Goliath Discovers 21.5 oz/t AuEq In Volcanics From Bonanza-Grade Outcrop Recovered From Within A New >500 Meter Shear Zone With The Same High-Grade Gold Mineralizing System As Surebet, Bonanza and Golden Gate Zones NEW HIGH-GRADE GOLD-SILVER JACKPOT ZONE HIGHLIGHTS:
Goliath Discovers 21.5 oz/t AuEq In Volcanics From Bonanza-Grade Outcrop Recovered
From Within A New >500 Meter Shear Zone With The Same High-Grade Gold
Mineralizing System As Surebet, Bonanza and Golden Gate Zones
NEW HIGH-GRADE GOLD-SILVER JACKPOT ZONE HIGHLIGHTS:
The Geological team used the same method to find Jackpot as was used to make the initial
Surebet Zone discovery that has 2.1 kilometers of mineralization exposed at surface with 700
meters of vertical relief; focusing on structures previously covered by glaciers that allowed the
team to test outcrops exposed due to receding glaciers.
Sample ST116183 assayed 21.5 oz/t AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1,690.00 gpt Ag,
7.96 % Cu, 2.22 % Pb) and comes from a 30 cm wide quartz vein with 15 % chalcopyrite, 7 %
pyrite, and 1 % galena hosted in a shear comprised of strongly silicified Porphyritic Andesite
within the Hazelton Volcanics (see image below).
The sample is part of the new high -grade Jackpot discovery consisting of at least 10 shear
hosted quartz-sulphide veins within a 15 meter wide stockwork that extends for 50 meters
along strike before being covered by overburden on either side and remains open.
The stockwork of veins are near vertical and strike north-south hosted within a broader shear
zone that can be traced for more than 500 meters with 400 meters of vertical relief, it remains
open.
The newly discovered Jackpot outcrop has never been drill tested; located 1 km to the east
southeast and 300 meters vertically below Pad A, and 60 meters north above Pad J (see map
below).
The new ly discovered Jackpot outcrop contains bonanza grades with similar textures,
mineralogy, and geochemistry to those observed in the Surebet , Bonanza and Golden Gate
Zones that are located 1 km to the west -northwest. It also consists of veins, stockwork and
breccia with abundant galena, pyrrhotite, pyrite and chalcopyrite, strongly indicating that it is
part of the same mineralizing feeder source as the Surebet discovery.
During the last few exploration campaigns, multiple high -grade gold samples have been
collected within 150 meters of the new Jackpot outcrop and are believed to be related to
Jackpot, including Y607977 that assayed 44.40 gpt Au, 1,629.00 gpt Ag, 5.22 % Cu, 2.24% Pb,
Y607989 that assayed 13.50 gpt Au, 32.10 gpt Ag, 0.09 % Cu, 0.42 % Pb and ST112903 that
assayed 8.43 gpt Au, 694.00 gpt Ag, 0.39% Cu, 0.47 % Pb (see image below).
The mineralization is in the volcanics, approximately 250 meters from the southwestern
modeled edge of the Bonanza Shear Zone. It is important to note that some of the highest
grades drilled in the Bonanza Shear Zone are at the contact between the sediments and
volcanics. It appears the Jackpot Zone could be an extension of the Bonanza Zone or a possible
feeder zone in the volcanics below the Bonanza Zone (see images below).
The newly discovered Jackpot Zone is drill ready and will be tested during the 2024 drill
campaign with excellent potential to quickly evolve into another material discovery on the
Golddigger property (see image above).
The new Jackpot Zone demonstrates the strong untapped potential for additional discoveries
on surface and at depth on the Golddigger property. Surebet, Bonanza, Golden Gate and
Jackpot are believed to be directly related to the same mineralizing feeder source on the
property.
GOLDDIGGER ROPERTY HIGHLIGHTS:
Golddigger has gone from an extensive outcrop at the Surebet Zone, to drilling 106 holes into
it to establish a modeled zone with 6,800,000 m3 with an average grade of 9.04 gpt AuEq. This
zone is in the Hazelton Sediments; it remains open.
Following on the success at the Surebet Zone, the Bonanza Shear Zone was discovered in 2022,
first modeled based on 30 drill holes; after the 2023 drilling season 104 holes have been
drilled. The model ed zone has grown to >15,000,000 m3 with an average grade of 8.14 gpt
AuEq. The gold mineralization is at the contact between the Hazelton Sediments and Hazelton
Volcanics; it remains open.
The newest zone drilled into is the Golden Gate Zone. Only minimal drilling has been done in
2023 and we look forward to additional 2024 drilling. It is a tremendously exciting discovery
because the gold mineralization is within the Hazelton Volcanics; it remains open.
Based on 222 drill holes into the current models from the work done internally and by
independent engineering firm Archer Cathro, the Surebet, Bonanza and Golden Gate zones are
estimated at an aggregate of >22,900,000 m3 averaging 7.74 g/t AuEq. It is important to note
that several drill holes hit mineralization outside the current models that are currently being
added.
Drill results and surface sampling demonstrates the existence of multiple extensive stacked
bonanza-grade veins, providing for excellent additional discovery potential at depth.
