Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report the discovery of 3
extensive new mineralized zones consisting of sulphide-rich
breccia, stockwork and veins in shear zones on the icefields claim
blocks on its 100 % controlled Golddigger property (the
“Property”), Golden Triangle, B.C. These new discoveries include
Treasure Island, Metallica, and Full Contact all of which remain
open and clearly demonstrate the enormous untapped discovery
potential on the Golddigger property. Prospecting and mapping are
ongoing on the entire property which covers 56 km of the Red Line
in an area where recent snowpack and glacial abetment has provided
extensive zones of newly exposed outcrop in a world-class
geological setting.
Icefields Exploration
Treasure Island
Treasure Island consists of new mineralized
bedrock outcrops that have been exposed by glacial melt with
multiple shear-hosted, polymetallic zones over a 500 m long NW-SE
trend that remains open in all directions. Mineralization follows
the same NW-SE trend as nearby deposits including the past
producing Porter Idaho mine (6 km to the west, produced 27,268
tonnes at an average of averaged 0.986 g/t Au, 2692.1 g/t Ag, 5.08
% Pb, 3.853 % Zn and 0.101 % Cu between 1922 and 1950) and Red
Mountain deposit (19 km to the east, with a total inferred resource
of 405,400 tonnes grading 5.32 gpt Au and 7.33 gpt Ag). Mineralized
zones on Treasure Island range up to 20 m wide with sections of
massive chalcopyrite and pyrite occupying shears and forming
phenomenal sulphide rich mineralization at structural intersections
and embayment zones within strongly folded and sheared mudstone,
siltstone, and tuff units. Mineralization also occurs disseminated
in silicified and deformed felsic dykes. The area was discovered
during prospecting in 2023 and is currently being channel cut and
mapped in preparation for 2024 drilling (see map and images
above).
Metallica
The Metallica Zone is situated 29 kilometers
east of Stewart on the northeast portion of the icefields. Multiple
oxidized quartz-carbonate veins, stockworks and lenses have been
identified within altered andesite with 1 - 15 % sulphides. Zones
up to 4 meters wide contain pyrite with lesser chalcopyrite,
sphalerite and galena over a 300 meter by 400 meter area (see map
and images above).
Full Contact
Full Contact is located 19 kilometers northwest
of the Surebet Zone. A 1.3 kilometers long gossan in an area of
glacial abatement was discovered with multiple silicified zones,
quartz veins and shears. The area shares the same geological
setting and alteration as Surebet with mineralization forming
around the volcanic – sedimentary contact characterized by
mineralization consisting primarily of pyrite, with lesser
arsenopyrite and sphalerite disseminated within silicified zones,
concentrating in veins and fractures (see map and images
above).
Surebet Exploration
Kahuna
Exploration, prospecting, and mapping in the
newly discovered Kahuna Zone has delineated a new 600-meter strike
extension of the Bonanza Shear defining the contact between
sedimentary and volcanic units 2 kilometers to the Northeast of the
known Surebet Zone along the eastern part of the North Slope.
Within the zone, two additional new polymetallic quartz-sulphide
veins were discovered with up to 10-meter-wide blow-outs above and
below the Bonanza Shear that extend for over 100 meters strike and
dips gently to the southwest containing abundant galena,
sphalerite, and chalcopyrite in the form of semi-massive
disseminations, stringers and veinlets. These veins together with
the Bonanza Shear currently remain open and will be drill tested
with a series of newly designed holes for the 2023 season at the
Kahuna Zone (see map above).
Full House
The Full House Zone is located 5 kilometers
northwest of the Surebet Zone in an area that extends from Hastings
Arm in the west to the Payday Showing in the east. Multiple
polymetallic quartz-sulphide veins and shear zones with similar
Surebet-style mineralization consisting of semi-massive to massive
aggregates, stringers and veinlets of galena, sphalerite and
pyrrhotite, have been discovered within a quartz-diorite intrusion
(Bulldog Creek pluton?). The stack of mineralized veins and shear
zones extends for more than 3.5 kilometers with most structures
striking east and moderately dipping to the north. Mineralization
at Full House Main located in the eastern part of the Full House
Zone has been mapped for over 700 meters of strike in a north-south
direction with an average width of 5 to 10 meters and is ready to
be drill tested in 2024. North of Full House Main, a grab sample
from the Payday showing from 2018 assayed 3 oz/t gold (113 g/t Au).
