Three mineralized shear zones intersected
Gold explorer Goliath Resources (TSX-V GOT / WKN A2P063) yesterday reported spectacular results from another drill hole in the recently discovered Golden Gate zone, which is part of the company‘s Golddigger project. More than one ounce of gold per tonne was detected in a significant drill intercept!
The hole, designated GD-23-197, penetrated into the Hazelton volcanic rocks 20 meters below the Bonanza shear and showed rich, visible gold mineralization. And in this case, it was indeed indicative of very high gold grades. In fact, the drilling returned 34.03 g/t or 1.09 ounces (!) of gold equivalent over 9 meters, consisting of 32.55 g/t gold and 65.71 g/t silver. This was part of an intersection of 21 metres averaging 14.83 g/t gold equivalent (14.17 g/t gold and 29.13 g/t silver), again contained within 27 metres averaging 11.60 g/t gold equivalent (11.07 g/t gold and 23 g/t silver). A truly outstanding result in our view.
Three mineralized shear zones intersected at once
Importantly, GD-23-197 intersected three sulphide-enriched, mineralized shear zones, including the known Surebet and Bonanza zones and a new, strongly mineralized horizon within the Hazelton volcanic rocks. This so-called Golden Gate zone lies 20 meters below the Bonanza shear zone, indicating, according to Goliath, the presence of at least (!) three stacked and significantly mineralized shear zones that outcrop and remain open.
Investors and the company will have plenty of additional information on this – and the other zones of mineralization – because assay results from a full 115 drill holes Goliath already completed on Golddigger in 2023 are still pending! Goliath geologists believe that the new Golden Gate zone is the pathway taken by gold-bearing fluids during the formation of the system near the Surebet zone and the Bonanza shear.
Conclusion: Once again, we believe Goliath Resources has demonstrated what exceptionally high and broad gold mineralization the Golddigger project is endowed with. More than one ounce of gold over 9 meters is more than just respectable. At 100% gold recovery, Goliath would currently gross over $1,930 per tonne of rock (note: very quick and dirty calculation). Not to mention that the discovery of high-grade gold beneath sediments in the volcanic rocks shows, in our view, that Goliath may have hit the system that feeds the known zones. Given this, we can only classify yesterday’s market reaction as “crazy”…
Conclusion: Once again, we believe Goliath Resources has demonstrated what exceptionally high and broad gold mineralization the Golddigger project is endowed with. More than one ounce of gold over 9 meters is more than just respectable. At 100% gold recovery, Goliath would currently gross over $2,132,47 per tonne of rock (note: very quick and dirty calculation). Not to mention that the discovery of high-grade gold beneath sediments in the volcanic rocks shows, in our view, that Goliath may have hit the system that feeds the known zones. Given this, we can only classify yesterday's market reaction as "crazy"...
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