Mr. Roger Rosmus reports

GOLIATH DISCOVERS EXTENSIVE MINERALIZATION IN MULTIPLE OUTCROPS OVER 500 METERS ON THE ICEFIELDS THAT REMAINS WIDE OPEN - GOLDEN TRIANGLE, B.C.

Goliath Resources Ltd. has discovered three extensive new mineralized zones consisting of sulphide-rich breccia, stockwork and veins in shear zones on the icefields claim blocks on its 100-per-cent-controlled Golddigger property, Golden Triangle, B.C. These new discoveries include Treasure Island, Metallica and Full Contact, all of which remain open and clearly demonstrate the enormous untapped discovery potential on the Golddigger property. Prospecting and mapping are continuing on the entire property, which covers 56 kilometres of the Red Line in an area where recent snowpack and glacial abetment has provided extensive zones of newly exposed outcrop in a world-class geological setting.

Two thousand twenty-three icefields exploration highlights:

• Three new zones consisting of sulphide-rich breccia, stockwork and veins in shear zones have been discovered on the icefields claim blocks of the Golddigger property and remain open:
  • New Treasure Island discovery -- drill ready: Treasure Island consists of new mineralized bedrock outcrops that have been exposed by glacial melt, with multiple shear-hosted, polymetallic zones over a 500-metre-long northwest-southeast trend that remains open in all directions. Mineralized zones are up to 20 metres wide, with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone and tuff units. This discovery is on trend with the past producer Porter Idaho mine located six kilometres to the west. The area is currently being channel cut and mapped in preparation for 2024 drilling.
  • New Metallica discovery -- drill ready: The Metallica zone is situated 29 kilometres east of Stewart on the northeast portion of the icefields. Multiple oxidized quartz-carbonate veins, stockworks and lenses have been identified within altered andesite with 1 per cent to 15 per cent sulphides. Zones up to four metres wide contain pyrite, with lesser chalcopyrite, sphalerite and galena, over a 300-metre-by-400-metre area.
  • New Full Contact discovery -- drill ready: Full Contact is located 19 kilometres northwest of the Surebet zone. A 1.3-kilometre-long gossan in an area of glacial abatement was discovered with multiple silicified zones, quartz veins and shears. The area shares the same geological setting and alteration as Surebet with mineralization forming around the volcanic-sedimentary contact. Mineralization consisting primarily of pyrite, with lesser arsenopyrite and sphalerite disseminated within silicified zones, concentrating in veins and fractures.
• The new discoveries show the immense untapped discovery potential remaining on the Golddigger property. With a total of just over eight months of boots on the ground at the Golddigger property to date, including the current season, the company is likely just seeing the tip of the iceberg.
• More than 75 new targets with excellent additional discovery potential were generated on the Golddigger property based on geochemical data, geophysical surveys, structural maps, satellite imagery and satellite spectral alteration data. The targets will be prospected, mapped and sampled during the 2023 season in preparation for drilling.
• Prospecting and mapping are continuing on the entire property, which encompasses 56 km of the Red Line in an area where recent snowpack and glacial abetment has provided extensive zones of newly exposed outcrop in a world-class geological setting.

Two thousand twenty-three Surebet exploration highlights:

