After drilling just 1,554 metres, Golden Goliath Resources (GNG-V) has come out with an initial resource estimate for its Las Bolas silver-gold property in Chihuahua state, Mexico, where there are many past producing gold and silver mines first mined by the Spaniards.
Inferred resources stand at nearly 612,000 tonnes grading 356.4 grams silver per tonne and 0.88 gram gold per tonne for 7 million oz. silver and more than 17,000 oz. gold.
The cutoff grade here was 31.1 grams silver per tonne though the company showed other cutoffs as high as 279.9 gram silver per tonne.
In addition to the drilling Golden Goliath has also used an extensive sampling data base from underground workings of the old mines. The estimate includes 11 veins that are open in all directions.
Although the veins extend as far as 600 metres at some points, the resource estimate considered the average to be between 300 and 400 metres.
The project is in the historic Uruachic mining camp in the Sierra Madre which covers an area 15 km by 25 km.
The district has produced 40 million oz. gold and up to 2 billion oz. silver over the last 400 years.
Golden Goliath shares fell nearly 11% today, or 3¢, to 25¢ apiece on a trading volume of 320,000 shares. Over the last 52 weeks the stock has traded between 4¢ and 28¢.
The company has nearly 61 million shares outstanding and a market capitalization of $15.234 million.
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