GOLIATH DRILLS UP TO 14.85 G/T GOLD EQUIVALENT OVER 6.00 METERS* AT SUREBET GOLDEN GATE FEEDER ZONE THAT REMAINS OPEN, GOLDEN TRIANGLE, B.C. Drill Highlights: Hole GD-23-118 collared from Pad TS-1 (Quoll) located on the east side of the N.E. fault intercepted
GOLIATH DRILLS UP TO 14.85 G/T GOLD EQUIVALENT OVER 6.00 METERS*
AT SUREBET GOLDEN GATE FEEDER ZONE THAT REMAINS OPEN,
GOLDEN TRIANGLE, B.C.
Drill Highlights:
Hole GD-23-118 collared from Pad TS-1 (Quoll) located on the east side of the N.E. fault intercepted
visible gold and high-grade gold mineralization containing 14.85 g/t AuEq (14.66 g/t Au and 11.99
g/t Ag) over 6.00 meters*, including 17.78 g/t AuEq (17.56 g/t Au and 14.12 g/t Ag) over 5.00
meters* and 29.36 g/t AuEq (29.02 g/t Au and 22.58 g/t Ag) over 3 meters* interpreted to be the
Bonanza Shear (see image below).
Hole GD-23-126 collared from Cliff Pad intercepted visible gold and high-grade gold mineralization
containing 14.01 g/t AuEq (11.39 g/t Au and 148.91 g/t Ag) over 6.09 meters*, including 45.05 g/t
AuEq (36.67 g/t Au and 476.75 g/t Ag) over 1.84 meters* and 79.61 g/t AuEq (64.90 g/t Au and
840.00 g/t Ag) over 1.03 meters* interpreted to be the Surebet Zone (see image below).
Hole GD-23-115 collared from Cliff Pad intercepted high-grade gold mineralization containing 5.75
g/t AuEq (3.97 g/t Au and 84.36 g/t Ag) over 4.90 meters* including 17.07 g/t AuEq (12.01 g/t Au
and 241.50 g/t Ag) over 1.60 meters* interpreted to be the Surebet Zone.
58 holes drilled on Surebet in 2023 have all hit either the Surebet Zone and/or its sister Bonanza
Shear representing a 100% hit rate.
22 holes (out of 58 holes) drilled in 2023 on Surebet have intersected Visible Gold representing a
38% hit rate confirm ed over an area of widely spread mineralization encompassing 1.6 square
kilometers that remains wide open (see map below).
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.
Based on 2021 and 2002 drill assay results from a total of 89 widely spaced drill holes, 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 (see model
below).
Additional drill results are expected to be released soon.
Toronto, Ontario – August 10, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to report the first set of assay results of the 2023 drill campaign at
its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.
Hole GD-23-118 collared from Pad TS-1 (Quoll) within the Golden Gate Feeder Zone intercepted high-grade
gold mineralization containing 14.85 g/t AuEq (14.66 g/t Au and 11.99 g/t Ag) over 6.00 meters*, including
17.78 g/t AuEq (17.56 g/t Au and 14.12 g/t Ag) over 5.00 meters* and 29.36 g/t AuEq (29.02 g/t Au and 22.58
g/t Ag) over 3 meters* interpreted to be the Bonanza Shear. The hole intersected multiple flakes of visible
gold in sulphide-bearing quartz veins hosted in strongly folded siltstone dominant sedimentary units at 64.53
meters, 65.97 meters and 66.04 meters depth. The hole is characterized by interbedded mudstone and
siltstone units in the upper part and altered andesite in the lower sections. Several mineralized quartz-breccia
zones have been intersected, with the most prominent quartz -breccia interval extending for 16.80 meters*
from 62.51 to 79.31 meters with a strongly mineralized transition zone from sediments to volcanic units. The
mineralized interval contains stringers and semi-massive patches of sulphides (mainly pyrrhotite up to 3 %,
galena up to 1% and sphalerite up to 1 %).
