TORONTO, Jan. 05, 2021 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (FSE: B4IF) (OTCQB: GOTRF) (the “Company” or “Goliath”) is pleased to announce it has identified several new targets base on successful soil and silt program results from the 2020 field season on the Lorne Creek Porphyry discovery. This discovery is located on its 100 % controlled Lucky Strike property, situated ~40 north of Terrace, British Columbia, 8 km to highway, power, and railway.
“The geochemical anomalies discovered in 2020 overlying geophysical anomalies further confirm the strong indications of a potential deposit size buried porphyry system. Compilation and integration of this new geochemical data coupled with the inaugural 2019 drill results puts us in a great position to vector our efforts in preparation for potential drilling in 2022 to unlock its full potential as part of our pipeline of projects” stated Mr. Roger Rosmus, CEO of Goliath, further “We remain focused on creating shareholder value in 2021 with our fully funded inaugural drill program on Goliath’s Surebet high-grade polymetallic gold-silver discovery on our 100% controlled Golddigger property located near Stewart, British Columbia in the prolific Golden Triangle.”
The 2020 soil and silt program were designed to follow up on the strong geophysical anomalies identified from the recently acquired High Resolution Magnetic and Radiometric survey on the Lorne Porphyry discovery (see news – Oct 28, 2019). A total of 191 soil samples were collected with assays ranging from background up to 659 ppb Au, 3600 ppm Cu and 776 ppm Mo, and 28 silt samples with assays ranging from background up to 120 ppb Au, 755 ppm Cu and 143 ppm Mo.
2020 highlights include:
- A 900 m x 500 m soil grid with 100 m spacing over a large magnetic high in the eastern part of the Lorne Creek area (target 6 – see map links below) returned Cu in soil values up to 287 ppm, Mo up to 368 ppm, and Au up to 659 ppb and remains open indicating the presence of a buried porphyry planned to be drill tested in 2022.
- A 500 m x 250 m soil grid with 100 m spacing over a smaller magnetic high located across Lorne Creek (target 7 – see map links below) returned Cu in soil values of up to 3600 ppm, Mo up to 436 ppm, and Au up to 79 ppb and remains open indicating the presence of a buried porphyry to be drill tested in 2022.
- A 700 m x 100 m soil grid also with 100 m spacing was sampled in the slope south of Lorne Creek (target 5 – see map links below) yielding Cu in soil values up to 668 ppm, Mo up to 776 ppm, and Au up to 404 ppb and remains open indicating the presence of a buried porphyry to be drill tested.
- Silt samples were collected from the drainage close to the location of the 2019 inaugural drill pad (target 1 – see map links below) and from various targets located higher on the ridge (targets 2,3 and 4 – see map links below) from radiometric potassium alteration anomalies. These samples returned Cu values up to 503 ppm, Mo up to 143 ppm, and Au up to 120 ppb indicating the presence of a large porphyry system.
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