Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report 18,000 meters of
diamond drilling including a maiden drill program on its newly
discovered Goldswarm Zone is underway at its 100% controlled
Golddigger Project in the Golden Triangle, B.C. This project is on
tide water in a world class geological setting near Stewart, in the
Golden Triangle of British Columbia infrastructure near by. The
Homestake Ridge Deposit & Dolly Varden Silver Mine (Dolly
Varden Silver Corp.), and the Kinskuch Project (Hecla Mining
Company) are in close proximity.
Goliath is planned for an aggressive 18,000
meters of drilling this year, totaling 70 holes from 21 separate
drill pads on the Golddigger Property. The campaign will be focused
on higher-grade zones and expanding the footprint of the newly
discovered Surebet Zone/Bonanza Shear to the
east-southeast-northeast. Inclusive of this years campaign, there
is a maiden drill program planned at its newly discovered Goldswarm
Zone 4 km along strike to the north of Surebet Zone having similar
mineralization and structures exposed at surface where channel cuts
assayed up to 29.70 g/t Au over 0.55 meters, 25.1 gpt Au over 0.40
meters and grabs up to 54.3 g/t Au providing additional upside
potential of a new drill discovery in 2023.
The maiden drill campaign in 2021 at the
Golddigger Property and follow up drilling program in 2022 is a
total of 31,652 meters to date. Drilling to date has a 97% success
hit rate as 86 holes of 92 totaling intercepted significant widths
of high-grade gold-silver over a 1.6 square kilometer area at
Surebet. This area has 1 km of mineralized strike exposed at
surface and 1.1 km of mineralized down-dip extent exposed at
surface with 700 meters of vertical relief.
Golddigger Property
The Golddigger Property is 100 % controlled
covering an area of 59,089 hectares (146,012 acres) and is in the
world class geological setting of the Eskay Rift within the Golden
Triangle of British Columbia and within 3 kilometers of the ‘Red
Line’ that is host to multiple world class deposits. The Surebet
discovery is in an excellent location in close proximity to the
communities of Alice Arm and Kitsault situated on tide water with
direct barge access to Prince Rupert (190 kilometers via the
Observatory inlet/Portland inlet). The town of Kitsault is
accessible by road (190 kilometers from Terrace, 300 kilometers
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 7 kilometers to the East of
the Surebet discovery) with direct road access to Alice Arm barge
landing (18 kilometers to the south of the Surebet discovery) and
high-tension power (25 kilometers to the East of 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, P. Geo, is the qualified person as
defined by National Instrument 43-101, for Goliath Resources Ltd
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 re-orientated, meterage blocks are
checked, meter marks are labelled, Recovery and RQD measurements
taken, and primary bedding and secondary structural features
including veins, dykes, cleavage, and shears are noted and
measured. The core is then described and transcribed in MX
DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM
software and data from the 2017-2022 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 meters. 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%. All samples are
transported in rice bags sealed with numbered security tags. A
transport company takes them from the core shack to the ALS labs
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
re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric
finish). For Au-SCR21 a large volume of sample is needed (typically
1-3kg). The sample is crushed and screened (usually to -106 micron)
to separate coarse gold particles from fine material. After
screening, two aliquots of the fine fraction are analysed 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
Limited
Goliath Resources Limited 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.
For more information please
contact:
Goliath Resources Limited Mr. Roger
Rosmus President and Chief Executive Officer Tel:
+1-416-488-2887roger@goliathresources.com
www.goliathresourcesltd.com
*Widths are reported in drill core lengths and the true widths
are approximately 80-90%; the AuEq metal values are calculated
using: Au 1644.08 USD/oz, Ag 19.23 USD/oz, Cu 3.47 USD/lbs, Pb
1870.50 USD/ton and Zn 2882.50 USD/ton on October 28, 2022. There
is potential for economic recovery of gold, silver, copper, lead,
and zinc from these occurrences based on other mining and
exploration projects in the same Golden Triangle Mining Camp where
Goliath’s project is located such as the Homestake Ridge Gold
Project (Auryn Resources Technical Report, Updated Mineral Resource
Estimate and Preliminary Economic Assessment on the Homestake Ridge
Gold Project, prepared by Minefill Services Inc. (Bothell,
Washington), dated May 29, 2020. Here, AuEq values were calculated
using 3-year running averages for metal price, and included
provisions for metallurgical recoveries, treatment charges,
refining costs, and transportation. Recoveries for Gold were 85.5%,
Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be
assumed that Zinc can be recovered with the Copper at the same
recovery rate of 74.6%. The quoted reference of metallurgical
recoveries is not from Goliath’s Golddigger Project, Surebet Zone
mineralization, and there is no guarantee that such recoveries will
ever be achieved, unless detailed metallurgical work such as in a
Feasibility Study can be eventually completed on the Golddigger
Project.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange), nor the OTCQB Venture Market accepts
responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Goliath’s current belief or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. In particular, this
release contains forward-looking information relating to, among
other things, the ability of Company to complete the financings and
its ability to build value for its shareholders as it develops its
mining properties. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to Goliath. Although such statements are based on
management's reasonable assumptions, there can be no assurance that
the proposed transactions will occur, or that if the proposed
transactions do occur, will be completed on the terms described
above.
The forward-looking information contained in this release is
made as of the date hereof and Goliath is not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
This announcement does not constitute an offer, invitation, or
recommendation to subscribe for or purchase any securities and
neither this announcement nor anything contained in it shall form
the basis of any contract or commitment. In particular, this
announcement does not constitute an offer to sell, or a
solicitation of an offer to buy, securities in the United States,
or in any other jurisdiction in which such an offer would be
illegal.
The securities referred to herein have not been and will not be
will not be registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”), or any state
securities laws and may not be offered or sold within the United
States or to or for the account or benefit of a U.S. person (as
defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES AND DOES NOT CONSTITUTE AN OFFER OF
THE SECURITIES DESCRIBED HEREIN.
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