Private Placement Approved; Crews Mobilize Vancouver, June 2, 2020, Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F) (Frankfurt: GGZ) VANCOUVER, CANADA – June 2, 2020: Golden Goliath Resources Ltd. (“Golden Goliath” or the “Company”) is very pleased to announce that the recently announced private placement has now received the necessary reulatory approvals. Originally planned for $350,000, the private placement was increased to $450,000 due to demand and then again to $500,000. The Company filed with the TSX on May 13th when it had received subscriptions from 24 placees, including several Company Insiders. The offerring closed at 9,960,000 Units at a price of $0.05 per unit for gross proceeds of $498,000.00 . Two “Finders“ received a total of $12,000.00 in Finders Fees.
The bulk the net proceeds of the Offering will be used on the Company‘s Kwai property in the Red lake district to complete the approximatly 50 line kilometres of Induced Polarization survey that was identified as a priority by the recent airborne geophysical survey and to conduct a program of till sampling geochemistry on the property. Preliminary IP lines surveyed last year yielded nine drill targets that have already been permitted and this new work is expected to increase that number.
Red Lake District Properties including the Kwai and SLF properties of Golden Goliath The Companys geophysical advisor, independent geophysical engineer Robert Middleton, BSc, MSc, P.Eng., commented on the 2019 IP targets in a press release dated August 27, 2019.
“The Induced polarization survey of the Kwai Property in Red Lake has traced two major shear Zones across the length of the grid for a 1.6 km distance and drill holes at selected intervals will determine the presence of gold mineralization. Shears are the main controlling structures for gold in the Red Lake Camp both at the Goldcorp Red Lake Mine (former Arthur White Mine) and on new discoveries such as the Great Bear Dixie Lake project immediately north to the Golden Goliath Kwai property.”…… “You are in Virgin territory! And you can have a whole new type of discovery here. The gold bearing fluids are in the area and just need the right structure to channel them.” The IP survey the Company is about to conduct is the continuation of the 2019 work in the areas shown to be most promising by the Airborne geophysical survey recently conducted on Kwai. The results are expected to increase the number of drill targets and are eagerly anticipated.
The program of till sampling geochemisrty on the property is designed to help prioritize the drill targets. The goal of the current IP and geochemistry program is to add to the number of existing drill targets on the Kwai property and to prioritize those targets in preparation for dimond drilling, which is the next planned step on the property. The Company is now mobilizing both the IP crew and the geochem crew to Ear Falls, Ontario to conduct the work, which is anticipated to take approximately 35 field days to complete. The Company would like to conduct the first ever diamond drilling on Kwai as soon as possible after the results of the IP and Geochem are compiled and interpreted.
The Company also intends to use some of the proceeds to conduct further work on its Wish Ore property near Sault Ste Marie. Plans for that work are underway.