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Goliath drills 5 m of 24.64 g/t AuEq at Golddigger

2022-11-30 09:56 ET - News Release

Mr. Roger Rosmus reports

GOLIATH INTERSECTS 117.21 G/T AUEQ (115.00 G/T AU & 6.32 G/T AG) OVER 1 METER* WITHIN 24.64 G/T AUEQ (23.17 G/T AU & 6.32 G/T AG) OVER 5.00 METERS* IN SECOND BATCH OF SUREBET ZONE'S DRILL RESULTS CONFIRMING A 97% HIT RATE OF SIGNIFICANT GO

Goliath Resources Ltd. has released the second batch of assay results of the 2022 drill campaign on the Surebet zone discovery at its 100-per-cent-controlled Golddigger property, Golden Triangle, British Columbia. Fifteen out of 16 newly reported holes from within the 1.6-square-kilometre area on the Surebet zone intersected broad intervals of high-grade gold-silver mineralization demonstrating the continuity of this newly discovered large gold system.

Drill highlights:

  • Hole GD-22-80 collared from Pad 3 (1,000 metres stepout to the west from Surebet Main) intersected high-grade gold mineralization containing 117.21 grams per tonne (g/t) gold equivalent (AuEq) (115.00 g/t gold (Au) and 28.50 g/t silver (Ag)) over one metre within 24.64 g/t AuEq (23.17 g/t Au and 6.32 g/t Ag) over five metres.
  • Hole GD-22-70 collared from Pad 8 (750 metres stepout to the west from Surebet Main) intersected high-grade gold mineralization containing 41.85 g/t AuEq (37.03 g/t Au and 195.37 g/t Ag) over 2.02 metres within 14.66 g/t AuEq (12.93 g/t Au and 69.00 g/t Ag) over six metres.
  • Hole GD-22-72 collared from Pad 10 (600 metres stepout to the west from Surebet Main) intersected high-grade gold mineralization containing 8.01 g/t AuEq (7.18 g/t Au and 24.60 g/t Ag) over 3.12 metres within 5.37 g/t AuEq (4.76 g/t Au and 18.58 g/t Ag) over 5.07 metres.
  • Hole GD-22-83 collared from Pad 17 (150 metres south of Surebet Main) intersected high-grade gold mineralization containing 8.72 g/t AuEq (7.62 g/t Au and 49.45 g/t Ag) over two metres and 4.20 g/t AuEq (3.66 g/t Au and 23.83 g/t Ag) over five metres within 2.48 g/t AuEq (2.15 g/t Au and 15.53 g/t Ag) over 10.00 metres.
  • Hole GD-22-86 collared from Pad 10 (600 metres stepout to the west from Surebet Main) intersected high-grade gold mineralization containing 4.78 AuEq (4.19 g/t Au and 14.41 g/t Ag) over 3.11 metres within 1.83 g/t AuEq (1.58 g/t Au and 6.15 g/t Ag) over 11.11 metres.
  • Hole GD-22-56 collared from Midwest Pad (300 metres stepout to the west from Surebet Main) intersected high-grade gold mineralization containing 5.71 g/t AuEq (4.58 g/t Au and 42.93 g/t Ag) over three metres within 3.75 g/t AuEq (2.99 g/t Au and 28.27 g/t Ag) over five metres.
  • The weighted average width and grade of the Surebet zone when combined with the 2021 and 2022 results totalling 66 holes (assays still pending on 27 holes) are as shown in an attached table.
  • One hundred per cent of all 24 holes drilled during the 2021 maiden campaign totalling 5,332 metres intersected significant high-grade gold-silver mineralization over one kilometre (km) of strike and 1.1 km of downdip extent. GD-21-03 intersected 6.37 g/t AuEq (4.46 g/t Au and 122.13 g/t Ag) over 35.72 metres. The average grade and width from all 24 holes assayed 6.29 g/t AuEq (4.35 g/t Au and 104.94 g/t Ag) over 5.87 metres, respectively, demonstrating excellent continuity of the Surebet zone and grades.
  • Forty-two out of 44 widely spaced holes from the 2022 program that have received assays to date from within the 1.6-square-kilometre area of the Surebet zone intersected broad high-grade intervals of gold-silver mineralization demonstrating the continuity of this newly discovered large gold system in the Golden Triangle, British Columbia; two holes drilled into dikes.
  • Drill results reported to date from both the maiden drill campaign in 2021 and infill drilling campaign in 2022 confirm strong gold mineralization in 66 of 68 holes (97-per-cent hit rate) assayed from within the 1.6-square-kilometre Surebet zone are that remains open.
  • Assays from 66 drill holes to date has confirmed a 97-per-cent drilling hit rate and strong gold mineralization on the Surebet zone that covers at least 1.6 square kilometres which remains open. Results to date demonstrate its part of a much larger gold mineralized system covering at least 5.25 square kilometres that also remains open. The assays results received to date confirm the high-grade Surebet zone is demarked by an area that spans from North Rubble, west-southwest 1.2 km to Pad 1 (that remains open to the north and west), southwest 750 m to Pad 11 and east 750 m to Pad A (which remains open to the east and east-southeast).
  • Assays for the final drill 27 holes still pending will be included in batch 3 are expected to be released in the near future once received, compiled and interpreted. These holes are from pads 5, 7, 12, 13, Real Deal, West of N.E. fault and G, all located within the Surebet zone covering an area of 1.6 square kilometres.