Several lines of evidence, including metals and geochemical zonation of trace elements, type
and origin of fluids, and age of the mineralization suggest a Porphyry Feeder Source at depth
as reported by the Colorado School of Mines.
A study in collaboration with the Colorado School of Mines has also confirmed that the
mineralization was formed at 4 -5 km below the paleo -surface, confirming the excellent
additional discovery potential at depth with only 650 meters tested thus far with tremendous
success. Note that the depth of this target can potentially be significantly closer to the surface
due to erosion and glaciation.
To put this into perspective: there is potential for up to 5-10 times the number of stacked veins
below the already discovered system, corresponding to 10 times the height of the CN Tower
from top to bottom.
From initial metallurgical work that has not been fully optimized as yet, the discovery is
modeled to be amenable to underground mining, with no deleterious minerals present ,
environmentally friendly cost-effective mining with exceptional metallurgy; gold recoveries of
92.2% inclusive of 48.8% free gold from gravity alone at a 327-micrometer crush (no cyanide
required for gold recovery).
With only an aggregate of 12 months boots on the ground, Surebet is clearly demonstrating to
be a world class discovery, and we are likely only seeing the tip of the iceberg.
Excellent infrastructure 7 km to road, 300 -man camp on private property, deep water barge
access only 190 km to international container port and rail, 25 km to high tension power.
Toronto, Ontario – January 16, 2024 - Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the “Company” or “Goliath”) is excited to report the discovery of the new high-grade gold-silver
Jackpot discovery that assayed 21.5 oz/t AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1690.00 gpt Ag, 7.96 %
Cu, 2.22 % Pb) at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, British
Columbia. This discovery is part of the same mineralizing system responsible for the mineralization at
Surebet, Bonanza and the Golden Gate Zones; all zones remain . It is located 1 k ilometer to the east -
southeast and 300 meters vertically below Pad A, and 60 meters north above Pad J. The new Jackpot
discovery has never been drilled before and will by tested during the 2024 drill campaign (see map
above).
Sample ST116183 assayed 21.5 oz/t AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1690.00 gpt Ag, 7.96 % Cu,
2.22 % Pb) and comes from a 30 cm wide quartz vein with 15 % chalcopyrite, 7 % pyrite, and 1 % galena
hosted in a strongly silicified porphyritic andesite within the Hazelton Volcanics. It was collected in an
outcrop consisting of a 15 meter wide stockwork zone that contains at least 10 veins with strong quartz-
sulphide mineralization. The stockwork of veins is vertical and strikes north-south where it is exposed for
about 50 meters of strike before being covered by overburden on either side; it remains open. It is hosted
within a broader shear zone that can be traced for >500 meters in a north -south direction with 400
metres of vertical relief and remains open.
During the last few exploration campaigns, multiple high-grade gold samples have been collected within
150 meters of the new Jackpot showing, including Y607977 assaying 44.40 gpt Au, 1629.00 gpt Ag, 5.22 %
Cu, 2.24% Pb, Y607989 assaying 13.50 gpt Au, 32.10 gpt Ag, 0.09 % Cu, 0.42 % Pb and ST112903 assaying
8.43 gpt Au, 694.00 gpt Ag, 0.39% Cu, 0.47 % Pb , making this a very interesting drill target to take into
consideration for the expansion of the Surebet system that remains open (see images above).
The new Jackpot discovery has similar textures, mineralogy, and geochemistry to those observed in the
Surebet, Bonanza and the Golden Gate Zone s, consisting of veins, stockwork and breccia with
considerable amounts of galena, pyrrhotite, pyrite and chalcopyrite, indicating that it is part of the same
mineralizing system. This new discovery demonstrates the strong potential for the discovery of additional
stacked mineralized high-grade shear zones and veins related to the Surebet mineralizing system on the
Golddigger property that remains open. The new Jackpot discovery has never been drilled before and
will by tested during the 2024 drill campaign.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “The Golddigger project 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 as we drill into the volcanics, we
will continue to discover multiple zones that lead us to the heat engine that caused the widespread gold
mineralization. It is a true grassroots discovery that was found when the glaciers covering th is area
receded and exposed the mineralized outcropping zones for our team to find. Pure 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 as well as the excellent recovery
from our early stage metallurgical work. Jackpot is yet another discovery of outcropping high-grade gold-
silver with multiple mineralized veins within a broader shear zone that can be traced for >500 meters
with 400 meters of vertical relief which has excellent upside potential for our shareholders. This clearly
demonstrates the strong po ssibility 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 the highest -grade sample ever 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
bonanza grade and/or porphyry drill discovery on the Golddigger property in 2024. We look forward to
the updated modeling being completed internally along side Archer Cathro that will include all drilling
completed to date. Additionally, we look forward to announcing results from our inaugural exploration
program on Golddigger’s Cambria Icefield Claims in the near future.”
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 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 landin g, 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
James McCrea P . Geo and Rein Turna P . Geo are the qualified persons 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
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 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.
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.
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. Actual
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 Goliath.
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
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risks, uncertainties and assumptions contained herein, investors should not place undue reliance on
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