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Sector
NewswireTM
Sector: Mining, Energy, Industrial, Precious
Metals :
News Release - August 17,
2018 4:38 PM ET
Goliath Resources
discovers multiple new zones, including Gold Source Zone which assays 96.8 g/t gold (3.1 oz/t gold), and
Company featured in advisory regarding its Golden Triangle exploration program
NEW YORK, NY, August 17, 2018 /Sector Newswire/ --
Goliath Resources Limited (TSX-V: GOT) (Frankfurt: B4IE)
is the subject of an advisory by John Newell, technical analyst and
portfolio manager with Fieldhouse Capital Management, regarding the
Company's exploration program in and around British Columbia's
Golden Triangle. The advisory follows news this week from Goliath
that initial prospecting on the Lucky Strike property has already
resulted in the
discovery of several new significant zones of widespread
mineralization at surface, including the Gold Source Zone which
assayed 96.8 grams per tonne gold (3.1 ounces per tonne gold). The
Company has expanded its drill program to test one of these new
zones.
Excerpt of Advisory:
Turning Dimes to Dollars in British Columbia
Contributed Opinion
Goliath Resources Ltd. (GOT:TSX.V)
is a precious metals project generator focused in the prolific
Golden Triangle and surrounding area of northwestern British
Columbia.
Why
the Golden Triangle?
Much has been written about British Columbia's Golden Triangle, as
it is one the richest reservoirs of metal in the world. The Golden
"Triangle," "rectangle" or more aptly, a "Golden Corridor," as we
like to call it, is one of the most richly mineralized areas in the
world. This Golden "Corridor" is a small part of a much larger
geological feature of the Pacific "Ring of Fire." It is associated
with some of the largest and richest mineral deposits in the world,
from Indonesia through Japan, Alaska, the Yukon, down through
Nevada, to the metal-rich Mexico, Colombia, Peru, and the massive
copper deposits of Chile.
The Golden Triangle is at a much earlier stage of exploration than
other mineral-rich areas like Nevada and Chile. However, with the
recent snowpack and glacial abatement in the area, new exciting
targets are now being exposed at surface and being seen for the
first time in +12,000 years. Also, the success of Pretium
Resources Inc. (PVG:TSX; PVG:NYSE) that began production last
year and Seabridge
Gold Inc.'s (SEA:TSX; SA:NYSE.MKT)massive, ever-expanding KSM
and Valley of the Kings deposits have encouraged new infrastructure
buildout, such as new roads, rail and power lines. The Golden
Triangle is coming of age, after more than 120 years of mining
history, men's dreams built and broken, looking for the sweet spot
by having to drill through hundreds of meters of ice.
The northern British Columbia deposits are large porphyry
copper-gold deposits, but the area has a variety of other deposits.
An example is Eskay Creek (Stikine SKZ.V) a Volcanogenic Massive
Sulphide deposit that produced more than 3 million ounces of gold,
160 million ounces of silver with grades of 49 grams per ton and
2405 grams per ton of silver, respectively. But it was not an
overnight success; first walked over and drilled in 1935, the
project was revisited in the years that followed until Stikine, a
junior explorer, drilled over 100 holes into the property during the
1990s. Finally the company hit and was later bought out by Barrick
Gold Corp. (ABX:TSX; ABX:NYSE). Below is the chart of Stikine;
it shows the move after it hit and the incredible wealth that can be
made when you explore and discover a precious metal deposit. It also
shows that shares are volatile; some investors bought at $0.50,
someone sold at $0.30, and then it went to $60.00. Investors must
ask themselves why they are in the story, Dimes or Dollars, there is
no wrong answer; however, the management of Goliath believe they are
on to something important. Aben
Resources Ltd. (ABN:TSX.V; ABNAF:OTCQB), also in the Golden
Triangle, saw shareholders that sold last week and maybe forgot to
ask themselves this important question.
