Goliath Resources Ltd. [GOT-TSXV] shares rallied strongly Monday August 13 after the company said it has discovered several new significant zones of widespread mineralization at its Lucky Strike Project in the prolific Golden Triangle region of northwestern British Columbia.
The company said the new zones were discovered at surface. It also said it has expanded its drill program to test one of the new zones.
Meanwhile, all drill programs at Lucky Strike and the company’s Copperhead Project are proceeding on schedule following the approval of the Caribou Mitigation and Monitoring Plan, the company said in a press release.
Investors reacted to the news by sending Goliath shares up 42.8% or $0.06 to 20 cents on active volume of 2.56 million shares. The 52-week range is 40 cents and eight cents.
Goliath is a precious metals project generator focused on British Columbia’s Golden Triangle and surrounding area of northwestern BC. It has options to acquire 100% of four highly prospective properties that include Bingo, Golddigger, Lucky Strike and Copperhead. Together, the properties cover 44,003 hectares.
Goliath acquired the options from the J2 Syndicate (J2S), a private company owned 10% by Goliath that was formed to pool geological knowledge and expertise relating to certain properties identified in northwest BC. As a 10% owner, Goliath is entitled to 10% of all cash and or shares once any deals are completed.
All four properties have returned widespread mineralization of high-grade gold, silver and/or copper numbers from exposed bedrock at surface. The company has said the new discoveries at Copperhead and Lucky Strike would be drilled during the 2018 exploration program.
These new discoveries are the result of glacial recession and snowpack melting in geological settings where world class deposits have been found within the Golden Triangle and surrounding area.
The Lucky Strike property covers 24,951 hectares and is accessible via a logging road. The property is located 3 km from a major highway and 40 km north of infrastructure in Terrace, BC.
It hosts the Prosperity Zone, as well as Gold Source, Hole in One and Kingpin zones. The newly discovered Hole in One contains quartz vein swarms. Galena and chalcopyrite mineralization have been observed in outcrop.
On Monday, the company said highlights from initial prospecting at Lucky Strike include newly discovered outcropping of intrusive rocks with disseminated sulphide, malachite, and azurite staining near the Prosperity Bullseye drill target.
The Prosperity Bullseye Zone is a geophysical and geochemical porphyry signature with the central zone extending over 2,500 by 1,500 by 500 metres. It remains open at depth.
The Copperhead property covers 4,354 hectares and is located 35 km southwest of Smithers.
The company said trenching, IP geophysics, mapping, soil sampling, pad building, and prospecting are expected to be completed by August 21, 2018, in preparation for drilling at Copperhead.
Exploration results from Lucky Strike and Copperhead will be published once assays have been received, compiled and interpreted.