Mr. Roger Rosmus reports

GOLIATH MOBILIZES FOR 18,000 METRES OF DRILLING INCLUDING MAIDEN DRILL PROGRAM ON NEWLY DISCOVERED GOLDSWARM ZONE AT GOLDDIGGER PROJECT, GOLDEN TRIANGLE, B.C.

Goliath Resources Ltd. has mobilized for an aggressive 2023 exploration and drilling campaign and is planning on 18,000 metres of diamond drilling including a maiden drill program on its newly discovered Goldswarm zone at its 100-per-cent-controlled Golddigger project. This project is on tidewater in a world-class geological setting near Stewart, in the Golden Triangle of British Columbia with infrastructure nearby. The Homestake Ridge deposit and Dolly Varden silver mine (Dolly Varden Silver Corp.), and the Kinskuch project (Hecla Mining Company) are in close proximity.

• The 2023 drill campaign includes 70 holes from 21 separate drill pad locations with four diamond drill rigs for a planned 18,000 metres;
• This drilling/exploration season will focus on new discoveries and further upside potential:
  • Expand the footprint and higher-grade mineralized areas of the Surebet zone and Bonanza shear.
• Expand the footprint of the Surebet Extension to the northeast and southeast;
• Maiden drill program at the Goldswarm zone discovery four kilometres along strike to the north of the Surebet zone having similar mineralization and structures exposed at surface where channel cuts assayed up to 29.70 grams per tonne Au over 0.55 metre, 25.1 g/t Au over 0.40 metre and grabs up to 54.3 g/t Au;
• Drill test Surebet's extensive porphyry feeder source confirmed by Colorado School of Mines within the newly identified high-grade Golden Gate feeder zone where angular float samples assayed up to 924.4 g/t gold (29.7 ounces per ton Au), 3,023 g/t silver (97.19 oz/t Ag), 0.05 per cent copper, 12.59 per cent lead and 4.11 per cent zinc;
• Follow-up exploration within the newly discovered mineralized Surebet corridor for the development of new high-grade 2024 drill targets; currently an area of eight km by 3.5 km that remains open;
• New high-priority targets for follow-up in the Surebet corridor providing additional upside for new discovery potential include:
  • Ace in the Hole, 509 parts per billion Au BLEG sampled (99 percentile), four km south on trend with the Surebet zone;
  • Humdinger, 42.92 ppb Au BLEG sampled, 1,800 metres south across valley on trend with the Surebet Extension;
  • Sunrise, 42.74 ppb Au BLEG sampled, 2.3 km east of Goldswarm zone;
  • Payday showing, three oz/t Au grab sample, 2.2 km west of Goldswarm zone;
  • Jackpot showing, 44.9 g/t Au over one-metre chip 4.6 km northeast of Goldswarm zone;
  • Anaconda vein, 22.83 g/t gold equivalent over two-metre channel with 2.3 km of strike and 600 metres of vertical relief, 15 km west of Surebet zone;
  • Mastodon showing, 11 g/t Au grab sample, seven km west of Surebet zone;
  • Surething, 5,160 ppb Ag from BLEG, four km north of Goldswarm zone;
  • Newly exposed outcrops at surface seen within the rapidly melting icefields to the north and on trend of Surebet zone along 53 km of the Red Line.
• Surebet highlights from 2021 and 2022:
  • 89 of 92 (or 97 per cent) widely spaced diamond drill holes over a 1.6-square-kilometre area drilled in 2021 and 2022 intersected broad high-grade intervals of gold-silver mineralization confirming strong gold mineralization and demonstrating the continuity of this newly discovered large gold system that remains open;
  • 273 gram-metres AuEq result from drill hole GD-22-58 at South Cliff stepout pad contained visible gold and intersected 24.80 g/t AuEq (22.03 g/t Au and 127.62 g/t Ag) over 11.00 metres*, including 38.70 g/t AuEq (34.42 g/t Au and 197.45 g/t Ag) over 7.00 metres* and 44.47 g/t AuEq (39.60 g/t Au and 224.10 g/t Ag) over 6.07 metres*.
  • 228 gram-metres AuEq result from drill hole GD-21-03 at Cliff pad intersected 6.37 g/t AuEq (4.46 g/t Au and 122.13 g/t Ag) over 35.72 metres*, including 31.88 g/t AuEq (24.97 g/t Au and 458.1 g/t Ag) over 4.52 metres*;
  • 166 gram-metres AuEq result from drill hole GD-22-49 at pad A contained visible gold and intersected 21.30 g/t AuEq (20.46 g/t Au and 40.06 g/t Ag) over 7.77 metres*, including 27.55 g/t AuEq (26.47 g/t Au and 51.551 g/t Ag) over 6.00 metres*;
  • 149 gram-metres AuEq result from drill hole GD-22-100 at Pad 13 intersected 13.53 g/t AuEq (12.10 g/t Au and 54.13 g/t Ag) over 11.00 metres*, including 24.56 g/t AuEq (21.98 g/t Au and 97.94 g/t Ag) over 6.00 metres*;
  • 139 gram-metres AuEq result from drill hole GD-22-48 at North Rubble pad intersected 12.61 g/t AuEq (6.98 g/t Au and 441.59 g/t Ag) over 11.00 metres, including 15.37 g/t AuEq (8.42 g/t Au and 537.57 Ag) over 9.00 metres;
  • 10 out of 56 drill holes (about 20 per cent) from the Surebet zone horizon intersected greater than 76 grams AuEq, inclusive of five drill holes (about 10 per cent) intersecting greater than 138 grams AuEq and up to 273 grams AuEq;
  • The current Surebet zone and Bonanza shear modelled areas are 5.5 million cubic metres (average 6.88 metres* at 6.31 g/t AuEq) and over 13 million cubic metres (average 5.31 metres* at 2.7 AuEq) respectively.
• Exceptional metallurgical recoveries of 92.2 per cent gold from gravity and flotation, inclusive of 48.8 per cent free gold from gravity at a 327-micron crush; no deleterious minerals or cyanide required;
• Colorado School of Mines has confirmed an extensive porphyry feeder source at depth for the high-grade gold-silver mineralizing fluids at Surebet providing excellent potential for additional upside drill discovery and expansion at depth;
• Based on 2022 positive grassroots exploration and drill results, Goliath significantly increased its land package from 23,859 hectares to 59,089 hectares, and now controls 56 kilometres of key terrain of the Red Line providing for additional upside discovery potential.

