Mr. Roger Rosmus reports

GOLIATH DRILLS VISIBLE GOLD IN MULTIPLE HOLES OVER 1.5 KM AND DISCOVERS NEW STRONGLY MINERALIZED 6.5 KM TREND CONTAINING MULTIPLE SHEAR ZONES, REMAINS OPEN, GOLDEN TRIANGLE, B.C.

Goliath Resources Ltd. has drilled visible gold in multiple holes over 1.5 kilometres and has discovered a brand new strongly mineralized 6.5-kilometre trend containing multiple stacked shears. All 12 holes (out of 70 planned holes) drilled to date during the 2023 season have intersected the strongly mineralized Surebet zone and/or the Bonanza shear on the Surebet discovery at its 100-per-cent-controlled Golddigger property, Golden Triangle, British Columbia.

2023 drill campaign highlights:

• Several grains of visible gold have been identified over multiple metres in three out of five holes completed in the Golden Gate feeder zone (GD-23-118, GD-23-126 and GD-23-111) and in one out of two holes completed on the Surebet blowout on the north slope (GD-23-122); assays pending.
• Hole GD-23-118 has multiple occurrences of visible gold over 1.51 metres at 64.53 metres, 65.97 metres and 66.04 metres depth, respectively, in what is interpreted to be the northeast extension of the Bonanza shear.
• Hole GD-23-118, collared from Pad TS-1 (located 100 metres to the northeast of Pad A, 2022 drill season), intersected visible gold, as well as several mineralized quartz-breccia zones, with the most prominent quartz-breccia interval extending for 16.80 metres from 62.51 to 79.31 metres. The mineralized interval contains stringers and semi-massive patches of sulphides (mainly pyrrhotite up to 3 per cent, galena up to 1 per cent and sphalerite up to 1 per cent). The hole is characterized by interbedded mudstone and siltstone units above the mineralized zone and altered andesite in the sections below the mineralized zone.
• Hole GD-23-122 intercepted multiple grains of visible gold at 1.98 metres depth in a near-surface mineralized quartz-breccia in the top part of the hole.
• Hole GD-23-122, collared from Pad D2-1 (located at the Surebet blowout on the north slope 1.5 kilometres (km) to the northwest of Pad A, 2022 drill season), intersected visible gold and 18.73 metres of a near-surface sulphide-mineralized section of quartz-breccia from one to 19.73 metres. A deeper mineralized quartz-breccia and stockwork section was intersected from 88.37 metres to 89.54 metres (1.17 metres) corresponding to the modelled Surebet zone. Sulphide mineralization consists of stringers and local semi-massive lenses of pyrrhotite (up to 10 per cent), sphalerite (up to 3 per cent) and galena (up to 2 per cent).
• Hole GD-23-117, collared from Pad D2-1 (located on the north slope 1.5 km to the northwest of Pad A, 2022 drill season), intersected a sulphide mineralized quartz-breccia hosted in the sediments over 13.9 metres at a shallow depth from 2.80 to 16.70 metres. This is followed by strongly folded interbedded sandstones and mudstones to a depth of 176.10 metres. Below the sedimentary package, lie volcanic units that at 221.00 metres depth transition to plutonic rocks. The best expressions of mineralization hosted within the volcanics is found in altered andesite over 3.45 metres from 108.00 to 111.45 metres, where the mineralization consists of massive pyrrhotite locally reaching concentration up to 10 per cent.
• Hole GD-23-126 has contains multiple grains of visible gold up to 1.6 millimetres in size between 36.50 metres and 37.20 metres.
• Hole GD-23-126 collared from Pad D1-1 (located 500 metres to the northwest of Pad A, 2022 drill season), is still continuing. A first look revealed that the hole intersected several sulphide-mineralized quartz-breccia zones characterized by Surebet-style mineralization consisting of semi-massive to massive galena and sphalerite, including a near surface zone where visible gold was identified.
• Visible gold has previously been reported and identified in the first hole of 2023 (GD-23-111) at a shallow depth of 33.23 metres. The occurrence of visible gold indicates the potential for very high-grade gold intervals in the Golden Gate feeder zone.
• All 12 holes (out of 70 planned holes) drilled to date during the 2023 season have intersected the strongly mineralized Surebet zone and/or the Bonanza shear containing galena and sphalerite mineralization. Three of these holes contain multiple metres of visible gold; two holes from 2022 also contained visible gold that assayed high-grade gold mineralization with values up to 273 gold equivalent (AuEq) gram metres.
• The Golden Gate feeder zone is a zone of high-grade gold mineralization located at the transition between the Surebet zone and the Extension zone and is characterized by high-grade, wide intercepts of gold mineralization where several structures that act as potential fluid conduits meet.
• The main mineralized intervals intercepted in all holes from Pad TS-1 are interpreted to be the northeast extension of the Bonanza shear that defines the contact between the sedimentary units and the underlying volcanic units.
• Visible gold was reported in hole GD-22-49 drilled in 2022 that is located roughly 250 metres south of Pad TS-1. It is also located in the Golden Gate feeder zone and has a 166 AuEq gram metre value intersecting 21.30 grams per tonne (g/t) AuEq (20.46 g/t gold (Au) and 40.06 g/t silver (Ag)) over 7.77 metres, including 27.55 g/t AuEq (26.47 g/t Au and 51.55 g/t Ag) over six metres.
• Visible gold was previously reported in hole GD-22-58 drilled in 2022 at the South Cliff stepout pad. It had a 273 AuEq gram metre result intersecting 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 seven metres and 44.47 g/t AuEq (39.60 g/t Au and 224.10 g/t Ag) over 6.07 metres.

