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Golden Goliath Drilling Continues with Silicified Sediments and Albitization Found on Pakwash Fault Trend

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·5 min read
In this article:
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  • New Geological Setting Discovered East of Beauregard Lake on Pakwash

  • Silicified Sediments Similar to Dixie Property Discovered Next to Basalt Marker

  • Intense Albite Alteration Overprints All Previous Textures

Vancouver, British Columbia--(Newsfile Corp. - August 25, 2021) - Golden Goliath Resources Ltd. (TSXV: GNG) (OTC Pink: GGTHF) (FSE: GGZ)

Golden Goliath Resources is pleased to update the progress made during the second and third phases of the drill program on the Kwai property, which commenced in early July. Phase 1 of the 2021 drill program was completed in late March, targeting IP anomalies identified on the south side of Beauregard Lake. Phase 2 started in early July with four drill holes completed around hole K21-21 on the south side of Beauregard Lake where anomalous gold values of 864 ppb were encountered over one metre in an altered shear zone south of the main Pakwash break (see NR of May 25, 2021). The new holes, K21-25, 26, 27 & 28, all encountered narrow shears with quartz-epidote-albite alteration and assays are pending.



Figure 1: Red Lake District Properties including the Kwai and SLF properties of Golden Goliath

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4761/94327_image1.jpg

Phase 3 was initiated in late July when the drill was moved just east of Beauregard Lake, along the main Pakwash break, targetting IP anomalies in deep overburden up ice of gold in till anomalies identified on the south side of Beauregard Lake in early 2020. To date three holes K21-29, 30 & 31 have been completed. These three holes appear to cross the metamorphic boundary between the highly metamorphosed English River rocks to the south and the greenshist phases Uchi rocks to the north. At the boundary and on the Uchi side the holes encountered a new sedimentary zone 100 to 170 metres wide in contact with a regional basalt marker. The interval contains three bands of intensely silicified bedded sediments, which are overprinted with albite, epidote and potassic alteration with disseminated pyrite. This interval is similar in appearance to units discovered on the Great Bear Dixie property. The sediment package on the Dixie property occurs between a basalt to the south and the LP zone and contains gold values (see GBR NR with cross sections).

The drill has now moved a further 200M eastward to line 34E where hole K21-32 is underway. Further eastward stepouts are planned to lines 36E, 39E and 41E for a strike length of 1300 metres.

Drill hole K21-32 is now in progress with a target depth of about 200m. There are approximately 1400 metres remaining to be drilled in this 3,000 metre program.

Assays are pending for all holes with assay labs being jammed to capacity during these active times. All samples are being assayed with a 30 gm Fire Assay for gold. Multi element analysis is also being done to search for pathfinder elements.



Figure 2: Update of Completed and Proposed drill holes with IP anomalies and local features

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4761/94327_33357d24c47b09ee_004full.jpg

Golden Goliath CEO Paul Sorbara PGeo comments: "We are excited about finding alteration and similar stratigraphic units that occur on the GBR Dixie property. For some time we have felt that the Kwai property covers the south flank of a regional fold that repeats the geology of the Dixie property."

QAQC

All the gold values reported in this round of drilling were obtained by fire assaying 30 gm samples. Blank and standards were inserted into the sample stream alternating at 25m intervals.

This news release has been reviewed by R.S. Middleton P.Eng who is acting as QP for this phase of the exploration under the NI 43-101 requirements.

On behalf of the Board of Directors

Paul Sorbara, MSc, PGeo

CEO, Golden Goliath Resources Ltd.

About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Company is focused on exploring and developing the gold and silver potential of properties in the Red Lake District of Ontario. The Company also holds a 100% interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico, as well as NSR royalties on several other nearby properties.

To find out more about Golden Goliath visit our website at www.goldengoliath.com.

Cautionary Statements Regarding Forward Looking Information

Certain statements included herein may constitute "forward-looking statements". All statements included in this press release that address future events, conditions or results, including in connection with exploration activity, future acquisitions and any financing, are forward-looking statements. These forward-looking statements can be identified by the use of words such as "may", "must", "plan", "believe", "expect", "estimate", "think", "continue", "should", "will", "could", "intend", "anticipate" or "future" or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Company's continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950 Email: jps@goldengoliath.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94327

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