NEWS
INFRASTRUCTURE UPGRADES ALMOST COMPLETED
Vancouver, Canada, June 22, 2017 Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F)
The Company is pleased to announce that major improvements to access infrastructure in the Uruachic area are almost completed. For many years the Company accessed the town of Uruachi, located close to the San Timoteo property, by way of a 45 kilometer, narrow gravel road that forged at least two creeks with no bridge. This meant that access could be impeded by high water during the rainy season and this important road would have to have been widened and improved in the case of successful development of a possible mine at San Timoteo. However, due to the discovery and development of the nearby Orisyvo gold and silver deposit, which has indicated and inferred resources of 8.9 M oz of gold and 12.6 m oz of silver, a major infrastructure upgrade has been underway and is almost completed at no cost to Golden Goliath. Orisyvo is located 11 kilometres from San Timoteo and also has Uruachic as its principal nearby town. The 45 kilometer access road leading to the highway has been widened and paved and is now just 5 kilometers from the town. Major concrete bridges have now been completed over the streams along the road and the town itself is growing. These expensive developments are a major benefit to Golden Goliath because they allow much easier access and the Company would no longer have to pay for them as part of the possible development of a mine at San Timoteo. The improvements have lowered the economic threshold needed for a successful project.
The Company’s 2017 exploration program on San Timoteo is currently underway. The program is a continuation and expansion of the work conducted in 2016 and is designed to strengthen and increase the number of drill targets to be tested in an upcoming major drilling program. That program will include surface and underground drilling to test targets property wide. Excellent drill target already exist in the 500 meter long Number 5 level of the old San Martin mine, which is located on the San Timoteo property. Extensive underground rock, chip and channel samples have already defined three well mineralized shoots, as well as a mineralized “manto” or blanket horizon, exposed within the tunnel. The Manantial shoot is 32 metres wide and averages 6.8 ounces of silver and 0.3 grams of gold per tonne; the Cascada structure is 78 metres wide and averages 2.18 ounces of silver and 0.6 grams of gold per tonne; while the Pozo de Agua shoot is 84 metres wide with an average grade of 8.07 ounces of silver and 0.8 grams of gold per tonne. The true thickness and grade of the blanket or manto style mineralization is not certain due to limited exposure, but the weighted average of samples taken to date is 15.9 ounces of silver and 0.8 grams of gold per tonne.
Previous field work using a Terraspec machine to identify specific clay minerals, showed that the Level 5 tunnel at San Martin (the lowest old working on the San Timoteo property), is above the “bonanza zone” or paleo boiling level indicating greater potential at depth.
CEO Paul Sorbara says; “Golden Goliath is extremely lucky that these important and expensive infrastructure improvements are being done at no cost to us. They lower the threshold needed for an economic project at San Timoteo. We look forward to a very successful drill program and expect the field work currently underway will generate even more good targets.”