*  
       

Exploring precious metal & massive sulphide properties throughout Mexico's Chihuahua State. The company is exploring the potential for multi-million ounce, open-pitable gold/silver deposits on its 100% owned Uruachic properties
in the Sierra Madre precious metal belt. Drill targets at Uruachic have been defined by the recently completed $1.5 million surface exploration program. Several properties through first and second pass drilling as of 1Q03.

Golden Goliath Resources Ltd.     GNG   (TSVX)

Operates in Mexico through wholly-owned subsidiary Minera Delta S.A. de C.V.

Company with offices in Vancouver B.C. and Chihuahua, Chihuahua. Has a portfolio of properties, primarily in Uruachic District, Chihuahua State. These 27 properties in Chihuahua include epithermal Au & Ag, Cu-oxide properties as well as limestone hosted Ag-polymetallic replacement prospects. Minera Delta has been active in Mexico since 1992. Golden Goliath's initial IPO was successfully completed for $4.5 million in October 2000 and included six key properties:

Uruachic District, Chihuahua. Has consolidated 16 properties in this district which has past production from epithermal tourmaline-rich breccias and stockworks. 5 of these are to be included in the IPO. These include: Corona Property  (total 850 Ha), San Timoteo/Oro Leon (total 81.16 Ha), La Reforma (500 Ha), Nuevo Union and Oteros/Esperanza (397.89 Ha).

Corona Property consisting of the Corona I, II, III and Esperanza Claims (total 850 Ha). Fifteen holes were completed here in 1Q03. Several zones including "Northeast" and La Mula" Golden Goliath is pleased to announce that assay results have now been received for the reverse circulation drill holes recently completed on the Corona property. The main objective of these holes was to expand the Northeast Zone to the east and northeast.  The 2003 RC drilling accomplished this goal by expanding the Zone from 200x400 m to approximately 400x700 m and confirmed the presence of widespread, low-grade gold mineralization. The most significant intercepts from the recent drilling are summarized below. 

HOLE

FROM   m

TO  m

WIDTH  m

GOLD  gm/tonne

CO-03-45

45.72

67.06

21.34

0.53

including

45.72

48.77

3.05

1.41

And

47.24

48.77

1.52

2.06

CO-03-46

47.24

64.01

16.76

0.19

CO-03-46

83.82

96.01

12.19

0.19

CO-03-46

106.68

112.78

6.70

0.19

CO-03-47

85.34

111.25

25.91

0.25

Including

88.39

92.96

4.57

1.02

And

88.39

89.92

1.52

1.88

CO-03-48

25.91

33.53

7.62

0.18

CO-03-48

44.20

48.77

4.57

0.57

CO-03-49

22.86

35.05

12.19

0.09

CO-03-49

45.72

47.24

4.57

0.14

CO-03-49

56.39

71.63

15.24

0.12

CO-03-50

16.76

28.96

12.19

0.14

CO-03-51

105.16

135.64

30.48

0.12

Including

131.06

135.64

4.57

0.29

CO-03-52

10.67

19.81

9.14

0.22

CO-03-52

71.63

77.72

6.10

0.17

 

    The Northeast Zone, its hanging wall, and its footwall are well defined through their unique geochemical signature. Silt and rock surface samples collected in January and February 2003, east of the Northeast Zone (outlined by the 2002 and 2003 drilling program) suggest that the zone could extend further to the east and the hole with the highest grades from the recent drilling (CO-03-45) was the most easterly one. The potential extension area is located immediately to the east of the Northeast Zone and covers an additional area of at least 400x400m, which would give the overall zone a length of 1100 m. The Northeast Zone appears to be made-up of several down dropped blocks off set along the NE-SW trending, sub-parallel, structures. The zone is overlain by a thin, tuffaceous unit and potential stripping ratios seem very favorable.  The potential new extension area, indicated by 2003 silt and surface rock sampling, could represent the most eastern, down dropped block(s), of the Northeast Zone. The company’s next phase of work on Corona will include evaluation of the eastern extension of the Northeast Zone by means of geochemical soil and rock surveys and mapping followed by RC drilling. The northern extension of the Northeast Zone will be mainly done through RC drilling complimented by geochemical surveys and prospecting.

Press Release 02Apr03

La Nueva Union, Chihuahua. Property is the site of the old mill and tailings pile. Initial exploration suggests potential for large tonnages. Significant geophysical anomalies have been outlined, including one that is over 700m long, and covers an altered and mineralized intrusive unit that hosts the old workings.

San Timoteo, Chihuahua. Property hosts numerous old shafts. One of these tunnels, San Martin is over 800 m long and produced ore with an average grade of 7.8 gpt Au and 1,038 gpt Ag. Recently completed geophysical surveys have defined numerous targets that are coincident with Au and Ag soil anomalies over an area 1300 by 800m.

Chazamil Property, Chihuahua. Located adjacent to Koala Property mentioned above. 100% control of this 2,018 Ha property is maintained by Minera Delta. Property has old massive sulfide replacement workings. Koala exploration apparently heading this way.

Koala Property, Chihuahua. Optioned this property out to Consolidated Magna Ventures in 1996 with a 5% interest carried to production. Novagold Resources was earning into this deal by funding present exploration. In June, 1998 they drilled 8 holes on a "real-section" IP anomaly they had previously delineated in 3Q97.

Carolina Property, Chihuahua. Located immediately south of Chazimil is the Carolina Property.

Walkira Property, Chihuahua. A large 1,260 Ha claim in central Chihuahua underlain by the Lower Cretaceous limestone package that hosts classic CRD deposits elsewhere in the state.

Apparently company has also recently optioned 336.85 ha property called "Los Hilos" to Claimstaker Resources Ltd.

WWWinfo 21Jan99