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Golden Goliath says exploration at Las Bolas in Mexico finds new prospect zone

Last updated: 15:00 22 Jan 2009 AEDT, First published: 16:00 22 Jan 2009 AEDT

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Golden Goliath Resources Ltd said exploration at the Las Bolas project in Mexico during November and December 2008 has discovered a new prospect zone. Las Bolas II is believed to be similar in geological characteristics to the company’s Las Bolas-Gambusino area, which is located some 500 metres to the southwest.

The mineralization found in the new area has been mapped to date over a 300 metres length and is open in two directions. Field work is currently continuing in this area in order to get a better understanding of its size potential. Preliminary grab samples of the mineralized structures has returned assays of up to 23 grams per tonne silver and 0.13 grams per tonne gold.

The company also announced additional assay results from recent drilling at Las Bolas.
Highlights of this new set of assays include a 7.22 meter section from drill hole BDD-08-20 grading 224 grams per tonne silver and 0.10 grams per tonne gold. In addition, a 0.72 meter section from drill hole BDD-08-24 assayed at 429 grams per tonne silver and 0.10 grams per tonne gold.
 
Commenting on this latest round of assay results chief executive Paul Sorbara said: “We continue to be extremely pleased with drill results from our Las Bolas project. Las Bolas is quickly proving to be one of our most significant precious metal targets within the Uruachic Camp, along with San Timoteo.

“We are also very encouraged by the fact that some of the drill holes in this latest round have intersected very good grade mineralization in the same zones that were drilled in 2003-2004 by reverse circulation which returned significantly lower grades, thus
confirming our hypothesis that these earlier RC results were misleading and had lost
some important mineralization.”

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