Chart courtesy of StockCharts.com.
Goliath has options to acquire 100% of four highly prospective
precious metals properties that include Bingo, Golddigger, Lucky
Strike and Copperhead, covering 44,003 hectares.
Shares outstanding: 87,356,532 (believed that ~40,000,000 is in
strong hands with family, friends, institutions, geologists and
industry professionals).
Fully Diluted: 156,464,036 (average warrant strike price
~$0.18). This would raise abut ~$12,000,000. Therefore, no need to
raise additional funds in the market.
Current Market Capitalization: ~ $12,000,000
Special Note: Private Placement shares issued April 12, 2018,
become free trading this month.
Corporate Website and Corporate
Presentation.
The founder, CEO and president of Goliath, Roger Rosmus, has
extensive experience in the capital markets and resource sector.
Goliath acquired its four property options from the J2 Syndicate, a
private project generator focused on precious metals. The J2
Syndicate managing director and founder, Bill Chornobay, is a
well-established project generator and dealmaker, and forms part of
Goliath's senior technical advisors, corporate development and
exploration management. This team includes members of the original
group that generated, prospected and staked the Coffee Creek claims
in 1998. They also discovered the gold in soil anomaly in 1999 and
2000 that now forms the nucleus of the Supremo zone. This discovery
evolved into a 5-million-ounce gold resource that was recently
bought by Goldcorp for $520 million. The team also includes some of
the original members who staked and generated the Plateau Project in
the Yukon for Goldstrike
Resources Ltd. (GSR:TSX.V), which recently completed an
unprecedented CA$53 million JV deal with Newmont
Mining Corp. (NEM:NYSE).
Goliath Resources is a prospect generator with four excellent
properties. Any one of these properties could be a company maker, as
they all have the potential to have elephant-size deposits that
would move the needle for senior mining companies looking to replace
their depleting reserves in a safe political jurisdiction like
Canada. The project generator model is an ideal corporate structure,
because if any one of these properties has an economic deposit
discovery, that project can be joint ventured, spun out and/or sold,
and the company can separately carry on prospecting with the other
properties.
All four of Goliath's properties have returned widespread
mineralization of high-grade gold, silver and/or copper grades from
exposed bedrock at surface. The new discoveries at Copperhead and
Lucky Strike will be drilled shortly during the 2018 exploration
program, and those properties will be highlighted today.
In 2017, Goliath purchased a 10% interest in the DSM Syndicate. This
private company was formed by Bill Chornobay to pool geological
knowledge and expertise relating to certain properties identified in
an area of northwestern British Columbia south of Terrace. It staked
a total of six properties and is marketing these properties with the
intention to option or sell the interests. This would provide
Goliath with 10% of all the economics of cash and/or shares when any
deals are completed.
All these new discoveries are the result of the dramatic glacial
recession and snowpack melting in geological settings where
world-class deposits have been found within the Golden Triangle and
surrounding area, thus making it easier for companies to find
economic mineral deposits. (See picture below).
Responsible Mineral Development:
Goliath Resources notes that it is committed to "working shoulder to
shoulder with its stakeholders to achieve responsible development of
its projects, and to contribute to the sustainable development of
the communities in which we work. Our work programs are all
carefully planned to achieve high levels of environmental and social
performance."
The map below shows the location of the four properties:
Lucky Strike Property:
The Lucky Strike Property is a drill ready project and is located
approximately about 30 km north of Terrace, BC, with logging road
access and is only 3 km from a major highway, power and the
infrastucture of a northern city, Terrace, with daily airline
service.
The Prosperity Bulls Eye Zone is 2.4km x 3.4km on the Lucky Strike
Property and is going to be drilled starting mid-August 2018. It has
a classic textbook geophysical and geochemical porphyry signature
with the central zone extending over 2500 x 1500 x 500 meters and
remains open to depth. This massive porphery drill target also
registered high gold, copper and molybdenum anomalies, and is
believed to be the source of the placer gold and large nuggets found
in the streams as well as placer creeks that surround this zone. You
can view the 3D video model by clicking
here.
