Goliath Completes Successful 2017 Exploration Program at Golddigger & Bingo Projects in the Golden Triangle
Goliath Completes Successful 2017 Exploration Program at Golddigger &
Bingo Projects in the Golden Triangle
Toronto, ON – November 2, 2017 – Goliath Resources Limited (TSX-V: GOT) (the " Company" or
“Goliath”) is pleased to announce that it has successfully completed its first exploration programs on its
Golddigger and Bingo projects located near Auryn Resources Inc.’s Homestake Ridge deposit in the Golden
Triangle. Goliath has an option to acquire a 100% interest in both Golddigger and Bingo.
The 2017 Programs were successful in meeting or ex ceeding all of the goals established by Goliath’s
geological team. The Programs included extensive pr operty-wide prospecting, geologic mapping, channel
cutting, geophysics and alteration studies with the goal of delineating bedrock drill targets for 2018.
Assay, geochemistry & alteration st udy results are pending on both projects and will be reported when
they have been received and compiled.
GOLDDIGGER EXPLORATION UPDATE
STAKING – An additional 6,110 hectares was staked that increases the Golddigger property to a
total size of 14,220 hectares.
CHANNEL SAMPLES – 46 widespread channel samples were taken in preparation for drilling
that total over 61 metres in length from 10 separate channel cut areas.
PROSPECTING – Collection of 265 rock grab samples.
GEOCHEMISTRY – 15 silt samples and 7 talus fine samples were collected.
GEOLOGIC MAPPING – Detailed geological mapping was completed over key zones in
preparation for drilling.
REMOTE SENSING – High-resolution satellite imagery was acquired over the entire property.
Structural analysis of this data remains ongoing.
The Golddigger property covers 14,220 hectares and is located on tide water 30 kilometres southeast of
Stewart, British Columbia within the Golden Triangle. It is approximately 9 kilometres southwest of Auryn
Resources Inc.’s high grade gold, silver and copper deposit at their Homestake Ridge Project. Their NI 43-
101 reports an indicated resource of 125,000 ounces of gold with an average grade of 6.25 grams per tonne,
1 million ounces of silver with an average grade of 47.9 grams per tonne and 2.4 million pounds of copper
with an average grade of 0.18%. Additionally, they report an inferred resource of 932,000 ounces of gold
with an average grade of 4.00 grams per tonne, 21.2 million ounces of silver with an average grade of 90.9
grams per tonne and 16.9 million pou nds of copper with a grade of 0.11%. The mineralization on the
Homestake Ridge Project is not necessarily indicative of the mineralization on the Company’s property.
The Anaconda Vein discovered in 2016 is a variably mineralized quartz vein system that is 1 to 10 metres
wide. Mapping and prospecting in 2017 expanded the known strike length of this vein from 1.5 to 2.3
kilometres in length, and to over 600 metres of vertical extent. A bedrock grab sample taken in 2016 assayed
14.6 grams per tonne gold and 2,890 grams per tonne silver.
Exploration this year was aided by rapid snowpack and/or glacial recession, exposing additional strike
length of the Anaconda Vein to the north.
Exploration in 2017 also resulted in two new discoveries; the Gold Swarm and Metal Bank zones. The Gold
Swarm zone is characterized by a large area of quartz veins, stockwork and breccias zones that are variably
mineralized with pyrite, chalcopyrite, bornite an d galena. The Metal Bank zone discovery comprises a
series of gossanous outcrops with local massive su lphide veins. These two new discoveries significantly
expand the area of known mineralization on the east side of the property.
The eastern side of the Golddigger property is underl ain by inter-fingered bimodal volcanic rocks similar
to the Iskut River Formation. The Iskut River Fo rmation of the Hazleton Volcanic Group hosts the high-
grade Eskay Creek deposit.
The geologic setting in this under explored area has excellent discovery potential due to its location within
Hazelton Group rocks that have the same stratigra phic unit that hosts Auryn Resources Inc’s Homestake
Ridge deposit and Pretium Resources Inc.’s Brucejack deposit. The property is also situated within two
kilometres of the unconformity between Lower Hazelton and Stuhini rocks, also known as the “Red Line”
boundary where the vast majority of major deposits have been found within the Golden Triangle.
Planned work in 2018 includes ground geophysics, drilling, prospecting, channel sampling, and geological
mapping to delineate additional drill targets in bedrock.
Aerial videos of the project area can be viewed at:
https://www.youtube.com/channel/UC0SoTQXlFwH_FAJ2ud7pLyA/videos
Grab samples and channel cuts can be viewed in the Photos 2017 tab at:
https://goliathresourcesltd.com/projects/golddigger
BINGO EXPLORATION UPDATE
STAKING – An additional 147 hectares w as staked that increases th e Bingo property to a total
size of 989 hectares.
CHANNEL SAMPLES – 91 widespread channel samples that total over 47 metres were taken in
preparation for drilling.
PROSPECTING – Collection of 105 rock grab samples.
