Goliath Resources Update
So, you noticed the news from GOT.V on Thursday, August 15 2019.
Perhaps, like me you have had it to read it a few times in amazement! I guess that explains why roughly 11 million shares were traded in two days.
“Based on the project geologist’s recommendations…Widespread sulphides, alterations, textures and geological units consistent with a porphyry system….in the entire 718 metres of core as well the same looking core in their second hole to form an open scissor shape that was at a depth of 135 metres as of news release on August 15, 2019.”
They drilled down to the maximum capacity of the rig being used as it’s only rated for 700 metres. They can still drill further down as this very large system remains open as it’s defined by a 1200 x 700 metre alteration zone at surface. The core came has widespread sulphides throughout from surface and all the way to 718 metres; it finished in the juice and remains open, and same goes for hole #2 that was at 135 metres when the press release went out. They appear to be still in it on hole #2! Now these are not assays, and at the end of the day that is the ‘Truth Machine’ but as far as indicators go this is an enormous flashing signal. The in samples taken from the exposed porphyry centre and stockwork at surface assayed up to 2.95 g/t Au, 133 g/t Ag 4.5% Cu 0.34% Mo. (surface grades are not indicative of the core grades and assays are pending).The drill core from the first hole is currently being logged and split for shipment to the lab for assays. The results will be released once received, interpreted and compiled.
Let’s take a quick step back, though.
Goliath has a number of projects and this drill core is from their 100% controlled Lucky Strike Property at Lorne Creek in the surrounding area of the Golden Triangle.It has the right area code, but with these indicators it does not really matter. What does matter is that they are closer to Terrace and infrastructure. A great deal closer! They are 40 km from a hot meal and a warm bed. They have power, rail, paved highway, an airport, and a workforce if the assays deliver.
The objective of the inaugural drill program is to outline the full extent of this newly discovered large Au-Cu-Mo porphyry system which was confirmed last year by a 1200 by 700 metre alteration system.
Right now there is a second drill down to 135 metres that will also reach 700 metres in total assuming they are still in the juice!
I am not a geologist so my thoughts and comments on the core are not relevant, but I do know that geologists do not step out in front of results with comments useless they are confident. They are not a promotional bunch. Geologists are conservative and risk their entire credibility and career if they are promotional so care is taken when they make a public disclosure. But some people are wondering if it looks similar to the core GT Gold pulled.
It appears to have intensified as they went deeper and in my opinion looks similar to, or better than the hardrock samples taken from the exposed porphyry centre and stockwork at surface that assayed up to 2.95 g/t Au, 133 g/t Ag 4.5% Cu 0.34% Mo. (surface grades are not indicative of the core grades and assays are pending).
Take a look at the following video for more thoughts on the core:
Securities Disclosure: I, Andrew O’Donnell, will be remunerated with options in the company for this update.
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