Golden Goliath Drill Hole Samples Out for Assay

Vancouver, British Columbia–(Newsfile Corp. – December 13, 2022) – Golden [nxtlink id="269108"]Goliath Resources Ltd.[/nxtlink] (TSXV: GNG) (OTC Pink: GGTHF) (FSE: GGZ) – Golden Goliath Resources is pleased to announce that the core samples from the four diamond holes recently completed at its 100% owned Wish Ore project, located 12 km from the Trans-Canada Highway north of Sault Ste Marie, Ontario have now been sent to the laboratory.

Holes W22-01, 03 and 04 were split with half the core from each 1 meter interval sent for analysis. As a result of the core shack fire reported last week, hole W22-02 had to be reassembled using the detailed logging, photographs, and core markings. Core from 86 of the 101, 1meter, intervals was positively identified and sampled. In addition, a total of 17 grab samples were collected from the unidentified core pieces.

Results from Hole W22-02 will be reported with the context of the fire and how the core was re-assembled and sampled.

 
Geologist Matchellon Pinheiro working to re-assemble W22-02
 
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The samples were sent to ALS labs for analysis for gold by 30g Fire Assay, and multi-element ICP.

The purpose of this program was to do a preliminary drill test of the known showings to get a better understanding of the mineralization, geology, structure, and alteration associated with the known gold values.

 
Figure 2: Regional Map of Wish Ore Property
 
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This preliminary drill program consisted of 4 diamond drill holes totaling 583 meters. The program targeted the two main showings on the property and IP chargeability with coincident gold geochemical anomalies near the showings.

 
Figure 3: Wish Ore Property 2022 Drill Program
 
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W22-01 The hole was drilled for 201 meters, located ~130 meters to the northwest of the New Zone. The drill hole targeted an IP chargeability anomaly which is coincident with anomalous gold, arsenic, and copper in soil.

W22-02 Was drilled for 101 meters targeting the New Zone trench that had returned channel sample results of 4.28 gpt gold over 3 meters, including 1 meter of 9.05 gpt gold within a larger area of anomalous gold results. The entire hole showed alteration with quartz veining. A ~10 meter zone near the bottom of the hole with sulfides is particularly interesting.

W22-03 This hole was drilled for 170 meters and located ~120 meters north of the trench zone, targeted on an IP chargeability anomaly with coincident gold in soil anomalies.

W22-04 Was drilled on the Trench Zone for 111 meters. The Trench zone is a broad area of quartz carbonate alteration with anomalous gold values of up to 0.5 gpt over 2 meters. Alteration with quartz veining and sulfides are present throughout the hole, with a 40 meter section with more intense silicification and sulfides.

Permitting is presently underway to allow for a potential winter geophysics program to better refine the possible source of the mineralized boulders along the trend north of Crack Mouse Lake.

 
Figure 4: Wish Ore Main Gold Showings
 
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CEO Paul Sorbara stated, “We were lucky that no one got hurt and only 1 drill hole was affected by the fire, and that the hole had already been logged and photographed in detail and marked for sampling. The core looks encouraging.”

This news release has been reviewed by Gordon MacKay, P.Geo., who is acting as QP under the NI 43-101 requirements.

 

On behalf of the Board of Directors

Paul Sorbara, MSc, PGeo

CEO, Golden [nxtlink id="269108"]Goliath Resources Ltd.[/nxtlink]

About Golden Goliath

Golden [nxtlink id="269108"]Goliath Resources Ltd.[/nxtlink] 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 [nxtlink id="269108"]Goliath Resources Ltd.[/nxtlink]
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950 Email: [email protected]

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/147775

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