Mr. Roger Rosmus reports

GOLIATH DRILLS VISIBLE GOLD AND 12.47 METERS OF HIGHLY MINERALIZED QUARTZ-SULPHIDE-RICH BRECCIA AT SUREBET GOLDEN GATE FEEDER ZONE, GOLDEN TRIANGLE, B.C.

Goliath Resources Ltd. has drilled visible gold and 12.47 metres of highly mineralized quartz-sulphide-rich breccia from hole GD-23-133 within the Surebet Golden Gate feeder zone at its 100-per-cent-controlled Golddigger property in the Golden Triangle in British Columbia. This intercept is interpreted to be a splay from the Bonanza shear, which remains open. Visible gold has been reported from a total of six holes drilled to date within the Surebet Golden Gate feeder zone, inclusive of GD-22-49, GD-22-58, GD-23-111, GD-23-118, GD-23-126 and GD-23-133.

Highlights:

• Approximately a one-millimetre nugget of visible gold was intercepted at 71.42 metres in a mineralized quartz-sulphide-rich breccia interpreted to be a splay from the Bonanza shear within the Surebet Golden Gate feeder zone.
• GD-23-133 collared from pad TS-3 intersected 12.47 metres of highly mineralized quartz-sulphide-rich breccia containing galena-sphalerite-pyrrhotite from 27.4 to 39.87 metres (located 125 metres to the southeast of pad A; 2022 drill season). A second quartz-sulphide-rich breccia interval was intercepted between 70.73 and 71.9 metres, hosted by altered intermediate volcanic rocks, which contained pyrrhotite-galena-sphalerite-pyrite. Within this interval, a one-millimetre nugget of visible gold was identified at a 71.42-metre depth.
• This is the fourth hole of the 2023 season from within the Surebet Golden Gate feeder zone to intercept visible gold inclusive of significant widths of highly mineralized quartz-sulphide-rich breccia.
• This is the sixth hole containing visible gold from within the Surebet Golden Gate feeder zone, including GD-22-49 and GD-22-58 (drilled in 2022; assays herein) and GD-23-111, GD-23-118 and GD-23-126 (drilled in 2023).

2022 visible gold hole assays -- Surebet Golden Gate feeder zone:

• GD-22-58 had a 273 gold-equivalent-gram value intersecting visible gold and 24.80 grams per tonne gold equivalent (22.03 grams per tonne gold and 127.62 grams per tonne silver) over 11.00 metres, including 38.70 grams per tonne gold equivalent (34.42 grams per tonne gold and 197.45 grams per tonne silver) over 7.00 metres and 44.47 grams per tonne gold equivalent (39.60 grams per tonne gold and 224.10 grams per tonne silver) over 6.07 metres located in the Golden Gate feeder zone from 2022.
• GD-22-49 had a 166 gold-equivalent-gram value intersecting visible gold and 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 grams per tonne gold equivalent (26.47 grams per tonne gold and 51.55 grams per tonne silver) over 6.00 metres, located in the Golden Gate feeder zone from 2022.

Hole GD-23-133 (assays pending) was collared from pad TS-3 and intersected 12.47 metres of highly mineralized quartz-sulphide-rich breccia containing galena (up to 10 per cent), sphalerite (up to 15 per cent) and pyrrhotite (up to 20 per cent) from 27.4 to 39.87 metres (located 125 metres to the southeast of pad A; 2022 drill season). A second mineralized quartz-sulphide-rich breccia interval was recognized between 70.73 and 71.9 metres, hosted by altered intermediate volcanic rocks, which contained pyrrhotite (up to 5 per cent), galena (up to 5 per cent), sphalerite (up to 3 per cent) and pyrite (up to 1 per cent). Within this interval, a one-millimetre nugget of visible gold was identified at a 71.42-metre 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/or 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.

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, where there is permitted mill site on private property. Its 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. He has 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 are 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 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 and 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 of three to 10 metres) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip and 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 the 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.