Medellin, Colombia (PRWEB) April 15, 2013
Goff Corporation’s ("Goff" or “the Company”) (OTCQB:GOFF) wholly owned subsidiary Golden Glory Resources S.A. reports that its recent acquisition of gold concessions in Colombia now position the Company among the country’s list of top gold exploration mining companies with several potential multi-million ounce gold targets.
Goff Corporation’s subsidiary Golden Glory Resources has acquired leases in three of the leading gold areas of Colombia since March of 2013. The leases are located in the highly productive Caldas, Marmato and South Bolivar regions that are responsible for the vast majority of gold exploration and production in the country.
The La Frontera Gold Project, Dept. Of Caldas
The Company’s initial acquisition, the leases on LGC15011 or the La Frontera Prospect, is comprised of 1227 hectares of mineral leases in the Aguadas area, Department of Caldas, located about 60 kilometers south of Medellin in Northern Colombia. Roughly 30% of the La Frontera property also straddles the Antioquia region.
The Company began technical work on La Frontera in early February 2013 and issued a NI43-101 compliant Technical Report in March 2013. The initial interpretation indicates that it is possible to expect a large tonnage, low-grade type of deposit. In follow on, review samples gathered as part of the Company’s initial exploration are confirming the mineralization type on the sampled areas and may indicate potential for a deeper high grade gold source –a Marmato-type resource. This new model could increase potential resource value by as much as ten times the original targets.
A similar model has emerged at Marmato Mountain also in the Caldas, Colombia District, which has a measured, indicated and inferred resource of 14.2 million ounces gold and over 89,000 ounces silver, At today’s gold prices, that makes it a US$22 billion plus discovery.
The Company has selected a highly experienced Colombian-based drilling company and is preparing its technical team for on the ground exploration and review in preparation of its Phase One Exploration program that is expected to include significant modern satellite interpretation, ground sampling and an approximate 5,000-meter drill program to begin with 90 day’s time.
Golden Glory Resources has reached several key milestones of the planned program including hiring technical staff, purchasing satellite data and developing the infrastructure required to complete an effective exploration program in order to further the technical understanding of potential gold/silver targets on the La Frontera Gold Project. The Company expects to commit a budget of approximately US$1.6 million on its Phase One Exploration program.
The Gavia Gold Project, Marmato
Through Golden Glory Resources Inc., Goff Corp. acquired a second group leases known as the Gavia Gold Project in early April 2013 on a prospective gold area in the well known Marmato mining district of Colombia. The leases, which comprise about 150 hectares, are reported to offer multi-million ounce, large tonnage, bulk mineable targets with potential up to three grams of gold per ton average, and has potential of over 20 million ounces gold contained, based on mapping, soil samples and existing tunnels.
This follows data received on the property and review by the Company’s geo-technical staff and management team.
Management’s initial interpretation is that the mineral could probably be extracted by low-cost, open-cut mining if it is very close to the surface. The review of mining data from ground samples, chip sampling and the tunnels on the Gavia Gold Project support the model that it shows potential as a true epithermal style gold project, similar to other multi-million ounce resources found worldwide.
According to the reports, the Gavia zone alone could contain in excess of 200 million tonnes to a depth of 250 meters possibly grading 3 g/t gold or potentially 20 million ounces of contained gold. The basis of the 250 meters depth is based largely on the elevation difference of the property in which gold mineralization is known to occur.
The Company is in the process of evaluating all data collected on the Gavia Gold Project and preparing for detailed technical analysis from its geological and in country teams. Management expects to develop its drilling program to include several thousands of meters of drilling in existing tunnels and open channels on the Gavia Gold Project, including up to a 20-hole exploration program using diamond drilling guided by state-of-the imaging technology.
The Santa Rosa Gold Project, South Bolivar
The third acquisition by Goff Corporation in April 2013 is a massive lease group in the important gold producing area in the South Bolivar Region, Colombia.
The Bolivar Region is a highly prospective area in a province that is home to a number of international gold mining and exploration companies. The Colombian government has recorded gold production from the region between 1987 and 1994 to be 1,271,000 ounces of gold, and it is presently reporting the highest annual gold production in Colombia, averaging 275,000 ounces per year since 1991.
Through Golden Glory Resources, Goff Corporation has negotiated nine mining titles covering a massive 11,87 hectares on the properties known as the Santa Rosa leases which are now under comprehensive review by the Company’s geo-technical staff and in country team.
Initial reports available on the leases indicate the Santa Rosa Gold Project area is underlain by a mix of granodiorites, synogranodiorities, quartz monzonites and tonalites. These rocks host many of the plutonic-hosted mesothermal gold deposits in northeastern Colombia, including the Segovia-Remedios Gold belt, which collectively has produced in excess of 24 million ounces of gold.
The Santa Rosa Project area is host to a number of gold bearing vein type systems, which vary in width and strike length. There are numerous artisanal gold operations in the area, consisting of both underground mining operations that follow veins and shears, and alluvial gold operations, reflecting the gold endowment of the project.
The technical and geo-consulting team will be responsible for evaluating data, developing assessments and interpreting the information in order to set exploration guidelines.
Goff Corporation President Warwick Calasse states, “We have effectively tied-up over 12,465 hectares of highly prospective gold properties in some of the most sought after gold bearing regions in Colombia. On a corporate level, this is a tremendous early success for Goff Corporation and Golden Glory Resources. It is a feat in itself in such a short time, but we know the window is open in Colombia and we need to move quickly. We have now got a stake in one of the largest new land holdings for gold exploration in the entire country. Of course that would mean nothing if we did not have the geo-technical staff, management and local community relationships that we have established in Colombia. That’s where we have been very fortunate to engage some of the best in the business to carry out our exploration. Our team now includes a wide variety of experts in different areas; imaging, interpretation, groundwork and so on. We have a tremendous on-the-ground presence building in the Caldas, Marmato and now the South Bolivar regions in Colombia.”
“Our goal is to quickly put Goff Corporation in a position to capitalize on its early momentum. We intend to launch multiple phased exploration programs that can help us define potential gold and gold/silver resources and use that value to vault the Company to become a leader in Colombian gold. So far, we are right on track,” Calasse adds.
Colombia has become an important new gold mining region attributed with over 93 million ounces of gold discovered in just the last few years. It has a projected 29 million ounces of gold that are expected to be delivered under prefeasibility or feasibility studies in 2013. Importantly, a number of the operating mines and new discoveries in Colombia represent multi-million ounce resources, which are known to be in severe decline on a global scale. Colombia currently hosts 4 of the top 50 undeveloped deposits of in-situ gold resources; La Colosa at 24.2 million ounces; Marmato at 14.377 million ounces; Titiribi at 11.079 million ounces and La Bodega at 6.7 million ounces.
About Goff Corporation
Goff Corporation is a U.S.-based public company. Its wholly owned subsidiary, Golden Glory Resources S.A. is engaged in gold exploration with a view to developing highly prospective gold projects. The Company is assessing multiple projects for their potential as gold and silver prospects. Colombia is currently one of the leading gold mining areas in the world producing over 55,509 kilograms of gold (2011), primarily from the region where Goff’s subsidiary Golden Glory Resources holds leases.
For more information see http://www.goffcorporation.com
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