Appears to be meeting exploration geologists' high expectations right off the bat
Treasure Island, Goliath Resources’ (TSXV: GOT; FRA: B4IF) latest drill target at its Golddigger project in British Columbia’s Golden Triangle, appears to be meeting exploration geologists’ high expectations right off the bat. All four holes drilled to date have encountered rich sulphide mineralization in VMS-style target zones, including up to 9.8 metres of quartz, stockwork and breccias with massive chalcopyrite and pyrite. The 450 by 500 meter outcrop in the Cambria Icefields District is located 36 km north of Goliath Resources’ Surebet gold discovery. Drilling at Treasure Island planned for 2024 includes 11 diamond drill holes from 4 drill pads totaling 1,600 meters.
Roger Rosmus, founder and CEO of Goliath Resources, commented: “Our maiden drilling at our Treasure Island target has started very well and shows signs that it could be a second major discovery.” At the same time, Rosmus emphasized that the majority of drilling remains focused on the Surebet gold discovery. The work on Treasure Island is part of the plan to find additional targets through regional exploration in other areas of the 66,608-hectare Golddigger project.
Overview of the Surebet discovery mineralization zones; Source: Goliath Resources
This means that the first drill hole of the new program has also shown the potential for further discoveries in the course of the work that has just begun. Goliath is already in the process of investigating the newly discovered zone in more detail. Several drill holes are planned to penetrate to greater depths. This includes a 900-meter-deep hole that is already being drilled.
As Goliath further explains, GD-24-235 is the first drill hole of 2024 to show numerous strongly mineralized veins with visible gold, galena, sphalerite, pyrrhotite and pyrite mineralization in both sedimentary and volcanic rock units.
Goliath has targeted the Bonanza shear zone and the underlying volcanic rocks with the drill hole reported today. There, 9 meters of 34.03 g/t gold equivalent (32.55 g/t gold and 65.71 g/t silver) were encountered last year in hole GD-23-197. And according to the company, the mineralization observed in hole GD-24-235 between 445.4 and 447.39 metres depth is similar to that intersected in GD-23-197 between 449.37 and 458.40 metres downhole. This indicates that similar grades can be expected from the new mineralized section – even if the analysis is still pending!
Channel samples collected on the project had returned values up to 20.60 g/t AuEq over 0.85 meters (20.60 g/t Au, 63.60 g/t Ag and 5.04% Cu). Extensive grab and chip sampling returned up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15% Cu); and 8.00 gpt AuEq (5.85 gpt Au, 20.70 gpt Ag and 1.43% Cu). The intervals now intersected in the first four holes returned strongly mineralized near-surface intercepts of 9.8, 5.46, 2.74 and 1.77 meters.
Conclusion: Goliath’s new Treasure Island target highlights the huge potential for further discoveries on the large Golddigger property, which runs 56 km along the Golden Triangle’s famous “Red Line”. The most important discoveries and mines are located on both sides of the “Red Line” within a radius of 3 kilometers. For geologists, the Red Line represents an important exploration vector for the Golddigger project.
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