New Extension Target drill highlights:
- 100% of all three drill holes completed to date on the New Extension Target at its Golddigger Property have intersected broad zones of significant sulphide mineralization up to 135 meters wide*. Assays are pending on all three holes and will be released once received, compiled, and interpreted.
- These significant intercepts confirm the presence of an extensive mineralizing system at depth and high potential for linear, widespread mineralized bodies that remain open in all directions.
- The type of mineralization (including semi-massive to massive pyrrhotite and pyrite), textures (including veining, stockwork and brecciation) and alteration (chloritization, silicification, epidotization) observed in the New Extension Target located in the underlying volcanics are similar to what has been observed in drill holes and at surface on the
Surebet Zone located higher in the above sediments strongly suggesting the same extensive underlying feeder source for the mineralizing fluids. - Drill hole GD-22-25 on Pad J in the New Extension Target intersected multiple broad intervals of disseminated and vein/breccia hosted sulphide mineralization of up to 95.5 meters wide* containing pyrrhotite, pyrite and chalcopyrite in
Hazelton volcanics. - Drill hole GD-22-26 on Pad J in the New Extension Target intersected a broad zone containing 135 meters wide* of vein/breccia-hosted and disseminated sulphide mineralization in
Hazelton volcanic rocks from bedrock (30 m) to the end of the hole (165 m) consisting of pyrrhotite (up to 3%), chalcopyrite (up to 1%) and pyrite (up to 5%). The hole terminated in sulphide mineralization and remains open.- A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fb006420-2fdc-4bee-9404-bc8162fd50ff
- Drill hole GD-22-27 on Pad J in the New Extension Target intersected a broad zone containing 108 meters wide* of sulphide veining and brecciation from bedrock (57 m) to 165 m consisting of pyrrhotite (5% overall, locally massive cm-wide sections), pyrite (1%, locally up to 3%) and chalcopyrite (trace, disseminated) and remains open.
- A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c3d8c6b-8f10-4dd4-aeae-51ab1bb95848
- The extensive mineralizing system has been confirmed over 1 km North-South along the
Surebet Zone and 2 km East-West from Real Deal to the newly drilled Pad J located in the New Extension Target that remains open in all directions; see map below. - The drill rig from Pad J will be moved to Pad 15, 1.6 km to the West (820 m South of Real Deal) to target the Surebet system at depth while a second drill will start testing the extension of the system in the Hazelton volcanic rocks to the North at New Gold, 2.5 km to the North of Pad J (1 km north of North Rubble); see map below.
- This year’s 24,000 meter planned drill program is designed to expand the extent of known mineralization from 2021 in all directions, including to the West (to
Lake Pad , 940 m SW of Real Deal), test the known gold mineralization to the North (to New Gold, 1 km north of North Rubble), and to the East (to Pad J within the New Extension Target, 1.5 Km South-East of the Surebet encompassing an area of 5.25 square km. Outcrop where initial drilling have confirmed multiple broad zones of mineralization); see map below. - The 2022 drill program will focus on expanding the known parameters of the Surebet high-grade gold-silver discovery with 24,000 m of drilling planned in 84 holes from 24 pad locations using 4 drill rigs. It’s designed for resource level infill drilling and outline the large mineralized system over an area of 2.1 km East-West by 2.5 km North-South (5.25 square kilometers).
- A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c192773e-40f2-48da-9956-a1886115cf69
The type of mineralization (including semi-massive to massive pyrrhotite and pyrite), textures (including veining, stockwork and brecciation) and alteration (chloritization, silicification, epidotization) observed in the New Extension Target located in the underlying volcanics are similar to what has been observed in drill holes and at surface on the
GD-22-26 (azimuth 040°; dip -55°) and GD-22-27 (azimuth 150°; dip -55°) were collared from Pad J, the most easterly pad planned for 2022 in the Extension Target, located 1.5 km Southeast of the outcropping Surebet and 2 km East from Real Deal; see map above.
Drill hole GD-22-26
Drill hole GD-22-26 (E 458908.947, N 6161976.043, azimuth 040°; dip -55°) intercepted 135 m* of sulphide mineralized andesite from bedrock (30 m) to the bottom of the hole (165 m). Mineralization primarily occurs as millimeter- to centimeter-size stringers and aggregations of sulphides within quartz and quartz-chlorite-epidote veins and breccia throughout a strongly epidotized andesitic volcanic host rock and as disseminated grains throughout the andesite. The majority of the mineralization consists of pyrrhotite (3% overall, locally massive cm-wide sections), pyrite (3%, locally up to 5%) and chalcopyrite (in aggregations). Pyrrhotite is common in the entire hole where it occurs as stringers and aggregations within strongly silicified domains that also contain chlorite and epidote and disseminated within the host rock. At 84.79 meters and 134.78 meters brecciated sections with semi-massive to massive pyrrhotite up to 2 cm wide have been observed. Chalcopyrite aggregations are more common in quartz vein/breccia domains that usually extend for <0.3 m and rarely occur as fine-grained aggregations and disseminated in the silicified domain surrounding quartz vein/breccia. Pyrite occurs throughout the andesitic volcanic rocks as disseminated crystal up to 5 mm in size. The host rock observed in the core of drill hole GD-22-26 consists of a plagioclase-phyric andesite with strong epidote, chlorite and silica alteration intervals surrounding veins, vein stockwork and breccia that generally extend for several meters. The epidote alteration and textures in combination with the chloritization, silica alteration, quartz veining and sulphide precipitation all point at fluid movement through the rock; see photos above.
