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Claims
The Las Bolas property comprises seven
claims totaling 656.76 hectares: Los Hilos, Los Hilos II, Los Hilos
II Frac.1, Mina de Las Bolas, Don Lazaro, El Manto, Ampliation La
Verde.
Exploration Program
The 2007/2008 exploration program on the
Las Bolas property will include several thousand metres of diamond
drilling in its first phase. These holes will then be followed up
with step out and infill drilling. The drill targets include the
potential “root zone” of the mineralization found in an underground
working that was first opened in December 2006, as well as holes
designed to test the Papacho trend below the level of a previous
high grade intersection in hole B04-3 (40 feet averaging 154.13 gm
silver/tonne and 3.22 gm gold/tonne). Follow up holes will also be
drilled near the El Manto mine, where 2006 drilling intersected
good gold values associated with a chargeability high.
Geology
The Las Bolas property contains mixed
volcanic and sedimentary rocks of the Lower volcanic Sequence and
hosts the highest concentration of old mine workings in the Uruachic
camp. Numerous adits, some up to 1000 metres in length, enter from
the hillside above the valley of the Rio Uruachic from various
levels and extend eastward under a pronounced mesa or plateau. At
least 14 old vertical shafts also occur on the mesa, extending to
unknown depths. Some of the adits may have been access routes to
extract high grade ore from the deeper levels of the shafts.
The surface levels and adits of the mesa
area are in the oxide zone and many of the old tunnels contain
excellent sections of oxide silver mineralization that averages
about 325 grams of silver per tonne. This mineralization however,
was not the target of the old miners as many of the working simply
pass through these zones with no attempt to exploit them. Much
higher sulphide mineralization is believed to lie at depth, as
evidenced by samples that contain as much as 71,000 grams (over
2,000 ounces) of silver per tonne found in the dumps beside some of
the old shafts.
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Location & Map
Las
Bolas is located in the centre of the Uruachic camp, at the
intersection of thee major regional lineaments.
Drilling Results
In February 2004, the Company completed
the first ever drill program on their Las Bolas property.
This
program included over 3000 metres of reverse circulation drilling
that targeted the down dip extension of mineralization seen
and sampled in the old underground workings.
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Drilling was also completed
on geophysical and geochemical targets extending along the 1000 metres trend from the Los Hilos Gold mine to the Gambusino and other
silver mine workings.
Drill results also included a 40 foot
section at the bottom of hole B04-3 that averaged 154.13 gm silver/tonne
and 3.22 gm gold/tonne with a 10 foot section running 515.5 gm
silver/tonne with 11.1 gm gold/tonne. This hole, which was drilled
in the vicinity of the mine dump adjacent to the still unopened
Arbolito shaft, had to be abandoned due to technical problems and
the area remains mostly untested. This is of exceptional importance
because very high-grade primary sulphide ore samples, assaying
71,817 gms silver/tonne (2,082 troy oz/ton) have been found in the
Arbolito mine dump and may have come from the adjacent Arbolito mine
shaft. This is a prime follow up target for deeper drilling.
The fall of 2005 saw the company
undertake extensive rehabilitation of historic tunnels in the area
in preparation for a further drill program to test the Arbolito/Las
Bolas mine system for high-grade sulphide mineraliztion.
 The Company initiated the second round of
drilling at Las Bolas in February 2006. This program included 2,125
metres of reverse circulation drilling in 15 holes on the Las Bolas
area, as well as the first ever drilling on the east side of the
property, five kilometers away at Nopalera, where 3,033 metres of RC
drilling in 21 drill holes was completed.
The 2006 drilling at Las Bolas was
successful in extending the area of know mineralization, which now
covers an area of 1,200 metres east west by 600 metres north south
and this area will likely be increased with the next round of
drilling. Results included excellent values in drill holes B06-1,
which intersected the NW vein with 102 gms silver/tonne over 1.52
metres, and B06-2 which intersected the NW Vein further down dip
with 644 gms silver/tonne over 1.52 metres.
In addition, drill hole B06-10b
intersected 597 gms silver/tonne over 3.06 metres. This hole, which
was drilled near the old El Manto mine, was the topographically
lowest hole ever drilled at Las Bolas or Nopalera. The high grade
silver results show that there is very significant potential for
higher grade mineralization at depth.
Preliminary drilling in 2003-2004 returned poor drilling recoveries averaging about 54%. However, drill hole B04-3 intersected 12.2 m oxide section assaying 154.1 g/t silver & 3.2 g/t gold, which includes 3m section assaying 515.5 g/t silver & 11.1 g/t gold. In 2008 the Company drill tested the poor-drill-recoveries area with diamond drills and has intersected 303.5 g/t silver over 6.2 m in an area that the 2002-2006 RC drilling had failed to identify as a mineralised zone. Very recently Golden Goliath has been consistently intersecting mantos style mineralization in all the drill holes in an area that is about 700m long and is open to the north.
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