Possibility of porphyry discovery increases
What a start to the new year: right at the beginning of 2024, Goliath Resources’ Golddigger project (WKN A2P063 / TSXV GOT) is living up to its name and delivering another high-grade gold and silver discovery. Which Goliath tellingly named “Jackpot”. The Canadian market reacts with a double-digit price increase.
As the company announced yesterday, a sample from the new discovery, which is part of the Golddigger project in British Columbia, returned a grade of 667.40 g/t gold equivalent, which corresponds to 21.5 ounces per ton gold equivalent! This is made up of 636.00 g/t gold, 1,690.00 g/t silver, 7.96% copper and 2.22% lead.
And the new discovery, as Goliath points out, is part of the same mineralized system where the Surebet (the original discovery), Bonanza and Golden Gate zones were found, all of which are still open for expansion despite extensive drilling programs in recent years. Jackpot is located 1 kilometer east-southeast and 300 meters below the previous drill site A and 60 meters north of drill site J. No drilling has yet been completed on Jackpot, but Goliath is determined to change that this year.
Numerous high-grade gold samples in the immediate vicinity
The high-grade sample of 21.5 oz/t AuEq or 667.40 g/t AuEq (636.00 gpt Au, 1,690.00 gpt Ag, 7.96 % Cu, 2.22 % Pb) comes from a 30 cm wide quartz vein with 15 % chalcopyrite, 7 % pyrite, and 1 % galena hosted in a shear comprised of strongly silicified Porphyritic Andesite within the Hazelton Volcanics. This shear in turn, according to Goliath, consists of at least ten veins of strong quartz-sulphide mineralization. This cluster of ore veins runs vertically and extends from north to south, outcropping to the surface over approximately 50 meters of strike length. The mineralization also remains open for extensions, Goliath added. It is also part of a broader shear zone that can be observed over more than 500 meters in a north-south direction with an elevation difference of 400 meters. Here too, the limit of the mineralization is not yet visible.
Goliath Resources had also found numerous high-grade gold samples within 150 meters of the new jackpot discovery in several previous exploration campaigns. These included
– 607977 with 44.40 g/t gold, 1,629.00 g/t silver, 5.22% copper, 2.24% lead,
– Y607989 with 13.50 g/t gold, 32.10 g/t silver, 0.09% copper, 0.42% lead and
– ST112903 with 8.43 g/t gold, 694.00 g/t silver, 0.39% copper, 0.47% lead.
An extremely interesting drill target for Goliath when it comes to expanding the Surebet system, the limits of which have still not been reached.
Similarities to known mineralization zones obvious
In particular, the new jackpot discovery has similar textures, mineralogy and geochemistry to those observed in the Surebet, Bonanza and Golden Gate zones. This consists of veins, stockwork and breccias with significant amounts of galena, pyrrhotite, pyrite and chalcopyrite, suggesting that it is part of the same mineralized system. According to Goliath, the new discovery once again demonstrates the great potential for the discovery of additional layered and high-grade shear zones and veins associated with the Surebet mineralized system. As mentioned, drilling this year will show whether this potential can be confirmed.
Conclusion: The Golddigger project has numerous zones of mineralization, which as Goliath has now proven pass from sediments into the contact of the sediments with volcanics and then into the volcanics themselves. The company is confident that it will continue to discover numerous zones of mineralization that will eventually lead to the center of this widespread gold mineralization. The gold mineralization also has excellent continuity and is highly "predictable", allowing Goliath to achieve a very high hit rate in the drilling to date. Since the new Jackpot discovery, as Goliath CEO Roger Rosmus points out, lies in a shear zone consisting of strongly silicified porphyritic andesite within the Hazelton volcanic rocks, it could quickly develop into the company's next significant discovery with bonanza grades - or the discovery of a porphyry, Rosmus says. In our opinion it looks as if Goliath is set to top last year's highly successful exploration season. We are very excited about 2024 for the company, especially since, as Goliath reports, the results of the first exploration work on Golddigger's Cambria Icefield claims are also expected shortly.
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