Golden
Goliath is pleased to advise that exploration work on the Company's
100% owned Nopalera property is progressing very well.
The current exploration program at Nopalera consists of detailed
geological and structural mapping and rock sampling, both on surface and
within old workings which are being opened and rehabilitated. The results
to date from this work are very encouraging as they indicate Nopalera
represents the upper portion of a high sulphidation epithermal system,
with excellent potential for gold mineralization at depth. Road
building, trenching and reinterpretation of existing geochemical and
geophysical data is also being completed.
"We are delighted with the potential of Nopalera," commented J.Paul
Sorbara, president of Golden Goliath. "With Agnico-Eagle optioning our Las
Bolas property, Fresnillo's recent spectacular discovery of a huge gold
deposit right beside us, and Peñoles staking large areas all around us,
our exploration model is being validated by some of the the world's
largest and most successful mining companies. We are extremely encouraged
by our exploration results at Nopalera, and look forward to an aggressive
drilling campaign to test the high potential targets now being developed
on the property."
Indications of high-sulfidation include widespread vuggy quartz and
elevated precious metals values associated with silicified and argillized
structures. The numerous old workings on the property give access to
unweathered faces for more representative sample results. Lower levels of
the system exposed yield higher values of gold and silver. For
example, at an old mine about 2km south of and some 400m vertically below
the Nopalera concession, sampling has returned values of up to 15 g/t gold
from an exposed quartz vein averaging 1-2m in width. Mr. Sorbara comments:
"We see precious metals values increase with depth in the area and this
supports our exploration model. We are optimistic our planned drill
program will help us define an economic deposit similar to the nearby
Orisyvo deposit, which has an indicated and inferred resources of
9.2M ounces of gold with additional resources identified which will be
included in their next scoping study.
The Company has purchased a new geophysical instrument (Terraspec), a
state-of-the-art spectrometer that allows us to map the distribution of
particular clay minerals which we expect will give us a clearer picture of
the epithermal system and assist us with targeting drillholes. Preliminary
results already indicate that the alteration is the result of a high
sulphidation system, which is believed to be related to porphyry style
mineralization at depth.
Fresnillo PLC is the world's largest primary silver producer, and as
such, provides limited disclosure of its advanced exploration programs.
However, what they have disclosed about Orisyvo is:
- Indicated & inferred resources of 2.7M ounces of gold in oxides
and 6.51M ounces of gold in sulphides (9.2 million ounces of gold)
- Disseminated gold values delineated over a 1 x 1.5 km area, and
through 400 metres vertical extent, with grades ranging 0.5 to 2.5 g/t
gold
- 1.5 kilometer exploration adit underway
- Pilot plant to be established in 2011
- Additional resources identified with an updated scoping study
expected early in 2012
The Fresnillo claims that host the Orisyvo deposit border Golden
Goliath's Nopalera claim on its eastern edge. The proximity of Orisyvo and
a similar geological model has management very excited on the potential of
Nopalera.
The significance of Fresnillo's discovery and the potential for the
district has not gone unnoticed by some of the majors. Peñoles, the second
largest Mexican mining company behind Fresnillo, has now staked claims
that completely surround our Uruachic Camp. Agnico-Eagle Mines has agreed
to option a portion of our Uruachic Camp (Las Bolas/Los Hilos) and is one
of our major shareholders. This makes the area an important new emerging
gold district with a world class gold deposit and potential for more
discoveries, three major mining companies actively involved and Golden
Goliath holding a substantial land position in the heart of it.
The Company is planning a major diamond drilling program, the first on
Nopalera, for late this year or early 2012. The drilling program is
currently estimated to be about 10,000 metres and its objective is to test
for mineralization of the same style as that found at the neighbouring
Orisyvo deposit.
"The pieces of the puzzle are falling into place, and the picture
that's emerging is one of a high-level epithermal system. We are extremely
encouraged by the exploration success of our neighbors to the east, and
look forward to drill testing our targets on Nopalera as soon as we are
ready," commented Mr. Sorbara.
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company listed on
the TSX Venture Exchange (symbol GNG). The Qualified Person who has
reviewed and approved this release is J. Paul Sorbara M.Sc., P.Geo. 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. 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.
