First Four Holes At Treasure Island All Hit Abundant Sulphide Mineralization In VMS Type Targeted Zones, Including Up To 9.8 Meters Of Quartz, Stockwork And Breccia Hosting Massive Chalcopyrite & Pyrite - The Golddigger Project’s Cambria Icefields District Is 36 KM North Of The Surebet
First Four Holes At Treasure Island All Hit Abundant Sulphide Mineralization
In VMS Type Targeted Zones, Including Up To 9.8 Meters Of Quartz,
Stockwork And Breccia Hosting Massive Chalcopyrite & Pyrite
-
The Golddigger Project’s Cambria Icefields District Is 36 KM North Of The Surebet
Gold Discovery In The Prolific Golden Triangle Of British Columbia
Newly Discovered Treasure Island 550 x 450 Meters VMS Type Target – Drill Hole Highlights:
● TI-24-01, Pad 1: A 9.8 meter interval of mineralization containing quartz stockwork and
breccia hosting massive chalcopyrite (up to 8%) and pyrite (up to 10%); the zone remains
open, and assays are pending (see image below).
● TI-24-04, Pad 1: The 5.46 meter interval of mineralization contains stockwork, quartz breccia
hosting semi-massive to massive pyrite (2%) and trace chalcopyrite (<1%), together with
subordinate malachite, the zone remains open; assays are pending (see image below).
● TI-24-02, Pad 1: The 2.74 meter interval of mineralization contains quartz-carbonate breccia,
consisting of blebs of pyrite (2%) and trace chalcopyrite (<1%), the zone remains open;
assays are pending (see image below).
● TI-24-03, Pad 1: The 1.77 meter interval of mineralization contains quartz-carbonate breccia
with small blebs to semi massive pyrite (1%) and minor chalcopyrite (<1%), the zone remains
open; assays are pending (see image below).
● The planned 2024 program at Treasure Island includes 11 holes from 4 drill pad locations
with one diamond drill rig for 1,600 meters; additional drill holes will be designed based on
mineralized intercepts (see image below).
● Treasure Island is located on Golddigger’s Cambria Icefields District claim blocks, 36 km north
of the Surebet gold discovery, and has only recently been exposed due to the result of glacial
retreat and permanent snowpack abatement (see map below).
● It is located 6 km east of, and on trend with, the Porter Idaho mine classified as a polymetallic
vein deposit and/or possible VMS deposit that was operational in the early 1900’s. (see map
below).
● The new Treasure Island discovery consists of multiple shear -hosted, VMS-style polymetallic
zones covering an area of approximately 550 by 450 meters and is NW-SE trending. The extent
of mineralization is currently open in all directions.
● Broad high -grade mineralized zones are up to 20 meters wide with sections of massive
chalcopyrite and pyrite occupying shears and forming sulphide -rich mineralization at
structural intersections and embayment zones within strongly folded and sheared mudstone,
siltstone, and tuff units.
● Channel samples collected over 20.60 meters included the previously reported results of 0.85
meters of 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) (see images below).
● Widespread grab and chip samples previously reported assayed up to 11.08 gpt AuEq (0.04
gpt Au, 126.00 gpt Ag and 7.15 % Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43 %
Cu) (see images below).
● A noteworthy 13 out of 19 grab and chip samples (68%) taken on Treasure Island over a wide
area assayed >1.00 gpt AuEq.
● An exceptional 15 out of 16 channel cuts (94%) assayed >1.00 gpt AuEq.
● The new Treasure Island target demonstrates the excellent untapped potential for additional
discoveries across the large Golddigger property, which encompasses 56 km of the “Red Line”,
which is the name Goliath Resources uses to describe a key geological c ontact between two
regional stratigraphic packages (read more below – About Golddigger Property).
● In the Golden Triangle the most important discoveries and mines are on either side of the
“Red Line” and within 3 kilometers meters of either side. We consider this a critical
exploration vector and the Golddigger project is within the sweet spot of the “Red Line.”
Toronto, Ontario – August 12, 2024 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the “Company” or “Goliath”) is pleased to report the maiden diamond drill program is underway
at its newly discovered VMS type targets with high-grade gold-copper at the Treasure Island outcrop.
The first four holes have all hit abundant mineralization up to 9.8 meters containing quartz stockwork
and breccia hosting massive chalcopyrite (up to 8%) and pyrite (up to 10%); the zone remains open, and
assays are pending. The outcropping mineralized targets remain wide open. Treasu re Island is located
on the Cambria Icefields at its 100% controlled Golddigger Property 3 6 km north of the Surebet
Discovery, Golden Triangle, British Columbia.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “While most of our drilling is focused on
the Surebet gold discovery, part of our plans include regional exploration on other areas of our
Golddigger Project (66,608 hectares in size) which was until recently covered by glaciers and permanent
snowpack. Our maiden drilling at our Treasure Island target is off to a great start and showing signs that
it could be a second important discovery. Our team of geologists and drillers are doing a fantastic job
completing drill holes and we are delighted with our early results and look forward to an expanded drill
campaign.”
Description Of Maiden Drill Holes At Treasure Island Target
TI-24-01, Pad 1: The 9.8 meter interval of mineralization intersection is from 376.64 to 386.44 meters.