Goldswarm discovery update:

• Drilling commenced July 1 on the New Goldswarm discovery with 12 holes from four drill pads. The inaugural drill program is designed to target a high-grade gold quartz-breccia outcrop that is exposed for 800 metres with 650 metres of vertical relief that remains open. Channel samples from the mineralized quartz-breccia assayed up to 29.70 g/t Au over 0.55 metre and grab samples assayed up to 54.3 g/t Au.

Reconnaissance prospecting update:

• The program has recently begun and has already resulted in the discovery of a new shear zone referred to as Full House. Surebet-style mineralization containing galena and sphalerite in this new shear zone can be traced sporadically outcropping at surface over 1.5 kilometres with a broader trend of stacked shears traced for 6.5 kilometres and it remains wide open. Prospecting on the new Full House discovery remains continuing.
• This new discovery is believed to be connected to the same high-grade feeder source at depth below Surebet and Goldswarm. This demonstrates tremendous discovery potential on the Golddigger property along 56 kilometres of the Red Line.
• The reconnaissance program is planned to run through early September with an eight-man team putting boots on the ground, focusing on 85 targets generated from an extensive internal data set within vast areas of newly exposed bedrock due to snowpack recession and glacial abatement.

2023 drill plan:

• Four drill rigs are currently turning on the Golddigger property.
• The 2023 drill campaign includes 70 holes from 21 separate drill pad locations with four diamond drill rigs for approximately 20,000 metres, including a maiden drill program at the newly discovered high-grade Goldswarm zone which is four km 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 to be the source of the high-grade gold silver mineralization discovered to date;
  • Maiden drill program at the new Goldswarm zone discovery with 650 metres of vertical relief and four km along strike to the north of the Surebet zone that 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 assayed up to 54.3 g/t Au;
  • Drill test Surebet's extensive porphyry feeder source confirmed by the 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 (oz/t) Au), 3,023 g/t Ag (97.19 oz/t Ag), 0.05 per cent Cu, 12.59 per cent lead (Pb) and 4.11 per cent zinc (Zn);
  • Follow-up exploration within the newly discovered mineralized Surebet corridor for the development of additional high-grade drill targets for 2023; currently an area of eight km by 3.5 km that remains wide open;
  • Prospect the 56 km of the Red Line located on the Golddigger property which comprises 59,089 hectares, the majority of which remains unexplored and 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 (ppb) 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 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 icefields to the north and on trend with Surebet zone along 56 km of the Red Line.

Surebet highlights from 2021 and 2022:

• Eighty-nine 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.
• Ten out of 56 drill holes (approximately 20 per cent) from the Surebet zone horizon intersected greater than 76 AuEq gram metres inclusive of five drill holes (approximately 10 per cent) intersecting greater than 138 AuEq gram metres and up to 273 AuEq gram metres.
• 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.
• Two hundred seventy-three AuEq gram metre 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 seven metres and 44.47 g/t AuEq (39.60 g/t Au and 224.10 g/t Ag) over 6.07 metres.
• Two hundred twenty-eight AuEq gram metre 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.
• One hundred sixty-six AuEq gram metre 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 six metres.
• One hundred forty-nine AuEq gram metre 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 six metres.
• One hundred thirty-nine AuEq gram metre 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 g/t Ag) over nine 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 microm 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 grass roots 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.

Visible gold has been intersected over 1.51 metres from hole GD-23-118 from Pad TS-1; at 64.53 metres, 65.97 metres and 66.04 metres depth, respectively, as well as from hole GD-23-122 collared from Pad D2-1 at 1.98 metres depth in hole and GD-23-126 collared from Cliff pad. Visible gold has been previously reported from three other holes: GD-22-49, GD-22-58 and GD-23-111 (first hole of 2023).

Roger Rosmus, founder and chief executive officer of Goliath Resources, states:

"Getting news of additional holes containing visible gold this year is certainly keeping the enthusiasm high for what's left to come this season. The fact that we have visible gold in holes this year from GD-23-111, GD-23-118, GD-23-122 and GD-23-126 has exceeded our expectations and further confirms our hypothesis of a very large feeder system at depth. It appears the Surebet discovery is just the tip of the iceberg confirmed by the brand new discovery of the 1.5 km of mineralized shear at Full House located within a larger 6.5-kilometre strongly mineralized trend of stack shears. Eighty-five new targets remain to be tested this season. We look forward to reporting assays once received, compiled and interpreted."