• Five new zones consisting of strongly sulphide-mineralized veins and shear zones directly connected to the Surebet system have been discovered on the Golddigger property, and remain open:
  • Kahuna: A new 600-metre strike extension of the mineralized Bonanza shear two kilometres to the northeast of the Surebet zone, along the eastern part of the North Slope. Within the zone, two additional new polymetallic quartz-sulphide veins were discovered with up to 10-metre-wide blowouts containing abundant galena, sphalerite and chalcopyrite. This zone remains open and will be drill tested in 2023.
  • Full House: Multiple polymetallic quartz-sulphide veins and shear zones with similar Surebet-style mineralization consisting of semi-massive to massive sphalerite and galena were discovered within a quartz-diorite intrusion located five kilometres northwest of the Surebet zone. The stack of mineralized veins and shear zones has an average width of five metres to 10 metres, channel samples on Payday up to three ounces per tonne (oz/t) gold and remains open. Pending assay results, Full House will be drill tested in 2024.
  • Outpost: Multiple polymetallic quartz-sulphide veins, stockworks and breccias have been discovered within sedimentary and volcanic rocks located five kilometres to the southeast of the Surebet zone. These sphalerite-, galena- and chalcopyrite-rich veins and breccia zones have been traced over 700 metres in outcrop, and range between five metres and 50 metres in thickness, and remain open. Exploration is under way in preparation for 2023 drilling.
  • Humdinger: The Bonanza shear was projected to continue 1.5 kilometres south across the valley under the new Humdinger zone. This zone is characterized by multiple polymetallic quartz-sulphide veins and stockwork consisting of stringers, and aggregates of sphalerite, galena and chalcopyrite, with a width of approximately three metres in the west and increases in width to over 20 metres in the east, that remain open in both directions. The new Humdinger zone will be drill tested during the 2023 season.
  • Lower Surebet on Real Deal fault: The Bonanza shear was traced for 400 metres on surface southwest of the Surebet zone and extends south along Real Deal. This zone is characterized by Surebet-style mineralization, with galena and sphalerite within multiple polymetallic quartz-sulphide veins and stockwork, with a width up to eight metres and remains open in both directions. The new Lower Surebet zone will be drill tested during the 2023 season.
• The Bonanza shear has been expanded to the northeast by 1.1 kilometres (outcropping on the western side of the North Slope at Kahuna), south by 1.4 kilometres (across the valley from Pad A at Humdinger) and southeast by 2.4 kilometres (along the main creek that drains from Surebet at Outpost) greatly expanding the footprint of the Surebet gold system.

Icefields exploration

Treasure Island

Treasure Island consists of new mineralized bedrock outcrops that have been exposed by glacial melt, with multiple shear-hosted, polymetallic zones over a 500-metre-long northwest-southeast trend that remains open in all directions. Mineralization follows the same northwest-southeast trend as nearby deposits, including the past-producing Porter Idaho mine (six km to the west, produced 27,268 tonnes at average grades of 0.986 gram per tonne (g/t) Au, 2,692.1 g/t Ag, 5.08 per cent lead (Pb), 3.853 per cent zinc (Zn) and 0.101 per cent copper (Cu), between 1922 and 1950) and Red Mountain deposit (19 km to the east, with a total inferred resource of 405,400 tonnes grading 5.32 g/t Au and 7.33 g/t Ag). Mineralized zones on Treasure Island range up to 20 m wide, with sections of massive chalcopyrite and pyrite occupying shears and forming phenomenal sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone and tuff units. Mineralization also occurs disseminated in silicified and deformed felsic dikes. The area was discovered during prospecting in 2023, and is currently being channel cut and mapped in preparation for 2024 drilling.

Metallica

The Metallica zone is situated 29 kilometres east of Stewart on the northeast portion of the icefields. Multiple oxidized quartz-carbonate veins, stockworks and lenses have been identified within altered andesite, with 1 per cent to 15 per cent sulphides. Zones up to four metres wide contain pyrite, with lesser chalcopyrite, sphalerite and galena, over a 300-metre-by-400-metre area.

Full Contact

Full Contact is located 19 kilometres northwest of the Surebet zone. A 1.3-kilometre-long gossan in an area of glacial abatement was discovered with multiple silicified zones, quartz veins and shears. The area shares the same geological setting and alteration as Surebet, with mineralization forming around the volcanic-sedimentary contact characterized by mineralization consisting primarily of pyrite, with lesser arsenopyrite and sphalerite disseminated within silicified zones, concentrating in veins and fractures.

Surebet exploration

Kahuna

Exploration, prospecting and mapping in the newly discovered Kahuna zone have delineated a new 600-metre strike extension of the Bonanza shear, defining the contact between sedimentary and volcanic units two kilometres to the northeast of the known Surebet zone along the eastern part of the North Slope. Within the zone, two additional new polymetallic quartz-sulphide veins were discovered with up to 10-metre-wide blowouts above and below the Bonanza shear that extend for over 100 metres strike and dips gently to the southwest, containing abundant galena, sphalerite and chalcopyrite in the form of semi-massive disseminations, stringers and veinlets. These veins, together with the Bonanza shear, currently remain open and will be drill tested with a series of newly designed holes for the 2023 season at the Kahuna zone.