GEOCHEMISTRY – 10 silt samples were collected.
GEOLOGIC MAPPING – Detailed geological mapping was completed over key zones in
preparation for drilling.
REMOTE SENSING – High-resolution satellite imagery was acquired over the entire property.
Structural analysis of this data remains ongoing.
The Bingo property covers 989 hectares and is located near tide water roughly 45 kilometres southeast of
Stewart, British Columbia within the Golden Triangle. It also is approximately 32 kilometres southwest of
Auryn Resources Inc.’s high grade gold, silver and c opper deposit at their Homestake Ridge Project. The
mineralization on the Homestake Ridge Project is not necessarily indicative of the mineralization on the
Company’s property.
The main Bingo discovery zone, known as the “Main Zone", comprises gossanous, brown-weathering
biotite-rich metasedimentary rocks which dip gently to the southwest and are moderately foliated. The
horizon contains chalcopyrite-pyrite-covellite beari ng quartz veins up to 30 centimeters wide as well as
localized disseminations of pyrite and chalcopyrite. Mapping and prospecting in 2017 expanded the known
extent of quartz veins and sulphide occurrences at th e Bingo Main zone to 420 metres long by 320 metres
wide. This zone remains open. A bedrock grab sampl e taken in 2016 assayed up to 7.14 grams per tonne
Gold and 1.6% Copper.
The Real Deal is a new mineralized outcrop zone di scovered in 2017 on the eastern side of the property
that is characterized by local massive sulfide veins. The zone comprises silicified, massive to semi-massive
banded accumulation of fine-grained pyrite hosted in a layer of fine-grained mafic volcanic. This discovery
is located within an east-west trending drainage containing massive pyrite lenses along with a strong silica
alteration.
Based on regional mapping, the Bingo property is underlain by Lower Hazelton group volcanic rocks that
are in the same stratigraphic unit that hosts Aury n Resources Inc’s Homestake Ridge deposit and Pretium
Resources Inc.’s Brucejack deposit. Additionally, the property is located proximal to the unconformity
between the Hazelton and Stuhini Group rocks, also known as the “Red Line”, a geological boundary
proximal to where many world class deposits are found within the Golden Triangle.
Initial geological observations have confirmed a tr emendous untapped potential of this underexplored
property. In addition to proximity to the “Red Line”, inter-fingered bimodal volcanics were also observed
on the eastern side of the property, similar in appear ance to the Iskut River Formation, which hosts the
high-grade Eskay Creek deposit.
Planned work in 2018 includes geophysics, drilling, prospecting, channel sampling, and geological
mapping to define additional drill targets in bedrock. Data compilation and planning is underway.
An aerial video of the project area can be viewed at:
https://www.youtube.com/channel/UC0SoTQXlFwH_FAJ2ud7pLyA/videos
Grab samples and channel cuts can be viewed in the Photos 2017 tab at:
https://goliathresourcesltd.com/projects/bingo-property
Stefan Kruse, Ph.D., P. Geo., Chief Consulting Geol ogist, is the qualified person as defined by National
Instrument 43-101, for Goliath Resources Limited exploration projects, and supervised the preparation of,
and has reviewed and approved, the technical information in this release.
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. Channel
sampling or drilling are required to determine representa tive grades. In addition, the reader is cautioned
that mineral resources are not mineral reserves and do not have demonstrated economic viability and that
proximity to known mineralization does not guarantee similar mineralization will exist on the properties.
Rock and stream sediment samples collected in 2016 were analyzed at ALS Laboratories in Vancouver,
BC, an ISO 14001, 17025 and 9001 accredited laboratory. These accreditations mandate the principles and
disciplines that are accepted and recognized worldwid e as a sound basis for quality management systems,
environmental management systems, as well as test ing and calibration laboratory activities. A rigorous
quality assurance/quality control (QA/QC) program in cluding blanks, standards and duplicates was not
conducted for the 2016 sampling program due to the reconnaissance nature of the exploration program.
Rock samples were crushed to 70% less than 2 millimetres, and a 250 gram sample was split with a riffle
splitter. The split is pulverized to 85 per cent less than 75 microns, and 30 gram charges are then assayed
for gold using fire assay fusion and ICP ES finish with a lower detec tion limit of 1 ppb, and an upper
detection limit of 10 ppm Au. Samples with gold, silver, copper, lead, or zinc exceeding the upper detection
level are reanalyzed the most appropriate method determined by the lab. Certified assay standards, duplicate
samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process at
the laboratory.
In addition, the Corporation is pleased to announce that it has granted stock options for a total of 5,889,653
common shares of the Company to officers, directors and consultants of the Company. These stock options
are exercisable at CDN $0.21 per stock option. All of these options will expire on November 1, 2022. All
stock options are governed by the terms and conditions of the Company's stock option plan.
Further information regarding Goliath Resources Limited can be found at www.goliathresourcesltd.com.
Contact Information:
Roger Rosmus
Chief Executive Officer
+1-416-488-2887 x222
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.