GOLIATH DRILLS 23.65 METERS* OF ABUNDANT VISIBLE GOLD AT SUREBET ZONE, WITHIN GOLDEN GATE FEEDER ZONE, GOLDDIGGER PROPERTY , GOLDEN TRIANGLE B.C. Drill Highlights: GD-23-226 intercepted a 23.65 meter* interval containing abundant Visible Gold included within
GOLIATH DRILLS 23.65 METERS* OF ABUNDANT VISIBLE GOLD AT SUREBET ZONE, WITHIN
GOLDEN GATE FEEDER ZONE, GOLDDIGGER PROPERTY , GOLDEN TRIANGLE B.C.
Drill Highlights:
GD-23-226 intercepted a 23.65 meter* interval containing abundant Visible Gold included within
30.98 meters of wide strongly mineralized quartz breccia and stockwork . This intercept
corresponds to the Surebet Zone that is hosted within the Hazelton Sediments . Mineralization
consists of galena, sphalerite, pyrrhotite and minor chalcopyrite (see images below).
Widespread mineralization has been confirmed over an area of 1.8 square kilometers with 42% of
98 drill holes in 2023 contain visible gold assaying up to 485 gm AuEq, and many holes are pending
assays that contain abundant visible gold with nuggets up to 4mm in size (see cross section image
and table below).
The abundant visible gold with nuggets up to 1.7mm from GD-23-203 over 15.8 meters* (Bonanza
Shear; sed/volcanic-contact), as well as GD-23-197 (19.15 meters with up to 1% Visible Gold and
4mm nuggets (Golden Gate Zone; volcanic-hosted) 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 &
table above).
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).
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
Hazelton sedimentary and volcanic units. Mineralization consists of extensive concentrations
of galena, sphalerite, pyrrhotite and minor chalcopyrite; assays pending (see images below).
Based on 2021 and 2022 drill assay results, the Surebet Zone and Bonanza Shear are currently
modeled to be 5,500,000 m 3 (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 year’s drill program
(see model below).
42% of the 98 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 Zone; assays are
pending (see image 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 19, 2023 – Goliath Resources Limited (TSX -V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the “Company” or “Goliath”) is pleased to report drill holes results for GD-23-226 from the Surebet
Zone at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.
Hole GD -23-226 collared from Goat Pad within the Surebet Zone sediment-hosted, intersected a broad
mineralized quartz breccia and stockwork interval hosted in siltstones between 327.65 and 358.65 meters,
including 23.65 meters* rich in Visible Gold from 330.6 to 354.25 meters. Gold is associated with massive to
stockwork and stringer galena, sphalerite, pyrrhotite and minor chalcopyrite hosted in quartz-chlorite veins
and veinlets. Clusters of numerous gold grains are observed at multiple locations within the mineralized
intercept, with the coarsest gold flake measuring up to 0.6 mm and in close spatial association with galena,
sphalerite, pyrrhotite and chalcopyrite; assays 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 sediment-hosted 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 meters 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 volcanic-hosted 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 occ urrences of Visible Gold were
observed through the Surebet Zone intercept, reaching sizes up to 0.7 mm. The deeper Bonanza 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%); assays pending.
Hole GD -23-203 collared from Pad 8 within the volcanic-hosted 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 mineralizati on is
observed in quartz -chlorite veins and veinlets characteristic of the deposit style observed within the
Golddigger property; assays pending.
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.