Mr. Roger Rosmus reports

VISIBLE GOLD IN GOLIATH'S FIRST DRILL HOLE OF 2023 AT GOLDEN GATE FEEDER ZONE, SUREBET EXTENSION - REMAINS WIDE OPEN - GOLDEN TRIANGLE, B.C.

Goliath Resources Ltd. has identified 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-per-cent-controlled Golddigger property covering 59,089 hectares in the Golden Triangle in British Columbia.

Initial 2023 drill campaign highlights:

• Visible gold has been identified in GD-23-111, the first hole of 2023 at a depth of 33.13 metres from pad TS-1. The occurrence of visible gold strongly indicates the potential for very high-grade gold intervals in a zone dubbed the Golden Gate feeder zone.
• The first pad of the 2023 season was chosen based on snow conditions and the first hole was targeted to test the mineralization extension of the Surebet zone and Bonanza shear, an approximately 250-metre stepout to the northeast of 2022 drill intercepts from pad A.
• Hole GD-23-111, collared from pad TS-1, intersected a 36.98-metre interval of sulphide mineralization characterized by veins, stringers and patches of semi-massive pyrrhotite (up to 2 per cent) with minor sphalerite (up to 1 per cent) in quartz stockwork and breccia from 92.70 to 129.68 metres within the sedimentary units. This interval is followed by a second interval of 44.32 metres of altered andesite from 129.68 to 174.00 metres, which contains stringers and semi-massive patches of sulphides (mainly pyrrhotite up to 1 per cent and sphalerite up to 1 per cent).
• 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 metres, further suggesting the presence of a potential porphyry feeder source at depth.
• The Golden Gate feeder zone is a high-grade gold mineralization zone located at the transition between the Surebet zone and the Extension zone. It is characterized by high-grade and wide intercepts of gold mineralization where several structures that act as potential fluid conduits meet.
• Visible gold was also identified and reported in 2022 from hole GD-22-49 at a depth of 116.50 metres. This hole is also located in the Golden Gate feeder zone, resulting in a 166-gold-equivalent-gram value intersecting 21.30 grams per tonne gold equivalent (20.46 grams per tonne gold and 40.06 grams per tonne silver) over 7.77 metres, including 27.55 g/t AuEq (26.47 g/t Au and 51.55 g/t Ag) over 6.00 metres.

2023 drill plan:

• The 2023 drill campaign includes 70 holes from 21 separate drill pad locations with four diamond drill rigs for approximately 18,000 metres, including a maiden drill program at the newly discovered high-grade Goldswarm zone, located four kilometres on strike to the north of Surebet that is believed to part of the same mineralizing system feeding Surebet.
• 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 and test with deep holes for a porphyry feeder source at depth that is believed could be the source of the high-grade gold-silver mineralization discovered to date;
  • Maiden drill program at the new Goldswarm zone discovery four km along strike to the north of Surebet zone with 650 metres of vertical relief. It has similar mineralization and structures exposed at surface, where channel cuts assayed up to 29.70 g/t Au over 0.55 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 Au (29.7 ounces per ton Au), 3,023 g/t silver (97.19 ounces per ton 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 additional high-grade targets, currently an area of eight km by 3.5 km that remains wide open;
  • Prospect the 53 km of the Red Line located on the Golddigger property, which envelops 59,089 hectares, the vast majority of which remains unexplored; vast areas of newly exposed outcrop due to glacial and snowpack abatement provide for excellent additional discovery potential.
• New high-priority exploration targets with the focus on developing new drill targets within and beyond the Surebet corridor provide excellent discovery potential. Targets include:
  • Ace In The Hole -- 509 parts per billion BLEG (bulk leach extractable gold) sampled (99th 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 ounces per ton 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 AuEq 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 ice fields 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 intersected broad high-grade intervals of gold-silver mineralization over a 1.6-square-kilometre area drilled in 2021/2022, confirming strong gold mineralization and demonstrating the continuity of this newly discovered large gold system that remains open;
• 10 out of 56 drill holes (approximately 20 per cent) from the Surebet zone horizon intersected greater than 76 AuEqgm, inclusive of five drill holes (approximately 10 per cent) intersecting greater than 138 AuEqgm and up to 273 AuEqgm;
• The current Surebet zone and Bonanza shear modelled areas are 5.5 million cubic metres (average of 6.88 metres of 6.31 g/t AuEq) and greater than 13 million cubic metres (average of 5.31 metres of 2.7 AuEq), respectively;
• 273 AuEqgm 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 AuEqgm 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 AuEqgm 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 AuEqgm 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 AuEqgm 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;
• 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-micrometre 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 with 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 transecting the Golddigger property with vast areas of new outcrop to prospect as a result of glacial and snowpack abatement, providing for excellent additional upside discovery potential.

The first hole of the season, GD-23-111, collared from pad TS-1 and approximately 250 metres stepout 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 metres. A 36.98-metre interval of sulphide mineralization characterized by veins, stringers and patches of semi-massive pyrrhotite (up to 2 per cent) with minor sphalerite (up to 1 per cent) in quartz stockwork and breccia with intense epidote-chlorite alteration and silicification occurs from 92.70 to 129.68 metres within the sedimentary units. This interval is followed by a second interval of 44.32 metres of altered andesite from 129.68 to 174.00 metres, which contains stringers and semi-massive patches of sulphides (mainly pyrrhotite up to 1 per cent and pyrite up to 1 per cent). 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 metres, 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, with which 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 flotation of 92.2 per cent gold, 86.5 per cent silver, 94.2 per cent lead and 96.9 per cent zinc into a concentrate weighing just 11.9 per cent of the original sample mass. Gravity recovery alone captured 48.8 per cent of gold and 10.3 per cent of silver in a product weighing just 1.47 per cent of the original sample mass. This indicates that a processing scheme employing early gravity recovery should produce considerable gold in the form of dore bars. Gravity recovery is generally accepted to be the most cost-effective means of gold recovery in the mining industry.

Roger Rosmus, founder and chief executive officer of Goliath Resources, stated: "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[n] approximately 250-metre stepout 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 approximately 18,000-metre 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 four 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, totalling 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 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 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 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-kilometre of mineralized strike exposed at surface and 1.1 km of mineralized downdip extent exposed at surface with 700 metres of vertical relief.

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, which 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 through the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometres from Terrace and 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 of 16,000) provides access to railway, major highways and airport with supplies (food, fuel and lumber) while the town of Prince Rupert (population of 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 Resource 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 reorientated, metreage blocks are checked, metre marks are labelled, recovery and RQD (rock quality designation) 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 and 2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 metre 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.

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 kilogram 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 (Global Positioning System) units (accuracy three to 10 metres) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip or grab) 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. Quality assurance/quality control samples, including blanks, standards and duplicate samples were inserted regularly into the sample sequence 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 lab 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 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 metal 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 geopolitically safe jurisdictions amenable to mining in Canada.

We seek Safe Harbor.