The additional data we are receiving is expanding our understanding of the scale and structure at La Frontera. - Warwick Calasse, President, Goff Corp.
Medellin, Colombia (PRWEB) April 17, 2013
Goff Corporation’s ("Goff" or “the Company”) (OTCQB:GOFF) wholly owned subsidiary Golden Glory Resources S.A. reports that the Company is planning to double the size of its anticipated 5,000-meter drill program on its La Frontera Gold Project in Department of Caldas, Colombia. The Company now plans to undertake an aggregate 10,000-meter drilling program in order to pursue further gold/silver targets on the leases.
Company President Warwick Calasse states, “We planned to begin a 5,000-meter diamond drilling program on the La Frontera Gold Project within 90 days. The additional data we are receiving is expanding our understanding of the scale and structure at La Frontera. In order to properly define the potential gold/silver targets on the leases we now expect to expand out drill program to approximately 10,000 meters. What we first perceived as a bulk tonnage, low grade gold deposit has also presented us with the potential for a high grade, Marmato type discovery. We need to pursue the entire scope of the gold and silver that we are identifying at La Frontera and quickly define exactly what the project’s potential for gold/silver targets is.”
“We believe we can keep cost structures on par and possible create some economies of scale, since we intend to use the same technical team, consultants and drilling technicians on the expanded exploration,” Calasse adds.
The Company expects to commit a budget of approximately US$1.6 million on this Phase One gold exploration program.
Golden Glory Resources is developing a comprehensive exploration program for its La Frontera Gold Project in Colombia. In the preparatory groundwork and data collection, previous assay records were gathered, tabulated and combined with small samples from the alteration zone and a mineralized quartz vein on the property. While samples confirmed gold values consistent with the model being developed for large tonnage, low-grade gold and silver targets, the vein samples showed the presence of path elements such as As, Ba, Cu and others. Considering the porphyritic environment, consultants believe it is possible to expect a large tonnage, low-grade type of deposit and may have potential to intersect a bonanza zone where grades could be higher in the 10x magnitude.
A similar model has been evolving 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.
The Company’s geological and in country team has begun the task of preparing for Phase One ground exploration efforts to get underway and received additional data which is being processed.
Several of the areas on the LGC15011 or the La Frontera Gold Project were worked for 15 years by small Artisanal miners in the region. The entire lease set 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.
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
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking statements”, as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as “estimate,” “anticipate,” “believe,” “plan” or “expect” or similar statements are forward-looking statements. Risks and uncertainties for the company include, but are not limited to, the risks associated with mineral exploration and funding as well as the risks shown in the company’s most recent annual and quarterly reports on Form 10-K and Form 10-Q respectively, and from time-to-time in other publicly available information regarding the company. Other risks include risks associated with the regulatory approval process, competitive companies, future capital requirements and the company’s ability and level of support for its exploration and development activities. There can be no assurance that the company’s exploration efforts will succeed and the company will ultimately achieve commercial success. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set for herein and should also refer to the risk factors disclosed in the company’s periodic reports filed from time-to-time with the United States Securities and Exchange Commission. This news release has been prepared by management of the company who takes full responsibility for its contents. None of FINRA nor the SEC has approved or disapproved of the contents of this news release. This news release shall not constitute an offer to sell of the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.