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Goliath Resources Ltd (2)
Symbol GOT
Shares Issued 55,305,719
Close 2021-09-14 C$ 0.83
Recent Sedar Documents

Goliath drills 32.6m of quartz-sulphide veining in B.C.

2021-09-14 06:08 ET - News Release

Mr. Roger Rosmus reports

GOLIATH DRILLS 32.6 METERS* OF EXTENSIVE QUARTZ-SULPHIDE MINERALIZATION FROM THE WATERFALL SHOWING AT SUREBET ZONE, GOLDEN TRIANGLE B.C.

Goliath Resources Ltd. has hit a 32.6-metre* drill intercept of extensive quartz-sulphide veining, brecciation and associated alteration including 4.2 metres* of semi-massive sulphides with pyrrhotite, pyrite and galena, and minor sphalerite and chalcopyrite from the Waterfall showing during the company's 2021 maiden diamond drill program at its 100-per-cent-controlled Golddigger property. All five holes drilled at the Waterfall showing intersected veining, brecciation and sulphide mineralization.

The Waterfall showing is located 150 metres north of the Cliff showing and 360 metres south of the North showing, confirming continuity in the mineralization along the entire Surebet polymetallic gold-silver zone. The three drill rigs have completed a total of 4,931 metres as of yesterday and have confirmed extensive mineralization along the entire 1,000-metre strike length of the known Surebet zone. Additional step-back drill holes to the west are planned to test the Surebet gold-silver-mineralized structure to a downdip extent of 500 metres and to test the newly discovered mineralized Real Deal showing located 620 metres west of the Surebet zone and 290 metres east of the Cloud 9 showing. The Surebet zone remains open in all directions.

Waterfall showing diamond drill holes

Drill holes at the Waterfall showing were drilled toward an area where 2020 channel cuts yielded intercepts of 13.05 grams per tonne gold equivalent (7.64 g/t gold and 382.00 g/t silver) over 15.1 metres including 22.35 g/t AuEq (13.82 g/t Au and 614.15 g/t Ag) over 8.0 metres and 27.34 g/t AuEq (17.96 g/t Au and 676.53 g/t Ag) over 6.0 metres at Main Waterfall (see news release dated Nov. 25, 2020); and 14.11 g/t AuEq (10.41 g/t Au and 226.26 g/t Ag) over 10.0 metres, including 17.60 g/t AuEq (12.99 g/t Au and 281.71 g/t Ag) over 8.0 metres, and 21.32 g/t AuEq (16.00 g/t Au and 315.03 g/t Ag) over 6.0 metres, and 30.55 g/t AuEq (23.55 g/t Au and 417.53 g/t Ag) over 4.0 metres at Lower Waterfall (see news release dated Nov. 10, 2020).

GD-21-17 is oriented 55 degrees/minus 60 degrees and contains a 13.86-metre-wide* mineralized section of a series of quartz-pyrrhotite veinlets in the upper part of the hole. An increase in quartz veins, stockwork and breccia containing stringers of pyrrhotite with minor pyrite and galena is observed starting at 73.4 metres and extends to 87.3 metres, after which intermittent sulphide-bearing veins are much less prevalent.

GD-21-18 is oriented 80 degrees/minus 62 degrees and contains a 33.89-metre* mineralized section. The mineralized envelope starts at 87.04 metres with a series of quartz veins and brecciated sections carrying pyrrhotite and pyrite. A strongly mineralized section from 85.4 to 86.2 metres contains semi-massive sulphides (up to 28 per cent pyrrhotite, 3 per cent galena and 3 per cent sphalerite) within a brecciated quartz-sulphide vein. The continuation of the mineralized zone to a depth of 117.9 metres comprises tightly spaced veins and brecciated sections with 3 to 5 per cent pyrrhotite and galena.

GD-21-19 is oriented 90 degrees/minus 62 degrees and contains a 38.02-metre* mineralized section. The hole comprises altered sediments to 78.3 metres, where veining starts with minor pyrrhotite. Veining and sulphide content increase with depth. A vein stockwork with a brecciated section containing up to 10 per cent pyrrhotite, 3 per cent pyrite and minor galena occurs between 89.2 metres and 90.4 metres. Moderately mineralized quartz veinlets persist to 116.3 metres.

GD-21-20 is oriented 139 degrees/minus 62 degrees and contains a 32.6-metre* mineralized section. The mineralized envelope starts at 96.5 metres* with small quartz-pyrrhotite veinlets that increase in size and number with depth. A strongly mineralized section between 104.2 metres and 109.0 metres contains semi-massive sulphides (including up to 30 per cent pyrrhotite, 10 per cent pyrite, 3 per cent galena, 3 per cent sphalerite and minor chalcopyrite). Below this section, mineralization continues in the form of veins and rare brecciated sections with pyrrhotite and pyrite to a depth of 129.1 metres.

