Goliath Discovers Widespread Polymetallic Veining and a 2000 x 400 Metre Zone Containing Gold-Copper-Molybdenum in Soil at Lucky Strike
Goliath Discovers Widespread Polymetallic Veining and a 2000 x 400 Metre Zone
Containing Gold-Copper-Molybdenum in Soil at Lucky Strike
TORONTO, January 8, 2018 – Goliath Resources Ltd. (TSX -V: GOT) (the “Company or
“Goliath”) is pleased to report a SkyTEMTM electromagnetic aerial survey, initial channel, chip,
outcrop grab sample and soil results from its 100% optioned Lucky Strike project near the Golden
Triangle, British Columbia. The Company also looks forward to announcing assay results from its
100% optioned Copperhead property, in addition to the four other DSM properties its owns a 10%
interest in as they become available and interpreted.
Prosperity Bullseye Zone Highlights:
• SkyTEMTM electromagnetic aerial survey found concentric resistive zones flanking
magnetic highs, below a gold-copper-molybdenum soil anomaly.
• Soil geochemistry defined a 2000 by 400 metre zone of anomalous gold -copper-
molybdenum in soil samples. The zone remains open.
o Of 73 3 soil samples, nine returned greater than 100 ppb gold. One highly
anomalous sample contained 7270 ppb gold , while 606 samples returned
background values of 10 ppb gold or less.
• The soil anomaly has a geochemical signature consistent with some porphyry systems
and is coincident with the SkyTEMTM electromagnetic anomaly.
• Prosperity Bullseye Zone extended to 2.4 km x 3.4 km based on grab samples with
locally anomalous gold-copper-molybdenum values. The zone remains open in all
directions.
• A channel sample from the Fat Freddy vein system cut 1.66 g/t Au, 105 g/t Ag, 0.08 %
Cu, 0.39 % Zn, and 5.45 % Pb over 0.21 metres
• 1 m chip sample assays 22.81 g/t AuEq1
o Incl. 22.3 g/t Au and 31.5 g/t Ag
• Grab sample taken from an intrusive rock assayed 0.29% Mo, similar to other porphyry
systems in this region.
• A follow up program including IP, trenching, mapping and drilling has been recommended.
• Link to video (click here - video), all maps (click here - maps), and all photos (click here
- photos).
1AuEq based on Metal Prices on Jan 5, 2018: Au $1,285.40 oz; Cu $3.2425 lb; Pb $1.1666 lb; Ag $16.74 oz; Zn$
1.5316 lb
Kingpin Zone Highlights Include:
• The presence of extensive bedrock polymetallic and gold mineralized samples over an 830
by 130 metre zone that remains open in all directions
• The single channel cut taken returned 6.43 g/t AuEq1 over 1 metre
o Incl. 4.47 g/t Au, 22.2 g/t Ag, 1.89 % Zn, and 0.2 % Pb
• 1 metre chip sample returned 17.55 g/t AuEq1
o Incl. 14.6 g/t Au, 118 g/t Ag, 0.66 % Zn, and 1.4 % Pb
• Channel sampling, mapping, prospecting, and silting is recommended to delineate drill
targets.
• Link to video (click here - video), all maps (click here - maps), and all photos (click here
- photos).
Lucky Strike covers 23,992 hectares and has logging road access. It is only 3 kilometres to a major
highway, power, and 40 kilometres north by Highway of major infrastructure in Terrace, BC. The
property is located south of Golden Triangle area, and resides within the Skeena Arch, a belt-scale
structural corridor associated with significant porphyry and related mineralization.
Prosperity Trend Bullseye Zone
A high -resolution SkyTEMTM electromagnetic aerial survey found a concentric resistive zone
flanking a magnetic high that is coincident with a significant gold -copper-molybdenum in soil
anomaly on the Prosperity Trend Bullseye Zone.
The soil geochemistry has also defined a large 2000 by 400 metre zone of anomalous gold-copper-
molybdenum in soil samples, this zone remains open. The soil anomaly has a geochemical
signature consistent with some porphyry systems in the area and also coincident with the
SkyTEMTM electromagnetic anomaly. A follow up program including IP, trenching, mapping and
drilling has been recommended.
The grab sample assay results from the Prosperity Bullseye Zone have expanded the area from 650
by 250 metres in 2016 to 2.4 kilometres wide by 3.4 kilometres long in 2017. The zone remains
open. Initial channel samples from the gold and polymetallic Fat Freddy vein system returned 1.66
grams per tonne gold, 105 grams per tonne silver, 0.08 percent copper, 0.39 percent zinc, and 5.45
percent lead over 0.21 metres (see Table 1). Chip sample highlights include 22.81 grams per tonne
gold equivalent1 over 1 metre (including 22.3 grams per tonne gold, 31.5 grams per tonne s ilver,
0.05 percent copper, and 0.02 percent lead). Outcrop grab samples range from below detection
limit to 24. 4 grams per tonne gold equivalent (23.9 grams per tonne gold, 32.2 grams per tonne
silver, and 0.03 percent lead). Of the 1 04 grab samples collected, five sample contained greater
than 1 gram per tonne gold.