Property highlights:

  • Based on its data and understanding of the property, Goliath has recently more than doubled its land package from 23,859 hectares to 52,756 hectares. The newly staked ground covers key world-class geologic terrain on trend for 56 kilometres along the Red Line providing for tremendous additional discovery potential of several newly exposed areas of outcropping rocks due to recent permanent snow and glacial abatement. The Red Line demarks the contact between rocks of the Stuhini group and the Hazelton group, believed to be a key marker within approximately two kilometres of which the majority of the world-class multimillion-ounce deposits are located in the Golden Triangle.
  • In preparation for advancing the project toward future development of the Surebet discovery, the company has initiated an environmental baseline study together with EDI -- Environmental Dynamics, a third party firm specializing in this area of expertise.
  • The Golddigger property is located in a mining-friendly and geo-political safe jurisdiction. Its close in proximity to the communities of Alice Arm and Kitsault situated on tide water with direct barge access to Prince Rupert (190 kilometres through 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 include the Dolly Varden silver mine access road (only eight kilometres to the east of the Surebet discovery) with direct road access to the Alice Arm barge landing (18 kilometres to the south of the Surebet discovery) and high-tension power (25 kilometres to the east of the Surebet discovery). The city of Terrace (population of 16,000) provides access to railway, major highways and airport with supplies (food, fuel, lumber and more), while the town of Prince Rupert (population of 12,000) is located on the coast and houses an international container seaport also with direct access to railway and an airport with supplies (food, fuel, lumber and more).

Assays to date for 66 out of 68 drill holes (97-per-cent hit rate) collared within the 1.6-square-kilometre area have returned significant gold-silver intervals. Hole numbers GD-22-55 from batch 1 and GD-22-67 from batch 2 set of assays drilled into dikes and did not intersect the Surebet zone. Assays have confirmed that the Surebet zone covers at least 1.6 square kilometres demarked by an area that spans from North Rubble to Pad 1, Pad 11 and Pad A and remains open. Assays for the final 27 drill holes still pending will be included in batch 3 and are expected to be released in the near future once received, compiled and interpreted. These holes are from pads 5, 7, 12, 13, Real Deal, West of N.E. Fault and G, which are all located within the 1.6-square-kilometre area.

