GOLIATH EXPONENTIALLY EXPANDS FOOTPRINT OF THE SUREBET HIGH-GRADE GOLD SYSTEM - DISCOVERS FOUR NEW MINERALIZED ZONES THAT REMAIN WIDE OPEN - GOLDEN TRIANGLE, B.C. 2023 Exploration Highlights: The Kahuna, Outpost, Humdinger and Full House Zones, are 4 newly discovered areas consisting of strongly
GOLIATH EXPONENTIALLY EXPANDS FOOTPRINT OF THE SUREBET HIGH-GRADE GOLD
SYSTEM - DISCOVERS FOUR NEW MINERALIZED ZONES THAT REMAIN WIDE OPEN -
GOLDEN TRIANGLE, B.C.
2023 Exploration Highlights:
The Kahuna, Outpost, Humdinger and Full House Zones, are 4 newly discovered areas consisting of strongly
sulphide-mineralized veins and shear-zones directly connected to the Surebet on the Golddigger property
and remain open. Three of them have been slated to be drill tested this 2023 season (see map below).
Kahuna Zone: a new 600 meter strike extension of the mineralized Bonanza Shear 2 kilometers to
the northeast of the Surebet Zone along the eastern part of the North Slope. Within the Kahuna
zone, two additional new polymetallic quartz-sulphide veins were discovered with up to 10-
meter-wide blow-outs containing abundant galena, sphalerite, and chalcopyrite This zone
remains open and will be drill tested in 2023 (see map below).
Outpost Zone: Multiple polymetallic quartz -sulphide veins, stockworks, and breccias have been
discovered within sedimentary and volcanic rocks located 5 kilometers to the southeast of the
Surebet Zone. These veins and breccia zones have been traced over 700 meters in outcrop and
range between 5 and 50 meters in thic kness and remain open . Exploration is underway in
preparation for 2023 drilling (see map below).
Humdinger Zone: The Bonanza Shear was traced for 400 meters on surface southeast of the
Surebet Zone and extended towards the west through the Real Deal Zone and projected to
continue 1.5 kilometers south across the valley under the new Humdinger Zone. This zone is
characterized by multiple polymetallic quartz-sulphide veins and stockwork with a width of
approximately 3 meters in the west and increases in width to over 20 meters in the east that
remain open in both directions. The new Humdinger Zone will be drill tested during the 2023
season (see map below).
Lower Surebet on Real Deal Fault: The Bonanza Shear was traced for 400 meters on surface
southwest of the Surebet Zone and extends south along Real Deal. This zone is characterized by
Surebet style mineralization within multiple polymetallic quartz-sulphide veins and stockwork
with a width up to 8 meters and remains open in both directions. The new Lower Surebet Zone is
ready and will be drill tested during the 2023 season (see map below).
Full House: Multiple polymetallic quartz-sulphide veins and shear zones with similar Surebet-style
mineralization were discovered within a quartz-diorite intrusion located 5 kilometers northwest of
the Surebet Zone. The stack of mineralized veins and shear zones has an average width of 5 to 10
meters, channel samples on Payday up to 3 ounces per tonne gold and remains open. Full House is
a drill target for 2024 (see map below).
Mineralization in the 4 newly discovered zones consists of Surebet-style quartz-sulphide breccias,
stockworks and veins with variable amounts of semi-massive to massive, stringers and veinlets of
galena, sphalerite and pyrrhotite greatly expanding the footprint of this gold system.
The mineralized shear zones and veins discovered at Kahuna, Full House, Outpost and Humdinger
have widths of up to 50 m meters and extend on surface for up to 2.5 kilometers.
The Bonanza Shear has been expanded to the northeast by 1.1 kilometers (outcropping on the
western side of the North Slope at Kahuna), south by 1.4 kilometers (across the valley from Pad A
at Humdinger) and southeast by 2.4 kilometers (along the main creek that drains from Surebet at
Outpost).
More than 75 new targets with excellent additional discovery potential were generated on the
Golddigger property based on geochemical data, geophysical surveys, structural maps, satellite
imagery and satellite spectral alteration data, that will be prospected mapped and sampled during
the 2023 season in preparation for drilling.
A number of new targets have been identified on the recently staked claims on the Cambria
Icefields located between Surebet a nd Stewart and are already showing early signs of a strong
mineralizing system at play.
Prospecting and mapping are ongoing on the entire property which encompasses 56 km of the Red
Line in an area where recent snowpack and glacial abetment has provided extensive zones of newly
exposed outcrop in a world-class geological setting (see map below).
With a total of just over 8 months of boots on the ground on the Golddigger property to date,
including the current season, we are likely just seeing the tip of the iceberg.
Toronto, Ontario – August 14, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to report the discovery of 4 new strongly mineralized zones directly
connected to the Surebet mineralizing system at its 100% controlled Golddigger Property (the “Property”),
Golden Triangle, B.C. The new discoveries considerably increase the size of the Surebet mineralizing system
and include the Kahuna, Outpost, Humdinger and Full House Zone s, which consist of Surebet -style
polymetallic quartz-sulphide veins and shears exposed at surface for up to 1.3 kilometers and up to 20 meters
wide. Prospecting and mapping are ongoing on the entire property which covers 56 km of the Red Line in an
area where recent snowpack and glacial abetment has provided extensive zones of newly exposed outcrop
in a world-class geological setting.
