Vancouver, Canada,  October 31, 2017

 

Golden Goliath Resources Ltd. (TSX.V: GNG) (US:GGTH-F)

The Company is pleased to announce that it has now received the preliminary report from the 2017 work program on its 100% owned San Timoteo property, located in Chihuahua, Mexico. The program was carried out by a very experienced, independent consulting geologist with intimate knowledge of the property. The program was an expansion of the work conducted in 2016, but with a focus on structural geology and mineralization.  It was designed to strengthen and increase the number of drill targets to be tested in the next major drilling program that will include surface and underground drilling to test targets property wide.

This extensive review of all property data concluded that there are several strong systems of mineralized structures across the San Timoteo property, principally controlled by faults and fractures. Mineral associations include Au – Zn, Au – Ag – Pb – Zn and Cu – Au.  Apart from the already defined gold and silver targets in the Old San Martin Level 5 tunnel, the work also identified the potential for a Copper – Gold porphyry system beneath an area call La Bufa.  Early drilling in the La Bufa area showed increasing gold and copper grades with depth, but deeper drilling was not conducted at the time.

Excellent drill targets have already been defined by geochemistry in the 500 meter long Number 5 level of the past producing San Martin mine, which is located on the San Timoteo property.  Extensive underground rock, chip and channel samples defined three well mineralized shoots, as well as a mineralized “manto” or blanket horizon, exposed within the tunnel. The current structural geology study of this area will help guide the next round of drilling.

The known zones with the Level 5 tunnel include the Manantial shoot, which is 32 metres wide and averages 6.8 ounces of silver and 0.3 grams of gold per tonne; the Cascada structure is 78 metres wide and averages 2.18 ounces of silver and 0.6 grams of gold per tonne; and the Pozo de Agua zone, which is 84 metres wide with an average grade of 8.07 ounces of silver and 0.8 grams of gold per tonne.

The true thickness and grade of the blanket or manto style mineralization is not certain due to limited exposure, but the weighted average of samples taken to date is 15.9 ounces of silver and 0.8 grams of gold per tonne.

Previous field work using a Terraspec machine to identify specific clay minerals, showed that the Level 5 tunnel at San Martin (the lowest old working on the San Timoteo property), is above the “bonanza zone” or paleo boiling level indicating greater potential at depth.

The consulting geologist who conducted the 2017 work has strongly recommended a major drill program designed to test both the San Martin and la Bufa areas.

The Company’s recent option agreement on its other Uruachic properties allows the Company to remain debt free and focus future exploration on its San Timoteo property.

 

About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Qualified Person for the information regarding Uruachic project is J. Paul Sorbara M.Sc., P.Geo. The Company is focused on exploring and developing the gold and silver potential of an historic mining camp located in the world famous Sierra Madre Occidental Mountains of northwestern Mexico. Golden Goliath’s San Timoteo property claims are owned 100% by the Company and are fully paid for with no property option or purchase payments to make.

To find out more about Golden Goliath visit our website at www.goldengoliath.com.

FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950   Email: jps@goldengoliath.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.