Drill highlights from the second batch of results from the 2022 drill campaign include hole GD-22-80 collared from Pad 3 (1,000 metres stepout to the west from Surebet Main) which intersected high-grade gold mineralization containing 117.21 g/t AuEq (115.00 g/t Au and 28.50 g/t Ag) over one metre within 24.64 g/t AuEq (23.17 g/t Au and 6.32 g/t Ag) over five metres; hole GD-22-70 collared from Pad 8 (750 metres stepout to the west from Surebet Main) which intersected high-grade gold mineralization containing 41.85 g/t AuEq (37.03 g/t Au and 195.37 g/t Ag) over 2.02 metres within 14.66 g/t AuEq (12.93 g/t Au and 69.00 g/t Ag) over six metres; hole GD-22-72 collared from Pad 10 (600 metres stepout to the west from Surebet Main) which intersected high-grade gold mineralization containing 8.01 g/t AuEq (7.18 g/t Au and 24.60 g/t Ag) over 3.12 metres within 5.37 g/t AuEq (4.76 g/t Au and 18.58 g/t Ag) over 5.07 metres; hole GD-22-86 collared from Pad 10 (600 metres stepout to the west from Surebet Main) which intersected high-grade gold mineralization containing 4.78 AuEq (4.19 g/t Au and 14.41 g/t Ag) over 3.11 metres within 1.83 g/t AuEq (1.58 g/t Au and 6.15 g/t Ag) over 11.11 metres; hole GD-22-56 collared from Midwest Pad (300 metres stepout to the west from Surebet Main) which intersected 5.71 g/t AuEq (4.58 g/t Au and 42.93 g/t Ag) over three metres within 3.75 g/t AuEq (2.99 g/t Au and 28.27 g/t Ag) over five metres; and hole GD-22-83 collared from Pad 17 (150 metres south of Surebet Main) which intersected 8.72 g/t AuEq (7.62 g/t Au and 49.45 g/t Ag) over two metres and 4.20 g/t AuEq (3.66 g/t Au and 23.83 g/t Ag) over five metres within 2.48 g/t AuEq (2.15 g/t Au and 15.53 g/t Ag) over 10.00 metres.

Roger Rosmus, founder and chief executive officer of Goliath Resources, states:

"Assays from within the 1.6-square-kilometre Surebet zone are confirming exceptional results with a 97-per-cent hit rate with 66 out of 68 holes reported to date, intersecting significant widths and grades of gold mineralization. This demonstrates incredible continuity of this discovery that has excellent metallurgy with a 98.2-per-cent gold recovery with zero deleterious elements all located in close proximity to major infrastructure in B.C., Canada. This is an exceptional result for an original discovery that has advanced at an incredible rate considering that the maiden exploratory drill program started just over a year ago in the summer of 2021 and the total field time to date on the Surebet discovery is just six months for both 2021 and 2022 combined has provided an excellent ROI [return on investment] for its shareholders. Based on these promising results seen in both grade and geometry, this is quickly evolving into a new world-class high-grade gold discovery. We have commissioned additional metallurgical testing (initial metallurgical work showed 38.1 per cent free gold and excellent recovery's using simple gravity) and an environmental baseline study focused on moving the project forward towards potential future development. The Surebet discovery has garnered the interest from several miners and institutions alike. We look forward to reporting assays on the remaining 27 holes in batch 3 from our 2022 drill campaign with much anticipation."

The 2022 and 2021 assay results to date confirmed 66 out of 68 holes (97-per-cent hit rate) have intersected strong gold mineralization containing classic Surebet zone style of mineralization consisting of galena, sphalerite and pyrrhotite in semi-massive to massive veins, stringers, interstitial within brecciated zones, and/or as stringers throughout the core that has visually been confirmed in 92 holes drilled from 20 pads widely spaced over an area of 1.6 square kilometres in the Hazelton sedimentary and volcanic rocks. All 66 holes drilled within the 1.6-square-kilometre area during the 2022 drill campaign intersected significant broad intervals containing galena, sphalerite and pyrrhotite, including visible gold. These drill intercepts visually mirror with the large majority exceeding the intercepts reported in this news release which contained the same mineralization (galena, sphalerite and pyrrhotite) and textures (quartz breccia/stockwork/vein) and have confirmed gold and silver assays indicating a large gold mineralized system at Surebet. The presence of gold-mineralized intervals in drill holes collared outside the 1.6-square-kilometre area demarking the Surebet zone (Pad J, Pad 9, Pad 15 and New Gold) is confirmation of a much more extensive gold mineralizing system on the Golddigger property.

In preparation for advancing the project toward potential future development of the Surebet discovery, the company has initiated an environmental baseline study together with EDI -- Environmental Dynamics, a third party firm specializing in this area of expertise.

Based on its data and understanding of the property, Goliath recently more than doubled its land package from 23,859 hectares to 52,756 hectares. The newly staked ground covers key world-class geologic terrain on trend for 56 kilometres along the Red Line, providing for tremendous additional discovery potential in vast areas of newly exposed outcropping showings due to recent permanent snow and glacial abatement. The Red Line demarks the contact between rocks of the Stuhini group and the Hazelton group, believed to be a key marker within approximately two km of which the majority of the world-class multimillion-ounce deposits in the Golden Triangle are located. The geologic team is confident that the new tenures have excellent potential to increase the company's asset value well into the future.

