The next significant, high-grade deposit?
The geologists at Goliath Resources (WKN A2P063 / TSX V GOT) seem to have found the blueprint for making discoveries at the Golddigger project in British Columbia. Within a few days, CEO Roger Rosmus’ company has now announced a second very promising discovery with high-grade mineralization!
In recent years, Goliath’s drilling campaigns at Golddigger have revealed three promising deposits – Surebet, Bonanza and Golden Gate – that have the potential to develop into world-class gold deposits. A total of 222 diamond core holes were drilled there, the results of which are now being used to demonstrate this in a detailed 3D model.
In parallel to this drilling, however, Goliath’s teams also conducted extensive regional exploration work on the property – and are now announcing another resulting next discovery!
Exploration “blueprint” leads to the next discovery
The same approach was taken as for the discovery of Surebet, Bonanza and Golden Gate. Initial site visits to identify mineralized outcrops were followed by detailed prospecting, trenching and channel sampling. This target preparation then enabled Goliath to successfully drill and define these mineralized zones. Most recently, these methods were concentrated on the so-called Cambria Icefields. (The melting of snow and glaciers had exposed outcrops previously unseen by humans, there).
And this has now led to the latest discovery called Treasure Island, following the recent Jackpot discovery. Treasure Island is located another 36 kilometers north of the Surebet discovery in the Cambria Icefields and also 6 kilometers east on the same trend as the Porter Idaho mine. Approximately 27,000 tons of ore averaging 0.97 g/t gold and 2,700 g/t silver were mined there between 1922 and 1950.
Mineralization open for expansion in all directions
The new high-grade copper-silver-gold Treasure Island discovery consists of multiple polymetallic shear zones covering an area of approximately 550 by 450 meters and trending NW-SE. The extent of mineralization is currently open in all directions.
Broad high-grade mineralized zones are up to 20 metres thick, with intervals of massive chalcopyrite and pyrite occupying shear planes and forming sulphide-rich mineralization at structural intersections and intercalation zones within strongly folded and sheared mudstone, siltstone and tuff units.
High-grade copper discovered
What is new at Treasure Island is that high-grade copper also occurs here in addition to the precious metals. Trench samples returned up to 28.08 g/t gold equivalent, consisting of 20.60 g/t gold, 63.60 g/t silver and 5.04% copper over 0.85 meters. Another sample returned 3.54 g/t gold equivalent with 0.13 g/t gold, 23.96 g/t silver and 2.34% copper and in one subsection an extremely high 14.45% copper. In addition, widespread grab and chip samples assayed up to 1.08 g/t gold equivalent (0.04 g/t gold, 126.00 g/t silver and 7.15% copper); and 8.00 g/t gold equivalent (5.85 g/t gold, 20.70 g/t silver and 1.43% copper).
Planned Drilling at Treasure Island; Source: Goliath Resources
According to Goliath, the Treasure Island target is therefore ready for initial drilling. That’s to be carried out this year and will cover at least 2,000 meters from five drill sites. Goliath believes that a significant, high-grade discovery could quickly develop here as well.
Goliath follows the Red Line
It is also very encouraging that 13 of 19 grab and chip samples (68%) from Treasure Island returned more than 1 g/t gold equivalent – and an exceptional 15 of 16 (94%) trench samples returned more than 1 g/t gold, too!
Goliath also points out that Treasure Island has excellent, as yet unexplored potential for further discoveries along the Golddigger property. This is because, according to the company, the property encompasses 56 kilometers of the so-called “Red Line”, by which Goliath refers to a crucial geological contact between two regional stratigraphic units. And in British Columbia’s famous Golden Triangle, the most important discoveries and mines lie on both sides within a few thousand meters of this Red Line. Goliath considers this to be a crucial factor for exploration – and believes that Golddigger is located at the “ideal point” of the Red Line.
Conclusion: Goliath Resources is once again flooding its shareholders with a lot of, but once again excellent news. Not only has the company been able to boast excellent drill results for the gold deposits already drilled, but it can now also demonstrate the potential of the Golddigger property for potentially multiple, high-grade deposits. It appears that the method the geology teams are using to search for new deposits is a true blueprint for success. We are very excited to see how 2024 develops for Goliath!
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