Table 1: Prosperity Zone Highlights
Sample
Channel/
Chip/
Grab
Length
(metres)
Gold
Equivalent
(gpt)1
Gold
(gpt)
Silver
(gpt)
Copper
%
Zinc
%
Lead
%
W493906 Channel 0.39 2.11 1.16 12.40 0.01 0.46 0.64
W493904 Channel 0.45 0.04 132.00 0.11 0.03 5.28
W493902 Channel 0.45 0.42 118.00 0.63 0.39 3.76
W493918 Channel 0.21 1.66 105.00 0.08 0.39 5.45
W493908 Channel 0.70 2.24 1.30 23.40 0.04 0.04 0.86
W494526 Chip 1.2 22.81 22.30 31.50 0.05 0.00 0.02
W494418 Chip 1.00 3.54 1.53 145.0 0.05 0.00 0.05
W494506
Outcrop
Grab2 24.40 23.90 32.20 0.0 0.00 0.03
W493562
Outcrop
Grab2 1.20 1.18 1.20 0.00 0.00 0.00
W493598
Outcrop
Grab2 1.10 184.0 0.61 0.08 0.00
1AuEq based on Metal Prices on Jan 5, 2018: Au $1,285.40 oz; Cu $3.2425 lb; Pb $1.1666 lb; Ag $16.74 oz, Zn $1.5316 lb
2 Grab Samples are selective in nature and not intended to be representative of the material sampled
The Prosperity Bullseye Zone is situated at the headwaters of two historic placer gold creeks (see
BC MINFILE 103I204 and 103I050). Along the headwaters of Lorne Creek, 2.5 kilometres to the
southeast of the soil anomaly, a series of silts sample were taken during the 2017 season that
returned gold values up to 402 ppb. A historic BC MINFILE report (No. 103l027) from this creek
reports angular pyritized and quartz -veined boulders hosted in a molybdenum rich porphyry.
Historic grabs sample from boulders returned 9.8 grams per tonne gold, 214 grams per tonne silver,
3.4 per cent copper and 0.15 per cent lead. These historic assay results have not been verified to
date. This catchment area is a key focus area for exploration in 2018.
A large soil sampling program was conducted on the Prosperity Bullseye Zone to test for porphyry
geochemical signatures and to highlight regions for further exploration. The highlights are outlined
below.
Discussion of Soil Sampling Results
The extensive soil sampling program was completed over an area of approximately 2.5 by 0.75
kilometres with 25 metre spaced grid lines and samples taken every 25 metres and:
• Coincident with a SkyTEMTM conductive anomaly and concentric around a magnetic high;
• Located in an area of bedrock gold and polymetallic veining; and
• At the headwaters of two prolific placer creeks, Lorne and Douglas Creek.
The combined soil dataset shows an anomalous region of gold-copper-molybdenum measuring
approximately 2000 by 400 metres (link to map ). This zone has three areas that returned
overlapping regions of higher values with accompanying anomalous bismuth -tungsten-antimony
(up to 7.27 g/t Au; 557 ppm Cu; 65 ppm Mo; 50 ppm W; 4 ppm Sb; and 10 ppm Bi).
The anomaly in area one extends approximately 400 metres along strike from the Fat Freddy vein
system and is the most westerly of these anomalous zones with gold values up to 7 270 ppb and
remains open. The second anomaly found on the eastern margin of the soil grid measures 200 by
200 metres that is open to the South and East. The third anomaly on the southern m argin of the
soil grid measures approximately 500 by 500 metres and is open to the South and East. This third
anomaly is defined by a zone of anomalous gold-copper-molybdenum-bismuth-tungsten-antimony
in soil samples. Mean gold value of the 733 soil samples is 22.8 ppm (median value of 10 ppb and
an SD of 271). Background Au in soil in this area is 10 ppb or less.
These extensive geochemical anomalies and pathfinder element relationships will provide for
priority targets for trenching, ground geophysics, mapping, prospecting, and expanded soil
sampling programs in preparation for drilling.
Kingpin Zone
The Kingpin zone is a 830 by 130 metre area, defined by grab samples containing polymetallic
and gold mineralized in bedrock (link to map ). The zone remains open in all directions.
Mineralization is hosted in sheared metasedimentary rocks, massive sulphide veins, and quartz
stockworks (link to photo). A two-man team spent a total of t wo days prospecting and channel
sampling in this area . The majority of the terrain remains unexplored. Large areas of outcrop in
the Kingpin area have recently been exposed due to ongoing rapid glacial and snowpack recession
providing excellent potential to expand the zone of known mineralization.
