Business
Golden Goliath Resources Ltd. - Exploration update
Golden Goliath Resources Ltd. - Exploration update.
About this update from Golden Goliath Resources Ltd.
[{"type":"text","content":"\n\n\n\nTSX.V: GNG\n\n\nUS: GGTH-F\n\n\nVANCOUVER, June 13 /CNW/ - Mr. Paul Sorbara, President, announces that\nexploration work is ongoing at the Uruachic mining camp in northwestern\nMexico. The Company has greatly increased its originally planned 4,000 metre\nprogram as a result of the recently closed financing, which added another\n$6.6 million to the treasury. The majority of the additional funds are for\ndrilling. Efforts to add more drill rigs to the project continue and the\nCompany expects to have a second and potentially third drill on site soon. The\ncurrent single rig is now on hole 4 in the San Timoteo area. Assay results\nhave been received for the first two holes. The first hole, drilled on the Las\nAnimas structure which is several metres wide, encountered a previously\nunknown mine working about 150 metres above its originally planned depth which\ncaused the bit to break, and the hole had to be stopped. This hole, which\nreturned anomalous values despite not reaching its target depth, was\nencouraging and will be re-drilled to avoid the old workings. The second hole,\ndrilled on the Sucursal structure also returned anonamlous values and also did\nnot reach its target depth. The rig has now working on shorter holes near the\nold Las Animas mine to avoid difficulties and to speed up progress.\n\n\nDrill access roads and drill pads are now under construction in this\nhighly prospective area which hosts many old high grade silver and gold\nworkings associated with several large structures, each of which is several\nmetres thick with strike lengths in the order of 1,000 metres. Production\ngrades from the old Las Animas mine are reported to have been between 5.67 and\n7.08 kilograms of silver per tonne (164.43 to 205.32 oz silver/ton). The\nnearby San Martin mine is reported to have produced grades of 1,038 gms\nsilver/tonne (30.10 oz silver/ton) and 7.80 gms gold/tonne (0.23 oz gold/ton).\nDespite the slower than anticipated start, the Company is very pleased with\nthis area, which will be thoroughly drill tested.\n\n\nThe overall drilling program at the Uruachic camp will now include more\nthan 15,000 metres of drilling in the San Timoteo, La Reforma and Las Bolas\nareas. More drill rigs and personnel will be added as they become available\nand management is very optimistic regarding upcoming results.\n\n\nON BEHAL...