An exploration geologists dream
The geologists at Goliath Resources Limited (TSX-V: GOT; OTCQB: GOTRF; FSE: B4IF) have given their next drill target the poetic name “Treasure Island”. From the air, the 550 m by 450 m piece of rock outcrop really does look like an island surrounded by a sea of ice. The discovery of the high-grade VMS gold- copper target was only possible in the first place because the surrounding glacier is retreating rapidly.
After promising sampling of up to 28.08 gpt AuEq, Goliath has now commenced the first diamond drilling on Treasure Island, which has never been drill tested before. The Treasure Island mineralized VMS target is located 36 km north of the Surebet discovery, 6 km east of the Porter Idaho mine and 9 km east of and on line with Stewart, British Columbia.
Figure 1: A rock island surrounded by ice. The high-grade mineralized zones on Treasure Island are up to 20 metres wide. Channel sampling returned values of up to 20.60 gpt gold over 0.85 meters or 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04% Cu).
Roger Rosmus, founder and CEO of Goliath Resources, commented, “We have been looking forward to drilling Treasure Island since we first saw this wide-spaced outcrop target when we flew over it by helicopter. Once again, the team has done an outstanding job of finding this new, highly mineralized massive sulphide drill target in a vast white sea and exploring it in preparation for the first-ever drill program in 2024. The surface assay results, geology, geochemistry and close proximity to the past producing Porter Idaho mine indicate that it has all the makings of a VMS Eskay Creek type material discovery that will deliver additional value to our shareholders. We look forward to announcing assay results as they are received, evaluated and interpreted.”
A total of 15 out of 16 channel intercepts graded greater than 1.00 gpt AuEq, representing 94% of the channel intercepts collected to date on Treasure Island. In addition, 13 of 19 grab and chip samples graded greater than 1.00 gpt AuEq, representing 68% of the chip and grab samples collected to date on Treasure Island. Channel samples collected at Treasure Island returned up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04% Cu) over 0.85 meters; and 3.54 gpt AuEq (0.13 gpt Au, 23.96 gpt Ag and 2.34% Cu). Grab and chip samples collected at Treasure Island 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). See Tables 1 and 2 below for complete assay results.
The new high-grade Treasure Island gold-copper target consists of new mineralized bedrock outcrops exposed by glacial melt. This newly discovered mineralized area has multiple polymetallic shear zones that extend over a 550 by 450 metre area trending northwest to southeast and are open in all directions. The mineralized zones are up to 20 metres wide and have intervals of massive chalcopyrite and pyrite occupying shear planes and forming sulphide-rich mineralization at structural intersections and dip zones within strongly folded and sheared mudstone, siltstone and tuff units.
Conclusion: Exploration geologists are probably dreaming of opportunities such as Treasure Island now offers for Goliath Resources. But Goliath Resources’ strategic investors, which now include illustrious names such as Crescat Capital, Rob McEwen and Eric Sprott, are also likely to be eagerly awaiting the results. The location of Treasure Island, situated between Surebet in the south and only 6 km west of the Porter mine, as well as the high-grade channel samples taken, are raising expectations. It should not be forgotten that even a new discovery, which might have the potential to be a company maker for other companies, is only an additional opportunity for Goliath in addition to the extensive drilling program already underway around its Surebet discovery. This favorable risk/reward distribution should certainly be to the liking of investors.
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