Golden Goliath Discovers New Gold Bearing Shear Zone at Kwai - Pakwash Property, Red Lake, Ontario

Tuesday, 25. May 2021 15:30

Vancouver, British Columbia--(Newsfile Corp. - May 25, 2021) - Golden Goliath Resources Ltd. (TSXV: GNG) (OTC Pink: GGTHF) (FSE: GGZ)

Golden Goliath Resources received the final assays for 5 drill holes that were drilled along the south shore of Beauregard lake (holes K21-17- 21) during the week of May 10. The holes were designed to test an IP anomaly found during the lake IP survey conducted earlier this year. Results for the drill holes on the north side of the lake, designed to test the Whale anomaly are not yet complete.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4761/85073_753c9530b4d3aabe_002.jpg

Figure 1: Red Lake District Properties including the Kwai and SLF properties of Golden Goliath

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4761/85073_753c9530b4d3aabe_002full.jpg

Drilling on a strong one kilometer I.P. trend on the south side of Beauregard Lake has produced an important gold value hosted in sericite schists with associated pyrite and minor chalcopyrite. Hole K21-21 drilled on line 1600E intersected 824 ppb gold over 1 metre from 103 - 104 m in rocks dipping south at 80 deg. The eastern 600m of this anomaly occurs on a peninsula on the south shore of Beauregard Lake where the remainder extends west under a bay heading to the West Grid (Figure 2).

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4761/85073_753c9530b4d3aabe_003.jpg

Figure 2 IP anomalies and drill holes completed at Beauregard Lake

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4761/85073_753c9530b4d3aabe_003full.jpg

Of significant note, a number of gold discoveries have been made in shears in the Porcupine Camp and in Hemlo where anomalous gold occurs exceeding 300 ppb with the ore zones occurring within 100m of the anomalous value. These values are a good guide to more mineralization.

Also of note, this shear zone occurs south of the Pakwash Fault near the contact of a large felsic tuffaceous sediment sequence exposed on the shore of the lake, and a mafic package of Uchi rocks discovered by drilling. As a result, other IP anomalies south of the Pakwash require follow up.

In addition this gold intersection occurs east of the west grid gold till anomalies from a possible source area for the high gold grain counts in the tills (Figure 3).

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4761/85073_753c9530b4d3aabe_004.jpg

Figure 3 Gold Grains Probable Source Area Plot For West Grid

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4761/85073_753c9530b4d3aabe_004full.jpg

A follow up drill program will be carried out in the next round of drilling with step out holes initially at 100m intervals when ground conditions are favorable (Figure 4). At least three thousand more meters of drilling are planned and budgeted for this year on the Kwai property.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4761/85073_753c9530b4d3aabe_005.jpg

Figure 4 Kwai property completed and new proposed holes around Beauregard Lake

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/4761/85073_753c9530b4d3aabe_005full.jpg

Also in the past two weeks a Mise a la Masse geophysical survey has been carried out to assist in tracing the massive sulfide zone identified in holes K21-22 and K21-23 on the Whale anomaly on the north side of the lake. This survey will track the sulfide zone and the parallel package of felsic volcanics within and parallel to the Pakwash fault.

QAQC

All the gold values reported in this round of drilling were obtained by assaying 30 gm samples prepared at SGS Red Lake and were fire assayed. Blank and standards were inserted into the sample stream alternating at 25m intervals.

This news release has been reviewed by R.S. Middleton P.Eng who is acting as QP for this phase of the exploration under the NI 43-101 requirements.

On behalf of the Board of Directors

Paul Sorbara, MSc, PGeo

CEO, Golden Goliath Resources Ltd.

About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Company is focused on exploring and developing the gold and silver potential of properties in the Red Lake District of Ontario. The Company also holds a 100% interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico, as well as NSR royalties on several other nearby properties.

To find out more about Golden Goliath visit our website at www.goldengoliath.com.

Cautionary Statements Regarding Forward Looking Information

Certain statements included herein may constitute "forward-looking statements". All statements included in this press release that address future events, conditions or results, including in connection with exploration activity, future acquisitions and any financing, are forward-looking statements. These forward-looking statements can be identified by the use of words such as "may", "must", "plan", "believe", "expect", "estimate", "think", "continue", "should", "will", "could", "intend", "anticipate" or "future" or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Company's continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950 Email: jps@goldengoliath.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85073

Related Links: 
Author: