Mr. Roger Rosmus reports

GOLIATH'S UPDATED MODEL CONFIRMS SIX NEW GOLD VEINS FOR A TOTAL OF 10 DEMONSTRATES INCREASED TONNAGE POTENTIAL AT SUREBET DISCOVERY ON GOLDDIGGER PROPERTY, GOLDEN TRIANGLE, BRITISH COLUMBIA

Goliath Resources Ltd. has released a significant update on the work being carried out on the Surebet discovery at its 100-per-cent-controlled Golddigger property, Golden Triangle, British Columbia. The company has updated the structural vein model of the Surebet discovery that integrates drill data from 2021 to 2023 (oriented core), all the surface data collected and the total number of mineralized pierce points in each vein to date. The new model suggests a total combined range of 78 million to 97 million potential tonnes. In addition to the previously reported Surebet zone, Bonanza shear and Golden Gate zone, six newly discovered gold veins have been identified that also remain open.

Highlights:

• Generation of the updated structural vein/shear Leap Frog model takes into consideration all the surface and drill data collected (including oriented core), as well as the number of mineralized pierce points in each vein to date on the Surebet discovery. This has resulted in an advanced understanding of the mineralized zones that remain open at Surebet, where 10 veins have now been confirmed, including Surebet (now Surebet Upper), Bonanza and Golden Gate -- now two stacked Upper and Lower parallel veins:
  • Accompanying infographics are available on-line.
• The volume of the Surebet zone (now Surebet Upper) hosted in the sedimentary units shows a potential range of 28 million tonnes (Mt) to 35 Mt based on 108 mineralized pierce points that have widths up to 35 metres at 24.44 grams per tonne (g/t) gold equivalent (AuEq). In addition, a secondary vein located approximately 15 metres below Surebet Upper, and parallel to it, has been identified, showing a potential range of five Mt to seven Mt based on 54 mineralized pierce points that have widths of up to six metres at 11.94 g/t AuEq. This new vein is named Surebet Lower and remains open.
• The volume of the Bonanza shear is showing a potential range of 12 Mt to 16 Mt based on 52 mineralized pierce points that have widths up to 10 metres at 27.94 g/t AuEq, including three metres at 46.04 g/t AuEq hosted at the contact between sedimentary rocks and now showing it continues into the volcanic rocks; it remains open.
• The volume of the Golden Gate zone is showing a potential range of four Mt to five Mt based on 52 mineralized pierce points that have widths up to three metres at 8.46 g/t AuEq and three metres at 22.07 g/t AuEq for the two identified parallel veins, Upper and Lower, hosted in the volcanic units, respectively; they remain open.
• The updated structural model has identified six new gold veins that remain open, showing potential volume ranges:
  • Big One (12 Mt to 15 Mt) based on 51 mineralized pierce points that have widths of up to three metres at 6.75 g/t AuEq;
  • Eldorado (eight Mt to 11 Mt) based on 57 mineralized pierce points that have widths of up to three metres at 11.39 g/t AuEq;
  • Surebet Lower (five Mt to seven Mt) based on 54 mineralized pierce points that have widths of up to six metres at 11.94 g/t AuEq;
  • Goldzilla (four Mt to five Mt) based on 24 mineralized pierce points that have widths of up to three metres at 4.55 g/t AuEq;
  • Hotspot (two Mt to three Mt) based on seven mineralized pierce points that have widths of up to one metre at one g/t AuEq;
  • Whopper (one Mt to two Mt) based on 27 mineralized pierce points that have widths of up to four metres at 13.60 g/t AuEq.
• The total combined volume ranges from the 10 veins shows 78 million to 97 million in potential tonnes.
• The advanced structural model based on all drilling to date has confirmed key areas where further drilling could provide additional continuation of the extension of mineralized horizons, as well as vectoring in on the possible mineralized feeder source.
• Detailed surface mapping of the Surebet area has also played a major role in clearly defining the structural controls on the vein and consequently the gold mineralization:
  • An accompanying infographic is available on-line.

The updated structural vein/shear model resulted in a greater understanding of the mineralized zones on the Surebet discovery, where 10 veins have now been identified, including Surebet (now Upper Surebet), Bonanza Shear and Golden Gate (now Upper and Lower veins).

The six newly identified veins include: Big One, Eldorado, Surebet Lower, Goldzilla, Hotspot and Whopper. The new structural model was built taking into consideration the structural data obtained from oriented drill core collected between 2021 and 2023, structural information from surface sampling and mapping, as well as the number of mineralized pierce points in each vein and their locations.

They are the result of incorporating a number of mineralized intervals that were not previously associated with Surebet zone, Bonanza shear and Golden Gate zone, as well as some mineralized intervals that have been reassigned based on new structural information. Detailed surface mapping of the Surebet area also has played a major role in clearly defining the structural controls on the veins and consequently the gold mineralization.

The advanced structural model, together with information from detailed surficial mapping, has vectored in on the key areas where drilling should provide additional continuation and extension of gold mineralized horizons focused on building estimated ranges of potential tonnage moving forward.

The company is in the process of designing a highly focused drill program for the 2024 drill season. It is designed to delineate the full extent of gold mineralization, expand the potential tonnage, which remains wide open for expansion and additional discoveries, as well as vectoring in on the possible feeder source. In addition, the Golddigger 2024 drill program may include a maiden drill program on the newly discovered Treasure Island and Full Contact targets on the Cambria Icefield claims to the north of Surebet.

Golddigger property

The Golddigger property is 100 per cent controlled, covering an area of 64,264 hectares (158,800 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 (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

It is in an excellent location in close 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, 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 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 Resources projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

Other

The potential quantity and grade ranges are conceptual in nature; there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the Surebet discovery being delineated as a National Instrument 43-101-compliant mineral resource, and the model is subject to change. Goliath's conceptual Leap Frog structural vein/shear model takes into consideration and is based on: all structural data collected from surface and logged drill core (including oriented core), specific gravity (SG) of 2.93 times cubic metres from the area drilled, weighted average of all mineralized grades/widths from all 222 diamond drill hole pierce points assayed, inclusive of the 2023 program.

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 to 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 (Global Positioning System) units (accuracy three to 10 metres) 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 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 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.