Goliath Resources (TSXV:GOT) has announced significant findings from its maiden diamond drill program at the Treasure Island outcrop, located on the Golddigger Property in British Columbia’s Golden Triangle. The first four drill holes have intersected substantial sulphide mineralization within VMS (Volcanogenic Massive Sulphide) type targeted zones, a promising development for the company’s ongoing exploration efforts.
Roger Rosmus, Founder and CEO of Goliath Resources, commented in a press release: “While most of our drilling is focused on the Surebet gold discovery, part of our plans include regional exploration on other areas of our Golddigger Project (66,608 hectares in size) which was until recently covered by glaciers and permanent snowpack. Our maiden drilling at our Treasure Island target is off to a great start and showing signs that it could be a second important discovery. Our team of geologists and drillers are doing a fantastic job completing drill holes and we are delighted with our early results and look forward to an expanded drill campaign.”
The drilling, conducted at newly exposed mineralized zones resulting from glacial abatement, revealed intervals containing up to 9.8 meters of quartz stockwork and breccia hosting massive chalcopyrite and pyrite. Chalcopyrite content reached up to 8%, while pyrite reached up to 10% within these intersections. The mineralization remains open, with assay results pending.
The Treasure Island target, part of the Golddigger Property, is situated 36 kilometers north of Goliath’s Surebet discovery. The area, located within the Eskay Rift and 3 kilometers from the Red Line, is known for hosting some of Canada’s most significant mines, including Eskay Creek, Premier, and Snip. The Treasure Island target has emerged as a key focus for Goliath’s exploration, with the potential to uncover high-grade gold-copper deposits.
The maiden drill program has provided detailed descriptions of the first four holes, all drilled from Pad 1:
– TI-24-01: A 9.8-meter mineralized interval was intersected between 376.64 and 386.44 meters. This section featured quartz stockwork in mudrocks with chaotic quartz wollastonite veins and calc-silicate alteration. Massive chalcopyrite and pyrite were observed between 381.63 and 382.22 meters within chaotic quartz veins.
– TI-24-04: A 5.46-meter interval of mineralization was intersected between 48.6 and 54.12 meters, containing semi-massive to massive pyrite and trace amounts of chalcopyrite. This interval featured dark grey quartz breccia and signs of iron oxide on fracture planes.
– TI-24-02: A 2.74-meter interval of mineralized quartz-carbonate breccia was intersected between 77.4 and 80.14 meters. The mineralization, including blebs of pyrite and trace chalcopyrite, was most concentrated between 78.63 and 79.59 meters.
– TI-24-03: A 1.77-meter interval of mineralized quartz-carbonate breccia was intersected between 259.86 and 261.63 meters. The mineralization consisted of small blebs to semi-massive pyrite with minor chalcopyrite.
These drill results highlight the mineralization potential at Treasure Island, reinforcing the significance of this target within Goliath’s broader exploration strategy. The discovery area at Treasure Island spans a 550 meter by 450 meter NW-SE trending area, with multiple shear-hosted VMS type polymetallic zones. These mineralized domains, up to 20 meters wide, contain sections of massive chalcopyrite and pyrite, particularly within strongly folded and sheared mudstone, siltstone, and tuff units.
Previous exploration at Treasure Island also yielded high-grade results, with 15 out of 16 channel cuts assaying over 1.00 grams per tonne (gpt) AuEq (gold equivalent) and 13 out of 19 grab and chip samples also exceeding this threshold. Notably, one channel sample returned assays up to 28.08 gpt AuEq, while a grab sample reached 11.08 gpt AuEq.
The Golddigger Property, covering 66,608 hectares, is 100% controlled by Goliath and is situated in a geological setting known for significant mineral deposits. The company’s exploration efforts are focused on the Red Line, a key geological marker used for identifying gold-copper-silver mineralization in the Golden Triangle.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I’ve contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.
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