GD-21-22 is a vertical hole oriented zero degrees/minus 90 degrees and contains a 27.1-metre* mineralized section. Starting at 110.4 metres a series of tightly spaced veins contain pyrite and pyrrhotite. This section is followed by a zone of quartz-stockwork and breccia with 3 to 5 per cent pyrrhotite. A sharp contact with semi-massive sulphide at 116.1 metres* marks the top of a zone of up to 30 per cent pyrrhotite, 5 per cent galena, and minor sphalerite and chalcopyrite for about 3.6 metres. Between 119.6 and 137.5 metres the altered host rock is intersected by several veins and breccias with variable amount of pyrrhotite, galena and sphalerite.

* The stated mineralized lengths in metres are downhole core lengths and not true widths. True widths will be calculated once all the drilling is completed and the exact geometry of the quartz-sulphide system can be determined with confidence.

The 2021 drill campaign is designed to trace the high-grade gold-silver zone exposed at surface along 1,000 metres of strike and to a downdip depth over 500 m at the Surebet zone. Currently Surebet averages 9.84 metres wide grading 10.68 g/t AuEq (with 7.59 g/t Au) based on channel cut samples taken in 2020. Surebet also has 500 metres of vertical relief and 1,000 metres of inferred downdip extent. The property is in a mining-friendly jurisdiction in a world-class geological setting near Stewart, B.C., in the Golden Triangle of British Columbia. The Homestake Ridge deposit (Fury Resources Inc.), Dolly Varden silver mine (Dolly Varden Silver Corp.), and the Kinskuch project (Hecla Mining Company) are in close proximity.

QA/QC (quality assurance/quality control) protocols

Oriented HQ-diameter diamond drill core from the Surebet drill campaign is placed in core boxes by the drill crew of a company contracted by Goliath. Core boxes are transported by helicopter over a 15-kilometre distance to the Kitsault staging area, and then transported by truck approximately 500 metres to the Goliath core shack. The core is then reconstructed, 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 2019 and 2020 exploration campaigns, the 2021 airborne Mag and VLF-EM (very low-frequency electromagnetic) geophysical survey, and an in-house lineament study incorporating observed folds, axial planes, geologic contacts, dike swarms, cleavages and all significant lineaments/structures.

Drill core containing quartz, 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 plastic bag with an ALS sample tag. Standards, blanks and pulp duplicates were added in the sample stream at a rate of 10 per cent. Samples are transported in rice bags sealed with numbered security tags. Goliath personnel drive samples from Kitsault to Terrace, and a transport company takes them from there to the ALS lab facilities in North Vancouver. At ALS, samples are processed, dried, crushed and pulverized before analysis using the ME-ICP41, Ag-AA61 and Au-ICP22 methods. Overlimits are reanalyzed using the ME-OG-46, Ag-GRA, Ag-AA62 and Au-GRA22 methods. If gold is higher than five g/t, ALS will reanalyze using metallic screening (Au-SCR24C) method.

Golddigger property

The property has an area of 23,859 hectares (59,646 acres or 239 square kilometres) and is located in the world-class geological setting of the Golden Triangle area on tidewater 30 kilometres southeast of Stewart, B.C.

Surebet is located about eight kilometres southwest of the Homestake Ridge project, which is a high-grade gold-silver deposit that contains 982,700 oz of gold at 4.99 g/t Au and 19.6 million oz of silver at 97.7 g/t Ag, with drill intercepts of up to 73 metres of 21 grams per tonne gold and 12 grams per tonne silver.

At Surebet, multiple high-grade polymetallic gold-silver targets have been identified along one kilometre (1,000 metres) of strike at surface and a half a kilometre (500 metres) of vertical relief with an average true width of 9.84 metres assaying 10.68 g/t AuEq (with 7.59 g/t gold) with one kilometre (1,000 metres) of inferred downdip extent.

Surebet targets are contained within a shear zone and will be tested for the first time in the 2021 drill campaign. Higher-grade polymetallic gold-silver mineralization is contained within a broad alteration halo of strongly silicified Hazelton group sediments up to 43.5 metres wide containing mineralization assaying up to 0.5 g/t AuEq.

Surebet is characterized by a series of northwest-southeast-trending structures that occur within a package of Hazelton group sediments underlain by Hazelton volcanics and are within two km of the Red Line. Lidar imagery, drone imagery and field observations have identified several additional paralleling structures within a four-square-kilometre area. Geochemical analyses have confirmed high-grade gold-silver polymetallic mineralization within these structures.

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.

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.

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