Golden Goliath’s president and CEO, geologist Paul Sorbara, completed his Master’s degree at the University of Toronto in 1979 specializing in volcanic calderas. Upon graduation he began his career by joining Canada’s largest mining company, Cominco Ltd., to study calderas in the southern portion of Mexico’s Sierra Madre Occidental mountain range. His work resulted in him not only learning about the people and the language, but also opened his eyes to the excellent potential for gold and silver mineralization related to calderas in this very underexplored region.
At that time Mexico’s foreign investment laws in the mining sector allowed foreign companies to hold no more than a 49% interest in mining concessions, and only a few large companies were involved in the sector. During his years in Mexico, and afterwards back in Canada, Mr. Sorbara also made many important high-level Mexican contacts. When Mexico’s foreign investment laws were changed in 1992 to allow 100% foreign ownership, Mr. Sorbara, by this time a successful consultant in Canada, immediately went to Mexico and had a prominent attorney in Mexico city, who was the former Ambassador to Canada, form a new Mexican mining exploration company, Minera Delta S.A. de C.V., as a vehicle to acquire claims in Mexico.
Mr. Sorbara then met with Ing. Daniel Nofrietta, a Mexican geologist from the city of Chihuahua who had many years of experience working in the Sierra Madres. Mr. Sorbara described the work he had done in the southern portion of the range, mostly in the State of Durango, and explained that he wanted to look for caldera-related gold and silver deposits in the northern portion of the Sierra Madre in the State of Chihuahua. Mr. Nofrietta immediately told him about the Uruachic area, which had a geologic setting of this type with very large and intense alteration zones and many old gold and silver mines. He also noted that he had a prospector friend who was born and raised in that area. In the centre of the district was the town of Uruachic, which was founded in 1736 by two Spaniards who were searching for gold and silver for the Spanish crown.
The pair went immediately to the town of Uruachic. Mr. Sorbara soon recognized that this was exactly the type of target that he was looking for. He made Mr. Nofrietta a partner in his new company and hired the local prospector. Together, the three men started investigating the old mines and staking claims. At that time most of the land had no existing mining claims, so staking was easy. The claims that did exist were small, covering just the old workings, and were owned by individuals in the town. Mr. Sorbara was able to enter into reasonable agreements with these owners and the new company began to grow. Using mostly his own capital Mr. Sorbara was able to acquire all of the key ground in the 15 by 25 kilometre mining district.
For over seven years the three men conducted geological mapping and sampling of the new properties. During this period Mr. Sorbara received very attractive offers from large exploration companies to run their Latin American exploration programs, but preferred to follow his dream instead with effectively no salary. Capital was limited and Sorbara could not afford to do the detailed geochemical, and geophysical surveys that were required, let alone drilling. By 1999 Sorbara decided to take Minera Delta public to raise the capital necessary for the proper exploration of their numerous Uruachic properties. He formed Golden GoliathResources Ltd. to acquire 100%interest in all of Minera Delta’s properties and went public on the TSE’s Venture Exchange in October 2000.
Once properly capitalized, Mr. Sorbara applied systematic modern exploration techniques on all of the properties. This “shotgun approach” was successful in generating the targets for preliminary drilling that allowed him to focus on the most promising prospects. That process has brought the company to where it is today.