New Goldswarm discovery

The company first target generation/exploration in the Surebet area was focused on following up on a 57-part-per-billion (ppm) Au government silt sample (96 percentile) located downstream in one of the main creeks that drains from the Surebet discovery zone. Two weeks of prospecting and sampling with a five-man crew, silt and rock geochemistry, and a detailed study of lidar (light detection and ranging) and orthophoto imagery eventually led to the Surebet discovery. Similarly, the steeply dipping high-grade Goldswarm quartz breccia zone located four km along strike to the north of the Surebet zone was discovered based on a government stream sediment sample that assayed 180 ppb Au (98 percentile). The high-grade Goldswarm discovery outcrop is situated in the sediments at an elevation of approximately 1,560 metres, only 130 metres lower than the outcropping Surebet zone in the sediments at North Rubble (1,690 metres). During the 2022 field season, Goliath's crew, together with an independent geologist (PhD, PGeo), has confirmed compelling evidence that Goldswarm is directly related to Surebet and is believed to be part of the same extensive mineralizing gold system, including similar geologic setting, mineralization, textures, structures and geochemistry. The Goldswarm zone extends for 450 metres by 150 metres and is characterized by a series of high-grade 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 to host Surebet. The main mineralized horizon consists of a brecciated partially sheared quartz vein that is steeply dipping 80 to 90 degrees to the west-southwest. Channel samples assayed up to 29.70 g/t Au over 0.55 metre and 25.1 g/t Au over 0.40 metre and grab samples assayed up to up to 54.3 g/t, 47.5 g/t Au, 26.5 g/t Au and 24.5 g/t.

Additional new gold showings for 2023 follow-up

Based on the data collected and expanded understanding of the Surebet discovery and surrounding extensive mineralizing system, the company plans to undertake targeted exploration and prospecting work focused on the generation of potential future drill targets in the headwaters of a 509-part-per-billion Au government stream sediment sample (99 percentile) collected only four km to the south of Surebet in the creek that drains from the south slope of the ridge immediately south of Surebet and is believed to be part of the same extensive gold mineralizing system. This area is referred to as the Ace In the Hole and is an area with very strong gold discovery potential within the same geologic domain that shows the same lithologies and initial geochemistry as seen at Surebet.

The company is also planning on following up on other high-grade discoveries, including Jackpot (42 g/t Au over one-metre channel sample), Payday (three-ounce-per-ton (oz/t) Au grab sample), Mastodon (11-gram-per-tonne Au grab sample) and Elkhorn (5.48-gram-per-tonne Au grab sample) and some unexplored outcropping showings located on the newly acquired grounds in order to gain a better understanding of the relationship to Surebet and the larger mineralizing 5.25-square-kilometre system that remains open in all directions.

Golddigger property

The Golddigger property is 100 per cent controlled covering an area of 52,756 hectares 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 located in a mining-friendly and geo-political safe jurisdiction. Its close in proximity to the communities of Alice Arm and Kitsault situated on tidewater with direct barge access to Prince Rupert (190 kilometres through 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 are include the Dolly Varden silver mine road (only eight kilometres to the east of the Surebet discovery) with direct road access to the Alice Arm barge landing (18 kilometres to the south of the Surebet discovery) and high-tension power (25 kilometres to the east of the Surebet discovery). The city of Terrace (population of 16,000) provides access to railway, major highways and airport with supplies (food, fuel, lumber and more), while the town of Prince Rupert (population of 12,000) is located on the coast and houses an international container seaport also with direct access to railway and an airport with supplies (food, fuel, lumber and more).

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 downdip and 600 metres of vertical relief. Drill hole GD-21-03 intersected 6.37 g/t AuEq (4.46 g/t Au and 122.13 g/t Ag) over 35.72 metres and drill hole GD-21-05 intersected 12.6 g/t AuEq (8.06 g/t Au and 313.66 g/t Ag) over 6.38 metres. The average grade and width from all 24 holes assayed 6.29 g/t AuEq (4.35 g/t Au and 104.94 g/t 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 East 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

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 2021 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 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 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 to three kilograms (kg)). The sample is crushed and screened (usually to minus 106 micron) 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.

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