Goliath Drills 513 Gram*Meter AuEq Hole Assaying 65 g/t AuEq Over 7.90 Meters* At Surebet In Newly Discovered High-Grade Gold Bonanza Shear Within The Golden Gate Feeder Zone, Golden Triangle, British Columbia Drill Highlights:
Goliath Drills 513 Gram*Meter AuEq Hole Assaying 65 g/t AuEq Over 7.90 Meters*
At Surebet In Newly Discovered High-Grade Gold Bonanza Shear Within The
Golden Gate Feeder Zone, Golden Triangle, British Columbia
Drill Highlights:
GD-23-180 collared from Pad 16 intercepted numerous occurrences of Visible Gold, as well as
strong sulphides mineralization in quartz-stockwork and veins corresponding with the
Bonanza Shear that remains open which is hosted between the Hazelton Sediments above and
Volcanics below:
◦ Highest-grade interval intersected so far on the property with a 513 gram*meter AuEq
result;
◦ Multiple elongated Visible Gold grains up to 11 mm in length were identified;
◦ The interval consists of 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters* ,
including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters*, and 186.31 g/t
AuEq (186.02 g/t Au and 13.29 g/t Ag) over 2.75 meters* (see images below); and
◦ Assays are still pending on 110 holes drilled at Golddigger Property in 2023.
GD-23-165 collared from Cliff Pad intercepted multiple occurrences of Visible Gold and
significant quartz-sulphide mineralization as massive to semi-massive and stockwork galena,
sphalerite, and pyrrhotite:
◦ The mineralized interval consists of 8.01 g/t AuEq (6.63 g/t Au and 54.63 g/t Ag) over 4.00
meters* within 5.42 g/t AuEq (4.47 g/t Au and 37.88 g/t Ag) over 6.00 meters*
corresponding with the Surebet Zone.
GD-23-203 collared from Pad 8 (located 600 m to the northwest of Pad 16) intercepted multiple
occurrences of Visible Gold and quartz -sulphide mineralization in 3 significant mineralized
intervals:
◦ The first interval consists of 6.52 g/t AuEq (3.91 g/t Au and 86.00 g/t Ag) over 3.00 meters*
interpreted as a Surebet Zone-Splay;
◦ The second interval consists of 5.16 g/t AuEq (4. 87 g/t Au and 4.72 g/t Ag) over 4.00
meters*, including 6.84 g/t AuEq ( 6.47 g/t Au and 6.03 g/t Ag) over 3.00 meters*
corresponding with the Surebet Zone; and
◦ The third interval consists of 6.84 g/t AuEq (6.47 g/t Au and 6.03 g/t Ag) over 3.00 meters*
corresponding with the Bonanza Shear.
GD-23-161 collared from Pad 16 intercepted multiple occurrences of Visible Gold and
significant quartz-sulphide mineralization in 3 broad mineralized intervals:
◦ The first intercept consists of 5.32 g/t AuEq (5.03 g/t Au and 10.11 g/t Ag) over 3.83
meters* corresponding with the Bonanza Shear;
◦ The second intercept consists of 4.80 g/t AuEq (4.56 g/t Au and 15.68 g/t Ag) over 3.00
meters* interpreted as a Bonanza Shear-Splay; and
◦ The deepest intercept consists of 4.09 g/t AuEq (3.88 g/t Au and 4.68 g/t Ag) over 4.00
meters* interpreted as a Bonanza Shear-Splay.
GD-23-184 collared from Pad 16 intercepted Visible Gold and significant quartz-sulphide
mineralization:
◦ The mineralized interval consists of 3.68 g/t AuEq (3.66 g/t Au and 0.41 g/t Ag) over 3.00
meters* interpreted as a Bonanza Shear-Splay.
Based on 2021-2022 drill assays and preliminary drilling results from 2023:
◦ The Surebet Zone, hosted in the Hazelton Sediments now has 106 drill pierce points and
modeled to be >5,500,000 m3 (Avg. 6.88 meters* @ 6.31 g/t AuEq);
◦ The Bonanza Shear, hosted between the Hazelton Sediments-Volcanics now has 104 drill
pierce points and the model has been expanded from 13,000,000 m3 to >25,000,000 m3;
◦ The newly discovered Golden Gate Zone, hosted within the Hazelton Volcanics and 20 me-
ters below the Bonanza Shear has been modelled to be >1,100,00 m 3, grade definition is
dependent on pending assays;
◦ Management believes the average width s and/or grades of th is system should increase
once all assays are received, compiled, and interpreted from the 2023 drilling program ;
and
◦ All three zones remain open (see model below).
