Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report the presence of
visible gold in the first hole of the 2023 season from its Golden
Gate Feeder Zone on the Surebet discovery at its 100 % controlled
Golddigger property covering 59,089 hectares, (the
“Property”), Golden Triangle, British Columbia.
The first hole of the season, GD-23-111,
collared from Pad TS-1 and ~250 meters step out from Pad A in 2022,
intersected multiple flakes of visible gold in sulphide-bearing
quartz veins hosted in strongly folded siltstone-dominant
sedimentary units at 33.13 meters. A 36.98 meter* interval of
sulphide mineralization characterized by veins, stringers and
patches of semi-massive pyrrhotite (up to 2 %) with minor
sphalerite (up to 1 %) in quartz stockwork and breccia with intense
epidote-chlorite alteration and silicification occurs from 92.70 to
129.68 meters within the sedimentary units. This interval is
followed by a second interval of 44.32 meters* of altered andesite
from 129.68 to 174.00 meters which contains stringers and
semi-massive patches of sulphides (mainly pyrrhotite up to 1 % and
pyrite up to 1 %). The main mineralized interval is interpreted to
be the northeast extension of the Bonanza Shear that defines the
contact between the sedimentary units and the underlying volcanic
units. Localized skarn-style alteration containing garnet has been
observed at 126.90 meters further suggesting the presence of a
potential porphyry feeder source at depth.
All the occurrences of visible gold to date have
been identified within quartz breccia and veins in contact with or
in close proximity to sphalerite and galena mineralization, hosted
within the sedimentary units. The occurrence of visible gold has
previously been independently confirmed in GD-22-49 and GD-22-58
drilled in 2022 by the Colorado School of Mines whom the Company is
collaborating on a project aimed at determining the origin and
evolution of the gold mineralizing fluids at Surebet.
The presence of visible gold in the mineralized
intercepts at Surebet, is further confirmation of the
exceptional results obtained from the metallurgical study
performed on composite samples of combined core completed in 2021
and 2022 that have demonstrated overall recoveries through gravity
and floatation of 92.2 % gold, 86.5 % silver, 94.2% lead and 96.9%
zinc into a concentrate weighing just 11.9% of the original sample
mass. Gravity recovery alone captured 48.8 % of gold and 10.3 % of
silver in a product weighing just 1.47% of the original sample
mass. This indicates that a processing scheme employing early
gravity recovery should produce considerable gold in the form of
doré bars. Gravity recovery is generally accepted to be the most
cost-effective means of gold recovery in the mining industry.
Roger Rosmus, Founder and CEO of Goliath
Resources, states: “We are off to an exciting 2023 drill
season, where visible gold and substantial intervals of
Surebet-style sulphide mineralization has been confirmed in the
first exploratory hole of the year. It is a ~250 meter step out
expanding upon a previously unknown area of mineralization to the
northeast of Pad A where GD-22-49 also contained visible gold.
Mineralization confirmed in GD-23-111 strongly indicates the
presence of a large mineralizing system and potential feeder source
in the Golden Gate Feeder Zone. The planned ~18,000 meter drill
program is designed to expand the footprint of the Surebet Zone and
Bonanza Shear in all directions and includes a maiden drill program
at the newly discovered high-grade gold-silver Goldswarm Zone,
located 4 km on strike to the north of Surebet that is believed to
part of the same mineralizing system feeding Surebet. Surebet is
shaping up to become the next big high-grade gold-silver discovery
in the Golden Triangle, B.C. We look forward to reporting assay
results with much anticipation.”
Goliath has commenced an aggressive drill
program this year, totaling 70 holes from 21 separate drill pads on
the Golddigger Property. The campaign will be focused on
higher-grade zones and expanding the footprint of the newly
discovered Surebet Zone/Bonanza Shear to the
east-southeast-northeast. Inclusive of this year’s campaign, there
is a maiden drill program planned at its newly discovered Goldswarm
Zone 4 km along strike to the north of Surebet Zone having similar
mineralization and structures exposed at surface where channel cuts
assayed up to 29.70 g/t Au over 0.55 meters, 25.1 gpt Au over 0.40
meters and grabs up to 54.3 g/t Au providing tremendous upside
potential of a new drill discovery in 2023.
