Surebet Definitively Proven To Be Part of a Large-Scale Tier-1 Reduced Intrusion Related Gold System With Tremendous Upside Remaining, Golden Triangle, B.C. Highlights Of The Geological Study Completed By The Colorado School Of Mines:
Surebet Definitively Proven To Be Part of a Large-Scale Tier-1 Reduced
Intrusion Related Gold System With Tremendous Upside Remaining,
Golden Triangle, B.C.
Highlights Of The Geological Study Completed By The Colorado School Of Mines:
● A detailed geological study was recently completed by the Colorado School of Mines utilizing
a compilation of drill holes and geological data. Conclusions of the geological study confirms a
new interpretation of the ore forming process of high-grade gold mineralization at Surebet and
confirms common causative Reduced Intrusion Related Gold (RIRG) source with tremendous
untapped discovery potential.
● High-grade gold mineralization at Surebet occurs in two different settings , both containing
visible gold in remarkably high percentages of the drill hole intersections. Of particular note is
that the visible gold is fine to coarse grained, and includes up to abundant visible gold, with an
increase of coarseness and abundance in vertical distribution. Which is consistent with the
assessment that the system is getting richer as it is drilled deeper, and both styles of high-grade
gold mineralization are open in all directions:
o Shear hosted veins up to 3 9 meters wide where gold occurs as native or alloys with
bismuth and tellurium within quartz-sulphide veins hosted in sedimentary and volcanic
rock units.
o Multiple millimeter to centimeter wide quartz veinlets where gold occurs with
bismuth, tellurium, and molybdenite within felsic to intermediate dykes.
● 12 vertically stacked gold mineralized shear-hosted veins within the sedimentary and volcanic
rock units have been confirmed through drilling and modelling at Surebet with grades up to
34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters. These stacked layers are up to 3 9
meters wide within a 1.8 km 2 area that remains open showing the excellent additional blue -
sky potential.
● Multiple high -grade gold intervals from reduced intrusion related porphyritic felsic to
intermediate feeder dykes assayed up to 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over
10.00 meters. The gold mineralized feeder dykes are up to 25 meters wide and exposed along
strike at surface for up to 1,500 meters and remain open, strongly indicating close proximity
to a gold-rich Motherlode RIRG source (previously announced March 13, 2025).
● Dating of volcanic-hosted gold mineralization related to the shear hosted veins resulted in an
age of 50.7 ± 1.0 Ma. This result overlaps with the U -Pb zircon age of 52.0 ± 1.5 Ma obtained
for the mineralized felsic to intermediate dykes. The overlap in mineralization age for both
shear-hosted gold-rich veins and gold-bearing dykes suggests a common causative intrusion as
the source of mineralization.
● Eocene age (56 to 34 Ma) mineralization has been neglected in the southern part of the Golden
Triangle, where most of the known deposits are thought to be Jurassic age (201 to 145 Ma).
The discovery of abundant Eocene age mineralization at Surebet shows the tremendous
untapped discovery potential that is left on the Golddigger property.
● Recent research by the Colorado School of Mines has indicated the presence of two stages of
gold mineralization in the gold-rich veins at Surebet within the shear hosted veins and the felsic
to intermediate dykes:
o The first stage of gold mineralization resulted in the deposition of native bismuth,
bismuth tellurides, and the gold -bismuth mineral maldonite and is associated with
calc-silicate alteration including actinolite. This early mineralization occurs primarily in
quartz veins crosscutting gold-bearing dykes and the volcanic rocks.
o The later assemblage of gold mineralization crosscuts the early stage and is associated
with chlorite alteration. This late stage of gold makes up most gold observed in the
shear-hosted veins.
● The paragenetic relationships of minerals are consistent with alteration occurring from a
cooling hydrothermal system in both the shear and dyke hosted veins. This provides further
evidence that the dykes and shear-hosted gold veins at Surebet may be related to a causative
intrusion at depth that may have acted as the heat source for the hydrothermal system and
likely contributed significant free gold.