Goliath has partnered with domain experts such as Dr. Quinton Hennigh and Dr. Thomas
Monecke from the Colorado School of Mines. The Company has also partnered with consulting
firms that include SRK Consulting (Canada) Inc., Archer, Cathro & Associates (1981) Limited,
and Oriented Targeting Solutions LLC (OTS), to analyze an extensive array of geological datasets
spanning drilling, mapping, drone photogrammetry and remote sensing data to interpret the
presence of an Intrusion-Related Gold Deposit.
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 – October 30, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the “Company” or “Goliath”) is pleased to report assay results for drill holes GD-23-161, GD-23-
165, GD-23-180, GD-23-184 and GD-23-203 from the Surebet Discovery at its 100% controlled
Golddigger Property (the “Property”), Golden Triangle, British Columbia. All five holes intersected
broad intervals of significant quartz-sulphide mineralization and widespread Visible Gold occurrences.
Hole GD-23-180 is the highest-grade interval intercepted to date on the property with a 513
gram*meter AuEq result, comprised of 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90
meters* including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters* and 186.31 g/t
AuEq (186.02 g/t Au and 13.29 g/t Ag) over 2.75 meters*.
GD-23-180 collared from Pad 16 intercepted numerous occurrences of Visible Gold and strong sulphides
mineralization in quartz -stockwork and veins corresponding to the Bonanza Shear. The mineralized
interval consists of 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters* including 86.99 g/t
AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters* and 186.31 g/t AuEq (186.02 g/t Au and 13.29
g/t Ag) over 2.75 meters*. This intercept is characterized by a quartz-sulphide stockwork with stringer
to sem i-massive pyrrhotite (up to 1%), galena (up to 1%), and sphalerite (up to 1%), generally
concentrated in quartz veins. Multiple elongated Visible Gold grains up to 11 mm in length were
identified within this hole.
GD-23-165 collared from Cliff Pad intercepted numerous occurrences of Visible Gold and significant
quartz-sulphide mineralization as massive to semi-massive and stockwork galena (up to 2%), sphalerite
(up to 1%), and pyrrhotite (up to 3%). The first intercept interpreted as a splay of the Surebet Zone
consists of 5.30 g/t AuEq (5.15 g/t Au and 10.35 g/t Ag) over 1.07 meters*. The second mineralized
interval is interpreted to be part of the Surebet Zone consisting of 8.01 g/t AuEq (6.63 g/t Au and 54.63
g/t Ag) over 4.00 meters* within 5.42 g/t AuEq (4.47 g/t Au and 37.88 g/t Ag) over 6.00 meters*.
GD-23-203 collared from Pad 8 (located 600 m to the northwest of Pad 16) intercepted numerous
occurrences of Visible Gold and quartz-sulphide mineralization in 3 significant mineralized intervals. The
first interval interpreted as a splay of the Surebet Zone and consists of 6.52 g/t AuEq (3.91 g/t Au and
86.00 g/t Ag) over 3.00 meters* within 3.79 g/t AuEq (2.13 g/t Au and 63.06 g/t Ag) over 7.00 meters*.
The second interval correlating with the Surebet Zone consists of 5.16 g/t AuEq (4.87 g/t Au and 4.72
g/t Ag) over 4.00 meters* including 6.84 g/t AuEq (6.47 g/t Au and 6.03 g/t Ag) over 3.00 meters*. The
third interval correlating with the Bonanza Shear consists of 6.84 g/t AuEq (6.47 g/t Au and 6.03 g/t Ag)
over 3.00 meters*. Mineralization consists of stringers and aggregations of sphalerite (up to 1%), galena
(up to 1%), and pyrrhotite (up to 2%).
GD-23-161 collared from Pad 16 intercepted multiple occurrences of Visible Gold and significant quartz-
sulphide mineralization in 3 broad mineralized intervals. The first interval correlating with the Bonanza
Shear consists of 5.32 g/t AuEq (5.03 g/t Au and 10.11 g/t Ag) over 3.83 meters* within 4.40 g/t AuEq
(4.14 g/t Au and 9.08 g/t Ag) over 4.67 meters *. The second interval is interpreted as a splay of the
Bonanza Shear and consists of 4.80 g/t AuEq (4.56 g/t Au and 15.68 g/t Ag) over 3.00 meters* . The
third interval is interpreted as a splay of the Bonanza Shear and intersected 4.09 g/t AuEq (3.88 g/t Au
and 4.68 g/t Ag) over 4.00 meters*. In all the three mineralized intervals, mineralization is observed as
semi-massive to stringer pyrrhotite (up to 5%), sphalerite (up to 2%), and disseminated to patchy galena
(up to 1%).