Click here to
read complete news release.
Initial prospecting on the Lucky Strike property in 2018, has
already resulted in the discovery of several new significant zones
of widespread mineralization at surface, and Goliath has expanded
its drill program to test one of these new zones (Gold Source - 400
x 200 meters) that returned 3.1 ounces per tonne gold from a
hydrothermal breccia grab sample.
You can view the most recent project update video (August 13, 2018)
by clicking
here.
Goliath's website is very detailed and has a lot of information. The
history of the property goes into much more detail than we can
discuss in this short article. The complete Lucky Strike project
information can be viewed on the website.
Copperhead:
The Copperhead property covers 4,354 hectares with logging road
access, 6 kilometers to the nearest road and power line. It is
located ~35 kilometers southwest of Smithers, BC, and situated south
of the Golden Triangle area. It resides within the Skeena Arch, a
belt-scale structural corridor associated with significant
mineralization that will be drilled in August 2018.
The newly discovered and sampled Copper King Trend measures 2
kilometers long x 350 meters wide and remains open. It is defined
by:
Technically speaking, Goliath met its first share price target and
corrected before rebounding sharply from its corrective low and then
pulled back again to test the rising trend line. We did not expect
such a deep retracement; however now it has corrected to just above
the rising trend line. We believe we are in the postal code of a low
and have an excellent opportunity to buy cheap shares in a company
with multiple compelling drill targets that could deliver up
significant new ore bodies.
In summary, Goliath Resources appears to be an exciting, high
probability ground floor opportunity in the high-risk, high-reward
part of the early discovery mining cycle in mining. (See chart
above). The company is committed to create shareholder value through
systematically prospecting and exploring newly discovered ground
that is highly prospective that has been uncovered by the very rapid
glacier and snow-pack abatement in this area. This has revealed some
spectacular drill targets at multiple projects that are near surface
in both base metal and precious metals that experts say have been
covered in ice for 12,000 years. And, finally, Goliath is in a safe
political jurisdiction, in an area with good infrastructure, close
to power, rail and roads. Last year I followed and charted Novo,
Garibaldi, GT Gold and a few others with success, and Goliath
appears to have a great chance of duplicating its spectacular 2017
runs.
John Newell is a portfolio manager at Fieldhouse Capital
Management. He has 38 years of experience in the investment industry
acting as an officer, director, portfolio manager and investment
advisor with some of the largest investment firms in Canada
including Scotia McLeod, CIBC Wood Gundy and Richardson Greenshields
(RBC Capital Markets). Newell is a specialist in precious metal
equities and related commodities, and follows a disciplined
proprietary approach incorporating equity research, analytical
frameworks and risk controls to evaluate and select long and short
stocks primarily from the Canadian small and mid-cap coverage. Many
large, midcap and junior precious metal companies use his technical
charts. Newell is a registered portfolio manager in Canada (advising
representative).
...Click
here for full copy of the advisory from source.
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Excerpt copy of Goliath's August 13, 2018 press release;
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Goliath
Discovers Multiple New Zones on Lucky Strike Drilling to
Commence
TORONTO, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Goliath
Resources Ltd. (TSX-V: GOT) (Frankfurt: B4IE) (the
“Company or “Goliath”)
is pleased to announce initial prospecting on the Lucky
Strike property has already resulted in the discovery
of several new significant zones of widespread
mineralization at surface and it has expanded its drill
program to test one of these new zones. In addition, the
Caribou Mitigation and Monitoring Plan (CMMP) at
Copperhead has been approved; all drill programs at
Lucky Strike and Copperhead are proceeding on schedule.
Highlights:
-
Newly discovered
outcropping of intrusive rocks with disseminated
sulphides, malachite and azurite staining near
the large Prosperity Bullseye Porphyry drill target;
assays are pending.
