Goliath’S Updated Model Confirms Six New GOLD Veins FOR a Total of 10 Demonstrates Increased Tonnage Potential at Surebet Discovery ON Golddigger Property , Golden Triangle, British Columbia
GOLIATH’S UPDATED MODEL CONFIRMS SIX NEW GOLD VEINS FOR A TOTAL OF 10
DEMONSTRATES INCREASED TONNAGE POTENTIAL AT SUREBET DISCOVERY
ON GOLDDIGGER PROPERTY , GOLDEN TRIANGLE, BRITISH COLUMBIA
HIGHLIGHTS:
Generation of the updated structural vein/shear Leap Frog model takes into consideration all
the surface and drill data collected (incl. oriented core) as well as the number of mineralized
pierce points in each vein to date on the Surebet Discovery. This has resulted in an advanced
understanding of the mineralized zones that remain open at Surebet, where 10 veins have now
been confirmed, including Surebet (now Surebet Upper), Bonanza and Golden Gate; now two
stacked Upper and Lower parallel veins (see images below).
The volume of the Surebet Zone (now Surebet Upper) hosted in the sedimentary units shows
a potential range of 28 – 35 million tonnes based on 108 mineralized pierce points that has
widths up to 35 meters at 24.44 g/t AuEq. In addition, a secondary vein located approximately
15 meters below Surebet Upper and parallel to it, has been identified shows a potential range
of 5 – 7 million tonnes based on 54 mineralized pierce points that has widths of up to 6 meters
at 11.94 g/t AuEq. This new vein is named Surebet Lower and remains open.
The volume of the Bonanza Shear is showing a potential range of 12 – 16 million tonnes based
on 52 mineralized pierce points that have widths up to 10 meters at 27.94 g/t AuEq, including
3 meters at 46.04 g/t AuEq hosted at the contact between sedimentary rocks and now showing
it continues into the volcanic rocks; it remains open.
The volume of the Golden Gate Zone is showing a potential range of 4 – 5 million tonnes based
on 52 mineralized pierce points that has widths up to 3 meters at 8.46 g/t AuEq and 3 meters
at 22.07 g/t AuEq for the two identified parallel veins Upper and Lower hosted in the volcanic
units respectively; they remain open.
The updated structural model has identified six new gold veins that remain open showing
potential volume ranges:
◦ Big One (12 – 15 Mt) based on 51 mineralized pierce points that ha s widths of up to 3
meters at 6.75 g/t AuEq.
◦ Eldorado (8 - 11 Mt) based on 57 mineralized pierce points that ha s widths of up to 3
meters at 11.39 g/t AuEq.
◦ Surebet Lower (5 - 7 Mt) based on 54 mineralized pierce points that has widths of up to 6
meters at 11.94 g/t AuEq.
◦ Goldzilla (4 - 5 Mt) based on 24 mineralized pierce points that has widths of up to 3 meters
at 4.55 g/t AuEq.
◦ Hotspot (2 - 3 Mt) based on 7 mineralized pierce points that has widths of up to 1 meter
at 1.00 g/t AuEq.
◦ Whopper (1 - 2 Mt) based on 27 mineralized pierce points that has widths of up to 4 meters
at 13.60 g/t AuEq.
The total combined volume ranges from the 10 veins shows 78 - 97 million in potential tonnes.
The advanced structural model based on all drilling to date has confirmed key areas where
further drilling could provide additional continuation of the extension of mineralized horizons
as well as vectoring in on the possible mineralized feeder source.
Detailed surface mapping of the Surebet area also has played a major role in clearly defining
the structural controls on the vein and consequently the gold mineralization (see image
below).
Toronto, Ontario – March 4, 2024 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
(the “Company” or “Goliath”) is please to share a significant update on the work being carried out on
the Surebet Discovery at its 100% controlled Golddigger Property (the “Property”), Golden Triangle,
British Columbia. The Company has updated the structural vein model of the Surebet Discovery that
integrates drill data from the 2021 to 2023 (oriented core), all the surface data collected and the total
number of mineralized pierce points in each vein to date. The new model suggests a total combined
range of 78 to 97 million potential tonnes. In addition to the previously reported Surebet Zone, Bonanza
Shear and Golden Gate Zone, 6 newly discovered gold veins have been identified that also remain open.
The updated structural vein/shear model resulted in a greater understanding of the mineralized zones
on the Surebet Discovery, where 10 veins have now been identified, including Surebet (now Upper
Surebet), Bonanza Shear and Golden Gate (now Upper and Lower veins).
The 6 newly identified veins include: Big One, Eldorado, Surebet Lower, Goldzilla, Hotspot, and Whopper.
The new structural model was built taking into consideration the structural data obtained from oriented
drill core collected between 2021 and 2023, structural information from surface sampling and mapping
as well as the number of mineralized pierce points in each vein and their locations.
They are the result of incorporating a number of mineralized intervals that were not previously
associated with Surebet Zone, Bonanza Shear and Golden Gate Zone as well as some mineralized
intervals that have been re-assigned based on new structural information. Detailed surface mapping of
the Surebet area also has played a major role in clearly defining the structural controls on the veins and
consequently the gold mineralization.
The advanced structural model together with information from detailed surficial mapping has vectored
in on the key areas where drilling should provide additional continuation and extension of gold
mineralized horizons focussed on building estimated ranges of potential tonnage moving forward.
The Company is in the process of designing a highly focussed drill program for the 2024 drill season. It’s
designed to delineate the full extent of gold mineralization, expand the potential tonnage which remains
wide open for expansion and additional discoveries as well as vectoring in on the possible feeder source.
In addition, the Golddigger 2024 drill program may include a maiden drill program on the newly
discovered Treasure Island and Full Contact targets on the Cambria Icefield claims to the north of
Surebet.
Golddigger Property
The Golddigger Property is 100% controlled covering an area of 64,264 hectares (158,800 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 has exceptional metallurgy with gold recoveries of 92.2% inclusive of 48.8% free
gold from gravity alone at a 327-micrometer crush (no deleterious elements and no cyanide required to
recover the gold based on metallurgical work completed to date).
It 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 the Observat ory 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
The potential quantity and grade ranges are conceptual in nature, and that there has been insufficient
exploration to define a mineral resource and that it is uncertain if further exploration will result in the
Surebet Discovery being delineated as a NI 43-101 compliant mineral resource and is subject to change.
Goliath’s conceptual Leap Frog structural vein/shear model takes into consideration and is based on: all
structural data collected from surface and logged drill core (incl. oriented core), specific gravity (SG) of
2.93 x cubic meters from the area drilled, weighted average of all mineralized grades/widths from all 222
diamond drill hole pierce points assayed inclusive of the 2023 program.
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 shac k. 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 Deposit TM. 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 clea n 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 ne eded (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: +1.416.488.2887
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 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb
2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. 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.
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