Goliath has an option to acquire 100% of the Lucky Strike property that covers 31,511 hectares with logging road access. It is within a few kilometres to a major highway, power, rail and only 40 kilometres north of major infrastructure in Terrace BC. The property is located south of Golden Triangle area, and resides within the Skeena Arch, a belt-scale structural corridor associated with significant porphyry and related mineralization.
Lorne Creek Au-Cu-Mo Porphyry System
The newly discovered Lorne Creek Au-Cu-Mo Porphyry System is defined by a 1200 by 700 metre aleration system, with a significant porphyry outcropping at surface. It is cored by QSP, containing gold bearing chalcopyrite and molybdenite stockwork mineralization. The outcropping porphyry centre at surface contains gold-bearing chalcopyrite and molybdenite stockwork mineralization.
Three holes were drilled for a total of 1741 metres in August 2019. Drill hole LS-19-01 intersected 20.7 meters of 0.39 g/t AuEq, including 3.7m of 1.18 g/t AuEq near surface and Drill hole LS-19-02 intersected 45m of 0.14 g/t Au, 1.35 g/t Ag and 0.05% Cu near surface. The drilling suggest that all three holes intersected a pyritic alteration zone in the porphyry system adjacent to the ore zone (see Lowell & Guilbert, 1970); system remains open.
All three holes were drilled from the same pad, the details are:
* LS-19-01: Drilled to 718 metres, system remains open, Az: 0 (N), Dip: 70
* LS-19-02: Drilled to 501 metres, system remains open, Az: 30 (NE), Dip: 70
* LS-19-03: Drilled to 522 metres, system remains open, Az: 330 deg (NW), Dip: 70
The Lorne Creek porphyry is situated at the headwaters of Lorne Creek, the most prolific placer creek in the entire district with historical placer gold production of 13,721 troy ounces and nuggets of up to 1.5 ounce gold (1886 – 1940, see BC MINFILE No. 103I204, 103I050 and 103I207). The source of the Lorne Creek placer gold is believed to be attributed to erosion of the gold mineralized bedrock from the headwaters where the Lorne Creek Au-Cu-Mo Monzonite Porphyry System is located.
Mapping has highlighted a spatial link between polymetallic Au/Pb/Zn/Cu/Ag veins and Cu-Mo porphyry centre. These veins are coincident with historically documented porphyry related polymetallic veins in Lorne Creek.
Along the headwaters of Lorne Creek, a series of silt samples were taken during the 2017 season. These returned multi-element anomalies, including copper, molybdenum, and gold values up to 402 ppb. A historic BC MINFILE report (No. 103I027) from this creek reports angular, pyritized and quartz-veined boulders hosted in a molybdenum-rich porphyry environment
The 2020 exploration program will include additional mapping and geochemical surveys to establish potential sites for drilling in 2021 of the possible ore zone(s) of the porphyry system.
Gold Source Zone
A 2017 angular talus sample of a hydrothermal breccia assayed 96.8 grams per tonne gold (3.1 ounces per tonne gold), this sample was taken 65 metres downslope from the newly discovered Gold Source Zone of outcropping hydrothermal breccia (link to images). The Gold Source Zone is an epithermal, milky quartz hydrothermal breccia and sheeted vein corridors extend more than 400 metres along an E-W trend and over 200 metres wide and remains open. The trend is highly oxidized with primary sulphide contents ranging typically between 1-5% that are now represented by limonitic voids and boxworks (link to video). The recently acquired airborne magnetic data identified a circular feature centered around the Gold Source Zone hydrothermal breccia. The diameter of the circular feature is approximately 1 kilometer and it is located at the confluence of several NE-SW trending magnetic lineaments.
Galena and chalcopyrite mineralization have been observed in outcrop (link to video).
The Lucky Strike property was used as Goliath Resources Limited’s qualifying property to complete its reverse-take-over on October 11, 2017. A technical report was prepared and completed in accordance with NI 43-101 Standards of Disclosure for Mineral Projects. A copy of this report can be downloaded here and also can be found on SEDAR at www.sedar.com.