Goliath Drills 15.8 Meters* of Abundant Visible GOLD and Extensive Sulphide-Rich Quartz Breccia Within the Bonanza Shear - Mineralization IN 100% of Drill Holes over 1.8 Square Kilometers and Remains Open Drill Highlights:
GOLIATH DRILLS 15.8 METERS* OF ABUNDANT VISIBLE GOLD AND EXTENSIVE
SULPHIDE-RICH QUARTZ BRECCIA WITHIN THE BONANZA SHEAR - MINERALIZATION IN
100% OF DRILL HOLES OVER 1.8 SQUARE KILOMETERS AND REMAINS OPEN
Drill Highlights:
GD-23-203 intercepted a 15.8 meter* interval containing abundant Visible Gold with nuggets up to
1.7mm in size. This intercept corresponds to the Bonanza Shear, the contact between the Hazleton
sedimentary and volcanic units. Mineralization consists of extensive concentrations of galena,
sphalerite, pyrrhotite and minor chalcopyrite; assays pending (see images below).
The abundant visible gold with nuggets up to 1.7mm from GD-23-203 over 15.8 meters* (Bonanza
Shear – sediments/volcanics contact), as well as GD-23-197 (19.15 meters with up to 1% Visible
Gold and 4mm nuggets (Golden Gate Zone – within the volcanics ) far exceed the visible gold
contained in GD-23-173 that assayed over 1 ounce per tonne gold equivalent within 14.68 AuEq
over 26.89 meters, a 394 gm AuEq hole.
Comparing GD-23-173 assay results to visible gold and sulphides strongly suggests the pending
assays for GD-23-203 and GD-23-197 containing abundant visible gold nuggets up to 4mm in size
and extensive sulphides should have significantly higher gold numbers (see cross section image
below).
GD-23-157, a 485 gm AuEq hole (15.59 troy ounces gram meter AuEq) and 23.00 meters* of 21.08
g/t AuEq (18.95 g/t Au and 95.31 g/t Ag) within the Hazelton Sediments, including 14.00 meters*
of 33.75 g/t AuEq (30.39 g/t Au and 150.42 g/t Ag) and 9 meters* of 50.27 g/t AuEq or 1.62 oz/t
AuEq (45.27 g/t Au and 225.42 g/t Ag) (see image below).
GD-23-173, a 395 gm AuEq hole intercepted Visible Gold 14.68 g/t AuEq (5.81 g/t Au and 719.13
g/t Ag) over 26.89 meters ( ~true width) within the Hazelton Sediments, including 23.89 g/t AuEq
(9.40 g/t Au and 1176.14 g/t Ag) over 15.49 meters and 33.02 g/t AuEq (10.97 g/t Au and 1817.34
g/t Ag) over 9.60 meters (see image below).
GD-23-197 intercepted a 19.15 meter interval ( ~true width) within the Hazelton Volcanics and
outcropping Golden Gate Zone consisting of multiple shears containing abundant Visible Gold up
to 1% and gold nuggets up to 4mm as well as considerable amounts of sphalerite, galena,
chalcopyrite and pyrrhotite (see image below).
Based on 2021 and 2022 drill assay results, the Surebet Zone and Bonanza Shear are currently
modeled to be 5,500,000 m3 (Avg. 6.88 meters* @ 6.31 g/t AuEq) and >13,000,000 m3 (Avg. 5.31
meters* @ 2.7 AuEq) respectively. Based on the exceptional 2023 assay results announced thus far,
management believes the average widths and grades should increase from this years drill program
(see model below).
To date 41% of the 96 holes drilled to date in 2023 over a 1.8 square km contain Visible Gold. 100%
of these holes have intercepted the Surebet, Bonanza, and/or the Golden Gate Zones ; assays are
pending.
Goliath confirms abundant visible gold over broad intervals in multiple drill holes over 1.8 square
kilometers on Surebet, Bonanza, and the Golden Gate Zones, over 600 m apart laterally, believed
to be fed by the same feeder source below, providing excellent additional discovery potential at
depth (see map below).
All the occurrences of Visible Gold to date have been consistently identified within quartz-breccia
and veins in contact with or in close proximity to pyrrhotite, sphalerite and/or galena
mineralization.
Toronto, Ontario – September 18, 2023 – Goliath Resources Limited (TSX -V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the “Company” or “Goliath”) is pleased to report drill holes results for GD-23-203 from within the
Bonanza Shear, the contact between the Hazelton Sediments and Volcanics at its 100% controlled Golddigger
Property (the “Property”), Golden Triangle, B.C.
Hole GD-23-203 collared from Pad 8 within the Bonanza Shear intersected an extensive mineralized interval
composed of sulphide -rich quartz breccia and stockwork from 288.65 to 324.1 meters that included 15.8
meters* of abundant Visible Gold from 306.2 to 322 meters. Sulphide mineralization consists of patches,
stockworks and disseminated galena (1%), sphalerite (2%), pyrrhotite (2%) and minor chalcopyrite. The
mineralized interval is hosted in strongly altered siltstones and the mineralization is observed i n quartz -
chlorite veins and veinlets characteristic of the deposit style observed within the Golddigger property. Assays
are currently pending.
