08:52:05 EDT Sun 16 Jun 2019
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Goliath Resources Ltd
Symbol C : GOT
Shares Issued 110,410,140
Close 2019-06-11 C$ 0.075
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Goliath mobilizes for exploration, drilling in B.C.

2019-06-12 09:16 ET - News Release

Mr. Roger Rosmus reports

GOLIATH MOBILIZED FOR ITS 2019 EXPLORATION AND DRILLING SEASON IN THE PROLIFIC GOLDEN TRIANGLE AND SURROUNDING AREA

Goliath Resources Ltd.'s crew has mobilized to Terrace, B.C., in preparation of its planned summer exploration and drilling season at its 100-per-cent-controlled Golddigger and Lucky Strike projects.

The Golddigger property covers 14,220 hectares and is located on tide water 30 kilometres southeast of Stewart, B.C., in the Golden Triangle. The exploration program for this year will focus on expanding the dataset on the newly discovered Red Line corridor and Goldswarm breccia zones in preparation for drilling in 2020.

Property highlights include:

  • Within two kilometres of the unconformity between Lower Hazelton and Stuhini rocks, also known as the Red Line, the key location where the vast majority of major deposits have been found within the Golden Triangle;
  • Grabs up to 113.5 grams per tonne gold and 249 g/t Ag;
  • 0.55 m channel grading 29.7 g/t Au and 14.3 g/t Ag;
  • 0.4 m channel grading 25.1 g/t Au and 126 g/t Ag;
  • 0.5 m chip grading 47.5 g/t Au and 272 g/t Ag;
  • 0.5 m chip grading 24.5 g/t Au and 77.1 g/t Ag.

The Lucky Strike property is 31,511 hectares in size that has logging road access, a few kilometres to a major highway, power, rail and only 40 km north of Terrace, B.C., by paved highway to additional infrastructure. The objective of the upcoming planned diamond drill program will be to trace the newly discovered Lorne Creek Au-Cu-Mo porphyry system to depth at its outcropping mineralized porphyry.

Property highlights include:

  • A mineralized Au-Cu-Mo porphyry centre has been confirmed that is defined by a large 1,200-metre by 700-metre alteration system, that is cored by quartz-sericite-pyrite (QSP), containing gold-bearing chalcopyrite and molybdenite stockwork mineralization;
    • 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 production of 13,721 troy ounces and nuggets of up to 1.5 ounces gold (see B.C. MINFILE No. 103I204, 103I050 and 103I207).
  • Mapping has highlighted a spatial link between polymetallic Au/Pb/Zn/Cu/Ag veins and Cu-Mo porphyry centres. These veins are coincident with historically documented porphyry-related polymetallic veins in Lorne Creek.
  • Along the headwaters of Lorne Creek, a series of silt samples were taken during the 2017 season. These returned multielement anomalies, including copper, molybdenum and gold values up to 406 parts per billion. A historic B.C. MINFILE report (No. 103l027) from this creek reports angular, pyritized and quartz-veined boulders hosted in a molybdenum-rich porphyry environment.
  • The Lorne Creek porphyry system is located within a larger known porphyry belt.

Mr. Roger Rosmus, chief executive officer and director of Goliath, states:

"The newly discovered mineralized gold, copper, molybdenum porphyry core outcropping at surface is an extremely rare find. Management believes this porphyry system to be the source of the placer gold that has been historically produced from Lorne Creek. This new discovery has already attracted interest from several miners alike. With positive drilling results, the Lorne Creek Au-Cu-Mo porphyry system is poised to quickly evolve into the next big porphyry discovery. We are very excited and look forward to reporting all of our 2019 results with much anticipation."

Qualified person

Stephen Roach, PGeo, 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.

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