Full House

The Full House zone is located five kilometres northwest of the Surebet zone in an area that extends from Hastings Arm in the west to the Payday showing in the east. Multiple polymetallic quartz-sulphide veins and shear zones with similar Surebet-style mineralization, consisting of semi-massive to massive aggregates, stringers and veinlets of galena, sphalerite and pyrrhotite, have been discovered within a quartz-diorite intrusion (Bulldog Creek pluton?). The stack of mineralized veins and shear zones extends for more than 3.5 kilometres, with most structures striking east and moderately dipping to the north. Mineralization at Full House Main, located in the eastern part of the Full House zone, has been mapped for over 700 metres of strike in a north-south direction, with an average width of five metres to 10 metres and is ready to be drill tested in 2024. North of Full House Main, a grab sample from the Payday showing from 2018 assayed three oz/t gold (113 g/t Au). New channel sampling undertaken during the 2023 field season identified several occurrences of visible gold in the vein. Currently the entire Full House zone remains open in all directions and is being prepared for drilling in 2024.

Outpost

The new Outpost zone is located five kilometres to the southeast of the Surebet zone, three kilometres to the west of, and on trend with, the Humdinger zone. In 2023, multiple polymetallic quartz-sulphide veins, stockworks and breccias have been discovered within sedimentary and volcanic rocks. Mineralization in these veins consists of disseminations, seams and semi-massive sections of galena, sphalerite, arsenopyrite, pyrite and pyrrhotite trending northeast-southwest. On the new Postman Creek showing, a 50-metre-wide polymetallic quartz-sulphide stockwork with considerable amounts of galena, sphalerite, chalcopyrite, pyrite and pyrrhotite, was discovered within an andesite unit. The Postman Creek showing is currently being prepared to be drill tested during the 2023 season. Four additional large and extensive polymetallic quartz-sulphide breccias with parallel vein sets have been discovered in sedimentary units. Individual vein and breccia sets have been traced over 700 metres in outcrop and range between five metres and 20 metres in thickness, containing notable volumes of galena, sphalerite, arsenopyrite, pyrite and pyrrhotite, and remain open. Current exploration consisting of channel cutting, prospecting and mapping is under way to prepare the site to be drill tested in 2023.

Humdinger

To the southeast of the Surebet zone below Pad A, the Bonanza shear was traced for 400 metres on surface toward the west then south along the Real Deal zone and is projected to continue 1.5 kilometres south across the valley under the new Humdinger zone. The new Humdinger zone is characterized by multiple polymetallic quartz-sulphide veins, and stockwork with abundant galena, sphalerite and chalcopyrite occurring as strong disseminations, larger blebs and clots, concentrating in fractures or along bedding planes. The newly discovered mineralized vein and stockwork zones have been traced in bedrock exposures for 2.4 kilometres and dip gently to the south. The zone has a width of approximately three metres in the west and increases in width to 20 metres in the east. The new Humdinger zone is ready and will be drill tested during the 2023 season, with a series of holes designed to intersect the Humdinger zone and the underlying projected Bonanza shear.

Lower Surebet zone on Real Deal

The Bonanza shear was traced for 400 metres on surface toward the west then south along the Real Deal. The new Lower Surebet zone on Real Deal is characterized by Surebet-style mineralized polymetallic quartz-sulphide veins, breccia and stockwork, with abundant galena, sphalerite and chalcopyrite occurring as strong disseminations, larger blebs and clots, concentrating along the sheared contact of the volcanic below and the folded sedimentary units above. The zone is up to eight metres wide. The new Lower Surebet zone will be drill tested during the 2023 season with a series of holes designed to intersect Bonanza shear.

The company has generated more than 75 new targets (52 of which are on the icefields) on the Golddigger property over the last year based on geochemical data, geophysical surveys, structural maps, satellite imagery and satellite spectral alteration data. All of these 75 new targets have excellent discovery potential and will be prospected and evaluated during the 2023 season. With a total of just over eight months of boots on the ground on the Golddigger property to date, we are likely just seeing the tip of the iceberg.

Golddigger property

The Golddigger property is 100 per cent controlled, covering an area of 61,685 hectares (152,427 acres), and is located in the world-class geological setting of the Eskay Rift within the Golden Triangle of British Columbia. The property encompasses 56 kilometres of the Red line that 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. It is in an excellent location, close in proximity to the communities of Alice Arm and Kitsault, where there is a 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 and 300 kilometres from Prince Rupert) and has a barge landing, dock, infrastructure capable of housing more than 300 people, and 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 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 re-orientated, 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 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is 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 kilogram and 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 etc.) 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 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 the 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.