-
Multiple
strong indicators
at Prosperity suggest a large
porphyry system at depth.
-
IP survey
increased by 50% based on 2018 observations at
Prosperity;
drilling to commence once completed by mid-August.
-
The newly
discovered Gold Source Zone is an epithermal, milky
quartz hydrothermal breccia at surface with
sheeted vein corridors 400 metres by 200
metres; open in all directions.
-
Hydrothermal breccia at
Gold Source Zone assayed 96.8 grams per tonne gold
(3.1 ounces per tonne gold).
-
Channel sampling,
prospecting, and mapping remains ongoing in this
area to trace the full
extent of the Gold Source Zone in preparation for
drilling in 2018.
-
The newly
discovered Hole in One Zone contains quartz vein
swarms with galena and chalcopyrite mineralization
have been observed in outcrop;
assays are pending.
-
Trenching, IP
geophysics, mapping, soil sampling, pad building,
and prospecting are anticipated to be completed
by August 21stin preparation for drilling
at Copperhead.
Prosperity Bullseye Porphyry Zone
The Prosperity Bullseye zone is a geophysical and
geochemical porphyry signature with the central zone
extending over 2500 x 1500 x 500 metres and remains open
to depth (see
February 26th Press Release). Several other
subsurface satellite intrusive bodies are seen on the
flanks of the main zone and also have the same
geophysical signature (link
to video) (link
to map).
Initial 2018 prospecting one kilometer southeast of the
main Prosperity Bullseye zone in the area of one of the
flanking satellite bodies has identified outcropping
intrusive rocks with disseminated sulphides and
accompanying malachite and azurite staining; assays are
pending. The extensive 2017 surface soil geochemical
with a coincident large subsurface geophysical
signature in combination with the geology are very
strong indicators for a porphyry system at depth.
Initial prospecting results further confirm the untapped
potential of the under-explored Prosperity Zone and
surrounding area. Prospecting, mapping remains ongoing
with the focus on generating additional strong drill
targets to augment the upcoming drill program. The IP
survey is being expanded over the Prosperity Bullseye
zone by an additional 50 % based on the observations
from the 2018 program and is anticipated to be completed
in mid-August. Once the IP survey is completed, drilling
will commence targeting the heart of the high-definition
subsurface IP anomalies within the Prosperity Bullseye
Zone.
New Gold Source Zone
A 2017 angular talus sample of a hydrothermal breccia assayed
96.8 grams per tonne gold (3.1 ounces per tonne
gold), this sample was taken 65 metres downslope from
the newly discovered Gold Source Zone of outcropping
hydrothermal breccia (link
to images). The Gold Source Zone is an
epithermal, milky quartz hydrothermal breccia and
sheeted vein corridors extend more than 400 metres along
an E-W trend and over 200 metres wide and remains
open. The trend is highly oxidized with primary sulphide
contents ranging typically between 1-5% that are now
represented by limonitic voids and boxworks (link
to video). The recently acquired airborne
magnetic data identified a circular feature centered
around the Gold Source Zone hydrothermal breccia. The
diameter of the circular feature is approximately 1
kilometer and it is located at the confluence of several
NE-SW trending magnetic lineaments. Channel sampling,
prospecting, and mapping remains ongoing in this area to
trace the full extent of the zone in preparation for
drilling in 2018.
New Hole in One Zone
The new Hole in One Zone is located 9 kilometres west of
the Gold Source Zone, in the southwest end of the
property. The area contains quartz vein swarms with
galena and chalcopyrite mineralization have been
observed in outcrop (link
to video). Additional prospecting and mapping
are underway to trace out the full extent and
significance of this new zone; assays are pending.
Prospecting and mapping remain ongoing over the 24,951
hectare Lucky Strike property. Results to date confirm
the remaining under explored areas of the Lucky Strike
property have strong exploration potential.
