A Silver Junior In Mexico
If you like silver plays that have good potential, especially those that are working in Mexico, then here is a junior worth taking a close look at. I'm talking about Golden Goliath Resources GNG and their silver projects in the Ureuachic mining district in Chihuahua State, Mexico.
One of things that sets Golden Goliath apart from most juniors in general is that the company's CEO, Paul Sorbara is a geologist whereas so many other juniors today have a CEO who is either a business person or a lawyer or accountant. Although they all have a geologist on staff whether it be contract or otherewise, this company's president is a geologist. The other factor that is a huge plus for Golden Goliath is that they have been active in this same area for almost 2 decades and own their properties 100%. In fact the company controls an entire old mining camp that covers an area of 15 by 25 kilometres, with numerous past producing gold and silver mines dating back to the time of the Spaniards.
Golden Goliath has eight properties within the historic mining camp located in the world Sierra Madre Occidental Mountains of northwestern Mexico. This historic trend has produced approximately 40 million ounces of gold and up to 2 billion ounces of silver over the last 400 years and has become an area of global focus in the search for new precious metal deposits.
These properties are in the heart of the Ureuachic mining district in Chihuahua State, Mexico. One of GNG's largest properties (Nopalera) lies directly adjacent to an exciting new discovery by industry giant Fresnillo PLC called Orisyvo, which already has a resource of 9.8 million ounces of gold and 13 million ounces of silver. GNG's property has similar geology and alteration and has yet to be diamond drilled. The discovery has also focused the attention of the mining community to the district as many believe that Orisyvo will end up being the largest gold mine in Mexico.
In November 2015, GNG signed an option agreement with FresNillo PLC allowing them to option several of GNG's properties in the district. The terms include cash payments totaling $3 million and assumption of all assessment and tax liabilities. This was a good move by management because it frees up much needed capital and still allows the company an interest in the properties.
Of all the properties that Golen Goliath has, the San Timoteo property is the most interesting. Just a few days ago, July 12, 2016 the compnay issued a press release stating that the program to analyze clay minerals was completed and with a 3-D modeling of clay mineralogy, this will help to aid in the planning of future drill holes. Based on the results of the current program, the company's geological team has been working on designing a follow-up drill program. This program would involve a review and interpretation of existing geochemical, geophysical and geological data in light of the new clay mineralogy work, followed by a total of 18 drill holes totalling approximately 5,100 metres.
Golden Goliath has just over 100 million shares O/S. With a 52 week high of 14 cents and low of just 1/2 cent the stock at this time is at 8 cents.
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GAdams
