Month: July 2018

Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F) is pleased to announce that the 2018 summer work program is now starting. The Company is now in the planning stage for a future possible drilling program on its 100% 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 funding is available.

Carlos Silva, COO of Santacruz, commented; “The Company is excited about the discovery of the three high grade veins at the Armados mine which appear to be within about 20 meters of each other and approximately parallel to the Armados vein. This discovery supports our view of the strong mineral potential of this historical mining district of Zacatecas.”

This PEA study evaluates the potential extension of production from the El Gallo Complex in Sinaloa, Mexico. The proposed development plan evaluated in the PEA is called Project Fenix. The key outcomes of Project Fenix include an average annual production rate of 47,000 ounces gold equivalent, a 12-year mine life, low initial capital cost of $41 million, mine pay-back of 4.1 years, and an after-tax IRR of 28% at current gold and silver prices.

Fred Stanford, President and CEO of Torex stated: “The site teams continue to implement the initiatives to ramp up production.In April, plant throughput was 9 kt/d. In May it was 11 kt/d and in June it was 13 kt/d. In June, plant throughput was above 13 kt/d for 21 days; 9 of those 21 days were above 14 kt/d, and of those 9 days, 5 were above 15 kt/d. Guidance is maintained at 325,000 – 350,000 gold ounces sold for the year.” He added: “The SART plant produced its first copper precipitate, on schedule, in late June. The operations team has taken over from the commissioning team and will now take the SART plant to full production. Growth activities continued through the quarter with development and exploration drilling at the Sub-Sill. In-fill drilling in Media Luna continues and the updated technical report on the ELG Mine and the Media Luna project is on schedule to be completed in late July / early August. We all look forward to the second half of 2018 and the many catalysts that are expected to demonstrate the company building potential of the Morelos Gold Property.”