“The geochemical anomalies discovered in 2020 overlying geophysical anomalies further confirm the strong indications of a potential deposit size buried porphyry system. Compilation and integration of this new geochemical data coupled with the inaugural 2019 drill results puts us in a great position to vector our efforts in preparation for potential drilling in 2022 to unlock its full potential as part of our pipeline of projects” stated Mr.
The 2020 soil and silt program were designed to follow up on the strong geophysical anomalies identified from the recently acquired High Resolution Magnetic and Radiometric survey on the Lorne Porphyry discovery (see news –
2020 highlights include:
- A 900 m x 500 m soil grid with 100 m spacing over a large magnetic high in the eastern part of the
Lorne Creek area (target 6 – see map links below) returned Cu in soil values up to 287 ppm, Mo up to 368 ppm, and Au up to 659 ppb and remains open indicating the presence of a buried porphyry planned to be drill tested in 2022. - A 500 m x 250 m soil grid with 100 m spacing over a smaller magnetic high located across
Lorne Creek (target 7 – see map links below) returned Cu in soil values of up to 3600 ppm, Mo up to 436 ppm, and Au up to 79 ppb and remains open indicating the presence of a buried porphyry to be drill tested in 2022. - A 700 m x 100 m soil grid also with 100 m spacing was sampled in the slope south of
Lorne Creek (target 5 – see map links below) yielding Cu in soil values up to 668 ppm, Mo up to 776 ppm, and Au up to 404 ppb and remains open indicating the presence of a buried porphyry to be drill tested. - Silt samples were collected from the drainage close to the location of the 2019 inaugural drill pad (target 1 – see map links below) and from various targets located higher on the ridge (targets 2,3 and 4 – see map links below) from radiometric potassium alteration anomalies. These samples returned Cu values up to 503 ppm, Mo up to 143 ppm, and Au up to 120 ppb indicating the presence of a large porphyry system.
Map links:
Total Magnetic Intensity - Click Here
Potassium Alteration – Click Here
Gold in Soils – Click Here
Copper in Soils – Click Here
Molybdenum in Soils – Click Here
The geochemical results from the 2020 soil grids, and silts coupled with the magnetic and radiometric anomalies, the associated K-feldspar alteration and the widespread sulphide mineralization and porphyritic textures observed both at surface and in drill holes, strongly indicates presence of an extensive porphyry system at
Lorne Porphyry System discovery highlights:
- A Cu, Au, Mo porphyry system has been confirmed and is defined by a large 1200 m x 700 m alteration system, characterized by strong quartz-sericite-pyrite alteration, molybdenite stockwork mineralization, and polymetallic veins.
- Drill hole LS-19-01 intersected 20.7 m of 0.39 gpt AuEq, including 3.7 m of 1.18 gpt AuEq and drill hole LS-19-02 intersected 45 m of 0.14 gpt Au, 1.35 gpt Ag and 0.05 % Cu. The drilling suggest that all three holes intersected a pyritic alteration zone in the porphyry system adjacent to the ore zone.
- The exploratory drill program confirmed the presence of Au, Ag, Cu, Mo mineralization within a pyritic alteration zone containing potassic alteration, key textures and geologic units consistent with a porphyry system from the surface to the bottom of all drill holes.
- Observed grades for Cu, Au, Mo at
Lorne Creek to date are consistent with typical values found in alteration haloes for porphyry systems. - The Lorne Creek Porphyry System discovery is located at the headwaters of
Lorne Creek , a prolific placer gold play with calculated historical production of 13,721 oz Au. - Mapping performed by the Company in recent years has highlighted a spatial link between distal polymetallic veins and the porphyry system. Knowledge of orientation and characteristics of these veins could allow to vector towards the potential ore zone.
- Historic work along the headwaters of
Lorne Creek reports multi-element anomalies in silt samples (including Cu, Mo, with Au up to 402 ppb), in addition to pyritized quartz-veined boulders hosted in molybdenite-rich porphyritic rocks.
Qualified Person
Other
All silt and rock samples were crushed and pulverized at MSALABS's laboratory in
About
Goliath Resources Limited is a project generator of precious metals projects in the prolific
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President and Chief Executive Officer
Tel: +1-416-488-2887 x222
roger@goliathresources.com
www.goliathresourcesltd.com
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