Hole GD-23-117, collared from Pad D2-1 (located on the north slope 1.5 km to the northwest of Pad A, 2022 drill season), intersected a sulphide mineralized quartz-breccia over 13.9 metres at a shallow depth from 2.80 to 16.70 metres. This is followed by strongly folded interbedded sandstones and mudstones to a depth of 176.10 metres. Below the sedimentary package lie volcanic units that at 221.00 metres depth transition to plutonic rocks. The best expressions of mineralization hosted within the volcanics is found in altered andesite over 3.45 metres from 108.00 to 111.45 metres, where the mineralization consists of massive pyrrhotite locally reaching concentration up to 10 per cent.

Hole GD-23-118, collared from Pad TS-1 (located 100 metres to the northeast of Pad A, 2022 drill season), intersected multiple flakes of visible gold in sulphide-bearing quartz veins hosted in strongly folded siltstone-dominant sedimentary units at 64.53 metres, 65.97 metres and 66.04 metres depth. The hole is characterized by interbedded mudstone and siltstone units in the upper part and altered andesite in the lower sections. Several mineralized quartz-breccia zones have been intersected, with the most prominent quartz-breccia interval extending for 16.80 metres from 62.51 to 79.31 metres, interpreted to be the Bonanza shear, a strongly mineralized transition zone from sediments to volcanic units. The mineralized interval contains stringers and semi-massive patches of sulphides (mainly pyrrhotite up to 3 per cent, galena up to 1 per cent and sphalerite up to 1 per cent).

Hole GD-23-122, collared from Pad D2-1 (located at the Surebet blowout on the north slope 1.5 km to the northwest of Pad A, 2022 drill season), intersected 18.73 metres of a near-surface sulphide-mineralized section of quartz-breccia from one metre to 19.73 metres and a deeper mineralized quartz-breccia and stockwork section from 88.37 metres to 89.54 metres (1.17 metres) corresponding to the modelled Surebet zone. Sulphide mineralization consists of stringers and local semi-massive lenses of pyrrhotite (up to 10 per cent), sphalerite (up to 3 per cent) and galena (up to 2 per cent).

Hole GD-23-126, collared from Pad D1-1 (located 500 metres to the northwest of Pad A, 2022 drill season), contains multiple grains of visible gold up to 1.6 millimetre in size between 36.50 and 37.20 metres; it is still continuing. A first look revealed that the hole intersected several sulphide-mineralized quartz-breccia zones characterized by Surebet-style mineralization consisting of semi-massive to massive galena and sphalerite, including a near surface zone where visible gold was identified.

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. The occurrence of visible gold has previously been independently confirmed in 2022 by the Colorado School of Mines with whom the company is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at Surebet.

The continued 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. Overall recoveries through gravity and floatation of 92.2 per cent gold, 86.5 per cent silver, 94.2per cent lead and 96.9per cent zinc into a concentrate weighing just 11.9per 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 1.47per 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.

Drilling commenced July 1 on the New Goldswarm discovery and Goldswarm extension with 12 holes from four drill pads. The inaugural drill program was designed to target a high-grade gold quartz-breccia outcrop that is exposed for 800 metres with 650 metres of vertical relief that remains open. Channel samples from the mineralized quartz-breccia assayed up to 29.70 g/t Au over 0.55 metre and grab samples assayed up to 54.3 g/t Au.

Goliath is working on 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 and Bonanza shear to the east, southeast and northeast. This year's campaign also includes a maiden drill program planned at the newly discovered Goldswarm zone located four km along strike to the north of Surebet, that contains similar mineralization and structures as Surebet exposed at surface. At Goldswarm 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 assayed up to 54.3 g/t Au. This additional target provides tremendous potential for a new drill discovery in 2023.

The maiden drill campaign in 2021 at the Golddigger property and follow-up drill program in 2022 combined resulted in a total of 31,652 metres drilled. Drilling completed during the first two seasons had a 97-per-cent success hit rate as 86 holes out of 92 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 downdip extent exposed at surface with 700 metres of vertical relief.

Reconnaissance prospecting update

The program has just begun and has already resulted in the discovery of a new zone referred to as Full House. Surebet-style mineralization containing galena and sphalerite in new shear zones discovered outcropping at surface and traced sporadically over at least 1.5 kilometres with a broader trend of stacked shears traced for 6.5 kilometres and remains wide open. Prospecting on the new Full House discovery remains continuing. This new discovery is believed to be connected to the same high-grade feeder source at depth below Surebet and Goldswarm, all demonstrating the untapped remaining discovery potential on the Golddigger property along 56 kilometres of the Red Line that is largely unexplored. The reconnaissance program is planned to run through early September with an eight-man team putting boots on the ground, focusing on 85 targets generated from an extensive internal data set within vast areas of newly exposed bedrock due to snowpack recession and glacial abatement.

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 where there is permitted mill site on private property. It is 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, 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 (food, fuel, lumber and more), 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 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 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 are 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.

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 five 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 three to 10 metres) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab and more) 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 (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 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 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 kg). The sample is crushed and screened (usually to minus 106 micron) 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.

We seek Safe Harbor.