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Goliath Resources Ltd (2)
Symbol GOT
Shares Issued 71,114,338
Close 2022-09-21 C$ 1.24
Recent Sedar Documents

Goliath Resources identifies visible Au at Golddigger

2022-09-21 09:15 ET - News Release

Mr. Roger Rosmus reports

GOLIATH DRILLS VISIBLE GOLD IN MULTIPLE HOLES AT SUREBET ZONE AND EAST EXTENSION ZONE, GOLDEN TRIANGLE, B.C.

Goliath Resources Ltd. has identified the presence of multiple grains and/or flakes of visible gold in two separate holes that have independently been confirmed by the Colorado School of Mines. The visible gold is contained in quartz-sulphide breccia intercepts from GD-22-49 (pad A, 750 metres stepout to the south from Surebet main, and east of the Northeast fault) and GD-22-58 (South Cliff stepout pad, 300 metres stepout to the west from Surebet main and west of the Northeast fault) on the Surebet discovery at its 100-per-cent-controlled Golddigger property, Golden Triangle, British Columbia. The occurrence of visible gold strongly indicates the potential for very high-grade intervals and the classic Surebet zone mineralization has now been confirmed over a 1.6-square-kilometre area.

Visible gold

Visible gold has been identified in quartz-sulphide veins and breccias in multiple drill holes, including GD-22-49 collared from pad A on the southeast side of the Northeast fault and GD-22-58 collared from the South Cliff stepout pad on the northwest side of the Northeast fault. All the occurrences of visible gold to date have been identified within quartz breccia and veins in contact with or in close proximity to galena and sphalerite, hosted within the Hazelton sedimentary unit. The Hazelton volcanic unit contains Surebet textures, sphalerite and galena providing excellent untapped additional discovery potential in the volcanics below. The occurrence of visible gold has been independently confirmed 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.

The presence of visible gold in the mineralized intercepts at Surebet is further confirmation of the exceptional results obtained from the metallurgical study performed on a composite sample of combined core from 16 diamond drill holes completed in 2021 that has demonstrated that at a 150-micron crush, 98.2 per cent of the gold is recoverable without the need of acid leaching making for a relatively low-cost and an environmentally friendly mining scenario. Gravity recovery alone captures an impressive 38.1 per cent of gold and 10.5 per cent of silver. This indicates that a processing scheme employing early gravity recovery should produce considerable gold in the form of dore bars. Gravity recovery is generally accepted to be the most cost-effective means of gold recovery in the mining industry.

Roger Rosmus, founder and chief executive officer of Goliath Resources, states: "Drilling on Surebet keeps delivering excellent visual results beyond our expectations, including multiple intercepts containing visible gold from two separate drill holes on both sides of the Northeast fault. The entire team would like to thank the Colorado School of Mines for making the time during a very busy schedule to confirm our findings over their inaugural Denver Mineral Exploration Summit in Golden, Colo., as well as Crescat Capital's ongoing financial and technical support. Drilling has expanded the area where we saw classic Surebet mineralization from 1.4 square kilometres two weeks ago to now over 1.6 square kilometres, an area the size of over 300 football fields, and it remains open. It is exciting to see visible gold in breccia from multiple drill holes within this area in line with the results obtained from the metallurgical study. With all the ingredients in place, including excellent grades over broad high-grade minable widths starting at surface, that is conducive for a small-footprint, low-impact underground mining method. The use of gravity, exceptional geometry, continuity of grades, indicated low-cost recovery, environmentally friendly geochemistry and excellent proximity to infrastructure, all in a geopolitical stable location within the Golden Triangle of British Columbia, Canada, coupled with cost for exploration, labour and the majority of materials in Canadian dollars also makes for additional excellent economics. All things combined make this discovery an extremely unique and rare opportunity that has already captured the interest of many institutions and miners alike. Surebet is on track to be a truly world-class new high-grade gold-silver discovery. We look forward to releasing assays results with much enthusiasm."

Drill highlights

Sixty-nine drill holes targeting the Surebet zone from within a 1.6-square-kilometre area extending between pad 1, pad 5, pad 11, pad G and the outcropping Surebet zone have intersected classic Surebet mineralization and textures demonstrating excellent continuity in a zone that remains open.

Highlights include drill hole GD-22-86, collared from pad 10 (600 metres stepout to the west from Surebet main), which intersected a 194.43-metre interval from 283.72 metres to 478.15 metres consisting of quartz-sulphide breccia and stockwork with semi-massive, interstitial and stringers of sphalerite (up to 5 per cent), pyrrhotite (up to 15 per cent) and galena (up to 3 per cent); and drill hole GD-22-91, collared from pad 13 (650 metres west of Surebet main), which intersected multiple mineralized intervals including a 20.58-metre interval from 222.66 metres to 243.24 metres, a 19.28-metre interval from 248.80 metres to 268.08 metres and a 9.80-metre interval from 273.84 metres to 283.64 metres consisting of quartz veining, stockwork and breccia with stringers and interstitial-stockwork sphalerite (locally up to 5 per cent), pyrrhotite (locally up to 5 per cent), and galena (locally up to 10 per cent). Several additional holes, including GD-22-93 (from pad 5), and GD-22-84 and GD-22-88 (from Real Deal pad), have intersected multiple zones characterized by classic Surebet zone mineralization, including galena and textures, suggesting the presence of multiple stacked mineralized shear zones part of the same mineralizing system that remains open in all directions.

