Golden Goliath
is pleased to announce that the exploration drilling program on the Company's
Uruachic claims has been going smoothly, with excellent recovery and production,
since startup on January 8. On the
San Timoteo property, the fourth drill hole of the year (ST-DD-08-4) is
underway, with 1,334.44 metres drilled this year. Detailed mapping and structural analysis
in the area of holes ST-DD-07 4 and ST-DD-07-8, which were highlighted in the
January 18, 2008 press release, have now been completed and the follow up holes
for this new zone of mineralization are currently being spotted. One of the two drills at San Timoteo
will be dedicated to testing and expanding this near surface mineralized
corridor, while the other drill will be used for exploration of the deeper
mineralization below the San Martin tunnel and to further extend and delineate
the polymetallic veining, about 100 metres south of the tunnel, which was
intensifying at the bottom of hole ST-DD-07-10a when the crew ran out of drill
rods at a depth of 505 metres. More
rods have now been obtained to allow the completion of holes over 600 metres.
The Company still has in excess of $4 million in the treasury and drilling is
expected to continue throughout 2008.
Over the past
month the bulldozer has rehabilitated 3,000 metres of road and has constructed
1,523 metres of new road, including the new access to the historic San Martin
mine tunnel. Drill pads in this
area will be constructed shortly allowing the Company to drill underneath the
old workings.
On La Reforma,
where one drill is working, the third hole of the New Year is now underway, with
949.65 metres drilled this year.
Following this drill hole the La Reforma drill will be moved to the Las
Bolas property to complete a couple of test holes to determine the suitability
of the rig for that area. This will
also allow time to receive the assay results from the 2008 La Reforma holes,
which show intensive silicification and abundant sulphides. The completion of the Las Bolas drill
program will follow depending on the Reforma results.
The Company
started using a new lab (Inspectorate Labs), with exactly the same analytical
procedure, in 2008. The new lab
promised a four week turn-around time, as compared with the eight weeks with the
previous lab. The first samples
were sent to Inspectorate at the end of January and a second batch is about to
follow.
The geophysical
crew expected in late January for the Induced Polarization survey of the San
Timoteo II claim has been delayed.
They are now expected to arrive in March. The remaining assay results from 2007
that were still outstanding at the time of the last press release (holes ST-DD-07-10, 10a, 11, 12, 13, 17, 18) have now
been received. The most significant intervals are presented in the table
below.
|
Drill
Hole
Number |
From
(m) |
To
(m) |
Width
(m) |
Ag
ppm |
Au
ppm |
Zn
% |
Pb
% |
Cu
ppm |
|
ST-DD-07-10 |
355.5 |
360.00 |
4.5 |
5.00 |
0.10 |
-- |
-- |
-- |
|
ST-DD-07-10a |
487.5 |
502.55 |
15.05 |
16.43 |
-- |
0.51 |
0.19 |
0.07 |
|
ST-DD-07-11 |
347.7 |
365.50 |
17.80 |
32.54 |
0.29 |
0.25 |
0.28 |
0.05 |
|
ST-DD-07-12 |
452.7 |
461.85 |
9.15 |
7.73 |
0.16 |
0.11 |
0.01 |
0.04 |
|
ST-DD-07-12 |
484.9 |
495.65 |
10.75 |
17.75 |
0.08 |
.02 |
0.04 |
0.01 |
|
ST-DD-07-13 |
363.70 |
407.80 |
44.10 |
1.80 |
0.21 |
0.05 |
0.02 |
0.02 |
Assays are now
done Inspectorate Labs using fire assay preparation and AA finish and ICP
methods. The QP for the Uruachic
project is J. Paul Sorbara M.Sc., P.Geo.
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 an historic mining camp located in the world famous
Sierra Madre Occidental Mountains of northwestern Mexico. Unlike most juniors,
which have an option to earn an interest in a single property or a few scattered
properties in various areas or countries, Golden Goliath controls an entire old
mining camp, or district, that covers an area of 15 by 25 kilometres, with
numerous past producing gold and silver mines dating back to the time of the
Spaniards. Golden Goliath's Uruachic claims are owned 100% by the Company and
are fully paid for with no property option or purchase payments to make. To find
out more about Golden Goliath visit www.goldengoliath.com.
ON BEHALF OF
GOLDEN GOLIATH RESOURCES LTD.
J.
Paul Sorbara, M.Sc.,
P.Geo.
President
To find out more
about Golden Goliath Resources Ltd. visit our website at: www.goldengoliath.com
The TSX Venture
Exchange has not reviewed and does not approve or disapprove the adequacy or
accuracy of this release.