Quartz stockwork in mudrocks. Frequent, chaotic quartz wollastonite veins range from <1 - 37cm wide
with calc-silicate alteration. That becomes slightly quartz breccia ted at 381.21 meters leading towards
the main mineralized zone. Brecciated and slightly sheared from 385.5 - 386.44 meters. Vein contacts in
the middle of the zone are rubbly and have some gouge. Massive chalcopyrite (8%) and pyrite (10%)
from 381.63 - 382.22 meters hosted in chaotic quartz veins and extending to the host rock. 11cm quartz
vein at 382.91 meters with massive pyrite. Disseminated and small blebs of chalcopyrite and pyrite
throughout, assays are pending.
TI-24-04, Pad 1: The 5.46 meter interval of mineralization is white to dark grey quartz breccia intersected
from 48.6 to 54.12 meters. It contains semi-massive to massive pyrite (2%) and trace chalcopyrite (<1%),
together with subordinate malachite. Carbonate is a minor phase. Iron oxides present on fracture planes
and through the breccia material. It appears very fractured locally. It includes an intermediate dyke
crosscut by barren milky white quartz veins from 52.1 to 53 meters, assays are pending.
TI-24-02, Pad 1 : The 2.74 meter interval of mineralized quartz -carbonate breccia intersection is from
77.4 to 80.14 meters. Dark grey, quartz carbonate breccia hosted in mudrocks, associated with some
wollastonite. Most of the mineralization is observed from 78.63 to 79.59 meters. The rest of the interval
shows a lesser degree of brecciation. It appears very fractured at the start of the mineralized interval
and includes some gouge. Mineralization consists of blebs of pyrite (2%) and trace chalcopyrite (<1% ),
assays are pending.
TI-24-03, Pad 1: The 1.77 meter interval of mineralized quartz-carbonate breccia associated with some
wollastonite intersection is from 259.86 to 261.63 meters, entraining clasts of both host mudrocks and
intermediate dyke. The latter becomes prevalent towards the unit's lower contact, showing weak
chlorite alteration. The mineralization consists of small blebs to semi massive pyrite (1%) and minor
chalcopyrite (<1%), assays are pending.
The Treasure Island outcropping mineralized target is 36 km north of the Surebet discovery, 6 km to the
east of, and on trend with, the Porter Idaho mine and 9 km east of Stewart, British Columbia. The target
has recently been exposed as a result of glacial abatement and is being drill tested for the firs t time
during the 2024 field season.
A total 15 out of 16 channel cuts previously reported assayed > 1.00 gpt AuEq, which corresponds to
94% of channel cuts collected on Treasure Island to date. In addition, 13 out of 19 grab and chip samples
assayed > 1.00 gpt AuEq, which corresponds to 68 % of chip and grab samples collected on Treasure
Island to date. Channel samples collected on Treasure Island assayed up to 28.08 gpt AuEq (20.60 gpt
Au, 63.60 gpt Ag and 5.04% Cu) over 0.85 meters; and 3.54 gpt AuEq (0.13 gpt Au, 23.96 gpt Ag and
2.34% Cu). Grab and chip samples collected on Treasure Island assayed up to 11.08 gpt AuEq (0.04 gpt
Au, 126.00 gpt Ag and 7.15% Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43% Cu). See Table
1 and 2 below for complete assay results.
The high-grade gold-copper Treasure Island target consists of new mineralized bedrock outcrops that
have been exposed by glacial melt. This newly discovered mineralized area shows multiple shear-hosted,
VMS type polymetallic zones over a 550 meter by 450 meter NW-SE trending area that remains open in
all directions. Mineralized domains are up to 20 meters wide with sections of massive chalcopyrite and
pyrite occupying shears and forming sulphide -rich mineralization at structural intersections and
embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.
Table 1: 2023 grab and chip samples from Treasure Island (previously reported).
Sample ID Au (gpt) Ag (gpt) Cu (%) Pb (%) Zn (%) AuEq (gpt)
ST115881 0.04 126.00 7.15 0.00 0.02 11.08
ST115879 0.04 89.30 5.61 0.00 0.02 8.59
ST116045 5.85 20.70 1.43 0.00 0.00 8.00
ST116174 0.43 66.70 4.85 0.00 0.01 7.70
ST116398 3.72 38.60 1.76 0.00 0.00 6.52
ST116388 0.37 56.80 4.11 0.00 0.00 6.52
ST115874 2.04 47.30 2.73 0.00 0.01 6.24
ST116038 0.34 47.70 2.47 0.00 0.00 4.20
ST116397 0.44 28.10 1.99 0.00 0.01 3.43
ST116399 0.60 25.20 1.58 0.00 0.00 3.00
ST116044 0.02 27.00 1.41 0.00 0.01 2.22
ST113101 0.91 14.15 0.80 0.00 0.00 2.14
ST115884 0.05 6.07 0.81 0.00 0.00 1.20
ST116391 0.03 10.95 0.56 0.00 0.01 0.90
ST115882 0.04 5.46 0.34 0.00 0.01 0.55
ST115872 0.02 5.12 0.29 0.00 0.00 0.47
ST115883 0.28 0.72 0.03 0.00 0.00 0.33
ST115873 0.01 2.56 0.21 0.00 0.00 0.33
ST115885 0.02 0.17 0.00 0.00 0.00 0.03