gold Standard Property


Goliath/DSM Cuts 12 Metres of 6.00 g/t AuEq at Newly Discovered Orogenic Hinge Zone on Gold Standard Property

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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


Read more here: https://quotemedia.com/portal/quote/?qm_symbol=GOT%3ACC&qmodStoryID=7749442275693644 

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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

Read more here: https://quotemedia.com/portal/quote/?qm_symbol=GOT%3ACC&qmodStoryID=7749442275693644 


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