Goliath Drills More Visible Gold at Surebet Golden Gate Feeder Zone and 13.65 Meters* of Highly Mineralized Quartz-Sulphide-Rich Breccia, Golden Triangle, B.C. Drill Hole GD-23-137 Highlights:
Goliath Drills More Visible Gold at Surebet Golden Gate Feeder Zone and 13.65
Meters* of Highly Mineralized Quartz-Sulphide-Rich Breccia, Golden Triangle,
B.C.
Drill Hole GD-23-137 Highlights:
• Visible Gold 0.5 mm in size was intercepted at 83.9 meters in a mineralized quartz-sulphide-rich breccia
within the Surebet Golden Gate Feeder Zone (see images below).
◦ An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d1acd024-629c-44cf-a7e8-96c1d3792c8d
◦ An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/35d7be9c-c3f7-4e41-ae16-aa59ee9644ab
• GD-23-137 collared from Pad TS-3 intersected 13.65 meters* of highly mineralized quartz-sulphide-rich
breccia interpreted to be the Bonanza Shear (see model above) containing significant pyrrhotite-sphalerite-
pyrite from 43.0 and 56.65 meters (located 125 meters to the southeast of Pad A, 2022 drill season) (see image
below). A second quartz-sulphide-rich breccia interval was intercepted between 79.80 to 83.9 meters . Within
this interval, visible gold 0.5 mm in diameter was identified at a depth of 83.9 meters .
◦ An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b83ce58e-2d4e-4042-b614-4e9ccaae45c7
• This is the fifth hole drilled in the 2023 season from within the Surebet Golden Gate Feeder Zone to intercept
Visible Gold and significant widths of highly mineralized quartz-sulphide-rich breccia (see map below).
◦ An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/69e5792e-7599-4b70-bbc5-ae15c53aec9a
• This is the seventh hole containing Visible Gold from within the Surebet Golden Gate Feeder Zone that
include: (GD-22-49, GD-22-58 drilled in 2022; high-grade Gold assays below) and (GD-23-111, GD-23-118, GD-23
-126, GD-23-133, GD-23-137 drilled in 2023; assays pending).
Visible Gold Hole Assays, Surebet Golden Gate Feeder Zone 2022:
• GD-22-58 had a 273 AuEq x gm value intersecting Visible Gold and 24.80 gpt AuEq (22.03 gpt Au and 127.62
gpt Ag) over 11.00 meters*, including 38.70 gpt AuEq (34.42 gpt Au and 197.45 gpt Ag) over 7.00 meters* and 44.47
gpt AuEq (39.60 gpt Au and 224.10 gpt Ag) over 6.07 meters* within the Surebet Golden Gate Feeder Zone from 2022.
• GD-22-49 had a 166 AuEq x gm value intersecting Visible Gold and 21.30 gpt AuEq (20.46 gpt Au and 40.06 gpt
Ag) over 7.77 meters*, including 27.55 gpt AuEq (26.47 gpt Au and 51.55 gpt Ag) over 6.00 meters* within the Surebet
Golden Gate Feeder Zone from 2022.
TORONTO, July 13, 2023 -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or
“Goliath”) is pleased to report it has drilled more visible gold within the Surebet Golden Gate Feeder Zone, and
intercepted 13.65 meters* of highly mineralized quartz-sulphide-rich breccia from hole GD-23-137 at its 100 %
controlled Golddigger property (the “Property”), Golden Triangle, British Columbia. This intercept is interpreted to be the
Bonanza Shear that remains open. Visible gold has been reported from a total of seven holes drilled to date within
the Surebet Golden Gate Feeder Zone, inclusive of: GD-22-49, GD-22-58, GD-23-111, GD-23-118, GD-23-126, GD-23-133
and GD-23-137.
GD-23-137 (assays pending) collared from Pad TS-3 intersected 13.65 meters of highly mineralized quartz-sulphide-
breccia interpreted as the Bonanza Shear containing significant pyrrhotite (up to 12 %), sphalerite (up to 10 %) and
pyrite (up to 5 %) from 43.0 and 56.65 meters (located 125 meters to the southeast of Pad A, 2022 drill season). A second
quartz-sulphide-rich breccia interval was intercepted between 79.80 to 83.9 meters, where a 0.5 mm grain of visible
gold was identified at 83.9 meters depth.
All the occurrences of Visible Gold to date have been identified within quartz-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 59,089 hectares (146,012 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 is in an excellent location in close proximity to the
communities of Alice Arm and Kitsault where there is permitted mill site on private property. Its 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 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 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 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 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 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 intended 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
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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 information, future events or otherwise, except as required
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