Golden Goliath Resources Ltd. (TSX.V: GNG) (US:GGTH-F)
Vancouver, Canada, November 21, 2017
The Company is pleased to announce that it has now received the latest option payment from Desarrollos Mineros El Aguila, S.A. de C.V. (“El Aguila”), a wholly owned subsidiary of Fresnillo plc for the properties optioned to them by the Company in the Uruachic Mining District in the State of Chihuahua, Mexico (the “Properties”).
The US $100,000.00 payment is the fifth in a series of seven optional payments by El Aguila in order that it may exercise the option to acquire the Properties. A further $100,000 payment would be due in May 2018. The final payment of $US 2.3 Million would be due in November, 2018. The Company’s recent option agreement on seven of its eight Uruachic properties allows the Company to remain debt free and focus future exploration on the San Timoteo property
The Company plans to use final payment to pay for the drill program on its 100% owned San Timoteo property, following the recommendations resulting from the recent work completed on San Timoteo.
That extensive review of all property data concluded that there are several strong systems of mineralized structures across the San Timoteo property. Apart from the previously defined gold and silver targets in the Old San Martin Level 5 tunnel, the work also identified the potential for a Copper – Gold porphyry system beneath an area call La Bufa. Early drilling in the La Bufa area showed increasing gold and copper grades with depth, but deeper drilling was not conducted at the time.
Previous field work using a Terraspec machine to identify specific clay minerals, showed that the Level 5 tunnel at San Martin (the lowest old working on the San Timoteo property), is above the “bonanza zone” or paleo boiling level indicating greater potential at depth.
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Qualified Person for the information regarding Uruachic project is J. Paul Sorbara M.Sc., P.Geo. The Company is focused on exploring and developing the gold and silver potential of an historic mining camp located in the world famous Sierra Madre Occidental Mountains of northwestern Mexico. Golden Goliath’s San Timoteo property claims are owned 100% by the Company and are fully paid for with no property option or purchase payments to make.
To find out more about Golden Goliath visit our website at www.goldengoliath.com.
FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950 Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Original Article: http://www.goldengoliath.com/2017/11/22/latest-payment-received-for-optioned-properties-2/
