Goliath Finds Treasure Island Discovery Up To 28.08 G/T AuEq Within Multiple Outcropping Shear-Hosted Polymetallic Zones Over 550 x 450 Meters, Golddigger Property, Golden Triangle, British Columbia NEW TREASURE ISLAND HIGH-GRADE GOLD-COPPER TARGET HIGHLIGHTS:
Goliath Finds Treasure Island Discovery Up To 28.08 G/T AuEq Within Multiple
Outcropping Shear-Hosted Polymetallic Zones Over 550 x 450 Meters,
Golddigger Property, Golden Triangle, British Columbia
NEW TREASURE ISLAND HIGH-GRADE GOLD-COPPER TARGET HIGHLIGHTS:
In addition to advancing our Surebet, Bonanza and Golden Gate Zones with diamond drilling
during the 2023 field season, our team also successfully carried out regional exploration across
the broader Golddigger Property. These three existing mineralized zones which have seen 222
diamond drillholes, are undergoing meticulous 3D modelling which is revealing what shows
to be world-class discoveries.
The Surebet, Bonanza and Golden Gate Zones were discovered by the Goliath Resources
Geological team by initial widespread boots -on-the ground prospecting that identified
mineralized outcrops, followed by detailed prospecting, grab and channel sampling. This
target-grooming then allowed us to successfully drill and define these mineralized zones.
The Goliath regional exploration team adopted these same strategies to develop new targets
across the Golddigger property, with particular focus on the Cambria Icefields, where melting
and subsequent icefield recession has exposed new, previously ‘unseen -to-human-eyes’
outcrops.
During the 2023 exploration season, their exceptional work has led to an exciting new
discovery, Treasure Island, which we report on in this release. This discovery is in addition to
the Jackpot Zone that was described in a previous release.
Treasure Island is located on the Cambria Icefields, 36 km north of the Surebet discovery, 6
km east of, and on trend with, the Porter Idaho mine, which between 1922 and 1950 produced
27,000 tons of ore averaging 0.97 gpt Au and 2,700 gpt Ag.
The new Treasure Island high -grade copper-silver-gold discovery consists of multiple shear -
hosted, polymetallic zones covering an area of approximately 550 by 450 meters and is NW-
SE trending. The extent of mineralization is currently open in all directions.
Broad high -grade mineralized zones are up to 20 meters wide with sections of massive
chalcopyrite and pyrite occupying shears and forming sulphide -rich mineralization at
structural intersections and embayment zones within strongly folded and sheared mudstone,
siltstone, and tuff units.
The Treasure Island is unique amongst other prospects on the Golddigger property due to the
presence of High-Grade Copper in the metal suite.
Channel samples collected assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04
% Cu) over 0.85 meters; and 3.54 gpt AuEq (0.13 gpt Au, 23.96 gpt Ag and 2.34 % Cu).
Widespread grab and chip samples collected on Treasure Island assayed up to 11.08 gpt AuEq
(0.04 gpt Au, 126.00 gpt Ag and 7.15 % Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and
1.43 % Cu).
A noteworthy 13 out of 19 grab and chip samples (68%) taken on Treasure Island over a wide
area assayed >1.00 gpt AuEq.
An exceptional 15 out of 16 channel cuts (94%) assayed >1.00 gpt.
The new Treasure Island target demonstrates the excellent untapped potential for additional
discoveries across the large Golddigger property, which encompasses 56 km of the “Red Line”,
which is the name we use to describe a key geological contact between t wo regional
stratigraphic packages.
In the Golden Triangle the most important discoveries and mines are on either side of “Red
Line” and within a few thousand meters of it. We consider this a critical exploration vector
and the Golddigger project is within the sweet spot of the “Red Line.”
The new Treasure Island target is drill ready and will be tested for the first time during the
maiden 2024 drill campaign with at least 2,000 meters of drilling from 5 pads and could quickly
evolve into a significant high-grade discovery.
ADDITIONAL HIGHLIGHTS FROM THE CAMBRIA ICEFIELDS:
Multiple additional high -grade gold -silver-base-metals showings were discovered on the
Cambria Icefields claims as a result of the regional exploration team assessing the “Red Line”
mineral potential. These showings will be further explored during the 2024 field season in
preparation for future drilling.
