Goliath Completes Acquisition of Key Mineral Claim Blocks in the Chibougamau-Chapais Region of Quebec’s Prolific Abitibi Greenstone Belt

TORONTO, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Goliath Resources Ltd. (TSX-V: GOT.V) (Frankfurt: B4IE) (OTCQB: GOTRF) (the “Company or “Goliath”) is pleased to announce it has received final TSX.V approval and completed the acquisition of six (6) significant mineral claim blocks (the “Claims”) totalling 391 mineral claims for 340km², now under Goliath’s Nelligan East Project and Nelligan West Project (the “Nelligan Projects” or the “Projects”) (see news July 9, 2020) . The Projects are located in the northeastern Chibougamau-Chapais Mining Camp (the “Camp”) of the Abitibi Greenstone Belt (the “AGB”). The Region is known for its historic gold and copper production, and has recently seen an increase in mineral exploration following the discovery of new gold mineralization, such as IAMGOLD/TomaGold with the Monster Lake (1.11 million tonnes grading 12.14 g/t gold for 433,000 ounces of gold; IAMGOLD, 2018) and IAMGOLD/Vanstar with the Nelligan gold deposits.

The Nelligan Projects – the Geology and Exploration Model

The Nelligan Projects (Figures 1 & 2 – click here) are located in two strategic areas of the Region in proximity to past producing mines, and historic and current gold and/or gold-copper occurrences and mineral resources.

Mineral exploration assessment reports and statistics indicate a total gold production of 200 million ounces of gold from the 80,000 km² in the AGB of Quebec and Ontario. Most of the gold occurs within quartz veins or “Lode Gold Deposits” in several major mining camps since the early 1900s, including the Camp. The Canadian-Malartic and Detour Lake Superpits are examples of bulk mineable lower-grade gold deposits currently being mined from the AGB.

Goliath’s acquisitions focussed along two historic gold trends in the Camp: the Joe Mann and the Nelligan trends.

The western boundary Nelligan East Project is located 8km east of the Joe Mann Mine. The Joe Mann Mine operated from 1956 to 2007. A total of 4.4 million tonnes of ore was extracted from the underground operation grading 8.26 g/t gold for 1.17 million ounces of gold, 5 g/t silver for 607,000 ounces of silver, and 0.25% copper for 28.7 million pounds of copper (Doré Copper Mining, 2020).   

The Nelligan West Project is located at the western end of the Nelligan trend, some 30km from the Nelligan Gold Deposit. The Nelligan Deposit hosts Inferred Mineral Resources of 97.0 million tonnes grading 1.02 g/t Au (for 3.2 million ounces of gold) (IAMGOLD, 2019).