Golden Goliath fka GNG

[Ed Monton]

NEWS

2/24/2003 3:04:30 PM News Release Index


Fifteen Drill Holes Now Completed at Corona

The Company is pleased to announce that the current program of fifteen reverse circulation drill holes has now been completed at the Corona property. The first 10 drill holes were spotted within the Northeast Zone with the objective of expanding this zone to the east and northeast. Surface geochemistry in the step-out area is strong and expansion of the zone in these directions could double the size of the Northeast Zone, which is already 200 by 400 metres. Several of these holes are located uphill from an area where free gold can be panned from the soil and where visible gold has been found in float with the aim of finding the source area for this mineralization. All of these holes intersected the same Northeast Zone unit that hosts gold mineralization several hundred metres to the west. Last fall drilling in that area returned many good gold values including 9.6 gm gold over 1.5 metres and 1.55gm gold/tonne over 24.39 metres.
The Northeast Zone appears to be a shallow-dipping, tabular zone with a preliminary indicated thickness of about 40 metres, underlain by an intensely altered intrusive body. The zone is overlain by a thin tuffaceous unit and potential stripping ratios seem very favourable.

In addition to the Northeast Zone, five reverse circulation drill holes were completed on Corona's La Mula Zone, which lies approximately 1.5 kilometres to northwest. The objective of the drilling at the La Mula Zone is to extend this zone to the east, northeast and possibly to the west. Satellite images show that La Mula is situated on a strong east-west lineament that crosses the Uruachic camp. Holes drilled near the old La Mula workings have already returned 19.84 metres grading 1.21 gm gold/tonne with 35.09 gm silver/tonne and 12.21 metres grading 1.59 gm gold/tonne with 31.46 gm silver/tonne.

Subsequent surface sampling 80 metres east of the old workings returned 2.57 gm gold/tonne and 2,280 gm silver/tonne in a mostly overburden covered area that has now been drill tested. Two additional targets, situated 150 and 275 metres northeast of the old La Mula workings and outlined by fieldwork conducted in late November and December 2002, were also tested as part of the current program.

The samples from this round of drilling are now in transit to Acme Analytical Laboratory's preparation facility in Guadalajara where they will be dried and prepared for shipment to Vancouver for assay.



GOLDEN GOLIATH RESOURCES LTD.

J. Paul Sorbara M.Sc., P.Geo

President



To find out more about Golden Goliath Resources Ltd. (TSX-V: GNG), visit out website at www.goldengoliath.com

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