● At Surebet, multiple gold-bismuth-tellurium grains have textural characteristics which indicate
that they were entrapped as melt droplets within the host quartz. Fluid inclusions associated
with these melt droplets provide evidence for the contemporaneous occurrence of phase
separation of the CO 2-rich magmatic-hydrothermal fluids, a process not previously described
in the scientific literature.
Microphotographs of gold assemblages and associated alteration found at Surebet. a. Transmitted
light image of the gold bearing actinolite veinlet with clinozoisite halo associated with early gold
mineralization. b. Reflected light image of actinolite veinlet from frame a. showing the association
between the gold-bismuth-tellurium grains, actinolite, and clinozoisite. c. Reflected light image of
early-stage gold-bismuth-tellurium grains which were entrapped as a melt and healed along a
microfracture in quartz. d. Reflected light image of late gold and associated chlorite cutting
pyroxene.
● Confirmation of high gold grades over broad intervals in the recently discovered RIRG system
characterized by considerable amounts of visible gold, bismuth, bismuth tellurides and
molybdenum mineralization in the felsic to intermediate porphyritic dykes on Surebet
materially increases the size potential of the various gold zones at the Surebet discovery.
● During only 15 months of boots on the ground, strong gold mineralization has been confirmed
in 100% of 243 widespread drill holes containing >300 intercepts to date within a 1.8 km2 area.
The multiple stacked gold veins and widespread gold -rich reduced intrusion feeder dykes,
confirms the continuity of the widths and grades at Surebet demonstrating this world -class
gold-rich system has tremendous additional untapped expansion potential remaining.
Toronto, Ontario – April 24, 2025 – Goliath Resources Limited (TSX -V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to report the results of the geological study completed by the
Colorado School of Mines which confirms new ore forming process of high-grade gold mineralization and
common causative Reduced Intrusion Related Gold (RIRG) source with tremendous untapped discovery
potential at Surebet on its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.
Two stages of gold mineralization clearly associated with a RIRG system as well as overlap in mineralization
and alteration ages for shear hosted veins and dykes, and paragenetic relationships of minerals consistent
with alteration occurring from a cooling hydrothermal system, strongly indicate a common RIRG feeder
source at Surebet.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “Since our initial discovery at Surebet of an
extensive outcropping zone of gold mineralization, followed by drilling below to make a discovery of a series
of stacked gently dipping high-grade gold veins, and then a series of vertical dykes through the stacked veins,
our understanding of the overall system has been aided by the great work by the team at the Colorado School
of Mines. The 2024 drilling season was our best ever, highlighted by visible gold in 92% of the holes drilled,
including fine-grained to coarse-grained and abundant visible gold that got better as we drilled deeper into
the discovery. Another important milestone in 2024 was our success drilling into a series of near vertical dykes,
also with visible gold and high-grade gold assays, that come up through the gently dipping stacked veins. All
of our drilling and geological work enabled us to provide a remarkable amount of material and data for the
team at the Colorado School of Mines to enhance the modeling, interpretation and thesis of what has caused
the high-grade gold mineralization we have drilled into with great success so far. In a general sense, we have
determined that we have a series of gently dipping high-grade veins with vertical RIRG zones (also with high-
grade gold) through the veins. Which have enriched the veins, and there is a likelihood that they are all coming
from a common source. When you consider how widespread the high-grade gold mineralization is in the veins
and RIRG zones, the source is potentially extremely large. The more drilling and scientific studies we do at the
Surebet discovery, the better it gets, and we are still high in the system that is open in all directions, and we
are delighted with the prospect with what can be found as we continue to laterally and drill deeper for the
source of the high-grade gold system.”
Gold mineralization at Surebet occurs in two different setting: 1) shear hosted veins up to 3 9 meters wide
where gold occurs as native or alloys with bismuth and tellurium within quartz -sulphide veins hosted in
sedimentary and volcanic rock units and 2) multiple millimeter to centimeter wide quartz veinlets where gold
occurs with bismuth, tellurium, and molybdenite within felsic to intermediate dykes. Direct dating of
volcanic-hosted sulphide mineralization related to the shear hosted veins resulted in an age of 50.7 ± 1.0 Ma.
