Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report a summary overview
of the diamond drilling of over 34,000 meters from 124 holes and
exploration results during the 2023 season at its 100% controlled
Golddigger Property (the “Property”), Golden Triangle, British
Columbia. Inclusive of this exploration season, there has been over
65,000 meters of diamond drilling to date from 234 holes.
Quinton Hennigh, Technical and Geologic
Director of strategic shareholder, Crescat Capital,
commented: “In 2023, Goliath successfully completed one of the most
aggressive exploration campaigns of any company in the junior
mining space. Their approximately 34,000 meters of drilling has now
more fully fleshed out the Surebet Zone and has also proven that
there is a robust stacked lode system here including the expansive
Bonanza Shear and newly discovered Golden Gate Zone. In addition,
Goliath’s field teams have identified a plethora of new high-grade
quartz-sulphide lodes similar in nature to Surebet scattered across
the vast Golddigger project, all ready for drilling in 2024. Given
there is a considerable inventory of core being assayed at the lab,
including several notable vein intercepts containing appreciable
visible gold, we have a lot of results to look forward to.”
“We are extremely proud of our entire team who
all stepped up to the plate to make this years program one to
remember for the books,” stated Roger Rosmus, Founder
& CEO of Goliath Resources; further he stated:
“The fact Goliath has been able to outline such a large robust
high-grade gold-silver system within only a total of 10 months of
cumulative diamond drilling and exploration time, is a very strong
testament to this world-class discovery. The structurally
controlled Surebet discovery continues to demonstrate its
exceptional continuity with over 100 mineralized holes in the
Surebet Zone as well as over 100 mineralized holes in the Bonanza
Shear has substantially increased managements confidence level of
the system. In addition, the new Golden Gate Zone discovery this
year, is a very important development within the Hazelton Volcanics
20 meters below the Bonanza Shear as its possibly showing us the
way to a nearby mineralized feeder source for all these mineralized
zones. We have already announced a 100% drilling hit rate within
Surebet having visible gold in 42% of the holes with up to 4mm gold
nuggets in size. These include several very high grade holes
recently announced that have assayed up to 485 g*m AuEq; we look
forward to additional results.”
Drill Trace Map
Diamond drilling from 2021 to
2023
An accompanying infographic is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/82d480f3-cc59-4364-9000-1aaf7ade9fe9
Updated Model
Based on 2021-2022 diamond drill assays
and preliminary diamond drilling results from 2023
An accompanying infographic is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/a49c81f0-9173-4e2a-a3d9-1c9a32591f52
Management believes the average widths
and grades of this system should increase once all assays are
received, compiled, and interpreted based on the preliminary
results thus far from 2023.
Cross Section
Locations of 7 drill holes assaying 138
g*m AuEq and up to 485 g*m AuEq as well as selected abundant
visible gold drill holes with assays pending.
An accompanying infographic is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/eb7c4c13-32d6-42f5-88d0-7deff370822e
Prospecting Highlights:
Expansion of Surebet Zone-Bonanza
Shear
Five newly discovered mineralized zones were
identified within the Surebet Zone/Bonanza Shear district part of
the Golddigger property. Mineralization in these new prospective
domains consists of Surebet-style quartz-sulphide breccias,
stockworks and veins with variable amounts of semi-massive to
massive, stringers and veinlets of galena, sphalerite and
pyrrhotite greatly expanding the footprint of this high-grade
gold-silver system. Specifically, the Bonanza Shear has been
expanded to the northeast by 1.1 kilometers (outcropping on the
western side of the North Slope at Kahuna), south by 1.4 kilometers
(across the valley from Pad A at Humdinger) and southeast by 2.4
kilometers (along the main creek that drains from Surebet at
Outpost). The Surebet Zone was expanded by 400 meters to southwest
along Real Deal. The mineralized shear zones and veins discovered
at Kahuna, Full House, Outpost, Humdinger and Lower Surebet have
widths of up to 50 meters and extend on surface for up to 2.5
kilometers (see map below).
