TSX.V: GNG
US: GGTH-F
VANCOUVER, June 13 /CNW/ - Mr. Paul Sorbara, President, announces that exploration work is ongoing at the Uruachic mining camp in northwestern Mexico. The Company has greatly increased its originally planned 4,000 metre program as a result of the recently closed financing, which added another $6.6 million to the treasury. The majority of the additional funds are for drilling. Efforts to add more drill rigs to the project continue and the Company expects to have a second and potentially third drill on site soon. The current single rig is now on hole 4 in the San Timoteo area. Assay results have been received for the first two holes. The first hole, drilled on the Las Animas structure which is several metres wide, encountered a previously unknown mine working about 150 metres above its originally planned depth which caused the bit to break, and the hole had to be stopped. This hole, which returned anomalous values despite not reaching its target depth, was encouraging and will be re-drilled to avoid the old workings. The second hole, drilled on the Sucursal structure also returned anonamlous values and also did not reach its target depth. The rig has now working on shorter holes near the old Las Animas mine to avoid difficulties and to speed up progress.
Drill access roads and drill pads are now under construction in this highly prospective area which hosts many old high grade silver and gold workings associated with several large structures, each of which is several metres thick with strike lengths in the order of 1,000 metres. Production grades from the old Las Animas mine are reported to have been between 5.67 and 7.08 kilograms of silver per tonne (164.43 to 205.32 oz silver/ton). The nearby San Martin mine is reported to have produced grades of 1,038 gms silver/tonne (30.10 oz silver/ton) and 7.80 gms gold/tonne (0.23 oz gold/ton). Despite the slower than anticipated start, the Company is very pleased with this area, which will be thoroughly drill tested.
The overall drilling program at the Uruachic camp will now include more than 15,000 metres of drilling in the San Timoteo, La Reforma and Las Bolas areas. More drill rigs and personnel will be added as they become available and management is very optimistic regarding upcoming results.
ON BEHALF OF GOLDEN GOLIATH RESOURCES LTD.
J. Paul Sorbara, M.Sc., P.Geo.
President
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