Goliath Resources Ltd. (TSX-V: GOT) (FSE: B4IE)(OTCQB:
GOTRF)
(the
“
Company” or
“
Goliath”) is very pleased to announce that it has
successfully completed three drill holes for a total of 1741 metres
from its inaugural diamond drilling program at its newly discovered
Lorne Creek Au-Cu-Mo Large Porphyry System. All three diamond drill
holes have confirmed the presence of widespread sulphide
mineralization, including key alteration, textures and geologic
units consistent with a porphyry system from the surface and to the
bottom of all drill holes, the system remains open.
The Lorne Creek porphyry is located within its 100% controlled
Lucky Strike Property, located in northwestern British Columbia and
in the surrounding area to the Golden Triangle. There is
significant infrastructure close by (rail, power, paved highway
with logging road access), and near the city of Terrace, BC.
Drilling & Property Highlights include:
* Three holes drilled for a total of 1741 metres, all
contained widespread sulphide mineralization from the surface to
bottom of each hole;* Drilling hole LS-19-01 confirmed the
porphyry system’s depth to at least 718 metres, it remains
open;* The porphyry system remains open in all three holes;
and* 3D preliminary video model of all three drill holes -
Click Here.
The inaugural exploration drilling totaled 1741 meters, all
three holes contained widespread sulphides from collar to
termination at 718 metres, 501 metres, and 522 metres respectively
that all remain open. These early results exceeded expectations
confirming the presence of a robust porphyry system that remains
open and under-explored, we look forward to receiving assay results
and future a follow up drill program.
All three holes were drilled from the same pad, the details
are:
* LS-19-01: Drilled to 718 metres, system remains open,
Az: 0 (N), Dip: 70* LS-19-02: Drilled to 501 metres, system
remains open, Az: 30 (NE), Dip: 70* LS-19-03: Drilled to 500
metres, system remains open, Az: 330 deg (NW), Dip: 70
Web link to a video of drilling the Discovery Hole # LS-01-19,
at the large Lorne Creek Au-Cu-Mo Porphyry System – Click
Here
Based on the limitations of the existing drill rig, deep
drilling past 500 metres was very slow and costly. The management
and the technical team agreed the best use of capital would be to
drill two additional ~500 metres holes and apply the savings to fly
a low cover high resolution magnetic survey once the drill rig has
been demobilized. Based on the positive drill core observations, a
high-resolution magnetic survey is being planned that would cover a
large area of highly prospective terrane surrounding the 2019
drilling. This area contains a strong geochemical signature
consistent with a Au-Cu-Mo porphyry system. The data from this
survey would further assist in delineating additional future drill
targets designed to outline the full extent of this new Au-Cu-Mo
porphyry system.
The objective of this inaugural drill program was to begin
tracing out this newly discovered Au-Cu-Mo porphyry system to depth
and was successful based on the results announced today. A video
link to the target model can be viewed by Clicking
Here. The drill core from all three holes is currently
being logged and split in preparation for shipment to the lab for
assays. The results will be released once received,
interpreted and compiled.
The Lucky Strike Property is 31,511 hectares in size and located
40 kilometers north of Terrace, British Columbia. It has
logging road access and is ~8 kilometers to a major highway, power,
rail, and additional infrastructure. For additional information on
the Lucky Strike property and the Lorne Creek Au-Cu-Mo Porphyry
System – Click Here.
Property highlights include:
- A confirmed mineralized Au-Cu-Mo porphyry center is defined by
a large 1200 by 700 metre alteration system, that is cored by
quartz-sericite-pyrite alteration (Link to Image).
The core contains gold-bearing chalcopyrite and molybdenite
stockwork mineralization; º The gold, copper, and molybdenum
grades from the Lorne Creek Porphyry system are consistent with
typical porphyry systems.
- The Lorne Creek Porphyry Discovery is at the headwaters of
Lorne Creek, the most prolific placer gold producer in the
district.
- Historical placer gold calculated production of 13,721 troy
ounces and nuggets of up to 1.5 ounces gold (see BC MINFILE No.
103I204, 103I050 and 103I027).
- Mapping has highlighted a spatial link between polymetallic
Au/Pb/Zn/Cu/Ag (Link to Image) veins and Cu-Mo
porphyry centers. These veins are coincident with
historically documented porphyry related polymetallic veins in
Lorne Creek. Link to samples video (Click
Here).
- Along the headwaters of Lorne Creek, a series of silt samples
were taken during the 2017 season. These returned multi-element
anomalies, including copper, molybdenum, and gold values up to 406
ppb. A historic BC MINFILE report (No. 103l027) from this creek
reports angular, pyritized and quartz-veined boulders hosted in a
molybdenum-rich porphyry environment.
- Hardrock samples taken in 2018 from the mineralized porphyry
centre, stockwork and veining exposed at surface had grades up to
2.95 g/t Au, 133 g/t Ag, 4.5% Cu and 0.34% Mo
- The Lorne Creek Porphyry System is located within a larger
known porphyry belt.
Mr. Roger Rosmus, CEO and Director of
Goliath states: “We are very pleased that our inaugural drill
program of 1741 metres has been completed at our newly discovered
large Lorne Creek Porphyry System. We believe this sizable porphyry
system likely explains the source of the significant amount of
placer gold historically produced from Lorne Creek with nuggets up
to 1.5 oz. This new discovery has attracted interest from many
senior mining companies. With positive drill core assay results,
our Lorne Creek Au-Cu-Mo Porphyry System is positioned to quickly
evolve into the next big porphyry discovery. We are very excited to
report our 2019 drilling results with much anticipation and look
forward an expanded 2020 drill program.”
Qualified PersonRein Turna, P.
Geo is the qualified person as defined by National Instrument
43-101, for Goliath exploration projects, and supervised the
preparation of, and has reviewed and approved, the technical
information in this release.
For more information please
contact:
Goliath Resources LimitedMr. Roger
RosmusPresident and Chief Executive OfficerTel:
+1.416.488.2887
x222roger@goliathresources.comwww.goliathresourcesltd.com
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