Goliath is planning on drilling 18,000 metres totalling 70 holes from 21 separate drill pads. 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 four 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 metre, 25.1 g/t Au over 0.40 metre and grabs up to 54.3 g/t Au providing additional 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 metres to date. Drilling to date has a 97-per-cent success hit rate as 86 holes of 92 totalling intercepted significant widths of high-grade gold-silver over a 1.6-square-kilometre area at Surebet. This area has one km of mineralized strike exposed at surface and 1.1 km of mineralized down-dip extent exposed at surface with 700 metres of vertical relief.

Roger Rosmus, chief executive officer of Goliath, states: "After many months of extensive and detailed planning in the off-season, we are very pleased to have mobilized for another aggressive drill campaign this year at our high-grade gold-silver Golddigger property. The newly discovered Surebet zone has demonstrated to be a very robust system that is structurally controlled with exceptional continuity and associated with the expansive Bonanza shear that remains open. We have identified several new strong drill targets focused on where we believe are higher-grade zones as well as significantly expanding the footprint size of this system that remains open. This year's drilling will also include a maiden drill program at our newly discovered Goldswarm zone that is on strike with the Surebet discovery four km to the north that could potentially deliver another material drill discovery in 2023. It has similar geology and high-grade mineralized structures exposed at surface we see at Surebet. This year's exploration campaign also includes developing new high-grade drill targets for 2024 with a focus on many newly seen outcrops popping up at surface within the icefields located in the northern region of our significantly expanded property area. These could provide for additional upside discovery potential in the years to come. The Golddigger property is in a geo-political safe mining jurisdiction and key geologic setting where many world-class deposits have been discovered. We look forward to reporting our 2023 exploration and drilling results as they are received, compiled and interpreted."

Golddigger property

The Golddigger property is 100 per cent 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 three kilometres 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 tidewater with direct barge access to Prince Rupert (190 kilometres via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometres from Terrace, 300 kilometres 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 seven kilometres to the east of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometres to the south of the Surebet discovery) and high-tension power (25 kilometres to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways and airport with supplies (such as food, fuel and lumber), 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, PGeo, is the qualified person as defined by National Instrument 43-101, for Goliath Resources 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 reoriented, metreage blocks are checked, metre marks are labelled, recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dikes, 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 to 2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 metres. 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 per cent. 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 International Organization for Standardization 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 reanalyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically one to three kilograms). The sample is crushed and screened (usually to minus 106 microns) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analyzed 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 Ltd.

Goliath Resources 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.

* Widths are reported in drill core lengths and the true widths are approximately 80 to 90 per cent and AuEq metal values are calculated using: Au $1,644.08 (U.S.) per ounce, Ag $19.23 (U.S.)/oz, Cu $3.47 (U.S.)/pound, Pb $1,870.50 (U.S.)/ton and Zn $2,882.50 (U.S.)/ton on Oct. 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, Wash.), dated May 29, 2020). Here, AuEq values were calculated using three-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs and transportation. Recoveries for gold were 85.5 per cent, silver at 74.6 per cent, copper at 74.6 per cent and lead at 45.3 per cent. It will be assumed that zinc can be recovered with the copper at the same recovery rate of 74.6 per cent. 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.

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