UpdateGolden Goliath Resources Ltd.
TSX VENTURE:
GNG
PINK SHEETS: GGTHF
Feb 02, 2010 09:15 ET
Golden Goliath Resources Ltd.: 44Samples From Newly Opened Tunnel Within Filo de Oro Mineralized TrendAverage 2.07 g/t Gold and 98.61 g/t Silver Across Average Width of 0.91Metres
VANCOUVER, BRITISHCOLUMBIA--(Marketwire - Feb. 2, 2010) - Golden Goliath Resources Ltd.(TSX VENTURE:GNG)(PINK SHEETS:GGTH-F) -
HIGHLIGHTS
- Gold grades averaging 2.07 g/t and 98.61 g/t silver over 151metres in the newly opened Los Hilos tunnel within the Filo de Orotrend. Includes 44 chip samples averaging 0.91 metres in width withindividual samples as high as 33.9 g/t gold with 245 g/t silver over0.65 metres.
- In the Mosca de Plata tunnel, 105 metres above the Los Hilostunnel, on the Filo de Oro trend, 39 previous chip samples with averagewidth of 1.30 metres, averaged 0.70 g/t gold and 142 g/t silver along47 metres of workings.
- Mosca de Plata sampling highlights included bonanza gold andsilver grade of 24.7 g/t gold over 1.60m and 610 g/t silver over 2.60m.
- New surface samples 500 metres north of the Los Hilos tunnel onthe Filo de Oro trend with an average width of 2.37 metres, averaged1.13 g/t gold and 87.66 g/t silver, extending the strike length of thisbulk tonnage target to 790 metres.
Filo de Oro - Los Hilos West Tunnel
Golden Goliath's exploration team resumed work in early January onthe Filo de Oro trend, which lies on the eastern side of the Las Bolasproperty. Underground detailed channel sampling within the Los HilosWest tunnel and surface sampling 500 metres north of the tunnel wascompleted.
The Los Hilos West tunnel has been rehabilitated for 169 m alongits main level, but also has internal shafts and cross cuts. It issituated 105 m vertically below and along the trend of Mosca de Platavein where previous sampling has retuned exceptionally high grade goldand silver grades (24.7 g/t gold over 1.60m and 610 g/t silver over2.60m). The current results confirm excellent vertical continuity ofthe mineralization.
The high grade vein systems are surrounded by a low grade gold bulk-tonnage target at Filo de Oro.
Filo de Oro plan and section maps are shown at the company's website.
https://www.brmstatpack.com/lt/1002/1028/filo-de-oro-plan-1
https://www.brmstatpack.com/lt/1002/1029/cross-section-of-filo-de-oro
The Los Hilos West tunnel hosts at least three unique veinstructures. The results of 44 channel samples averaging 0.91 metreswidth, averaged 2.07 g/t gold and 98.61 g/t silver along a 151m longsection of the tunnel. This section includes a higher grade componentof 3.90 g/t gold and 133.82 g/t silver over 36.5m, where the averagesample width was 0.84 metres, and 6.78 g/t gold and 202.73 g/t silverover 19.06m, where the average sample width was 0.94 metres. Of the 44samples taken within the tunnel, 13 samples were taken adjacent to theveins from footwall and hanging wall sections. The balance of the 31samples were taken from the Los Hilos Vein (18 samples), theNorth-South Vein System (6 samples) and the Azimuth 300 degrees-330degrees Vein System (7 samples).
The highest grade sample, which returned 33.9 g/t gold and 245 g/tsilver, was taken at the junction of two of the vein structures. Allresults are tabulated below.
Filo de Oro - Surface Assays
Surface sampling north of the Los Hilos tunnel, within the mainFilo de Oro trend, included chip sampling of six exposed outcropsreturning an average grade of 1.13 g/t gold, and 87.66 g/t silver. Thissampling has extended the established strike length of the Filo de Orotrend from 400m to 790m. The average width of the chip samples is 2.37mand they are summarized below.
Paul Sorbara, Golden Goliath CEO, commented, "Our understanding ofthe Las Bolas mineralized system has been significantly enhanced overthe past few months. Combined with the three other previouslyestablished trends on the property, Las Bolas is clearly showing itspotential to be a major silver-gold deposit, as demonstrated by thegold and silver grades, the 12 vein systems identified to date apartfrom Filo de Oro, their overall strike length and their known verticalextent of mineralization of over 650 metres. Our focus in the nextphase of exploration will be to expand our known resource in the 12vein systems identified to date on the main portion of the Las Bolasproperty and to quantify the potential in the new Filo de Oro trend."
Other Target Areas:
Golden Goliath's property portfolio encompasses a large miningdistrict situated in the heart of the Sierra Madre precious metal belt.Of significance is Fresnillo PLC's Orisyvo deposit which hosts areported 2.8 million ounces gold (69 MT @ 1.3 g/t Au) and is only 7kilometres from Golden Goliath's property (source: Fresnillo PLC'swebsite, https://www.fresnilloplc.com/index.php?id=70).
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration companylisted on the TSX Venture Exchange (symbol GNG). The Qualified Personwho has reviewed this release is J. Paul Sorbara M.Sc., P.Geo. TheCompany is focused on exploring and developing the gold and silverpotential of an historic mining camp located in the world famous SierraMadre Occidental Mountains of northwestern Mexico. Golden Goliath'sUruachic claims are owned 100% by the Company and are fully paid forwith no property option or purchase payments to make.