Three out of eight planned holes collared from the west of Northeast fault pad (GD-22-92, GD-22-95, GD-22-99) have intersected classic Surebet zone mineralization as part of a series of veins containing semi-massive to massive galena, sphalerite and pyrrhotite hosted in both, the sedimentary and volcanic rock package. These drill holes are designed to target and expand mineralization in shallow-level veins and shear zones containing classic Surebet zone mineralization that have previously been intercepted in hole GD-22-50, collared from pad A.

Hole GD-22-101 is the first of a series of holes collared from pad G and intersected an 82.60-metre mineralized zone from 54.50 m to 137.10 m consisting of a series of pyrrhotite and sphalerite-rich veins, including stringers and semi-massive to massive sulphides. Intersecting classic Surebet zone mineralization at pad G expands the footprint of the mineralized zone from 1.4 square kilometres to 1.6 square kilometres. The mineralized Surebet zone currently remains open to the east of the new East extension zone, to the south and to the west.

Goliath is on track to complete the 2022 drill program with three holes remaining on pad 13, including a deep 850-metre hole designed to intersect the Surebet zone and continue targeting the indicated porphyry core feeder system at depth. Drilling on pad G with the first hole has already intercepted mineralization and the drilling remains continuing with four holes remaining to test for Surebet-style mineralization on the new East extension zone and will also target gold-silver mineralization confirmed in outcrop. All holes drilled on the west of Northeast fault pad to date have intercepted broad zones of mineralization and five holes remain to be drilled. The Surebet zone remains open.

Potential porphyry feeder system

Strong potassic alteration and the presence of alteration-related K-feldspar in combination with porphyry textures, galena, sphalerite and pyrrhotite in the deeper parts of drill holes GD-22-86, GD-22-77 and GD-22-89 suggest a magmatic origin for the mineralizing fluids. In addition, elevated molybdenum numbers up to 453 parts per million from 2021 assay results of drill core from holes GD-21-01, GD-21-03 and GD-21-04, collared from the Cliff pad, and GD-21-10, collared from the South Cliff stepout pad, are also conducive for a magmatic source, strongly indicating close proximity to a porphyry core feeder source beneath the east-central part of the Surebet zone, providing for excellent additional upside discovery potential.

Goldswarm discovery

Exploration conducted on the steeply dipping high-grade gold-bearing quartz breccia Goldswarm zone during the 2022 field season by Goliath's crew together with an independent geologist (PhD, PGeo) has confirmed compelling evidence that Goldswarm is directly related to Surebet and is likely part of the same mineralizing system, including similar mineralization, textures and structures. Goliath plans to drill test the Goldswarm discovery in 2023.

The Goldswarm is located approximately four kilometres along strike to the north of the Surebet zone and has been explored by the company since 2017. The zone extends for 450 metres by 150 metres and is characterized by a series of quartz veins, stockwork and breccia domain that are variably mineralized with pyrite, chalcopyrite and galena hosted in a series of sedimentary units consisting of interlayered mudstone, siltstone and sandstone similar to those found at Surebet. The main mineralized horizon consists of a brecciated, partially sheared quartz vein that is steeply dipping to the west-southwest. Channel samples assayed up to 29.70 grams per tonne Au and over 0.55 metre and grab samples assayed up to up to 54.3 gpt.

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 that is host to multiple world-class deposits. The property is on tide water 30 kilometres southeast of Stewart, B.C. The Surebet zone is located in the eastern part of the Golddigger property, eight kilometres to the west of the Dolly Varden silver mine road, 20 kilometres north of the Alice Arm barge landing and 25 kilometres west of high-tension power.

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 Au-Ag polymetallic mineralization over one km of strike, 1.1 km down dip and 600 metres of vertical relief. Drill hole GD-21-03 intersected 6.37 gpt gold equivalent (4.46 gpt Au and 122.13 gpt Ag) over 35.72 metres and drill hole GD-21-05 intersected 12.6 gpt AuEq (8.06 gpt Au and 313.66 gpt Ag) over 6.38 metres. The average grade and width from all 24 holes assayed 6.29 gpt AuEq (4.35 gpt Au and 104.94 gpt Ag) 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 off-shoot 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.

Option grant

The company has issued a total of 290,000 options priced at $1.15, equal to yesterday's closing price, for a period of five years to arm's-length consultants and subject to the company's stock option plan.

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' 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' 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' 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 ppm for silver or 10,000 ppm copper, lead and zinc were additionally assayed using MSALABS' 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 ppm Au were assayed by the FAS-425 method, which includes a fire assay fusion procedure with a gravimetric finish. Samples with Au greater than five ppm were additionally analyzed using metallic screen fire assay with MSALABS' 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 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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