New channel sampling undertaken during the 2023 field season
identified several occurrences of visible gold in the vein.
Currently the entire Full house Zone remains open in all directions
and is being prepared for drilling in 2024 (see map above).
Outpost
The new Outpost Zone is located 5 kilometers to
the southeast of the Surebet Zone 3 kilometers to the west of, and
on trend with, the Humdinger Zone. In 2023 multiple polymetallic
quartz-sulphide veins, stockworks, and breccias have been
discovered within sedimentary and volcanic rocks. Mineralization in
these veins consists of disseminations, seams and semi-massive
sections of galena, sphalerite, arsenopyrite, pyrite and pyrrhotite
trending northeast - southwest. On the new Postman Creek showing, a
50-meter-wide polymetallic quartz-sulphide stockwork with
considerable amounts of galena, sphalerite, chalcopyrite, pyrite
and pyrrhotite was discovered within an andesite unit. The Postman
Creek showing is currently being prepared to be drill tested during
the 2023 season. Four (4) additional large and extensive
polymetallic quartz-sulphide breccias with parallel vein sets have
been discovered in sedimentary units. Individual vein and breccia
sets have been traced over 700 meters in outcrop and range between
5 and 20 meters in thickness containing notable volumes of galena,
sphalerite, arsenopyrite, pyrite and pyrrhotite, and remain open.
Current exploration consisting of channel cutting, prospecting, and
mapping is underway to prepare the site to be drill tested in 2023
(see map above).
Humdinger
To the southeast of the Surebet Zone below Pad
A, the Bonanza Shear was traced for 400 meters on surface towards
the west then south along the Real Deal Zone and projected to
continue 1.5 kilometers south across the valley under the new
Humdinger Zone. The new Humdinger Zone is characterized by multiple
polymetallic quartz-sulphide veins and stockwork with abundant
galena, sphalerite, and chalcopyrite occurring as strong
disseminations, larger blebs and clots, concentrating in fractures
or along bedding planes. The newly discovered mineralized vein and
stockwork zones have been traced in bedrock exposures for 2.4
kilometers and dip gently to the south. The zone has a width of
approximately 3 meters in the west and increases in width to 20
meters in the east. The new Humdinger Zone is ready and will be
drill tested during the 2023 season with a series of holes designed
to intersect the Humdinger Zone and the underlying projected
Bonanza Shear (see map above).
Lower Surebet Zone on Real
Deal
The Bonanza Shear was traced for 400 meters on
surface towards the west then south along the Real Deal. The new
Lower Surebet Zone on Real Deal is characterized by Surebet-style
mineralized polymetallic quartz-sulphide veins, breccia and
stockwork with abundant galena, sphalerite, and chalcopyrite
occurring as strong disseminations, larger blebs and clots,
concentrating along the sheared contact of the volcanic below and
the folded sedimentary units above. The zone is up to 8 meters
wide. The new Lower Surebet Zone will be drill tested during the
2023 season with a series of holes designed to intersect Bonanza
Shear.
The company has generated more than 75 new
targets (52 of which are on the icefields) on the Golddigger
property over the last year based on geochemical data, geophysical
surveys, structural maps, satellite imagery and satellite spectral
alteration data. All of these 75 new targets have excellent
discovery potential and will be prospected and evaluated during the
2023 season. With a total of just over 8 months of boots on the
ground on the Golddigger property to date, we are likely just
seeing the tip of the iceberg (see tenure map above).
Golddigger Property
The Golddigger Property is 100 % controlled
covering an area of 61,685 hectares (152,427 acres) and is located
in the world class geological setting of the Eskay Rift within the
Golden Triangle of British Columbia. The property encompasses 56
kilometers of the ‘Red Line’ that is host to multiple world class
deposits. The Surebet discovery has exceptional metallurgy with
gold recoveries of 92.2% inclusive of 48.8% free gold from gravity
alone at a 327-micrometer crush. It is in an excellent location
close in proximity to the communities of Alice Arm and Kitsault
where there is a 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,
infrastructure capable of housing more than 300 people, and
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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