This result overlaps with the U -Pb zircon age of 52.0 ± 1.5 Ma obtained for the mineralized felsic to
intermediate dykes. The overlap in mineralization age for both shear -hosted veins and gold -bearing dykes
suggests a common causative intrusi on as the source of mineralization observed at Surebet. Petrographic
and fluid inclusion analysis carried out on samples from the mineralized shear-hosted veins in an earlier phase
of the project indicated that the fluid responsible for the gold mineralization at Surebet is of magmatic origin
(previously announced February 2, 2023) further corroborating the hypothesis of a common magmatic
source for the mineralization. Eocene age (56 to 34 Ma) mineralization has been neglected in the southern
part of the Golden Triangle, where most of the known deposits are thought to be Jurassic age (201 to 145
Ma). The discovery of abundant Eocene age mineralization at Surebet shows the tremendous untapped
discovery potential that is left on the Golddigger property and surrounding areas. Structures and lithologies
younger than Jurassic which have been historically overlooked now provide excellent targets for styles of
gold mineralization which may have been overlooked.
New research has indicated the presence of two stages of gold mineralization in the gold -bearing veins at
Surebet within the shear - hosted veins and the felsic to intermediate dykes. The first stage of gold
mineralization resulted in the deposition of native bismuth, bismuth tellurides, and the gold-bismuth mineral
maldonite. This stage of gold mineralization is associated with calc-silicate alteration including actinolite. This
early mineralization occurs primarily in quartz veins crosscutting gold -bearing dykes and the volcanic rocks.
Gold-bismuth-tellurium grains from this stage are commonly observed as inclusions along healed
microfractures in quartz. The later assemblage of gold mineralization crosscuts the early stage and is
associated with chlorite alteration. This late stage of gold makes up most gold observed in the shear-hosted
veins at Surebet. Samples taken from an interval i n hole GD-24-260 that assayed 34.52 g/t AuEq (34.47 Au
and 3.96 Ag) over 39.00 meters ( previously announced January 13, 2025) are found to have significant
quantities of both the early and late gold stages, possibly explaining the high -grade observed. This overlap
between dyke-typical and shear-hosted vein-typical mineralization further suggests both styles of gold are
expressions of the same system.
The paragenetic relationships of minerals determined through petrographic work are consistent with
alteration occurring from a cooling hydrothermal system in both the shear and dyke -hosted veins. This
finding provides further evidence that the dykes at Surebet may be related to a causative intrusion at depth
that may have acted as the heat source for the hydrothermal system and likely contributed significant metals.
Additionally, the gold-bismuth-tellurium grains have textural characteristics which indicate that they were
entrapped as melt droplets within the host quartz. Fluid inclusions associated with these melt droplets
provide evidence for the contemporaneous occurrence of phase s eparation of the CO 2-rich magmatic -
hydrothermal fluids, a process not previously described in the scientific literature. Further research at the
Colorado School of Mines will be focused on understanding this new mechanism for ore formation and its
role in the formation of high-grade gold mineralization at Surebet.
During only 15 months of boots on the ground, strong gold mineralization has been confirmed with assays in
100% of 243 widespread drill holes containing >300 intercepts to date within a 1.8 km 2 area with 20 holes
contain intervals over 100 gram*meter Au (> 3 ounces*meter Au). Confirmation of multiple stacked gold
veins and widespread gold -rich reduced intrusion feeder dykes, confirms the continuity of the widths and
grades at Surebet demonstrati ng this world -class gold system has tremendous additional untapped
expansion potential remaining.
Golddigger Property
The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in the world class
geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British
Columbia. This area has hosted some of Canada’s greatest mines including Eskay Creek, Premier and Snip.
Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore
Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Li ne which is a
geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when
exploring for gold-copper-silver mineralization.
The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% with
48.8% of it as free gold from gravity alone at a 327 -micrometer crush (no cyanide required to recover the
gold). The metallurgy completed to date shows no deleterious elements are present such as mercury or
arsenic.
The Property is in an excellent location in close 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 th e 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 loc ated on the west coast and houses
an international container seaport also with direct access to railway and an airport.
