Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report it has drilled
visible gold in multiple holes over 1.5 kilometers and discovered a
brand new strongly mineralized 6.5 kilometer trend containing
multiple stacked shears. All 12 holes (out of 70 planned holes)
drilled to date during the 2023 season have intersected the
strongly mineralized Surebet Zone and/or the Bonanza Shear on the
Surebet Discovery at its 100 % controlled Golddigger property (the
“Property”), Golden Triangle, British Columbia.
Visible gold has been intersected over 1.51
meters from hole GD-23-118 from Pad TS-1; at 64.53 meters, 65.97
meters and 66.04 meters depth respectively as well as from hole
GD-23-122 collared from Pad D2-1 at 1.98 meters* depth in hole and
GD-23-126 collared from Cliff Pad. Visible Gold has been previously
reported from three other holes: GD-22-49, GD-22-58 and GD-23-111
(first hole of 2023).
Roger Rosmus, Founder and CEO of Goliath
Resources, states: “Getting news of additional holes
containing Visible Gold this year is certainly keeping the
enthusiasm high for what’s left to come this season. The fact that
we have visible gold in holes this year from GD-23-111, GD-23-118,
GD-23-122 and GD-23-126 has exceeded our expectations and further
confirms our hypothesis of a very large feeder system at depth. It
appears the Surebet discovery is just the tip of the iceberg
confirmed by the brand new discovery of the 1.5 km of mineralized
shear at Full House located within a larger 6.5 kilometer strongly
mineralized trend of stack shears. 85 new targets remain to be
tested this season. We look forward to reporting assays once
received, compiled, and interpreted.”
Hole GD-23-117 collared from Pad D2-1 (located
on the North Slope 1.5 km to the Northwest of Pad A, 2022 drill
season) intersected a sulphide mineralized quartz-breccia over 13.9
meters* at a shallow depth from 2.80 to 16.70 meters. This is
followed by strongly folded interbedded sandstones and mudstones to
a depth of 176.10 meters. Below the sedimentary package, lie
volcanic units that at 221.00 meters depth transition to plutonic
rocks. The best expressions of mineralization hosted within the
volcanics is found in altered andesite over 3.45 meters* from
108.00 to 111.45 meters, where the mineralization consists of
massive pyrrhotite locally reaching concentration up to 10%. (see
image above).
Hole GD-23-118, collared from Pad TS-1 (located
100 meters to the Northeast of Pad A, 2022 drill season)
intersected multiple flakes of visible gold in sulphide-bearing
quartz veins hosted in strongly folded siltstone-dominant
sedimentary units at 64.53 meters, 65.97 meters and 66.04 meters
depth. The hole is characterized by interbedded mudstone and
siltstone units in the upper part and altered andesite in the lower
sections. Several mineralized quartz-breccia zones have been
intersected, with the most prominent quartz-breccia interval
extending for 16.80 meters* from 62.51 to 79.31 meters, interpreted
to be the Bonanza Shear, a strongly mineralized transition zone
from sediments to volcanic units. The mineralized interval contains
stringers and semi-massive patches of sulphides (mainly pyrrhotite
up to 3 %, galena up to 1% and sphalerite up to 1 %).
Hole GD-23-122, collared from Pad D2-1 (located
at the Surebet Blowout on the North Slope 1.5 km to the Northwest
of Pad A, 2022 drill season) intersected 18.73 meters* of a near
surface sulphide-mineralized section of quartz-breccia from 1.00
meters to 19.73 meters and a deeper mineralized quartz-breccia and
stockwork section from 88.37 meters to 89.54 meters (1.17 meters*)
corresponding to the modelled Surebet Zone. Sulphide mineralization
consists of stringers and local semi-massive lenses of pyrrhotite
(up to 10 %), sphalerite (up to 3 %) and galena (up to 2 %).
Hole GD-23-126, collared from Pad D1-1 (located
500 meters to the Northwest of Pad A, 2022 drill season) has
contains multiple grains of visible gold up to 1.6 millimeter in
size between 36.50 and 37.20 meters; its still ongoing. A first
look revealed that the hole intersected several
sulphide-mineralized quartz-breccia zones characterized by
Surebet-style mineralization consisting of semi-massive to massive
galena and sphalerite, including a near surface zone where Visible
Gold was identified.
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 galena mineralization. The
occurrence of visible gold has previously been independently
confirmed in 2022 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 continued presence of Visible Gold in the
mineralized intercepts at Surebet is further confirmation of the
exceptional results obtained from the metallurgical study performed
on composite samples of combined core completed in 2021 and 2022.
Overall recoveries through gravity and floatation of 92.2 % gold,
86.5 % silver, 94.2% lead and 96.9% zinc into a concentrate
weighing just 11.9% of the original sample mass. Gravity recovery
alone captured 48.8 % of gold and 10.3 % of silver in a product
weighing just 1.47% of the original sample mass. This indicates
that a processing scheme employing early gravity recovery should
produce considerable gold in the form of doré bars. Gravity
recovery is generally accepted to be the most cost-effective means
of gold recovery in the mining industry.
Drilling commenced July 1 on the New Goldswarm
discovery and Goldswarm Extension with 12 holes from 4 drill pads.
The inaugural drill program was designed to target a high-grade
gold quartz-breccia outcrop that is exposed for 800 meters with 650
meters of vertical relief that remains open. Channel samples from
the mineralized quartz-breccia assayed up to 29.70 g/t Au over 0.55
meters and grab samples assayed up to 54.3 g/t Au.
Goliath is working on an aggressive drill
program 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 and Bonanza Shear to the east, southeast
and northeast. This year’s campaign also includes a maiden drill
program planned at the newly discovered Goldswarm Zone located 4 km
along strike to the north of Surebet, that contains similar
mineralization and structures as Surebet exposed at surface. At
Goldswarm channel cuts assayed up to 29.70 g/t Au over 0.55 meters,
25.1 gpt Au over 0.40 meters and grabs assayed up to 54.3 g/t Au.
This additional target provides tremendous potential for a new
drill discovery in 2023.
The maiden drill campaign in 2021 at the
Golddigger Property and follow-up drill program in 2022 combined
resulted in a total of 31,652 meters drilled. Drilling completed
during the first two seasons had a 97% success hit rate as 86 holes
out of 92 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.
Reconnaissance Prospecting
Update
The program has just begun and has already
resulted in the discovery of a new zone referred to as Full House.
Surebet-style mineralization containing galena and sphalerite in
new shear zones discovered outcropping at surface and traced
sporadically over at least 1.5 kilometers with a broader trend of
stacked shears traced for 6.5 kilometers and remains wide open.
Prospecting on the new Full House discovery remains ongoing. This
new discovery is believed to be connected to the same high-grade
feeder source at depth below Surebet and Goldswarm, all
demonstrating the untapped remaining discovery potential on the
Golddigger Property along 56 kilometers of the Red Line that is
largely unexplored. The reconnaissance program is planned to run
through early September with an 8 man team putting boots on the
ground, focussing on 85 targets generated from an extensive
internal data set within vast areas of newly exposed bedrock due to
snowpack recession and glacial abatement.
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 where there is permitted mill
site on private property. It is 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 Resource Limited
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%.
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 to 5.0 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 3-10 meters) 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. QA/QC samples
including blanks, standards, and duplicate samples were inserted
regularly into the sample sequence 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 Founder and CEO Tel:
+1-416-488-2887roger@goliathresources.com
www.goliathresourcesltd.com
* Widths are reported in drill core lengths and
the true widths are estimated to be 80-90% and 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 the Company to
complete 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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