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Goliath Resources Ltd (2)
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Recent Sedar Documents

Goliath drills 95.5 m of mineralization at Golddigger

2022-06-20 10:09 ET - News Release

Mr. Roger Rosmus reports

GOLIATH DRILLS MULTIPLE BROAD INTERVALS OF MINERALIZATION UP TO 95.5 METERS IN FIRST 2022 HOLE ON GOLDDIGGER, GOLDEN TRIANGLE B.C.

Goliath Resources Ltd. has provided an update on initial observations from its first successful inaugural hole of 84 planned drill holes for the 2022 diamond drill campaign on the Surebet discovery at its 100-per-cent-controlled Golddigger property in the Golden Triangle of British Columbia.

Initial 2022 drill campaign highlights:

  • The first hole of 2022 (GD-22-25) on pad J in the new extension target has intersected five broad intervals of disseminated and vein-hosted/breccia-hosted sulphide mineralization near surface up to 95.5 metres containing pyrrhotite, pyrite and chalcopyrite in Hazelton volcanics. Assays are pending and will be released once received, compiled and interpreted.
  • The extensive mineralizing system has been confirmed over one kilometre north-south along the Surebet zone and two kilometres east-west from Real Deal to the newly drilled pad J located in the new extension target; it remains open in all directions.
  • The 2022 drill program is designed to expand the extent of known mineralization from 2021 in all directions, including to the west (to Lake Pad, 940 metres southwest of Real Deal), test the known gold mineralization to the north (to New Gold, one kilometre north of North Rubble) and to the east (to pad J within the new extension target, 1.5 kilometres southeast of the Surebet outcrop, where initial drilling has confirmed multiple broad zones of mineralization).
  • The 2022 drill program will focus on expanding the known parameters of the Surebet high-grade gold-silver discovery with 24,000 metres of drilling planned in 84 holes from 24 pad locations using four drill rigs. It has been designed for resource-level infill drilling and to outline the large mineralized system over an area of 2.1 kilometres east-west by 2.5 kilometres north-south (5.25 square kilometres).

GD-22-25 (E 458908.947, N 6161976.043, azimuth of 120 degrees; dip of minus-85 degrees) was collared from pad J, the most easterly pad planned for 2022 at the new extension target located 1.5 kilometres southeast of the outcropping Surebet and two kilometres east-west from Real Deal.

Inaugural drilling on the new extension target intercepted five broad mineralized intervals characterized by disseminated sulphides, sulphides in stringers, veins and breccias containing pyrrhotite, pyrite and chalcopyrite. The intervals are from bedrock at 42.4 metres to 137.9 metres, 181.9 metres to 190.37 metres, 202.08 metres to 222.14 metres, 256.9 metres to 261.08 metres and 276.01 metres to 353.00 metres (end of hole) and remain open. The target of this hole was surface mineralization consisting of multiple channel and grab samples containing up to 44.4 grams per tonne gold and 1,629 grams per tonne silver modelled to be intersected at 200 metres to 250 metres downhole.

Sulphide mineralization primarily occurs disseminated throughout an epidotized andesitic volcanic host rock and as millimetre-to-centimetre-size stringers and aggregations within quartz and quartz-epidote veins and breccia. The majority consist of pyrrhotite (locally up to 2 per cent), pyrite (locally up to 5 per cent) and chalcopyrite (locally up to 3 per cent). A fault zone was intersected from 69.63 metres to 78.09 metres, which is believed to have partially displaced the mineralized units. The drilling and data continue to confirm the presence of a large mineralizing system on the property and mineralization remains open in all directions.

During the 2022 drill campaign, Goliath plans to test the Surebet mineralized system at depth over an extensive area reaching as far as Lake Pad to the west (940 metres southwest of Real Deal) and New Gold to the north (one kilometre north of North Rubble) focused on delineating a mineralized area of 2.1 kilometres east-west by 2.5 kilometres north-south. Several drill locations are planned up to 600 metres west of Real Deal to target the Surebet mineralized system at depth based on the projected model generated from the 2021 drill results and 2020 channel sample results.

A series of drill holes are planned for the New Gold zone located one kilometre north of Surebet. Similarly to the new extension target, this zone contains surface gold mineralization over 400 metres that remains open with approximately 30 metres of gold-bearing breccia also observed in outcrop. The new gold zone is hosted in Hazelton volcanics in close proximity to the Red Line. The majority of the world-class mineral deposits discovered within the Golden Triangle are hosted in the Hazelton volcanics and occur within a few kilometres of the unconformity between Lower Hazelton and Stuhini rocks (also known as the Red Line).