GD-23-184 collared from Pad 16 intercepted multiple occurrences of Visible Gold and quartz -sulphide
mineralization. The mineralized interval is interpreted as a splay of the Bonanza Shear and intersected
3.68 g/t AuEq (3.66 g/t Au and 0.41 g/t Ag) over 3.00 meters*. The observed mineralization ranges from
stringers to stockwork and massive pyrrhotite (up to 4%), sphalerite (up to 1%) and galena (up to 1%).
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.
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)
Pad 16 GD-23-180
Interval 436.10 444.00 7.90 64.88 5.03 0.01 0.03 0.09 65.00
Including 436.10 442.00 5.90 86.84 6.52 0.01 0.04 0.12 86.99
Including 437.25 440.00 2.75 186.02 13.29 0.01 0.08 0.24 186.31
Cliff GD-23-165
Interval 94.93 96.00 1.07 5.15 10.35 0.01 0.01 0.01 5.30
Interval 118.00 124.00 6.00 4.47 37.88 0.01 0.61 0.72 5.42
Including 119.00 123.00 4.00 6.63 54.63 0.01 0.89 1.05 8.01
Including 121.00 123.00 2.00 12.17 104.25 0.02 1.76 1.99 14.83
Pad 8 GD-23-203
Interval 306.00 313.00 7.00 2.13 63.06 0.04 1.09 1.25 3.79
Including 310.00 313.00 3.00 3.91 86.00 0.06 1.76 2.29 6.52
Interval 380.50 384.50 4.00 4.87 4.72 0.02 0.06 0.46 5.16
Including 381.50 384.50 3.00 6.47 6.03 0.03 0.08 0.61 6.84
Interval 513.15 518.00 4.85 4.62 3.85 0.01 0.01 0.11 4.72
Including 515.36 516.30 0.94 23.60 16.75 0.01 0.05 0.48 24.02
Pad 16
GD-23-161
Interval 214.00 219.30 5.30 2.55 14.92 0.02 0.00 0.18 2.83
Including 216.20 217.35 1.15 11.65 63.00 0.07 0.00 0.76 12.80
Interval 345.63 350.30 4.67 4.14 9.08 0.01 0.05 0.29 4.40
Including 345.63 349.46 3.83 5.03 10.11 0.01 0.05 0.34 5.32
Including 346.44 348.48 2.04 9.24 16.41 0.01 0.09 0.59 9.72
Interval 361.00 364.00 3.00 4.56 15.68 0.02 0.07 0.03 4.80
Including 362.00 363.00 1.00 9.15 42.70 0.02 0.20 0.00 9.75
Interval 370.00 374.00 4.00 3.88 4.68 0.01 0.06 0.31 4.09
Including 371.15 374.00 2.85 5.36 5.33 0.01 0.07 0.37 5.61
GD-23-184
Interval 511.00 512.00 1.00 4.02 27.00 0.01 0.65 0.38 4.72
Interval 558.00 562.00 4.00 2.75 0.37 0.00 0.01 0.02 2.77
Including 559.00 562.00 3.00 3.66 0.41 0.00 0.01 0.02 3.68
Including 559.00 560.00 1.00 10.90 0.95 0.00 0.01 0.03 10.93
Table 2: Collar information for the drill hole reported in this news release.
Drillhole ID Easting Northing CRS Azimuth Dip Length (m)
GD-23-203 6163108 456993 NAD83 UTM Z9N 120 50 592
GD-23-184 6162788 457498 NAD83 UTM Z9N 160 50 595
GD-23-180 6162789 457499 NAD83 UTM Z9N 145 55 535
GD-23-165 6162967 457717 NAD83 UTM Z9N 235 55 433
GD-23-161 6162787 457495 NAD83 UTM Z9N 118 55 465
Goliath has partnered with domain experts such as Dr. Quinton Hennigh and Dr. Thomas Monecke from
the Colorado School of Mines. The Company has also partnered with consulting firms that include SRK
Consulting (Canada) Inc., Archer, Cathro & Associates (1981) Limited, and Oriented Targeting Solutions
LLC (OTS), to analyze an extensive array of geological datasets spanning drilling, mapping, drone
photogrammetry and remote sensing data to interpret the presence of an Intrusion -Related Gold
Deposit.
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 (no deleterious elements and no cyanide required to
recover the gold based on metallurgical work completed to date).
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 landin g, dock,
and infrastructure capable of housing at least 300 people, including high -tension power. Ad ditional
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 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 ne eded (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 1644.08 USD/oz, Ag 19.23 USD/oz, Cu 3.47 USD/lbs, Pb 1870.50
USD/ton and Zn 2882.50 USD/ton on October 28, 2022. 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 fr om 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. Actua l
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 G oliath.
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.
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