Vancouver, British Columbia--(Newsfile Corp. - June 14, 2021) - Golden Goliath Resources Ltd. (TSXV: GNG) (OTC Pink: GGTHF) (FSE: GGZ) Golden Goliath Resources is pleased to announce that it has now signed a diamond drilling contract with Niigaani Drilling Ltd for the continuation of the drill program at the Kwai property in the Red Lake District of Ontario. At least 3,000m of drilling is planned with an approximate start date of July 10.
Drilling is currently planned to start on the peninsula near the south-shore of Beauregard Lake with step outs from drill hole K21-21 (Figure 2). Drill hole K21-21 is the site where recent drilling on a strong one kilometer IP trend produced an important gold value hosted in sericite schists with associated pyrite and minor chalcopyrite. Hole K21-21, drilled on line 1600E, intersected 824 ppb gold over 1 metre from 103 - 104 m in rocks dipping south at 80 deg. The eastern 600m of this anomaly occurs on the peninsula while the remainder extends west under a bay heading to the West Grid (Figure 2). The Company intends to follow this unit in the search for the numerous gold grins in basal till found on the West Grid (Figure 3).
Figure 1: Red Lake District Properties including the Kwai and SLF properties of Golden Goliath
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Figure 2: IP anomalies and drill holes at Beauregard Lake
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Project QP, RS Middleton P.Eng, points out that a number of gold discoveries have been made in similar shears in the Porcupine Camp and in Hemlo where anomalous gold occurs exceeding 300 ppb with the ore zones occurring within 100m of the anomalous value. These values are a good guide to more mineralization.
Also of note, this shear zone occurs south of the Pakwash Fault near the contact of a large felsic tuffaceous sediment sequence exposed on the shore of the lake, and a mafic package of Uchi rocks discovered by drilling. As a result, other IP anomalies south of the Pakwash require follow up.
In addition this gold intersection occurs east of the west grid gold till anomalies from a possible source area for the high gold grain counts in the tills (Figure 3).
The assay results for drill holes k21-22, 23 & 24 are not yet complete. The Mise a la Masse survey conducted on holes 22 and 23 has been completed and shows a conductive body. Interpretation and follow up is still in progress and will be discussed in a future news release.
Figure 3: Gold Grains Probable Source Area Plot For the West Grid
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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.
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