Mr. Roger Rosmus reports

GOLIATH DRILLS 34.03 G/T AUEQ OVER 9 METERS AT NEWLY DISCOVERED GOLDEN GATE ZONE PROXIMAL TO THE FEEDER SOURCE WITHIN 11.60 G/T AUEQ OVER 27 METERS, GOLDDIGGER PROPERTY, GOLDEN TRIANGLE, B.C.

Goliath Resources Ltd. has released assay results from hole No. GD-23-197 from the newly discovered Golden Gate zone hosted within the Hazelton volcanics 20 metres below the Bonanza shear hosted within the contact between the Hazelton sediments/volcanics at its 100-per-cent-controlled Golddigger property in the Golden Triangle in British Columbia.

Drill Highlights:

• GD-23-197 is collared from Pad 16 within the newly discovered Golden Gate zone and hosted within the Hazelton-Volcanics 20 metres below the Bonanza Shear containing abundant visible gold mineralization.
• GD-23-197 drilled from Pad 16, assayed 9 metres (~true width) of 34.03 g/t AuEq or 1.09 oz/t AuEq (32.55 g/t Au and 65.71 g/t Ag) within 21 metres of 14.83 g/t AuEq (14.17 g/t Au and 29.13 g/t Ag); within 27 metres 11.60 g/t AuEq (11.07 g/t Au and 23 g/t Ag), (see map and image below).
• GD-23-197 intersected 3 sulphide-rich mineralized shear zones that include the Surebet Zone, Bonanza Shear and a new highly mineralized horizon within the Hazelton Volcanics located 20 metres below the Bonanza Shear named the Golden Gate zone, demonstrating the presence of at least 3 stacked and significantly mineralized shear zones outcropping that remain open; assays are still pending on 115 holes drilled in 2023 (see model below).
• Based on 2021-2022 drill assays and preliminary drilling results from 2023:
• Surebet Zone, hosted in the Hazelton Sediments has 106 drill pierce points and modeled to be >5,500,000 m 3 (Avg. 6.88 metres* @ 6.31 g/t AuEq).
• Bonanza Shear, hosted between the Hazelton Sediments-Volcanics has 104 drill pierce points and the model has been expanded from 13,000,000 m 3 to >25,000,000 m 3 .
• The newly discovered Golden Gate zone, hosted within the Hazelton Volcanics has been modelled to be >1,100,00 m 3 , grade definition is dependent on pending assays.
• Management believes the average widths and grades of this system should increase once all assays are received, compiled, and interpreted from the 2023 drilling program.
• All three zones remain open (see model above).
• The Golden Gate zone is believed to be the fluid pathway proximal to the Surebet Zone and Bonanza Shear (see cross section image below with locations of 139 gm AuEq up to 485 gm AuEq holes and selected abundant visible gold holes with assays still pending).

Drill hole GD-23-197 collared from Pad 16 within the newly discovered Golden Gate zone and hosted within the Hazelton-Volcanics 20 metres below the Bonaza Shear containing abundant visible gold mineralization. It assayed 34.03 g/t AuEq or 1.09 oz/t AuEq over 9 metres (~true width) (32.55 g/t Au and 65.71 g/t Ag); within 14.83 g/t AuEq over 21 metres (14.17 g/t Au and 29.13 g/t Ag); within 11.60 g/t AuEq over 27 metres (~true width) (11.07 g/t Au and 23 g/t Ag); see map and images above.

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 % controlled covering an area of 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 3 kilometers of the 'Red Line' that is host to multiple world class deposits. The Surebet discovery has exceptional metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold).

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 tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers 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 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers 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, 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 P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited 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, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are 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%. 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 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 units (accuracy 3-10 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. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

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 re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed 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 Limited

Goliath Resources Limited 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. For more information please contact:

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