The last 10 m of the hole contain less than 2% sulphides overall. However, abundant quartz-chlorite veining and epidote alteration persists to end of hole suggesting that the mineralization remains open to depth.
The hole targeted surface mineralization including a channel cut that assayed 6.7 gpt Au over 0.33 m and grab samples that returned up to 4.78 gpt Au. These surface samples consist of quartz-breccia containing semi-massive to massive galena, chalcopyrite, pyrrhotite and pyrite.
Drill hole GD-22-27
Drill hole GD-22-27 (E 458908.947, N 6161976.043, azimuth 150°; dip -55°) intercepted 108 m* of sulphide mineralization hosted in a strongly altered andesite from bedrock (57 m) to 165 m. Mineralization occurs as stringers, veins and disseminated and mainly consists of pyrrhotite and pyrite, with minor chalcopyrite. Similarly to drill hole GD-22-26, mineralization primarily occurs as millimeter- to centimeter-stringers and aggregations of sulphides within quartz and quartz-chlorite-epidote veins and breccia throughout a strongly epidotized andesitic volcanic host rock and as disseminated grains throughout the andesite. Most of the mineralization consists of pyrrhotite (5% overall, locally massive cm-wide sections), pyrite (1 %, locally up to 3 %) and chalcopyrite (trace, disseminated). Pyrrhotite is common in the entire hole where it occurs as stringers and aggregations within strongly silicified domains that also contain chlorite and disseminated within the host rock. GD-22-27 contains a higher percentage of disseminated pyrrhotite and pyrrhotite-chlorite veining within the epidote altered andesite host rock compared to holes GD-22-25 and GD-22-26. Throughout the core, the mineralized andesitic rocks show patchy epidote alteration generally associated with micro veining and fractures containing sulphide mineralization and quartz-chlorite. In drill hole GD-22-27 sulphide mineralization intensity is higher near the top and down to 150 m depth. These intercepts correlate with similar intercepts on all holes drilled from Pad J to date, presenting the high potential for linear, widespread mineralized bodies at depth; see photos above.
Drill Hole GD-22-27 targeted surface mineralization including a channel cut that run 13.5 gpt Au over 0.58 m and grab samples up to 44.4 gpt Au. These surface samples consist of quartz breccia containing semi-massive to massive galena, chalcopyrite, pyrrhotite and pyrite.
2022 drill campaign
The drill rig from Pad J will be moved to Pad 15, 1.6 km to the West (820 m South of Real Deal) to target the Surebet system at depth while a second drill will start testing the extension of the system in the Hazelton volcanic rocks to the North at New Gold, 2.5 km to the North of Pad J (1 km north of North Rubble); see map above.
During the 2022 drill campaign, Goliath plans to test the Surebet mineralized system at depth over an extensive area reaching as far as
Golddigger Property
The Golddigger Property is 100 % controlled covering an area of 23,859 hectares (59,646 acres or 239 square-kilometers) and is in the world class geological setting of the Eskay Rift within
Surebet is characterized by a series of NW-SE trending structures that occur within a package of
LiDAR imagery, drone imagery, and field observations have identified several additional paralleling structures within a 4 square-kilometers area. Geochemical analyses have confirmed high-grade gold-silver polymetallic mineralization within these structures. The steeply dipping Real Deal and Cloud 9 structures, as well as the off-shoot structures from the
Qualified Person
Other
All rock, channel and talus fine samples were crushed and pulverized at MSALABS's laboratory in
The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.
About
Goliath Resources Limited is an explorer of precious metals projects in the prolific
For more information please contact:
Mr.
Founder and CEO
Tel: +1-416-488-2887 x222
roger@goliathresources.com
www.goliathresourcesltd.com
* Widths are reported in drill core lengths and the true widths are not known and AuEq metal values are calculated using: Au
Neither the
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of Company to complete the financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.
The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in
The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within
NOT FOR DISSEMINATION IN
Infographic 1
Infographic 1
Infographic 2
Infographic 2
Infographic 3
Infographic 3
2022 GlobeNewswire, Inc., source