Goliath
Resources Ltd. (GOT:TSX.V) released an interesting press release on August 15th
that doubled the price of the shares in the next week. The company drilled a
718-meter hole, limited only by the constraints on the drill, that hit
mineralized material right from surface for the entire length of the core. If
it runs the expected gold/copper/silver/moly that they were finding on surface,
it will go a lot higher.
I wrote about the company a little over a year ago. The shares were new then and twice what they
are now even with the latest results.
Goliath is drilling the Lucky Strike property. So far they have
completed one hole and are in the midst of drilling the 2nd hole.
The 2nd hole is planned for about 700 meters. This initial drill
program will have three holes.
They are paying the vendor $989,000 over a five year period and have a
$6.5 million work commitment to own 100% of the project.
The company has 68 million warrants outstanding at an average exercise
price of $0.19 so any initial success will cash up the company with over $13
million in cash so the work commitment will be no problem.
From a technical point of view, it would appear the
initial hole at Lucky Strike was a home run. The core is being cut and
will be off for assay shortly. Results will be back by mid-October so until
then the grade is an interesting mystery.
The Lucky Strike project is surrounded by porphyry and lies near the
Golden Triangle of Northern British Colombia. While it is greenfield
exploration, the intercept shows good understanding of the technical issues.
Soil samples taken in 2018 and earlier this year support the potential for a
massive system.
Goliath is not intending to take anything to production. They want to do
the initial geochemical and soil samples to support the drill program and
with any success joint venture the project to any interested major.
I would guess the majors would be looking real hard at the core to think
of doing a deal. Since Goliath has to spend $6.5 million anyway, I would
expect any initial success to be followed up with a lot more drilling prior
to doing a deal.
Goliath was an advertiser before but is keeping all their cash for the
drill program so are not currently an advertiser. Based on what seems to me
to be an excellent start to the drill program, I have gone out into the
market to buy shares so I am biased. They are doing an excellent job of
communication so I would encourage any potential investor to spend a lot of
time researching the company and the project.
Goliath Resources
GOT-V $0.11 (Aug 21, 2019)
GOTRF OTCBB 110.4 million shares
Goliath Resources website.
Bob and Barb Moriarty brought 321gold.com
to the Internet almost 16 years ago. They later added 321energy.com to
cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both
sites feature articles, editorial opinions, pricing figures and updates on
current events affecting both sectors. Previously, Moriarty was a Marine F-4B
and O-1 pilot with more than 832 missions in Vietnam. He holds 14
international aviation records.
Disclosure:
1) Bob Moriarty: I, or members of my immediate household or family, own
shares of the following companies mentioned in this article: Goliath
Resources. Goliath Resources is a former advertiser on 321 Gold. I determined
which companies would be included in this article based on my research and
understanding of the sector.
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