Vancouver, May 1, 2019, Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F)
The Company is pleased to announce that it has now signed an agreement to acquire a 100% interest in the Wish Ore property, located 60 km north of Sault Ste. Marie Ontario. The Wish Ore property comprises 13 mineral claims totaling 78 claim units which cover several significant shear structures and a number of historical and under-explored gold showings. Access to the project is very good via numerous secondary logging roads
The Wish Ore property is underlain by northeast trending meta sediments and meta volcanics of the Batchewana Greenstone Belt, with a major structure (Carp River Fault) running parallel to the trend. Anomalous gold values occur associated with silicified zones over 6 kilometers along and adjacent to the Carp River structure, which is cut by northwest trending lineaments. The intersection of the main structure with the northwest trending lineaments creates an attractive exploration target.
Several new shear zones were discovered on the property by prospector Mike Tremblay in 2013. The most promising of these was a new silicified zone in mafic volcanics south of the Carp River Fault from which grab samples assayed 1.2, 2.57, 8.8, 13.13, 13.73 and 25.57g/t gold. The shear zone is at least 30m wide, runs east-west and consists of silica, ankerite and sericite alteration. The best gold values were from a quartz-ankerite-pyrite +/- chalcopyrite vein that is at least 1m wide. Mineralization was also identified south of the fault zone associated with quartz-ankerite-pyrite stringers in a quartz feldspar porphyry assaying 1.53 g/t gold.
In the spring of 2014 logging operations exposed several carbonatized shear zones west of Upper Tilley Lake. Several anomalous samples were collected with a high value of 2.87g/t gold. The widest of these shears is over 30m wide and is exposed intermittently over 125m strike length.
The prospector/vendor for Wish Ore, Mike Tremblay, also discovered the Borden Lake deposit, which is located about 120 km northeast of Golden Goliathʻs Wish Ore property. Originally optioned by Probe Mines, the deposit was acquired 100% by Goldcorp in March 2015 and mine development was started in 2018. Borden Lake is expected to have a mine life of seven years and Goldcorp expects commercial production to start in 2019. Tremblay was a recipient of the 2013 Ontario Prospectors Association discovery of the year award at the Ontario Geoscience Symposium in Sudbury for the Borden Lake discovery.
The terms for a 100% interest in the Wish Ore property are as follows:
On signing $25,000.00 + 200,000 shares (upon TSX approval)
Minimum $75,000 work commitment during year 1
After 1 year $25,000.00 + 200,000 shares
After 2 years $25,000 + 100,000 shares
Less a 1.5 % NSR with a buy back clause for ½ of the NSR for $500,000.00
Company CEO Paul Sorbara PGeo says, “The Company is excited about the Wish Ore property which we believe has great potential and look forward to an aggressive exploration program this year. We are building a great team of Ontario exploration experts and intend on being a new major player in the region. The opening of the Borden Lake mine north of Wish Ore should bring new interest in the region and we are well positioned, financed and ready to start work as soon as the permitting process is complete. ”
Apart from Exploration in Ontario, the Company is still involved in Mexico. Through its wholly owned and funded Mexican Subsidiary, Minera Delta S.A. de C.V., the Company will continue to own 100% of its San Timoteo property in Chihuahua as well as the net smelter royalties from the 7 other recently optioned properties in the district, and also has 100% of the La Cruz property, which lies in another area of Chuhuahua State.
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Qualified Person for the information regarding Ontario properties is J. Paul Sorbara M.Sc., P.Geo. 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, and 100% of the La Cruz property, also in Chihuahua.
To find out more about Golden Goliath visit our website at www.goldengoliath.com.
FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950 Email: email@example.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.