An accompanying infographic is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/e2714ad9-6245-42e1-881c-3df55d4af9aa
- Full House: it
consists of a series of stacked E-W trending and N dipping
significantly mineralized shear zones sporadically outcropping at
surface over 3 kilometers. They are characterized by Surebet-style
mineralization with massive to semi-massive galena and sphalerite
(see images below). Visible Gold was found in a grab sample on
surface that assayed 113.5 g/t Au and 249.0 g/t Ag at the Payday
showing, located within the upper portion of the Full House trend.
Full House is located 5 km northwest of Surebet and 3.5 km
southwest of Goldswarm. All these zones are believed to be closely
related and have most likely been mineralized by the same extensive
high-grade feeder source located at depth. Channel cuts, grab
samples taken, and two (2) holes were drilled in 2023 at Payday;
assays are pending (see images below). Accompanying infographics
are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/b42e927a-6d8a-4afb-aa40-38bf65d53969https://www.globenewswire.com/NewsRoom/AttachmentNg/c4df693e-c009-4c3a-82c9-7b295a16c173
- Kahuna Zone: a new
600 meter strike extension of the mineralized Bonanza Shear 2
kilometers to the northeast of the Surebet Zone along the eastern
part of the North Slope. Within the Kahuna zone, two additional new
polymetallic quartz-sulphide veins were discovered with up to
10-meter-wide blow-outs containing abundant galena, sphalerite, and
chalcopyrite. Channel cuts, grab samples taken, and five (5) holes
were drilled in 2023 and assays are pending (see image below). An
accompanying infographic is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/8ffe0fee-bd78-4017-8b19-e1af08e09842
- Outpost Zone:
multiple polymetallic quartz-sulphide veins, stockworks, and
breccias have been discovered within sedimentary and volcanic rocks
located 5 kilometers to the southeast of the Surebet Zone. These
veins and breccia zones have been traced over 700 meters in outcrop
and range between 5 and 50 meters in thickness and remain open.
Channel cuts, grab samples taken, and two (2) holes were drilled in
2023 and assays are pending (see images below). Accompanying
infographics are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/ad109549-41c5-491c-bdbc-bd03238f0625https://www.globenewswire.com/NewsRoom/AttachmentNg/1ac62707-a5a0-413e-b6db-50bea5a349c6
- Humdinger Zone:
the Bonanza Shear was traced for 400 meters on surface southeast of
the Surebet Zone and extended towards the west through the Real
Deal Zone. It is projected to continue 1.5 kilometers south across
the valley under the new Humdinger Zone. This zone is characterized
by multiple polymetallic quartz-sulphide veins and stockwork with a
width of approximately 3 meters in the west and increases in width
to over 20 meters in the east that remain open in both directions.
Channel cuts, grab samples taken, and four (4) holes drilled in
2023 and assays are pending (see images below). An accompanying
infographic is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/4f8354b3-2f05-4225-8e3d-961fd3ba4e5e
- Lower Surebet on Real Deal
fault: the Bonanza Shear was traced 400 meters on surface
southwest of the Surebet Zone, extending south along Real Deal.
This zone is characterized by Surebet-style mineralization with
galena and sphalerite within multiple polymetallic quartz-sulphide
veins and stockwork with a width up to 8 meters and remains open in
both directions. Channel cuts, grab samples taken, and four (4)
holes drilled in 2023 and assays are pending (see images below). An
accompanying infographic is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/78d4ef30-2fe3-4de9-9867-a63a6435841e
Golddigger’s Cambria Icefields Claim
Blocks
Four (4) new discovered targets have been
identified in the recently staked claims on Goliath’s Cambria
Icefields Claim Blocks, located between Surebet and the town of
Stewart, B.C. They are showing early signs of a strong mineralizing
system at play and represent extremely prospective drilling targets
for the 2024 season. The mineralized zones in the northern portion
of the Cambria Icefields show geologic indicators of an epithermal
deposit, which could connect Treasure Island on the west with
Metallica and Heavy Hitter on the east. Testing this hypothesis
with the 2024 drilling campaign could result in high-grade
epithermal-style mineralization over an area extending for more
than 20 km (see map below).