Hole GD -23-126 collared from Cliff Pad within the Golden Gate Feeder Zone intercepted high-grade gold
mineralization containing 14.01 g/t AuEq (11.39 g/t Au and 148.91 g/t Ag) over 6.09 meters*, including 45.05
g/t AuEq (36.67 g/t Au and 476.75 g/t Ag) over 1.84 meters* and 79.61 g/t AuEq (64.90 g/t Au and 840.00
g/t Ag) over 1.03 meters* interpreted to be the Surebet Zone . The hole drilled through a sedimentary
sequence dominated by siltstones at shallow depths, which become interbedded with sandstones below
81.55 m. The main mineralized intervals were identified from 33.91 to 57.72 m and 68.77 to 78.43 m depth,
consisting of mineralized quartz breccias. Mineralization in these intervals consisted chiefly of pyrrhotite, with
the shallower breccia containing significant sphalerite and galena. Between 36.31 and 37.34 m the core was
especially mineralized, showing the presence of massive to stringer alternations of pyrrhotite (20%),
sphalerite (5%), intergrown galena (2%) and minor chalcopyrite. Two lesser mineralized domains were
recognized from 145.16 to 148.4 m and from 159.38 to 161.88 m. These consisted of sparsely mineralized
quartz veins hosted dominantly in siltstones with interbedded mudstones. The quartz vein domains contained
pyrrhotite mineralization (1%).
Hole GD -23-115 collared from Cliff Pad within the Golden Gate Feeder Zone intercepted high-grade gold
mineralization containing 5.75 g/t AuEq (3.97 g/t Au and 84.36 g/t Ag) over 4.90 meters* including 17.07 g/t
AuEq (12.01 g/t Au and 241.50 g/t Ag) over 1.60 meters * interpreted to be the Surebet Zone . The hole
intercepted a quartz breccia from 47.85 meters* to 57.75 meters* that contained Surebet style massive to
semi-massive sulfides inside of quartz veins hosted in heavily altered siltstone. Sulfides include pyrrhotite,
sphalerite, galena, minor pyrite, and chalcopyrite. Overall, the interval abundance of sulfides is ~3%, with a
localized interval from 48.4 0-50.00 meters* of >50% sulfides. The mineralization is hosted in a shear zone
that cuts through a sequence of variably altered siltstone and mudstone units.
All the occurrences of Visi ble 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.
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)
Quoll GD-23-118
Interval 64.00 70.00 6.00 14.66 11.99 0.01 0.00 0.07 14.85
Including 64.00 69.00 5.00 17.56 14.12 0.01 0.00 0.08 17.78
Including 64.00 68.00 4.00 21.89 17.52 0.02 0.00 0.10 22.15
Including 64.00 67.00 3.00 29.02 22.58 0.02 33.77 1223.00 29.36
Interval 83.00 86.00 3.00 2.65 2.68 0.00 0.00 0.01 2.69
Interval 134.00 135.00 1.00 1.74 2.95 0.01 0.01 0.05 1.81
Cliff
GD-23-126
Interval 33.91 40.00 6.09 11.39 148.91 0.04 1.17 0.99 14.01
Including 36.31 38.15 1.84 36.67 476.75 0.12 3.87 3.15 45.05
Including 36.31 37.34 1.03 64.90 840.00 0.20 6.75 5.50 79.61
Interval 152.00 160.15 8.15 0.23 10.42 0.00 0.01 0.03 0.37
Including 153.00 158.10 5.10 0.29 14.94 0.00 0.01 0.02 0.48
Including 154.00 158.10 4.10 0.31 18.31 0.00 0.01 0.03 0.55
Including 155.00 156.00 1.00 0.81 28.10 0.00 0.01 0.02 1.16
GD-23-115 Interval 46.10 51.00 4.90 3.97 84.36 0.03 1.11 0.88 5.75
Including 48.40 50.00 1.60 12.01 241.50 0.07 3.26 2.48 17.07
Mole GD-23-122
Interval 1.00 7.00 6.00 0.39 35.56 0.04 0.18 0.53 1.14
Including 1.00 5.00 4.00 0.54 51.43 0.06 0.27 0.67 1.59
Including 1.00 3.00 2.00 0.99 67.40 0.09 0.50 1.08 2.50
Table 2: Collar information for the drill holes reported in this news release.
Pad Drillhole Name Easting Northing CRS Azimuth Dip Length (m)
TS-1 GD-23-118 458018 6162454 NAD83 UTM Z9N 225 55 193
Cliff GD-23-126 457712 6162910 NAD83 UTM Z9N 130 55 184
Cliff GD-23-115 457712 6162905 NAD83 UTM Z9N 130 55 141
D2-1 GD-23-122 456702 6163335 NAD83 UTM Z9N 45 45 130
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. Its controls 56
kilometers of the ‘Red Line’ within 3 kilometers that hosts multiple world class deposits. The property remains
largely underexplored providing for excellent additional discovery potential. 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 core is then re -orientated, meterage blocks are checked,
meter marks are labelled, Recove ry 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 Ge oTM 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 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
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 frac tion 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 typica lly, 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 north-
western British Columbia and Abitibi Greenstone Belt of Quebec. All 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 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2,128.75 USD/ton and
Zn 2,468.50 USD/ton on August 9, 2023. 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 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.