Copperhead Update
Trenching, IP geophysics, mapping, soil sampling, pad
building, and prospecting are anticipated to be
completed by August 21, 2018 in preparation for drilling
this newly discovered copper-rich hydrothermal breccia,
containing composite chip samples from 2017 grading 0.17
g/t Au, 4.28 % Cu, and 45.41 g/t Ag over 11 metres and
0.08 g/t Au, 1.57 % Cu, and 12.45 g/t Ag over 8 metres,
both of which remain open (see
January 15th Press Release)
(link
to map) (link
to photos).
Mr. Roger Rosmus, Director, President and CEO of
Goliath states:
“The start to the 2018 program has exceeded our
expectations with multiple new mineralized zones being
discovered so early on, further demonstrating the
enormous untapped potential of the Lucky Strike
property. Lucky Strike, Copperhead, Golddigger and Bingo
properties are 100% controlled by Goliath and located in
a world class geological setting in close proximity to
infrastructure. We look forward to reporting the summer
2018 exploration results from all four properties
including inaugural drill results from both Lucky Strike
and Copperhead. Results will be published once assays
have been received, complied, and interpreted”.
Qualified Person
Stefan Kruse, Ph.D., P. Geo., Chief Geologist, is the
qualified person as defined by National Instrument 43-
101, for Goliath exploration projects, and supervised
the preparation of, and has reviewed and approved, the
technical information in this release.
Other
All 2017 rock, channel and talus fine samples were
crushed and pulverized at ALS Canada Ltd.’s lab in
Terrace, BC or in Reno Nevada. ALS is either Certified
to ISO 9001:2008 or Accredited to ISO 17025:2005 in all
of its locations. The resulting sample pulps were
analyzed for gold by fire assay in Reno, Nevada or in
Vancouver, BC. The pulps were also assayed using
multi-element aqua regia digestion at ALS Canada Ltd.’s
lab in Vancouver, BC. All samples were analyzed using
ALS Canada Ltd.’s assay procedure ME-ICP41, a 1:1:1 aqua
regia digestion with inductively-coupled plasma atomic
emission spectrometry (ICP-AES) or inductively-coupled
plasma mass spectrometry (ICP-MS) finish for 35 elements
as well as the Au-AA24 lead-collection fire assay fusion
procedure with atomic absorption spectroscopy (AAS)
finish. Any results greater than 100 ppm for silver or
10,000 ppm copper, lead and zinc were additionally
assayed using ALS’s OG46 method particular to each
element. This method used an HNO3-HCl
digestion followed by ICP-AES (or titrimetric and
gravimetric analysis). Gold values of greater than 10
ppm Au were assayed by the Au-GRA22 method that includes
a fire-assay fusion procedure with a gravimetric finish.
Blanks and duplicates QA/QC samples were inserted into
channels sample laboratory batches. Additionally, and
10% sub-sample of pulp and reject material was sent to
Activation Laboratories in Ancaster Ontario, for
check-analysis.
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.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1-416-488-2887 x222
roger@goliathresources.com
www.goliathresourcesltd.com
NEITHER THE 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.
...click
here for full copy from source |
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The following additional URLs have
been identified for further DD on Goliath Resources Limited:
- Company
website:
https://goliathresourcesltd.com
- SEDAR:
https://sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00043428
- Recent Mining
MarketWatch Journal article:
http://miningmarketwatch.net/got.htm
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This release may
contain forward-looking statements regarding future events that
involve risk and uncertainties. Readers are cautioned that these
forward-looking statements are only predictions and may differ
materially from actual events or results. Articles, excerpts,
commentary and reviews herein are for information purposes and are
not solicitations to buy or sell any of the securities mentioned.
Readers are referred to the terms of use, disclaimer and disclosure
located at the above referenced URL(s).
SOURCE: Sector Newswire editorial
editorial@SectorNewswire.com
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