An accompanying infographic is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/681ce55d-414e-4b19-9fbd-148ec1bc4610
- Treasure Island:
it consists of new mineralized bedrock outcrops that have been
exposed by glacial melt. This newly discovered mineralized area
shows multiple shear-hosted, polymetallic zones over a 500 meter
long NW-SE trend that remains open in all directions. Mineralized
domains are up to 20 meters wide with sections of massive
chalcopyrite and pyrite occupying shears and forming sulphide-rich
mineralization at structural intersections and embayment zones
within strongly folded and sheared mudstone, siltstone and tuff
units. This discovery is on trend with the past producer Porter
Idaho Mine located 6 kilometers to the west. The area has been
channel cut and mapped in preparation for 2024 drilling; assays are
pending. An accompanying infographic is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/9667ac5b-a359-4345-8b20-870e49de0db7
- Metallica Zone:
situated 29 kilometers east of Stewart on the northeast portion of
the Cambria Icefields. Multiple oxidized quartz-carbonate veins,
stockworks and lenses have been identified within altered andesite.
They contain 1 - 15% sulphides, with zones up to 4 meters wide
containing pyrite with lesser chalcopyrite, sphalerite, and galena
over a 300 by 400 meter area. It has been channel cut and mapped in
preparation for 2024 drilling; assays are pending. An accompanying
infographic is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/6634d508-6827-4afc-abc6-1fd53037772c
- Heavy Hitter: the
2023 reconnaissance exploration program discovered a ~500 meters
wide by 800 meters long Heavy Hitter zone that remains open in all
directions. Strongly gossanous and silicified zones with over 20%
sulphide content hosted in felsic volcanics and pyroclastic rocks,
intruded by later mafic and intrusive dykes. Extensive
silicification has replaced all original rock textures with drusy
and chalcedonic quartz, entrained with abundant fine grained
sulphide. Local brecciation with sulphide-rich matrix cuts through
the silicified zones and shows local concentrations of Pb, Zn and
As. The widespread presence of chalcedonic quartz, host felsic
volcanics and the associated concentration of As suggests the
presence of an epithermal deposit. The area has been channel cut
and mapped in preparation for 2024 drilling; assays are pending. An
accompanying infographic is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/c4085bdd-d82b-4947-896b-1fa928eb2bc7
- Full Contact:
located 19 kilometers northwest of the Surebet Zone. It consists of
a 1.3 kilometer-long gossan in an area of glacial abatement with
multiple silicified zones, quartz veins and shear zones. The area
shares the same geological setting and alteration as Surebet with
mineralization forming around the volcanic – sedimentary contact.
Mineralization consists primarily of pyrite, with lesser
arsenopyrite and sphalerite disseminated within silicified zones,
concentrating in veins and fractures. The area has been channel cut
and mapped in preparation for 2024 drilling; assays are pending.An
accompanying infographic is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/5b9e5e43-d7e8-44b2-a678-c9e78658f6ab
Golddigger Property
The Golddigger Property is 100 % controlled
covering an area of an area of 61,685 hectares (152,427 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 has exceptional metallurgy with gold recoveries
of 92.2% inclusive of 48.8% free gold from gravity alone at a
327-micrometer crush (no deleterious elements and no cyanide
required to recover the gold). Its is in an excellent location
close in proximity to the communities of Alice Arm and Kitsault
where there is permitted mill site on private property. It is
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: +1.416.488.2887
roger@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 the Company to
complete 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.
Goliath Resources (TSXV:GOT)
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