Goliath Amends Option Agreement To Fast Track 49% Ownership In Golddigger Property Based on Positive Results To Date, Golden Triangle B.C.
Goliath Amends Option Agreement To Fast Track 49% Ownership In Golddigger
Property Based on Positive Results To Date, Golden Triangle B.C.
Toronto, Ontario – April 15, 2024 - Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to report it has fast tracked its 49% ownership interest in the
Golddigger Property (the “ Property”), located in the “ Golden Triangle ”, British Columbia based on
positive results to date. The Company has made all payments required to the vendor under its option
agreement dated April 18, 2017 (the “ Option Agreement”). It has exceeded the minimum exploration
expenditures of $14 ,000,000 to ultimately earn a 100% interest in the Property. Goliath will earn the
remaining 51% interest in the Property by issuing a National Instrument 43-101 (“NI 43-101”) resource
estimate showing a minimum of 2,000,000 AuEq ounces on or before June 1, 2027.
Key points to the amendment provide for Goliath’s immediate 49% ownership in the Property upon the
issuance of 10,000,000 common shares issued prior to May 15, 2024 to the Property vendors. To earn
the remaining 51% interest and therefore an outright 100% ownership in the Property, issue a NI 43-101
maiden resource report outlining a minimum of 2,000,000 AuEq ounces (M&I, Indicated and/or Inferred)
on or before June 1, 2027.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are very pleased to have fast tracked
our initial 49% interest in the Golddigger Property and look forward to acquiring the remaining 51%
interest. The property already is a remarkable gold discovery, showing multiple zones that transition from
the sediments, into the contact of the sediments and volcanics then into the volcanics. We feel confident
that with further drilling into the volcanics, we will continue to discover multiple zones that lead us to the
heat engine that caused the widespread gold mineralization . New grassroots gold discoveries are very
rare in the gold mining sector. The gold mineralization has excellent continuity and is very predictable as
can be seen from the high percentage of gold mineralization in our drill holes, and equally as exciting is
the high percentage of visible gold in the drill holes. It also has exceptional gold recoveries of 92.2% at a
327 micron crush with 48.8% being free gold from gravity alone; the cheapest cost of producing doré.
Jackpot is yet another discovery of outcropping high-grade gold-silver-copper with multiple mineralized
veins within a broader shear zone that can be traced for >500 meters with 400 meters of vertical relie f
which we believe has excellent upside potential for our shareholders. This clearly demonstrates the strong
possibility for many more discoveries of material size mineralized shear zones/veins directly related to
the Surebet system that remains open. The newly discovered Jackpot outcrop assayed one of the highest-
grade sample s collected on the Property to date returning 21.5 oz/t AuEq or 667.40 gpt AuEq. Of
important note, it is hosted in a shear composed of strongly silicified porphyritic andesite within the
Hazelton Volcanics that could quickly evolve into our next material grade and/or porphyry drill discovery
on the Golddigger property in 2024. We also are looking forward to announcing results from our
inaugural exploration program on Golddigger’s Cambria Icefield new discoveries at Treasure Island and
Full Contact as well the inaugural drill program at our untested porphyry target at our Luck Strike
property this year.”
Golddigger Property
The Golddigger Property is 100% controlled covering an area of 66,023 hectares (163,146 acres) and is
located 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 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.
About Goliath Resources Limited
Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle area
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. The Company
currently has ample funds in its treasury to initiate a significant 2024 drill program . Goliath has key
strategic cornerstone shareholders that include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.
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 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 and are planned using
Leapfrog GeoTM 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 s 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 are collected by foot with helicopter assistance. Prospective
areas included, but are 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 are 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 are flagged with
biodegradable flagging tape and marked with the sample number. All sample sites are 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 are recorded on all-weather
paper. Samples are 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 are 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 o f its locations. At ALS, samples are 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 are 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 intend ed to be representative of the material
sampled.
Qualified Person
Rein Turna P . Geo are the qualified person s as defined by N I 43-101, for Goliath Resource Limited
projects, and supervised the preparation of, and has reviewed and approved, the technical information
in this release.
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: 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.
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. Actua l
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 G oliath.
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
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