About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)
Goliath Resources is a paying member and active supporter of the Center to Advance the Science of
Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the
mining sector. CASERM is a collaborative research v enture between Colorado School of Mines and Virginia
Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and
software companies, and federal agencies aiming to transform the way geoscience data is acquired and used
across the mining value chain. The center forms part of the I -UCRC program of the National Science
Foundation. Research focuses on the integration of diverse geoscience data to improve decision making
across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine
operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’
membership in CASERM has allowed world-class research to be performed on the Surebet project part of the
Golddigger Property in British Columbia, Canada.
Qualified Person
Quinton Hennigh (Ph.D., P.Geo.) is the qualified person pursuant to National Instrument 43 -101 Standards
of Disclosure for Mineral Projects responsible for, and having reviewed and approved, the technical
information contained in this news release. Dr. Hen nigh is a technical advisor to Goliath Resources and has
verified the data herein disclosed.
Approval of Shareholder Rights Plan
At Goliath’s annual and special meeting of shareholders held on March 17, 2025 (the “Meeting”), the
Company’s shareholders (“Shareholders”) approved all of the resolutions put before the meeting including a
resolution adopting a shareholder rights plan (the “Rights Plan”) which was initially adopted by the board of
directors (“Board”) on February 7, 2025. In connection with the Rights Plan, the Company also entered into
a rights plan agreement with Computershare Investor Services Inc. as rights agent dated February 7, 2025.
The Rights Plan was adopted to ensure Shareholders are treated fairly and equally in connection with any
unsolicited take-over bid or other acquisition of control of, or a significant interest in, the Company while
providing the Board adequate time to consider and evaluate such a take-over bid or other acquisition and, if
appropriate, identify, develop and negotiate any value -enhancing alternatives. The Rights Plan is
substantially similar to the Company’s prior shareholder rights plan first adopted on December 11, 2020 and
announced via press release on January 6, 2021. The Rights Plan has not been adopted in response to any
specific take-over bid or other proposal to acquire control the Company, and the Company is not aware of
any such pending or contemplated proposals.
Under the terms of the Rights Plan, one right (a “Right”) will be issued and attached to each common share
in the capital of the Company (“Common Share”) outstanding as of the Effective Date, and a Right will also
attach to each Common Share issued thereaf ter. The issuance of the Rights will not change the manner in
which the Shareholders trade their Common Shares, and the Rights will automatically attach to Common
Shares with no further action required by Shareholders.
Subject to its terms, the Rights issued under the Rights Plan become exercisable only if a person (an
“Acquiring Person”), together with certain parties related to such Acquiring Person, acquires or announces
its intention to acquire beneficial ownership o f 20% or more of the outstanding Common Shares without
complying with the “Permitted Bid” provisions of the Rights Plan or in circumstances where application of
the Rights Plan is not waived in accordance with its terms. Following a transaction that result s in a person
becoming an Acquiring Person, the Rights entitle the holders thereof (other than the Acquiring Person and
certain related parties) to purchase Common Shares for a nominal amount.
The description of the Rights Plan in this news release is qualified in its entirety by the full text of the Rights
Plan, a copy of which is available on the Company’s SEDAR+ profile at www.sedarplus.ca. The Company’s
management information circular, dated February 7, 2025, prepared in connection with the annual general
and special meeting held on March 17, 2025, contains a summary of the Rights Plan.
Option Grant
The Company has granted a total of 300,000 stock options for a five year period to advisors and consultants
priced at 1.61 per share which will vest immediately. The grant of the options are subject to the Company's
omnibus equity incentive plan.
About Goliath Resources Limited
Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern
British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions
amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization
that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key
strategic cornerstone shareholders include Crescat Capital, McEwen Mining Inc . (NYSE: MUX) (TSX: MUX),
Mr. Rob McEwen, a Global Commodity Group based in Singapore, Mr. Eric Sprott and Mr. Larry Childress.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
www.goliathresourcesltd.com
Other
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.
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 cor e is then
described and transcribed in MX Deposit TM. Drill holes were planned using Leapfrog Geo TM and QGIS TM
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-