Sampling at the King pin zone include s: a single 1 metre channel sample, six chip samples, and
four outcrop grab samples. Highlights are reported in Table 2 and include the 1 metre channel
which graded 6.43 grams per tonne gold equivalent 1 (including 4.47 grams per tonne gold, 22.2
grams per tonne silver. 1.89 percent zinc, and 0.2 percent lead) and a 1 metre chip sample grading
17.55 grams per tonne gold equivalent1 (including 14.6 grams per tonne gold, 118 grams per tonne
silver, 0.66 percent zinc, and 1.4 percent lead).
Channel sampling, mapping, prospecting, and silting is recommended to outline the full geometry
of the Kingpin Zone and surrounding area to delineate drill targets.
Table 2: Kingpin Assay Highlights
Sample Channel/Chip/Gr
ab
Length
(metres)
Gold
Equivalent
(gpt)1
Gold
(gpt)
Silver
(gpt)
Zinc
%
Lea
d %
W493451 Channel 1 6.43 4.47 22.20 1.89 0.20
W389602 Chip 1 17.55 14.60 118.00 0.66 1.40
W493454 Chip 1 15.59 13.85 26.30 1.57 0.19
W493452 Chip 1 11.87 9.36 45.20 1.99 0.47
W389610 Chip 1 9.57 6.78 21.70 2.75 0.42
W389603 Chip 1 8.39 7.40 26.40 0.58 0.27
W389609 Outcrop Grab2 7.03 2.88 83.00 1.61 2.81
W389611 Outcrop Grab2 1.68 1.63 3.80 0.00 0.00
1AuEq based on Metal Prices on Jan 5, 2018: Au $1,285.40 oz; Cu $3.2425 lb; Pb $1.1666 lb; Ag $16.74 oz, Zn $1.5316 lb
2 Grab Samples are selective in nature and not intended to be representative of the material sampled
Recent work and research in the area by the B.C. Geological Survey determined a package of
Hazelton Volcanics outcrops on the Lucky Strike Property. This sequence, particularly the Quock
Formation (link to map) has a geological setting that is contemporaneous with the development
of the Eskay rift to the west. This area of the property is believed to have good pot ential for
epithermal mineralization and Eskay Creek style mineralization. The area of the Lucky Strike
property underlain by the Quock formation remains largely unexplored.
Statements
Mr. Roger Rosmus, CEO states:
“We are extremely encouraged by the 2017 exploration results at Lucky Strike. We look forward
to advancing the project in 2018 through drilling and additional prospecting in areas that have
yet to be sampled.”
Dr. Stefan Kruse, Chief Consulting Geologist stated:
“The geological team is currently planning an extensive work program for the upcoming field
season. We look forward to unlocking the potential of the Lucky Strike Property in 2018.”
Other
Stefan Kruse, Ph.D., P. Geo., Chief Consulting Geologist, is the qualified person as defined by
National Instrument 43-101, for Goliath’s exploration projects, and supervised the preparation of,
and has reviewed and approved, the technical information in this release.
All rock, channel and talus fine samples were crushed and pulverized at ALS Canada Ltd.’s lab in
Terrace, BC or in Reno Nevada. ALS is either Certified to ISO 9001:2008 or Accredited to ISO
17025:2005 in all of its locations. The resulting sample pulps were analyzed for gold by fire assay
in Reno, Nevada or in Vancouver, BC. The pu lps were also assayed using multi -element aqua
regia digestion at ALS Canada Ltd.’s lab in Vancouver, BC. The silt samples were sieved and
assayed at ALS Canada Ltd.’s lab in Vancouver, BC. The coarse reject portions of the rock,
channel and talus fine samples, as well as the pulps, were shipped to J2 Syndicate’s storage facility
in Terrace, BC. The silt samples were disposed of after analysis. All samples were analyzed using
ALS Canada Ltd.’s assay procedure ME -ICP41, a 1:1:1 aqua regia digestion with indu ctively-
coupled plasma atomic emission spectrometry (ICP -AES) or inductively -coupled plasma mass
spectrometry (ICP-MS) finish for 35 elements as well as the Au -AA24 lead-collection fire assay
fusion procedure with atomic absorption spectroscopy (AAS) finish. Any results greater than 100
ppm for silver or 10,000 ppm copper, lead and zinc were additionally assayed using ALS’s OG46
method particular to each element. This method used an HNO3 -HCl digestion followed by ICP -
AES (or titrimetric and gravimetric analysis). Gold values of greater than 10 ppm Au were assayed
by the Au-GRA22 method which includes a fire-assay fusion procedure with a gravimetric finish.
Blanks and duplicates QA/QC samples were inserted into channels sample laboratory batches.
Additionally, a 10% sub-sample of pulp and reject material was sent to Activation Laboratories in
Ancaster Ontario, for check-analysis.
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.
A link to all the Lucky Strike videos, maps and photos can be found at (click here- videos), (click
here - maps) and (click here - photos).
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.