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VR Resources acquires Hecla-Kilmer property in Ontario
  • Golden Goliath Resources (GNG) has launched a diamond drill program at its Kwai property in the Red Lake mining district of Ontario
  • The company intends to drill 40 holes over 6,000 metres, targeting the Pakwash Break along 10 kilometres of strike length
  • Drilling is expected to take between 70 and 80 working days to complete, using a two-shift-per-day roster
  • The Kwai property has never been mapped or drilled before, and the company says a favourable geological environment is beginning to show
  • Golden Goliath Resources (GNG) is currently steady at C$0.30 per share

Golden Goliath Resources (GNG) has launched a diamond drill program at its Kwai property in the Red Lake mining district of Ontario.

According to previously collected data, the local geology at the Kwai property is thought to share the style of mineralisation as that found at Goldcorp's Eleonore deposit in northern Quebec, which is estimated to have a total resource of 35.22 million tonnes at 6.3 grams per tonne of gold.

Over the next 70 to 80 working days, the Vancouver-based company intends to drill approximately 40 holes totalling 6,000 metres, focusing on a 10-kilometre strike length of the Pakwash Break. While this area will be the primary region of attention, Golden Goliath also plans to assess a number of other splay faults and parallel trends.

Using a two-shift-per-day roster, drilling work has already begun in the West Grid area.

Today's announcement noted that an initial hole has identified a substantial quartz eye porphyry body within the Pakwash Break. A number of shear zones within this body control several quartz veins, with fine-grained pyrite hosted along their walls.

This find-grained pyrite is also hosted within the porphyry matrix, along with tourmaline - an intrusion which Golden Goliath says is often associated with gold deposits in the area.

This is the first time the Kwai property has ever been drilled, and what was once considered to be an uncertain project is now beginning to show signs of a favourable geological environment.

Paul Sorbara, CEO of Golden Goliath Resources, said the first hole has excited the company's exploration team, even without final assays.

"Most will not know the significance of the quartz eye porphyry, but it is very exciting for us. GBR and BTU both have this unit, but we had not seen it on surface at Kwai so far, and we have been looking for it for some time," he added.

Golden Goliath Resources (GNG) is currently steady at C$0.30 per share at 11:24am EDT.


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