{kanada_flagge} Exploration can be fun: The first two holes drilled by Goliath Resources (TSXV: GOT; FRA: B4IF) at its Golddigger project in British Columbia’s Golden Triangle confirm and expand the geological picture of last year’s discovery, which has been christened Surebet (“safe bet”). The very first hole GD21-001 (138 meters long, 140°/-70°) intersected 57.5 meters of quartz-sulphide veins bounded by two distinct and significant quartz-sulphide stockwork breccias several meters thick.
While drill core analysis is pending and the 57.5 meters does not represent the true thickness of the mineralization, the geometry of the mineralized zones fits the geologists’ model exactly and the thickness of the zone exceeds expectations.
Dr. Quinton Hennigh, Goliath’s technical advisor, commented, “The immediate visual confirmation of mineralization in the first hole drilled into a target is one of the most rewarding moments in exploration. Although assays are required to confirm grade, this first hole provides Goliath with its first detailed picture of the geology of the Surebet Zone, and it is a very exciting picture. The zone appears to consist of two sub-parallel quartz-sulphide vein breccias to intense stockwork zones with an interval of sulphide stockwork mineralization between them. The total width of mineralization observed is a remarkable 57.5 meters. Given the large extent of the Surebet Zone, and if the results of the drilling confirm the results of last year’s channel sampling, this could be a significant new discovery in the Golden Triangle.”
Roger Rosmus, Founder & CEO added, “This first hole of our maiden 2021 drilling campaign has exceeded our expectations. The new sulphide intercepts could have the makings of the next major high-grade gold-silver discovery in the Golden Triangle. This is the first of many holes to be drilled along 1,000 meters of exposed mineralization at Surebet. We look forward to reporting assay results as they are received and interpreted.”
Figure 1: Initial drilling shows that the Surebet Zone has an upper and lower ore shoot: The 3.4 meter thick upper vein contains a visually estimated 10% banded, accumulated and disseminated sulfides, including pyrrhotite, sphalerite, galena and chalcopyrite; below this are 8.9 meter thick stockwork breccias consisting of 40-50% veins of similar composition to the upper vein. The 11.4 metre thick lower vein shows similar brecciation and sulphide assemblages to the upper vein.
A second hole, GD21-002, is currently being drilled from the same rig as the first hole with a northeast orientation and has intersected similar quartz-sulphide veins approximately 30 metres north of GD21-001, starting at a depth of 30 metres. Additional fan drilling is also planned for the adjacent Lower Waterfall, Waterfall, Main, Central and North Rubble deposits of the Surebet Zone.
Goliath has planned up to 5,000 meters of drilling from multiple rigs to test the extensive gold-silver discovery at Surebet. The objective of the campaign is to define the high-grade gold-silver zone at Surebet exposed at surface along a strike of 1,000 metres (1 km) and to a depth of 500 metres. Currently, the Surebet zone averages 9.84 meters wide grading 10.68 g/t AuEq (with 7.59 g/t Au). Surebet also has 500 meters of vertical relief and 1,000 meters of inferred down-dip extension.
Figure 2: The drilling crew of Goliath Resources has to cope with alpine conditions. No problem in good weather. On top of that, there is the panorama of the Rocky Mountains as compensation.
Conclusion: Dr. Quinten Hennigh’s professionalism obliges him to exercise restraint. Nevertheless, one can easily read between the lines the joy about the latest results. Goliath is providing geologists with one of those rare moments of reward and happiness that make the exploration business so special. Last year’s discovery of the Surebet Zone was followed by three-dimensional modeling of the target zone in a form of a giant mineralized sandwich. Recent drilling shows that the suspected mineralization is indeed in place and even wider than thought. Now the assay results are still missing. But this much is already certain: we will be hearing a lot more from the 5,000 meters of drilling at Surebet. Today’s news is dynamite for the market and could fuel the fantasy of a major new discovery in the Golden Triangle. Goliath already has the right investors. Crescat Capital LLC holds 9.9 percent and Eric Sprott 8.2 percent of the shares. Currently, the valuation is CAD 45 million.
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