History & Overview
Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Company is focused on exploring and developing the gold and silver potential of its eight properties within the historic mining camp located in the world famous Sierra Madre Occidental Mountains of northwestern Mexico. Unlike most juniors, which have an option to earn an interest in a single property or a few scattered properties in various areas or countries, Golden Goliath controls an entire old mining camp, or district, that covers an area of 15 by 25 kilometres, with numerous past producing gold and silver mines dating back to the time of the Spaniards. Golden Goliath’s Uruachic claims are owned 100% by the Company and are fully paid for with no property option or purchase payments to make.
The Uruachic Camp
The Uruachic mining camp lies directly in the centre of the several hundred kilometre trend of important past producers and new discoveries that characterizes the Sierra Madre Occidental. This historic trend has produced approximately 40 million ounces of gold and up to 2 billion ounces of silver over the last 400 years and has become an area of global focus in the search for new precious metal deposits.
The town of Uruachic was founded by two Spanish explorers in 1736 (see picture of tile plaque in Uruachic town Hall) and enjoyed a long period of prosperity from the production of gold and silver. The town even minted its own silver coins as legal currency. Historic production ended around the time of the Mexican Revolution, as was the case with many mines in Mexico. The Uruachic area has numerous old mine workings, possibly more than a hundred in all. The workings range in size from small exploration pits to regular size mines with sub-levels ,tracks, ore-chutes & tunnels up to 400m long. The extent some workings indicate that there had been a very significant production from these mines. The alteration zones hosting these mines are among the largest in the Sierra Madres. This alteration is associated with a collapsed caldera complex, which presents extremely attractive exploration targets for large gold and silver deposits around the world.
Uruachic Mining District
An important new discovery has recently been made immediately adjacent to the Uruachic Camp. The Southeast corner of GNG’s Nopalera property is contiguous with Fresnillo PLC’s new Orisyvo deposit. The proximity of Orisyvo which has a similar geological model as our Nopalera property has management very excited on the potential of Nopalera.
Orisyvo has been described as a porphyry deposit with a resource of 9.2 million ounces of gold! Golden Goliath’s Nopalera property has very similar geology to Orisyvo, but its alteration zone is much larger.
The significance of Fresnillo’s discovery and the potential for the district has not gone unnoticed by some of the majors. Peñoles, the second largest Mexican mining company behind Fresnillo, has now staked claims that completely surround our Uruachic Camp. Agnico-Eagle Mines has optioned a portion of our Uruachic Camp and is one of our major shareholders. This makes the area an important new emerging gold district with world class gold deposit potential, three major mining companies actively involved and Golden Goliath holding a substantial land position in the heart of it.
Properties Outside of the Uruachic Camp
”Golden Goliath also owns two other significant properties outside of the Uruachic Camp. One of these is a silver property called La Cruz, which is located on the eastern edge of the Sierra Madre Belt. La Cruz has several old mine workings and extensive old dumps, attesting to considerable past production. However the property has been inactive for at least 75 years and there are no available records of production or previous exploration drilling.
The other exploration property that Golden Goliath owns is called Chamizal. It is currently under option to Tectonic minerals, which trades on the TSX venture exchange. This property differs from the others in that it is a lead, zinc, silver target and it lies outside of the Sierra Madre in central Chihuahua State. This region hosts two world famous lead, zinc, silver mines called Santa Eulalia and Naica. Together these two deposits have produced 60 million tonnes of ore grading 15% combined lead-zinc and 150 grams silver per tonne. At current metal prices that represents about US $6 billion! Both of these mines are hosted in the same geological formation and have the same style of alteration and mineralization.