Kahuna Zone
Exploration, prospecting, and mapping in the newly discovered Kahuna Zone has delineated a new 600-meter
strike extension of the Bonanza Shear defining the contact between sedimentary and volcanic units 2
kilometers to the Northeast of the known Surebet Zone along the eastern part of the North Slope. Within the
zone, two additional new polymetallic quartz-sulphide veins were discovered with up to 10-meter-wide blow-
outs above and below the Bonanza Shear that extend for over 100 meters strike and dip s gently to the
southwest containing abundant galena, sphalerite and chalcopyrite in the form of semi -massive
disseminations, stringers and veinlets. These veins together with the Bonanza Shear currently remain open
and will be drill tested with a series of newly designed holes for the 2023 season at the Kahuna Zone.
Outpost Zone
The new Outpost Zone is located 5 kilometers to the southeast of the Surebet Zone 3 kilometers to the west
of, and on trend with, the Humdinger Zone. In 2023 multiple polymetallic quartz-sulphide veins, stockworks,
and breccias have been discovered within sedimentary and volcanic rocks. Mineralization in these veins
consists of disseminations, seams and semi-massive sections of galena, sphalerite, arsenopyrite, pyrite and
pyrrhotite trending northeast - southwest. On the new Postman Creek showing, a 50-meter-wide polymetallic
quartz-sulphide stockwork with considerable amounts of galena, sphalerite , chalcopyr ite, pyrite and
pyrrhotite was discovered within an andesite unit. The Postman Creek showing is currently being prepared
to be drill tested during the 2023 season. Four (4) additional large and extensive polymetallic quartz-sulphide
breccias with parallel vein sets have been discovered in sedimentary units. Individual vein and breccia sets
have been traced over 700 meters in outcrop and range between 5 and 20 meters in thickness contain ing
notable volumes of galena, sphalerite , arseno pyrite, pyrite and pyrr hotite, and remain open. Current
exploration consisting of channel cutting, prospecting, and mapping is underway to prepare the site to be
drill tested in 2023.
Humdinger Zone
To the southeast of the Surebet Zone below Pad A, the Bonanza Shear was traced for 400 meters on surface
towards the west through the Real Deal Zone and projected to continue 1.5 kilometers south across the valley
under the new Humdinger Zone. The new Humdinger Zone is characterized by multiple polymetallic quartz-
sulphide veins and stockwork with abundant galena, sphalerite, and chalcopyrite occurring as strong
disseminations, larger blebs and clots, concentrating in fractures or along bedding planes . The newly
discovered mineralized vein and stockwork zones have been traced in bedrock exposures for 1.3 kilometers
and dip gently to the south. The zone has a width of approximately 3 meters in the west and increases in
width to 20 meters in the east. The new Humdinger Zone is ready and will be drill tested during the 2023
season with a series of holes designed to intersect the Humdinger Zone and the underlying projected Bonanza
Shear.
Lower Surebet Zone on Real Deal
The Bonanza Shear was traced for 400 meters on surface towards the west then south along the Real
Deal. The new Lower Surebet Zone on Real Deal is characterized by Surebet-style mineralized
polymetallic quartz-sulphide veins, breccia and stockwork with abundant galena, sphalerite, and
chalcopyrite occurring as strong disseminations, larger blebs and clots, concentrating along the
sheared contact of the volcanic below and the folded sedimentary units above . The zone is up to 8
meters wide. The new Lower Surebet Zone is ready and will be drill tested during the 2023 season
with a series of holes designed to intersect Bonanza Shear.
Full House Zone
The Full House zone is located 5 kilometers northwest of the Surebet Zone in an area that extends from
Hastings Arm in the west to the Payday Showing in the east. Multiple polymetallic quartz-sulphide veins and
shear zones with similar Surebet -style mineralization consisting of semi -massive to massive aggregates,
stringers and veinlets of galena, sphalerite and pyrrhotite, have been discovered within a quartz-diorite
intrusion (Bulldog Creek pluton?). The stack of mineralized veins and shear zones extends for more than 3.5
kilometers with most structures striking east and moderately dipping to the north. Mineralization at Full
House Main located in the eastern part of the Full House Zone has been mapped for over 800 meters of strike
in a north -south direction with an average width of 5 to 10 meters and is ready to be drill tested in 2024.
North of Full House Main, a grab sample from the Payday showing from 2018 assayed 3 oz/t gold (113 g/t
Au). New channel sampling undertaken during the 2023 field season identified several occurrences of visible
gold in the vein. Currently the entire Full House zone remains open in all directions and is being prepared for
drilling in 2023.
The company has generated more than 75 new targets on the Golddigger property over the last year based
on geochemical data, geophysical surveys, structural maps, satellite imagery and satellite spectral alteration
data. All of these 75 new targets have exc ellent discovery potential and will be prospected and evaluated
during the 2023 season . A number of targets have been identified on the recently staked claims on the
Cambria Icefields located between Surebet and Stewart and are already showing early signs of a strong
mineralizing system at play. The knowledge acquired over the past few years exploring the Surebet Zone puts
the geologic team in a great position for success in exploring these new prospective areas. With a total of just
over 8 months of boots on the ground on the Golddigger property to date, we are likely just seeing the tip of
the iceberg.
Golddigger Property
The Golddigger Property is 100 % controlled covering an area of 61,685 hectares (152,427 acres) and is
located in the world class geological setting of the Eskay Rift within the Golden Triangle of British Columbia.
The property encompasses 56 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 a 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, infrastr ucture capable of housing more than 300 people, and 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 lan ding (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 the n 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 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 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,