The maiden drill campaign in 2021 at the
Golddigger Property and follow up drilling program in 2022 is a
total of 31,652 meters to date. Drilling to date has a 97% success
hit rate as 86 holes of 92 totaling intercepted significant widths
of high-grade gold-silver over a 1.6 square kilometer area at
Surebet. This area has 1 km of mineralized strike exposed at
surface and 1.1 km of mineralized down-dip extent exposed at
surface with 700 meters of vertical relief.
Golddigger Property
The Golddigger Property is 100 % controlled
covering an area of 59,089 hectares (146,012 acres) and is in the
world class geological setting of the Eskay Rift within the Golden
Triangle of British Columbia and within 3 kilometers of the ‘Red
Line’ that is host to multiple world class deposits. The Surebet
discovery is in an excellent location in close proximity to the
communities of Alice Arm and Kitsault situated on tide water with
direct barge access to Prince Rupert (190 kilometers via the
Observatory inlet/Portland inlet). The town of Kitsault is
accessible by road (190 kilometers from Terrace, 300 kilometers
from Prince Rupert) and has a barge landing, dock, and
infrastructure capable of housing at least 300 people, including
high-tension power. Additional infrastructure in the area includes
the Dolly Varden Silver Mine Road (only 7 kilometers to the East of
the Surebet discovery) with direct road access to Alice Arm barge
landing (18 kilometers to the south of the Surebet discovery) and
high-tension power (25 kilometers to the East of Surebet
discovery). The city of Terrace (population 16,000) provides access
to railway, major highways, and airport with supplies (food, fuel,
lumber, etc.), while the town of Prince Rupert (population 12,000)
is located on the west coast and houses an international container
seaport also with direct access to railway and an airport with
supplies.
Qualified Person
Rein Turna P. Geo is the qualified person as
defined by National Instrument 43-101, for Goliath Resource Limited
projects, and supervised the preparation of, and has reviewed and
approved, the technical information in this release.
Other
Oriented HQ-diameter or NQ-diameter diamond
drill core from the drill campaign is placed in core boxes by the
drill crew contracted by the Company. Core boxes are transported by
helicopter to the staging area, and then transported by truck to
the core shack. The core is then re-orientated, meterage blocks are
checked, meter marks are labelled, Recovery and RQD measurements
taken, and primary bedding and secondary structural features
including veins, dykes, cleavage, and shears are noted and
measured. The core is then described and transcribed in MX
Deposit™. Drill holes were planned using Leapfrog Geo™ and
QGIS™ software and data from the 2017-2022 exploration
campaigns. Drill core containing quartz breccia, stockwork, veining
and/or sulphide(s), or notable alteration are sampled in lengths of
0.5 to 1.5 meters. Core samples are cut lengthwise in half,
one-half remains in the box and the other half is inserted in a
clean plastic bag with a sample tag. Standards, blanks and
duplicates were added in the sample stream at a rate of 10%.
Grab, channels, chip and talus samples were
collected by foot with helicopter assistance. Prospective areas
included, but were not limited to, proximity to MINFile locations,
placer creek occurrences, regional soil anomalies, and potential
gossans based on high-resolution satellite imagery. The rock grab
and chip samples were extracted using a rock hammer, or hammer and
chisel to expose fresh surfaces and to liberate a sample of
anywhere between 0.5 to 5.0 kilograms. All sample sites were
flagged with biodegradable flagging tape and marked with the sample
number. All sample sites were recorded using hand-held GPS units
(accuracy 3-10 meters) and sample ID, easting, northing, elevation,
type of sample (outcrop, subcrop, float, talus, chip, grab, etc.)
and a description of the rock were recorded on all-weather paper.
Samples were then inserted in a clean plastic bag with a sample tag
for transport and shipping to the geochemistry lab. QA/QC samples
including blanks, standards, and duplicate samples were inserted
regularly into the sample sequence at a rate of 10%.
