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Golden Goliath: Ongoing drilling on the Kwai inspires the imagination

This is how a bull market works: The Red Lake factor, and in particular the geological parallels to Great Bear Resources (TSX: GBR), have a huge impact. It was just six weeks ago Golden Goliath Resources (TSXV: GGR; FRA: GGZ) his war chest increased by CAD 2.6 million.

Investors, who at the time invested CAD 0.22, will be pleased to see that the fresh money is flowing directly into the ongoing drilling on the Kwai project in the Red Lake area. However, their joy should be even greater in view of the latest price development. Even before the first analysis results are published, the market is giving Golden Goliath considerable advance praise. Yesterday the stock closed at $ 0.36 with nearly 3 million shares traded. In June of this year, the share could have been had for CAD 0.05.

The ongoing diamond drilling program at the Kwai Project in the Red Lake Mining District is aimed at testing the Pakwash Fault over a strike length of 10 kilometers with approximately 40 drill holes. A total of 6,000 meters of drilling is planned.

Parallel structure to Great Bear Dixie project

The Kwai property has never been mapped or drilled in the past. Golden Goliath has completed IP surveys on 40 lines on the Kwai property, located just 5 miles south of Great Bear’s Dixie property. Golden Goliath has determined that the Kwai property is a parallel large crustal structure that is connected at depth to the LP fault on the Dixie property. Additional aerial EM and magnetic VLF surveys, as well as geological mapping, have shown that the main crustal structure known as the Pakwash Fault traverses the length of the property and at least four other related shear and faults are seen in the data.

The results for the three samples taken by the end of August are still pending. These samples were taken south of Beauregard Lake (see Figure 2) and one of the samples was rusty, possibly indicating a nearby sulphide source. The location from which the sample was taken is just 50 meters from an IP trend identified by Golden Goliath. The drilling itself is expected to take approximately 70 to 80 working days, with two shifts per day. The processing time of the laboratories for analyzes is still uncertain at this point.

Paul Sorbara, CEO of Golden Goliath, was already euphoric about the visual results of the first borehole: “Borehole No. 1 impressed our team, even without any test results. Most of them will not know the importance of the quartz eye porphyry, but it is very important for us exciting. GBR and BTU both have this unit, but we hadn’t seen it on the surface on the Kwai project and we’ve been looking for it for a while. I think we got off to a very good start. ” .

We look forward to the first analysis results from Golden Goliath and will continue to report.

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