Multiple surface channel, chip and grab samples collected from Real Deal and Cloud 9 secondary structures believed to be associated with the Surebet zone within this area returned significant gold and silver values, further confirming the presence of a large gold-silver-rich mineralizing system at depth. These secondary structures are interpreted to be acting as conduits for fluids to the surface.

Roger Rosmus, founder and chief executive officer of Goliath Resources, stated: "We are off to an exciting 2022 drill season. Initial results from the inaugural hole with multiple broad intercepts of mineralization have far exceeded our expectations. Mineralization confirmed in the inaugural hole at the new extension target strongly indicates the presence of a large mineralizing system at depth on the Golddigger property. The planned 24,000-metre drill program will test areas to the east, north and west of the known mineralization covering 5.25 square kilometres and allow us to better understand the relationship between Surebet, the new extension target and New Gold. Surebet is shaping up to become the next big high-grade gold-silver discovery in the Golden Triangle, B.C."

Golddigger property

The Golddigger property is 100 per cent controlled, covering an area of 23,859 hectares (59,646 acres or 239 square kilometres) and is in the world-class geological setting of the Eskay rift within the Golden Triangle of British Columbia and within two kilometres of the Red Line, which is host to multiple world-class deposits. The property is on tidewater 30 kilometres southeast of Stewart, B.C.

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 a few kilometres of the Red Line. All 24 diamond drill holes completed in 2021 intersected significant intervals of gold-silver polymetallic mineralization over one kilometre of strike, 1.1 kilometres downdip and 600 metres of vertical relief. Drill hole GD-21-03 intersected 6.37 grams per tonne gold equivalent (4.46 grams per tonne gold and 122.13 grams per tonne silver) over 35.72 metres and drill hole GD-21-05 intersected 12.6 grams per tonne gold equivalent (8.06 grams per tonne gold and 313.66 grams per tonne silver) over 6.38 metres. The average grade and width from all 24 holes assayed 6.29 grams per tonne gold equivalent (4.35 grams per tonne gold and 104.94 grams per tonne silver) over 5.87 metres, respectively.

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. The steeply dipping Real Deal and Cloud 9 structures, as well as the offshoot structures from the extension zone, display similar mineralization, geochemistry and textures to the Surebet zone. Geologic observations at surface and within drill core show structural strain concentrating in the Surebet zone along its shallower-dipping geometry. Real Deal and Cloud 9 are believed to be en echelon structures that connect with Surebet at depth. The mineralized Surebet zone remains open in all directions.

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

All rock, channel and talus fine samples were crushed and pulverized at MSALABS's laboratory in Terrace, B.C. MSALABS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. The resulting sample pulps were analyzed for gold by fire assay and metallic screen fire assay in Langley, B.C. The pulps were also assayed using multielement aqua regia digestion at MSALABS's laboratory in Langley, B.C. The coarse reject portions of the rock samples as well as the pulps were shipped to Goliath Resources' storage facility in Terrace, B.C. All samples were analyzed using MSALABS's assay procedure ICP-130, a 1:1:1 aqua regia digestion with inductively coupled plasma atomic emission spectrometry (ICP-AES) or inductively coupled plasma mass spectrometry (ICP-MS) finish for 35 elements as well as the FAS-121 lead collection fire assay fusion procedure with atomic absorption spectroscopy (AAS) finish. Any results greater than 100 parts per million for silver or 10,000 parts per million copper, lead and zinc were additionally assayed using MSALABS's ICA-6xx method particular to each element. This method used an HNO3-HCl digestion followed by ICP-AES (or titrimetric and gravimetric analysis). Gold values of greater than 10 parts per million gold were assayed by the FAS-425 method, which includes a fire assay fusion procedure with a gravimetric finish. Samples with gold greater than five parts per million were additionally analyzed using metallic screen fire assay with MSALABS's MSC-150 or MSC-350 method. Quality assurance/quality control samples, including blanks, standards and duplicate samples were inserted regularly into the sample sequence.

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 metal 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 geopolitically safe jurisdictions amenable to mining in Canada.

We seek Safe Harbor.

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