Mr. Roger Rosmus reports

GOLIATH DRILLS UP TO 14.85 G/T GOLD EQUIVALENT OVER 6.00 METERS* AT SUREBET GOLDEN GATE FEEDER ZONE THAT REMAINS OPEN, GOLDEN TRIANGLE, B.C.

Goliath Resources Ltd. has released the first set of assay results of the 2023 drill campaign at its 100-per-cent-controlled Golddigger property in the Golden Triangle, British Columbia.

Drill highlights:

• Hole GD-23-118, collared from Pad TS-1 (Quoll) located on the east side of the northeast fault, intercepted visible gold and high-grade gold mineralization containing 14.85 grams per tonne (g/t) gold equivalent (AuEq) (14.66 g/t gold (Au) and 11.99 g/t silver (Ag)) over six metres, including 17.78 g/t AuEq (17.56 g/t Au and 14.12 g/t Ag) over five m and 29.36 g/t AuEq (29.02 g/t Au and 22.58 g/t Ag) over three metres, interpreted to be the Bonanza shear.
• Hole GD-23-126, collared from Cliff pad, intercepted visible gold and high-grade gold mineralization containing 14.01 g/t AuEq (11.39 g/t Au and 148.91 g/t Ag) over 6.09 m, including 45.05 g/t AuEq (36.67 g/t Au and 476.75 g/t Ag) over 1.84 m and 79.61 g/t AuEq (64.90 g/t Au and 840 g/t Ag) over 1.03 m, interpreted to be the Surebet zone.
• Hole GD-23-115, collared from Cliff pad, intercepted high-grade gold mineralization containing 5.75 g/t AuEq (3.97 g/t Au and 84.36 g/t Ag) over 4.90 m, including 17.07 g/t AuEq (12.01 g/t Au and 241.50 g/t Ag) over 1.60 m, interpreted to be the Surebet zone.
• 58 holes drilled on Surebet in 2023 have all hit either the Surebet zone and/or its sister Bonanza shear, representing a 100-per-cent hit rate.
• 22 holes (out of 58 holes) drilled in 2023 on Surebet have intersected visible gold, representing a 38-per-cent hit rate, confirmed over an area of widely spread mineralization encompassing 1.6 square kilometres that remains wide open.
• 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.
• Based on 2021 and 2002 drill assay results from a total of 89 widely spaced drill holes, the Surebet zone and Bonanza shear are currently modelled to be 5.5 million cubic metres (average of 6.88 m at 6.31 g/t AuEq) and more than 13 million cubic metres (average of 5.31 m at 2.7 AuEq), respectively.
• Additional drill results are expected to be released soon.

Hole GD-23-118, collared from Pad TS-1 (Quoll) within the Golden Gate feeder zone, intercepted high-grade gold mineralization containing 14.85 g/t AuEq (14.66 g/t Au and 11.99 g/t Ag) over six m, including 17.78 g/t AuEq (17.56 g/t Au and 14.12 g/t Ag) over five m and 29.36 g/t AuEq (29.02 g/t Au and 22.58 g/t Ag) over three m, interpreted to be the Bonanza shear. The hole intersected multiple flakes of visible gold in sulphide-bearing quartz veins hosted in strongly folded siltstone-dominant sedimentary units at 64.53 m, 65.97 m and 66.04 m 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 m from 62.51 m to 79.31 m, with 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-23-126, collared from Cliff pad within the Golden Gate feeder zone, intercepted high-grade gold mineralization containing 14.01 g/t AuEq (11.39 g/t Au and 148.91 g/t Ag) over 6.09 m, including 45.05 g/t AuEq (36.67 g/t Au and 476.75 g/t Ag) over 1.84 m and 79.61 g/t AuEq (64.90 g/t Au and 840 g/t Ag) over 1.03 m, interpreted to be the Surebet zone. The hole drilled through a sedimentary sequence dominated by siltstones at shallow depths, which become interbedded with sandstones below 81.55 m. The main mineralized intervals were identified from 33.91 m to 57.72 m and 68.77 to 78.43 m depth, consisting of mineralized quartz breccias. Mineralization in these intervals consisted chiefly of pyrrhotite, with the shallower breccia containing significant sphalerite and galena. Between 36.31 m and 37.34 m, the core was especially mineralized, showing the presence of massive to stringer alternations of pyrrhotite (20 per cent), sphalerite (5 per cent), intergrown galena (2 per cent) and minor chalcopyrite. Two lesser mineralized domains were recognized from 145.16 m to 148.4 m and from 159.38 m to 161.88 m. These consisted of sparsely mineralized quartz veins hosted dominantly in siltstones with interbedded mudstones. The quartz vein domains contained pyrrhotite mineralization (1 per cent).

Hole GD-23-115, collared from Cliff pad within the Golden Gate feeder zone, intercepted high-grade gold mineralization containing 5.75 g/t AuEq (3.97 g/t Au and 84.36 g/t Ag) over 4.90 m, including 17.07 g/t AuEq (12.01 g/t Au and 241.50 g/t Ag) over 1.60 m, interpreted to be the Surebet zone. The hole intercepted a quartz breccia from 47.85 m to 57.75 m that contained Surebet-style massive to semi-massive sulphides inside of quartz veins hosted in heavily altered siltstone. Sulphides include pyrrhotite, sphalerite, galena, minor pyrite and chalcopyrite. Over all, the interval abundance of sulphides is approximately 3 per cent, with a localized interval from 48.40 m to 50 m of greater than 50 per cent sulphides. The mineralization is hosted in a shear zone that cuts through a sequence of variably altered siltstone and mudstone units.

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 which 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. It controls 56 kilometres of the Red Line, within three kilometres that hosts multiple world-class deposits. The property remains largely underexplored, providing for excellent additional discovery potential. The Surebet discovery has exceptional metallurgy with gold recoveries of 92.2 per cent, inclusive of 48.8 per cent free gold from gravity alone at a 327-micrometre crush. It 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 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 the Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways and an airport with supplies (food, fuel, lumber et cetera), 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 m to 1.5 m. 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 five kg. 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 m to 10 m), and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab et cetera) 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 conrol (QA/QC) 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 kg to three kg). 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.

Note: Widths are reported in drill core lengths and the true widths are estimated to be 80 per cent to 90 per cent. AuEq metal values are calculated using: Au $1,924.79 (U.S.)/ounce (oz), Ag $22.76 (U.S.)/oz, copper (Cu) $3.75 (U.S.)/pound (lb), lead (Pb) $2,128.75 (U.S.)/ton and zinc (Zn) $2,468.50 (U.S.)/ton on Aug. 9, 2023. 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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