Hole GD -23-157 collared from Cliff Pad within the Golden Gate Feeder Zone (500 m north of Pad A),
intercepted Visible Gold mineralization containing 23 meters* of 21.08 g/t AuEq (18.95 g/t Au and 95.31 g/t
Ag) including 14.00 meters* of 33.75 g/t AuEq (30.39 g/t Au and 150.42 g/t Ag) and 9.00 meters* of 50.27
g/t AuEq (45.27 g/t Au and 225.42 g/t Ag). The hole drilled through a sedimentary package consis ting of
interbedded mudstones and sandstones, crosscut by several dykes of intermediate composition. A multitude
of sulfide and gold -rich quartz veins and breccias were intersected, which were hosted in altered siltstone
characteristic of the Surebet Zone. The observed alteration style consists of chloritization in veins and
silicification extending from vein margins within the host rock, consistently with previous high -grade
occurrences from the Surebet Zone. Sulfide mineralization ranges from stockwork to semi-massive pyrrhotite,
sphalerite, galena ± chalcopyrite and is particularly pronounced from 129 to 131 m eters and 136 to 137
meters. The shallowest occurrence of Visible Gold was identified at 119 meter depth, associated with patchy
pyrrhotite mineralization. Eleven further Visible Gold occurrences were observed between 129 and 139
meters. The intercept is interpreted to be the Surebet Zone and is one of five mineralized intercepts
intersected in this hole.
Hole GD -23-173 collared from Cliff Pad, intersecting Visible Gold and abundant sulphide mineralization
hosted in quartz stockwork and quartz breccia veins in 2 intervals. The Surebet Zone from 45.11 to 72 meters
as well as the Bonanza Shear from 466 to 455.27 meters. The main mineralized intercept (Surebet Zone)
consists of more than 1 oz/t AuEq (10.97 g/t Au and 1817.34 g/t Ag) over 9.60 meters* within 23.89 g/t AuEq
(9.40 g/t Au and 1176.14 g/t Ag) over 15.49 meters* within 14.68 g/t AuEq (5.81 g/t Au and 719.13 g/t Ag)
over 26.89 meters*. Assays are currently pending for the deeper intersect that corresponds to the Bonanza
Shear and shows the presence of Visible Gold and abundant sulphide mineralization present as semi-massive
and stringer galena, sphalerite, pyrrhotite and chalcopyrite. Mineralization is observed as semi-massive to
stringer pyrrhotite (up to 5%), sphalerite (up to 2%) , disseminated to patchy galena (<1% but consistent
throughout the interval) and minor chalcopyrite (<1%). Seven occurrences of Visible Gold were observed
through the Surebet Zone intercept, reaching sizes up to 0.7 mm. The deeper Bonan za Shear intercept is
hosted in sheared mudstones and extends from 446 to 455.27 meters, where mineralization consists of
disseminated to semi -massive pyrrhotite (1%) and galena, sphalerite and chalcopyrite that show <1%
abundance over the interval length but are concentrated in local quartz veins. Visible Gold was identified at
447.4 meters depth associated with sulphides.
Hole GD-23-197 collared from Pad 16 within the Golden Gate Feeder Zone (600 m north of Pad A) intersected
three outcropping quartz-chlorite-sulphide mineralized shear zones. The first zone occurs within the
mudstones from 396 to 398 meters and is interpreted to be part of the Surebet Zone, the second occurs from
418.1 to 422 meters and is most likely part of the Bonanza Shear. A third new zone named the Golden Gate
Zone only 20 meters below the Bonanza Shear, has been identified within the underlying Hazelton Volcanics
between 442.85 and 462.00 meters representing a 19.15 meter interval (~true width) where multiple sheeted
veins/shears ranging in thickness from 3 centimeters to 2.2 meters were intercepted, containing abundant
Visible Gold (up to 1%) nuggets up to 4mm in size, sphalerite (up to 10%), galena (up to 5%), chalcopyrite (up
to 3%), pyrrhotite (up to 20%) and pyrite (up to 20%).
Table 1: Selected 2023 Golddigger drill hole assay results.
Pad ID Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) AuEq (g/t)
Cliff GD-23-157
Interval 118.00 141.00 23.00 18.95 95.31 0.01 1.29 1.37 21.08
Including 125.00 139.00 14.00 30.39 150.42 0.02 2.04 2.15 33.75
Including 129.00 138.00 9.00 45.27 225.42 0.02 3.04 3.15 50.27
Cliff GD-23-173
Interval 45.11 72.00 26.89 5.81 719.13 0.03 0.50 0.39 14.68
Including 46.26 61.75 15.49 9.40 1176.14 0.05 0.81 0.60 23.89
Including 51.00 60.60 9.60 10.97 1817.34 0.05 0.73 0.60 33.02
Table 2: Collar information for the drill hole reported in this news release.
Pad Drillhole Name Easting Northing CRS Azimuth Dip Length (m)
Cliff GD-23-157 457713 6162911 NAD83 UTM Z9N 210 55 531
Cliff GD-23-173 457717.2 6162968 NAD83 UTM Z9N 235 85 473
All the occurrences of Visible Gold to date have been identified within quart z-breccia and veins in contact
with or in close proximity to sphalerite and/or galena mineralization. The occurrence of visible gold has
previously been independently confirmed in 2022 by the Colorado School of Mines with whom the Company
is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at
Surebet.
Golddigger Property
The Golddigger Property is 100 % controlled covering an area of an area of 61,685 hectares (152,427 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. Its is in an excellent location close in proximity to the communities of Alice Arm and Kitsault
where there is 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.
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
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 shack. The co re 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 the n
described and transcribed in MX Deposit TM. Drill holes were planned using Leapfrog Geo TM 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 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 biode gradable 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 clean 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 o f 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