TORONTO, July 29, 2019 (GLOBE NEWSWIRE) -- Goliath Resources Ltd. (GOT.V) (B4IE.F) (GOTRF) (the “Company or “Goliath”) is pleased to announce its inaugural diamond drilling program has commenced at its newly discovered Au-Cu-Mo outcropping porphyry center. The Lorne Creek porphyry is located within its 100% controlled Lucky Strike Property, located in northwestern British Columbia in the surrounding area to the Golden Triangle.
The Lucky Strike Property is 31,511 hectares in size and located 40 kilometers north of Terrace, British Columbia. It has logging road access and is ~ 8 kilometers to a major highway, power, rail, and additional infrastructure. The objective of the drill program is to trace mineralization from surface to depth at its newly discovered outcropping Lorne Creek Au-Cu-Mo Porphyry System. Link to target video (Click Here).
Property highlights include:
- A confirmed mineralized Au-Cu-Mo porphyry center is defined by a large 1200 by 700 metre alteration system, that is cored by QSP (link to image). The core contains gold-bearing chalcopyrite and molybdenite stockwork mineralization;
- The gold, copper, and molybdenum grades from the Lorne Creek Porphyry system are consistent with typical porphyry systems.
- The Lorne Creek Porphyry Discovery is at the headwaters of Lorne Creek, the most prolific placer gold producer in the district.
- Historical placer gold production of 13,721 troy ounces and nuggets of up to 1.5 ounces gold (see BC MINFILE No. 103I204, 103I050 and 103I207).
- Mapping has highlighted a spatial link between polymetallic Au/Pb/Zn/Cu/Ag (link to image) veins and Cu-Mo porphyry centers. These veins are coincident with historically documented porphyry related polymetallic veins in Lorne Creek. Link to samples video (Click Here).
- Along the headwaters of Lorne Creek, a series of silt samples were taken during the 2017 season. These returned multi-element anomalies, including copper, molybdenum, and gold values up to 406 ppb. A historic BC MINFILE report (No. 103l027) from this creek reports angular, pyritized and quartz-veined boulders hosted in a molybdenum-rich porphyry environment.
- The Lorne Creek Porphyry System is located within a larger known porphyry belt.
Mr. Roger Rosmus, CEO and Director of Goliath states:
“We are very excited that our inaugural drill program has commenced at the newly discovered porphyry center that contains gold, copper, molybdenum mineralization outcropping at surface. It is extremely rare to discover a new porphyry center outcropping at surface. Management believes this porphyry system likely explains the source of the significant amount of placer gold historically produced from Lorne Creek. This discovery has attracted interest from several senior mining companies. With positive drilling results, the Lorne Creek Au-Cu-Mo Porphyry System is positioned to quickly evolve into the next big porphyry discovery in an area with significant infrastructure already in place. We look forward to reporting our 2019 drilling results with much anticipation”.
Stephen Roach P. Geo 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.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1.416.488.2887 x222
Goliath Resources Limited "Goliath" has taken all reasonable care in producing and publishing information contained in this news release and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Goliath assumes no responsibility. Goliath does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Goliath be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
This news release contains forward-looking statements, including but not limited to comments regarding predictions and projections. More particularly, this document contains statements concerning the benefits of the listing of the Company's shares on OTCQB. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.