- Golden Goliath Resources (GNG) is updating shareholders on the second and third phases of the drill program on the company’s Kwai Property
- Phase 2 drilling started in early July with four drill holes completed around hole K21-21 on the south side of Beauregard Lake
- The new holes all encountered narrow shears with quartz-epidote-albite alteration and assays are pending
- Drilling continues to uncover silicified sediments and albitization on the Pakwash Fault Trend
- Golden Goliath Resources is up 9.09 per cent, trading at $0.06 at 9:46 am ET
Golden Goliath Resources (GNG) is updating shareholders on the second and third phases of the drill program on the company’s Kwai Property.
The property is located in the Red Lake District of Ontario.
Phase 2 drilling started in early July with four drill holes completed around hole K21-21 on the south side of Beauregard Lake. Anomalous gold values of 864 parts per billion (ppb) were encountered over one metre in an altered shear zone south of the main Pakwash break.
The new holes all encountered narrow shears with quartz-epidote-albite alteration and assays are pending.
Phase 3 was initiated in late July when the drill was moved just east of Beauregard Lake, along the main Pakwash break.
Drilling continues to uncover silicified sediments and albitization on the Pakwash Fault Trend.
“We are excited about finding alteration and similar stratigraphic units that occur on the GBR Dixie property. For some time we have felt that the Kwai property covers the south flank of a regional fold that repeats the geology of the Dixie property,” said Golden Goliath CEO Paul Sorbara.
Golden Goliath Resources remains focused on exploring and developing the gold and silver potential of properties in the Red Lake District of Ontario. The company also holds a 100-per-cent interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico, as well as NSR royalties on several other nearby properties.
Golden Goliath Resources is up 9.09 per cent, trading at $0.06 at 9:46 am ET.
