Mr. Roger Rosmus reports

GOLIATH INTERCEPTS 23 METERS* OF 21.08 G/T AUEQ, INCLUDING 14 METERS* OF 33.75 G/T AUEQ AT SUREBET GOLDEN GATE FEEDER ZONE, GOLDEN TRIANGLE, B.C.

Goliath Resources Ltd. has released assay results for drill hole GD-23-157 from the Golden Gate feeder zone at its 100-per-cent-controlled Golddigger property in the Golden Triangle in British Columbia.

Drill highlights:

• GD-23-157 is a 485-gram-metre AuEq (gold equivalent) hole (15.59 ounces gram metre AuEq) collared from the Cliff pad within the Golden Gate feeder zone that intercepted visible gold mineralization containing 23.00 metres of 21.08 grams per tonne AuEq (18.95 g/t gold and 95.31 g/t silver), including 14.00 metres of 33.75 g/t AuEq (30.39 g/t Au and 150.42 g/t Ag) and nine metres of 50.27 g/t AuEq or 1.62 ounces per ton AuEq (45.27 g/t Au and 225.42 g/t Ag).
• The GD-23-157 intercept reported in this news release is interpreted to be the Surebet zone from 117 metres to 139.20 metres and is only one of five intervals encountered in this hole. Assays are pending for the remaining four intercepts from this hole, which include the Bonanza shear:
  • 72.86 metres to 86.14 metres -- sulphide-rich quartz breccia hosted in altered siltstone with mineralization in stockwork of pyrrhotite, pyrite, sphalerite and galena;
  • 93.95 metres to 104.91 metres -- sulphide-rich quartz breccia hosted in altered siltstone; mineralization is stockwork pyrrhotite, pyrite, sphalerite and galena;
  • 433.15 metres to 470.95 metres -- quartz breccia hosted in altered sandstone/siltstone; mineralization is characteristic of the Bonanza shear zone; pyrrhotite, sphalerite and galena throughout quartz; localized massive/semi-massive pyrrhotite and sphalerite;
  • 482.10 metres to 500 metres -- quartz breccia hosted in altered sandstone/siltstone; shear and mineralization are characteristic of the Bonanza shear zone; pyrrhotite, sphalerite and galena throughout quartz; localized massive/semi-massive pyrrhotite.
• The footprint of the Surebet zone/Bonanza shear has been exponentially expanded with the discovery of five additional strongly mineralized zones, including the Outpost, Full House, Humdinger, Kahuna and Lower Surebet zones.
• Sixty-five holes drilled on Surebet in 2023 have all hit either the Surebet zone and/or the Bonanza sister shear, representing a 100-per-cent hit rate.
• Twenty-five holes (out of 65 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 of 89 widely spaced drill pierce points, the Surebet zone and Bonanza shear are currently modelled to be 5.5 million cubic metres (averaging 6.88 metres of 6.31 g/t AuEq) and greater than 13 million cubic metres (averaging 5.31 metres of 2.7 g/t AuEq), respectively.
• Additional drill assay results are expected to be released in the immediate future.

Hole GD-23-157, collared from the Cliff pad within the Golden Gate feeder zone (500 metres north of pad A), intercepted visible gold mineralization containing 23.00 metres of 21.08 g/t AuEq (18.95 g/t Au and 95.31 g/t Ag), including 14.00 metres of 33.75 g/t AuEq (30.39 g/t Au and 150.42 g/t Ag) and 9.00 metres of 50.27 g/t AuEq (45.27 g/t Au and 225.42 g/t Ag). The hole drilled through a sedimentary package consisting of interbedded mudstones and sandstones, crosscut by several dikes of intermediate composition. A multitude of sulphide and gold-rich quartz veins and breccias were intersected, which were hosted in altered siltstone characteristic of the Surebet zone. The observed alteration style consists of chloritization in veins and silicification extending from vein margins within the host rock, consistent with previous high-grade occurrences from the Surebet zone. Sulphide mineralization ranges from stockwork to semi-massive pyrrhotite, sphalerite, galena plus or minus chalcopyrite and is particularly pronounced from 129 metres to 131 metres and 136 metres to 137 metres. The shallowest occurrence of visible gold was identified at 119 metres depth, associated with patchy pyrrhotite mineralization. Eleven further visible gold occurrences were observed between 129 metres and 139 metres depth. The intercept reported in this news release is interpreted to be the Surebet zone and is one of five mineralized intercepts intersected in GD-23-157. The assays for the remaining intercepts are pending and will be release as soon as they become available.

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 and within three kilometres of the Red Line, which is host to multiple world-class deposits. 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. Its 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 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 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 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 of 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 geopolitical safe jurisdictions amenable to mining in Canada.

We seek Safe Harbor.