Armed with $4.5 million from an over-subscribed public offering last fall,
Situated in western Chihuahua state, the camp has a production history dating back to the 1800s. Previous mining was from epithermal stockworks and breccia zones, rather than quartz veins. Each of the company’s five properties has had some production, with three of these — Nueva Union, San Timoteo and La Reforma — among the main producers in the camp.
At Nueva Union, recent geophysical and geochemical programs have detected a strong induced-polarization anomaly coincident with a gold-in-soil anomaly. This area, which measures 50-100 km wide and at least 500 metres long, covers most of an intrusive body that hosts several old workings. The target here is for a much larger, open-pit deposit, rather than the narrow, high-grade structures exploited in the past.
At San Timoteo, underground mapping, surveying and sampling are under way in numerous old workings. Geological mapping has already revealed favourable lithologies, including sulphide- and hematite-bearing vuggy breccia, tourmaline-rich zones and, of more interest, a skarn zone near several old workings. Geophysical work has outlined seven conductive zones, which are now viewed as important drill targets. Soil geochemisty has also returned encouraging results.
Geological mapping and geophysics are under way at La Reforma. Golden Goliath intends to follow up the targets outlined here, and on other properties, with an aggressive program of diamond drilling.
Golden Goliath was founded by geologist Paul Sorbara and mining executive Richard Hughes.
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