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Goliath Resources Ltd (2)
Symbol GOT
Shares Issued 85,379,429
Close 2023-09-19 C$ 0.67
Market Cap C$ 57,204,217
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Goliath drills 23 m of 21.08 g/t AuEq at Golddigger

2023-09-19 09:15 ET - News Release

Mr. Roger Rosmus reports


Goliath Resources Ltd. has released drill hole results for GD-23-226 from the Surebet zone at its 100-per-cent-controlled Golddigger property, Golden Triangle, British Columbia.

Hole GD-23-226, collared from the Goat pad within the Surebet zone sediment hosted, intersected a broad mineralized quartz breccia and stockwork interval hosted in siltstones between 327.65 metres and 358.65 metres, including 23.65 metres rich in visible gold from 330.6 m to 354.25 m. Gold is associated with massive to stockwork and stringer galena, sphalerite, pyrrhotite and minor chalcopyrite, hosted in quartz-chlorite veins and veinlets. Clusters of numerous gold grains are observed at multiple locations within the mineralized intercept, with the coarsest gold flake measuring up to 0.6 millimetre (mm), and in close spatial association with galena, sphalerite, pyrrhotite and chalcopyrite -- assays are pending.

Hole GD-23-157, collared from the Cliff pad within the Golden Gate feeder zone (500 m north of Pad A), intercepted visible gold mineralization containing 23 metres of 21.08 grams per tonne (g/t) gold equivalent (AuEq) (18.95 g/t gold (Au) and 95.31 g/t silver (Ag)), including 14 m of 33.75 g/t AuEq (30.39 g/t Au and 150.42 g/t Ag) and nine m of 50.27 g/t AuEq (45.27 g/t Au and 225.42 g/t Ag). The hole drilled through a sedimentary package consisting of interbedded mudstones and sandstones, crosscut by several dikes of intermediate composition. A multitude of sulphide- and gold-rich quartz veins and breccias were intersected, which were hosted in altered siltstone characteristic of the sediment-hosted Surebet zone. The observed alteration style consists of chloritization in veins and silicification extending from vein margins within the host rock, consistent with previous high-grade occurrences from the Surebet zone. Sulphide mineralization ranges from stockwork to semi-massive pyrrhotite, sphalerite, and galena plus or minus chalcopyrite, and is particularly pronounced from 129 m to 131 m and 136 m to 137 m. The shallowest occurrence of visible gold was identified at 119 metres depth, associated with patchy pyrrhotite mineralization. Eleven further visible gold occurrences were observed between 129 m and 139 m. The intercept is interpreted to be the Surebet zone and is one of five mineralized intercepts intersected in this hole.

Hole GD-23-173, collared from the Cliff pad, intersected visible gold and abundant sulphide mineralization, hosted in quartz stockwork and quartz breccia veins in two intervals -- the Surebet zone from 45.11 m to 72 m, as well as the volcanic-hosted Bonanza shear from 466 m to 455.27 m. The main mineralized intercept (Surebet zone) consists of more than one ounce per ton (oz/t) AuEq (10.97 g/t Au and 1,817.34 g/t Ag) over 9.60 m, within 23.89 g/t AuEq (9.40 g/t Au and 1,176.14 g/t Ag) over 15.49 m, within 14.68 g/t AuEq (5.81 g/t Au and 719.13 g/t Ag) over 26.89 m. Assays are currently pending for the deeper intersect that corresponds to the Bonanza shear, and shows the presence of visible gold and abundant sulphide mineralization present as semi-massive and stringer galena, sphalerite, pyrrhotite and chalcopyrite. Mineralization is observed as semi-massive to stringer pyrrhotite (up to 5 per cent), sphalerite (up to 2 per cent), disseminated to patchy galena (less than 1 per cent but consistent throughout the interval) and minor chalcopyrite (less than 1 per cent). Seven occurrences of visible gold were observed through the Surebet zone intercept, reaching sizes up to 0.7 mm. The deeper Bonanza shear intercept is hosted in sheared mudstones and extends from 446 m to 455.27 m, where mineralization consists of disseminated to semi-massive pyrrhotite (1 per cent) and galena, sphalerite and chalcopyrite that show less than 1 per cent abundance over the interval length, but are concentrated in local quartz veins. Visible gold was identified at 447.4 metres depth, associated with sulphides.

Hole GD-23-197, collared from Pad 16 within the Golden Gate feeder zone (600 m north of Pad A), intersected three outcropping quartz-chlorite-sulphide mineralized shear zones. The first zone occurs within the mudstones from 396 m to 398 m, and is interpreted to be part of the Surebet zone; the second occurs from 418.1 m to 422 m and is most likely part of the Bonanza shear. A third new zone named the Golden Gate zone, only 20 metres below the Bonanza shear, has been identified within the underlying Hazelton volcanics between 442.85 m and 462 m, representing a 19.15-metre interval (approximately true width) where multiple sheeted veins/shears ranging in thickness from three centimetres to 2.2 metres were intercepted, containing abundant visible gold (up to 1 per cent) nuggets up to four mm in size, sphalerite (up to 10 per cent), galena (up to 5 per cent), chalcopyrite (up to 3 per cent), pyrrhotite (up to 20 per cent) and pyrite (up to 20 per cent) -- assays are pending.

Hole GD-23-203, collared from Pad 8 within the volcanic-hosted Bonanza shear, intersected an extensive mineralized interval composed of sulphide-rich quartz breccia and stockwork from 288.65 m to 324.1 m that included 15.8 m of abundant visible gold from 306.2 m to 322 m. Sulphide mineralization consists of patches, stockworks and disseminated galena (1 per cent), sphalerite (2 per cent), pyrrhotite (2 per cent) and minor chalcopyrite. The mineralized interval is hosted in strongly altered siltstones, and the mineralization is observed in quartz-chlorite veins and veinlets characteristic of the deposit style observed within the Golddigger property -- assays are pending.

All the occurrences of visible gold to date have been identified within quartz-breccia and veins in contact with or in close proximity to sphalerite and/or galena mineralization. The occurrence of visible gold has previously been independently confirmed in 2022 by the Colorado School of Mines, with which the company is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at Surebet.

Golddigger property

The Golddigger property is 100 per cent controlled covering an area of an area of 61,685 hectares (152,427 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. It is in an excellent location close in proximity to the communities of Alice Arm and Kitsault where there is permitted mill site on private property. It is situated on tide water 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 the Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways and airport with supplies (food, fuel, lumber etc.), 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 Resource projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.


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 units (accuracy three to 10 metres) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab etc.) 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 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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