All samples are transported in rice bags sealed
with numbered security tags. A transport company takes them from
the core shack to the ALS labs facilities in North Vancouver. ALS
is either certified to ISO 9001:2008 or accredited to ISO
17025:2005 in all of its locations. At ALS samples were processed,
dried, crushed, and pulverized before analysis using the ME-MS61
and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is
digested with perchloric, nitric, hydrofluoric and hydrochloric
acids. The residue is topped up with dilute hydrochloric acid and
analyzed by inductively coupled plasma atomic emission
spectrometry. Overlimits were re-analyzed using the ME-OG62 and
Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume
of sample is needed (typically 1-3kg). The sample is crushed and
screened (usually to -106 micron) to separate coarse gold particles
from fine material. After screening, two aliquots of the fine
fraction are analysed using the traditional fire assay method. The
fine fraction is expected to be reasonably homogenous and well
represented by the duplicate analyses. The entire coarse fraction
is assayed to determine the contribution of the coarse gold.
The reader is cautioned that grab samples are
spot samples which are typically, but not exclusively, constrained
to mineralization. Grab samples are selective in nature and
collected to determine the presence or absence of mineralization
and are not intended to be representative of the material
sampled.
About Goliath Resources
Limited
Goliath Resources Limited is an explorer of
precious metals projects in the prolific Golden Triangle of
northwestern British Columbia and Abitibi Greenstone Belt of
Quebec. All of its projects are in world class geological settings
and geopolitical safe jurisdictions amenable to mining in
Canada.
For more information please
contact: Goliath Resources Limited Mr. Roger
Rosmus Founder and CEO Tel:
+1-416-488-2887roger@goliathresources.com
www.goliathresourcesltd.com
* Widths are reported in drill core lengths and
the true widths are estimated to be 80-90% and AuEq metal values
are calculated using: Au 1644.08 USD/oz, Ag 19.23 USD/oz, Cu 3.47
USD/lbs, Pb 1870.50 USD/ton and Zn 2882.50 USD/ton on October 28,
2022. There is potential for economic recovery of gold, silver,
copper, lead, and zinc from these occurrences based on other mining
and exploration projects in the same Golden Triangle Mining Camp
where Goliath’s project is located such as the Homestake Ridge Gold
Project (Auryn Resources Technical Report, Updated Mineral Resource
Estimate and Preliminary Economic Assessment on the Homestake Ridge
Gold Project, prepared by Minefill Services Inc. (Bothell,
Washington), dated May 29, 2020. Here, AuEq values were calculated
using 3-year running averages for metal price, and included
provisions for metallurgical recoveries, treatment charges,
refining costs, and transportation. Recoveries for Gold were 85.5%,
Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be
assumed that Zinc can be recovered with the Copper at the same
recovery rate of 74.6%. The quoted reference of metallurgical
recoveries is not from Goliath’s Golddigger Project, Surebet Zone
mineralization, and there is no guarantee that such recoveries will
ever be achieved, unless detailed metallurgical work such as in a
Feasibility Study can be eventually completed on the Golddigger
Project.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange), nor the OTCQB Venture Market
accepts responsibility for the adequacy or accuracy of this
release.
Certain statements contained in this press
release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of
the words "could", "intend", "expect", "believe", "will",
"projected", "estimated" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on Goliath’s
current belief or assumptions as to the outcome and timing of such
future events. Actual future results may differ materially. In
particular, this release contains forward-looking information
relating to, among other things, the ability of Company to complete
the financings and its ability to build value for its shareholders
as it develops its mining properties. Various assumptions or
factors are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to Goliath. Although such statements are based on
management's reasonable assumptions, there can be no assurance that
the proposed transactions will occur, or that if the proposed
transactions do occur, will be completed on the terms described
above.
The forward-looking information contained in
this release is made as of the date hereof and Goliath is not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
This announcement does not constitute an offer,
invitation, or recommendation to subscribe for or purchase any
securities and neither this announcement nor anything contained in
it shall form the basis of any contract or commitment. In
particular, this announcement does not constitute an offer to sell,
or a solicitation of an offer to buy, securities in the United
States, or in any other jurisdiction in which such an offer would
be illegal.
The securities referred to herein have not been
and will not be will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or
any state securities laws and may not be offered or sold within the
United States or to or for the account or benefit of a U.S. person
(as defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT
CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN.
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