Mr. Roger Rosmus reports

GOLIATH INTERCEPTS 14.68 G/T AUEQ OVER 26.89 METERS AT SUREBET ZONE, GOLDDIGGER PROPERTY, GOLDEN TRIANGLE, B.C

Goliath Resources Ltd. has released assay results for drill holes GD-23-173, GD-23-116, GD-23-151 and GD-23-135 from the Golden Gate feeder zone at its 100-per-cent-controlled Golddigger property, Golden Triangle, British Columbia. All four holes intersected broad intervals of significant quartz-sulphide mineralization and widespread visible gold occurrences.

Hole GD-23-173 intersected visible gold and abundant sulphide mineralization hosted in quartz stockwork and quartz breccia veins in two intervals comprising the Surebet zone from 45.11 metres to 72 metres (a 26.89-metre interval -- approximately true width) and the Bonanza shear from 446 metres to 455.27 metres (9.27-metre interval). The main mineralized intercept (corresponding to the Surebet zone) consists of 33.02 grams per tonne (g/t) gold equivalent (AuEq) (10.97 g/t gold (Au) and 1,817.34 g/t silver (Ag)) over 9.60 m within 23.89 g/t AuEq (9.40 g/t Au and 1,176.14 g/t Ag) over 15.49 m, within 14.68 g/t AuEq (5.81 g/t Au and 719.13 g/t Ag) over 26.89 m. The shallower intercept (Surebet zone) is hosted in sedimentary units composed of mudstones and siltstones, and shows the presence of mineralized stockwork to quartz breccia veins. Mineralization is observed as semi-massive to stringer pyrrhotite (up to 5 per cent), sphalerite (up to 2 per cent), disseminated to patchy galena (less than 1 per cent, but consistent throughout the interval) and minor chalcopyrite (less than 1 per cent). Seven occurrences of visible gold were observed through the Surebet zone intercept, reaching sizes up to 0.7 millimetre (mm). Assays are currently pending for the deeper intersect that corresponds to the Bonanza shear. The Bonanza shear intercept is hosted in sheared mudstones, and mineralization consists of disseminated to semi-massive pyrrhotite (1 per cent), and galena, sphalerite and chalcopyrite that show 1 per cent abundance over the interval length but are concentrated in local quartz veins. Visible gold was identified at 447.4 metres depth associated with sulphides.

Hole GD-23-116 intersected sulphide mineralization present as massive to stockwork galena, sphalerite, pyrrhotite, chalcopyrite and pyrite in three distinct intervals. The shallowest intercept observed between 38 metres and 42 metres is interpreted as the Surebet zone and consists of 11.86 g/t AuEq (8.92 g/t Au and 147.53 g/t Ag) over three metres within 8.94 g/t AuEq (6.75 g/t Au and 73.10 g/t Ag) over four metres. The second mineralized interval interpreted as a splay of the main Surebet zone was found from 104 metres to 107 metres and consists of 5.11 g/t AuEq (2.39 g/t Au and 219 g/t Ag) over three metres. The deepest intercept, interpreted as Bonanza shear, was intersected between 513 metres and 516.64 metres, and consists of 5.77 g/t AuEq (4.70 g/t Au and 29.93 g/t Ag) over 3.64 metres. The Surebet zone intercept is hosted in siltstone massive to semi-massive and stockwork galena (2 per cent), sphalerite (5 per cent), pyrrhotite (10 per cent) and pyrite (2 per cent). The Surebet splay is hosted in sandstone and shows the presence of galena (less than 1 per cent) and pyrrhotite (less than 1 per cent) disseminated through the unit, and reaching higher local concentrations along quartz-chlorite veins and veinlets. The Bonanza shear intercept was observed from 513 metres and 516.64 metres, is hosted in siltstones, and contains massive to stockwork galena (2 per cent), sphalerite (2 per cent), pyrrhotite (5 per cent) and pyrite (5 per cent), with minor amounts of chalcopyrite.

Hole GD-23-151 intercepted quartz-sulphide mineralization in three mineralized intervals (corresponding from top to bottom to a Surebet splay, Surebet zone and Bonanza shear). The first interval corresponds to a splay of the Surebet zone and consists of 2.36 g/t AuEq (1.40 g/t Au and 48.12 g/t Ag) over 2.70 metres within 1.32 g/t AuEq (0.78 g/t Au and 26.98 g/t Ag) over five metres. The second (and main) intercept corresponds to the Surebet zone and consists of 8.28 g/t AuEq (7.25 g/t Au and 51.81 g/t Ag) over 2.70 metres, within 3.77 g/t AuEq (3.32 g/t Au and 23.07 g/t Ag) over 6.70 metres, within 2.93 g/t AuEq (2.56 g/t Au and 18.64 g/t Ag) over 8.85 metres and within 1.05 g/t AuEq (0.89 g/t Au and 8.21 g/t Ag) over 29.85 metres. A third interval corresponds to the Bonanza shear and assays are currently pending. A 0.5-millimetre-wide flake of visible gold was identified at a depth of 143.85 m, hosted in a quartz breccia vein associated with pyrrhotite and sphalerite mineralization. Sulphide-rich quartz breccia and veins interpreted as part of the Surebet zone were intersected starting from 79.15 metres to 81.85 metres (Surebet splay) and continued in an extensive interval from 99.15 metres to 168.38 metres, hosted in siltstones interbedded with mudstones (Surebet zone). The observed mineralization ranges from stringers to stockwork and massive pyrrhotite (up to 10 per cent), sphalerite (up to 1 per cent) and galena (up to 1 per cent), with minor concentrations of chalcopyrite. One prominently mineralized interval interpreted to be part of the Bonanza shear was recovered from a depth of 475.41 metres to 502 metres. Mineralization in this interval is expressed by disseminated to massive pyrrhotite, pyrite and sphalerite. Assays for the deepest interval are pending and will be reported once received.

Hole GD-23-135 intercepted visible gold and quartz-sulphide mineralization in three significant intervals. The main interval corresponds to the Bonanza shear and consists of five metres of 4.06 g/t AuEq (3.97 g/t Au and 2.08 g/t Ag), within nine metres of 2.87 g/t AuEq (2.81 g/t Au and 1.70 g/t Ag) and within 19.02 metres of 1.75 g/t AuEq (1.70 g/t Au and 1.21 g/t Ag). A second interval corresponds to the Surebet zone and consists of 1.17 metres of 6.33 g/t AuEq (5.75 g/t Au and 32.50 g/t Ag) within 3.17 metres of 3.31 g/t AuEq (2.82 g/t Au and 25.59 g/t Ag). The last interval is most likely a splay off the Surebet zone and consists of two metres of 4.41 g/t AuEq (2.76 g/t Au and 76.70 g/t Ag) within 4.76 metres of 2.09 g/t AuEq (1.22 g/t Au and 39.16 g/t Ag). The hole intersected a series of interlayered sedimentary units consisting of mudstone, siltstone and sandstone with minor volcanic tuff. Visible gold was found at 61 metres. Quartz-sulphide breccia intervals were intersected between 54 metres and 61 metres (Surebet splay), 102 metres and 106 metres (Surebet zone), and between 387 metres and 406 metres (Bonanza shear). Mineralization consists of stringers and aggregations of sphalerite (up to 1 per cent), galena (up to 1 per cent), chalcopyrite (up to 1 per cent), and pyrrhotite (up to 2 per cent).

Golddigger property

The Golddigger property is 100 per cent controlled covering an area of 61,685 hectares (152,427 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 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 tide water 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 airport with supplies (food, fuel, lumber etc.), 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 (rock quality designation) 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 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 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.