Golden Goliath Resources Ltd.
Golden Goliath Resources Ltd. is a public company that is listed on the TSX venture Exchange under the symbol GNG.V. The Company is also a fully reporting Issuer in the USA trading on the Pink Sheets (GGTH.F); it is also listed on the Frankfurt Exchange in Germany.
Golden Goliath Resources has a portfolio of 8 properties in the historic mining district of Uruachic in Chihuahua, Mexico. Numerous mines in this region were shut down during the Mexican Revolution and never resumed operation. These properties have been completely surrounded by huge claims belonging to one of the world's largest silver producing companies. This company has discovered a new deposit adjacent to Golden Goliath properties, which the company states in its annual report has an inferred resource of 9 million ounces of gold and 13 million ounces of silver.
This major company has now optioned 7 of Golden Goliath's 8 properties, giving the Company consistent cash flow and reducing costs. Golden Goliath Resources believes that an option payment of over $2 Million USD will be made in November 2018; this would allow Golden Goliath to conduct a major drilling program with no dilution to shareholders.
The nearby deposit is expected to be a significant gold and silver producer which will beneficially impact the region. The extensive upgrade of local access roads and in the town itself will also benefit Golden Goliath. Additionally, the construction of a nearby gold and silver mill could have direct impact on the development at San Timoteo.
San Timoteo Project, Chihuahua, Mexico
The San Timoteo property measures 3.6 kilometers (2 miles north−south) by 4.2 kilometers (2.6 miles east−west), which is sufficiently large enough to host a mine operation. It also has excellent road access, hydro power, and a nearby town with a work force.
Significantly, Golden Goliath retained its 100% owned San Timoteo property, which has the best developed targets of all the properties within the Uruachic district. San Timoteo lies only 14.5 kilometers northwest of the Orisyvo gold and silver deposit.
San Timoteo has extensive underground workings including the only mining tunnel in the district that is known to have used rail tracks (this is the No.5 level tunnel, which is over 500 meters long) – this was the last silver and gold mine to operate in the district.
Within this drill-ready project, excellent drill targets have already been selected, including high grade shoots exposed in the No. 5 level tunnel. Additional targets are still being selected for a comprehensive drill program.
Detailed geochemical and mineralogical work has already determined that the high grade mineralization exposed in the No. 5 tunnel lies above the 'Bonanza Zone' of the Epithermal Deposit model, indicating that higher grades can be expected at depth.
The tunnel is the lowest adit level on the San Timoteo property and was never explored by previous miners. The known zones within the Level 5 tunnel include the Manantial shoot (32 metres wide; and averages 6.8 ounces of silver and 0.3 grams of gold per tonne); the Cascada structure (78 metres wide; averages 2.18 ounces of silver and 0.6 grams of gold per tonne); and the Pozo de Agua zone (84 metres wide; with an average grade of 8.07 ounces of silver and 0.8 grams of gold per tonne). The true thickness and grade of the blanket or manto style mineralization is not certain due to limited exposure, but the weighted average of samples taken to date is 15.9 ounces of silver and 0.8 grams of gold per tonne.
On January 10, 2018, Golden Goliath Resources Ltd. announced that exploration management has begun its plans for the work that will be conducted on the San Timoteo property in 2018. The Company will first complete the program started last year, which is the final step leading to a major drilling campaign including both surface and underground drill holes.
Management and Directors
J. Paul Sorbara, M.Sc., P.Geo., President and Chief Executive Officer, Director
Mr. Sorbara completed his M.Sc. at the University of Toronto in 1979, studying collapsed caldera structures in Canada's Northwest Territories. Following graduation, he conducted Caldera Reconnaissance Programs for Cominco Ltd. in both British Columbia and the Sierra Madre Occidental range in Northern Mexico, spending a number of years in Cominco's Guadalajara office. Changes in the foreign investment laws made investment in Mexico feasible, and Mr. Sorbara was one of the first Canadians to go there. With help from his numerous Mexican geological contacts, he started his own private Mexican exploration company, Minera Delta S.A. de C.V. which after eight years he took public as Golden Goliath Resources Ltd.
Stephen Pearce, Chief Financial Officer and Director
Mr. Pearce is a practicing lawyer who specializes in corporate and securities work. He serves as a director and officer of several resource related public companies. Mr. Pearce has a Law degree from the University of British Columbia and an economics degree from York University.
Ing. Daniel Nofrietta Fernandez, Manager Mexico and Director
Ing. Nofrietta is a Mexican National who studied geology both in Mexico and the United States. He has worked as exploration manager for several large international companies throughout Mexico and has a vast knowledge of the Sierra Madre Occidental region. He has also taught at the University of Chihuahua and is Past President of the Chihuahua chapter of the Association of Professional Geologists, Geochemists and Metallurgists of Mexico.
Edward Sorbara, Director
Mr. Sorbara, a very successful businessman in Toronto, one of the principals of The Sorbara Group.
Frank Hogel, Director
Mr. Hogel has served as CEO at Peter Beck Performance Funds GbR, bringing with him over 15 years of experience in the financial sector. NEWS UPDATESOn February 28, 2018, Golden Goliath Resources Ltd. announced that it is granting, subject to Toronto Stock Exchange approval, a total of 2.55 million share purchase options with an exercise price of 10 cents to insiders and employees of the company. The options are good for a period of five years.
On July 9, 2018, Golden Goliath Resources Ltd. announced that its 2018 summer work program is now starting. The Company is now in the planning stage for a future possible drilling program on its 100-per-cent-owned San Timoteo property located in Chihuahua, Mexico. Personnel are now mobilizing to the San Timoteo property to continue the target selection process, including evaluating what road work would be needed to drill the various targets. Previous compilation work on San Timoteo has already defined over 40 drill targets. The current work will prioritize these and the Company intends to drill the top priority target when financing is available.
On May 10, 2018, Golden Goliath Resources Ltd. has received the latest option payment from Desarrollos Mineros El Aguila SA de CV, a wholly owned subsidiary of Fresnillo PLC, for the properties optioned to them by the company in the Uruachic mining district in Chihuahua, Mexico. The $100,000 (U.S.) payment is the sixth in a series of seven optional payments by El Aguila in order that it may exercise the option to acquire the properties. The final payment of $2.3-million (U.S.) would be due in November, 2018.
On April 19, 2018, Golden Goliath Resources Ltd.'s annual general meeting was held yesterday at the company's office in Vancouver. All of the agenda items were passed and all five directors were re-elected, with each getting over 99 per cent of the votes cast. The company is pleased with this vote of confidence and continues with its exploration plans in Mexico.
On April 3, 2018, Golden Goliath Resources Ltd. announced that it has been approached by the Chinese Investment Club of Toronto at the Prospectors and Developers Association of Canada (PDAC) conference this year. The group feels that it has investors interested in following the company. The lead of the group is already a long-term loyal investor in Golden Goliath and strongly believes in both the potential and high-probability success of Golden Goliath and its team.
On February 28, 2018, Golden Goliath Resources Ltd. announced that it is granting, subject to Toronto Stock Exchange approval, a total of 2.55 million share purchase options with an exercise price of 10 cents to insiders and employees of the company. The options are good for a period of five years.