Newly discovered Metallica Showing.
◦ Grab sample ST112904 assayed 6.26 AuEq (2.00 gpt Au, 73.70 gpt Ag, 0.24 % Cu, 2.62 % Pb
and 5.43 % Zn);
◦ Grab sample ST115896 assayed 1.41 gpt AuEq (0.10 gpt Au, 8.71 gpt Ag, 0.55 % Cu, 1.15 %
Zn); and
◦ The Metallica Showing is located 19 km east of Treasure Island and consists of strongly
altered quartz -sulphide stockwork and veins up to 30 cm wide hosted in intermediate
volcanic rocks, with 2 % pyrite, 1 % chalcopyrite and 1 % galena. Follow up mapping is
planned in preparation for drilling.
Newly Discovered Big One Showing
◦ Grab sample ST116395 assayed 19.25 gpt AuEq (15.00 gpt Au, 351 gpt Ag, 0.15 % Zn);
◦ Grab sample ST116178 assayed 2.00 gpt AuEq (1.93 gpt Au, 3.01 gpt Ag);
◦ Grab sample ST116033 assayed 2.44 gpt AuEq (2.42 gpt Au and 0.94 gpt Ag); and
◦ The Big One Showing is located 23 km southeast of Treasure Island and comprises several
quartz calcite veins up to 10 cm wide hosted in sedimentary rocks, with up to 5 %
pyrrhotite, and minor pyrite, arsenopyrite and chalcopyrite. Follow up mapping is planned
in preparation for drilling.
Newly Discovered Honey Pot Showing
◦ Grab sample ST116363 assayed 2.75 gpt AuEq (2.44 gpt Au and 24.40 gpt Ag); and
◦ The Honey Pot showing is located 15 km south of Treasure Island and consists of quartz
veins up to 30 cm wide hosted in a diorite, with aggregations of pyrite. Follow up mapping
is planned in preparation for drilling.
Multiple other showings have been discovered on the Cambria Icefields and more prospecting,
sampling, and work is required in order to assess and expand on their mineral potential.
Toronto, Ontario – January 18, 2024 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the “Company” or “Goliath”) is excited to report the discovery of the new high-grade gold- copper
Treasure Island target that remains open on the Cambria Icefields at its 100% controlled Golddigger
Property (the “Property”), Golden Triangle, British Columbia. The new target contains channel samples
that assayed up to 28.08 gpt AuEq and grab samples that assayed up to 11.08 gpt AuEq. Treasure Island
is located 36 km north of the Surebet discovery, 6 km to the east of, and on trend with, the Porter Idaho
mine and 9 km east of Stewart, British Columbia. The target has recently been exposed as a result of
glacial abatement and will be drill tested for the first time during the 2024 field season.
A total 15 out of 16 channel cuts assayed > 1.00 gpt AuEq, which corresponds to 94 % of channel cuts
collected on Treasure Island to date. In addition, 13 out of 19 grab and chip samples assayed > 1.00 gpt
AuEq, which corresponds to 68 % of chip and grab samples collected on Treasure Island to date. Channel
samples collected on Treasure Island assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04
% Cu) over 0.85 meters; and 3.54 gpt AuEq (0.13 gpt Au, 23.96 gpt Ag and 2.34 % Cu). Grab and chip
samples collected on Treasure Island assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15
% Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43 % Cu). See Table 1 and 2 below for complete
assay results.
The new high -grade gold-copper Treasure Island target consists of new mineralized bedrock outcrops
that have been exposed by glacial melt. This newly discovered mineralized area shows multiple shear-
hosted, polymetallic zones over a 550 meter by 450 meter NW-SE trending area that remains open in all
directions. Mineralized domains are up to 20 meters wide with sections of massive chalcopyrite and
pyrite occupying shears and forming sulphide -rich mineralization at structural intersections and
embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.
The new Treasure Island Showing is located on the Cambria Icefields, 6 km east of, and on trend with,
the Porter Idaho mine, which between 1922 and 1950 produced 27,000 tons of ore averaging 0.97 gpt
Au and 2,700 gpt Ag. The outcrop has only recently been exposed as a result of glacial retreat and
permanent snowpack abatement and it demonstrates the strong untapped potential for additional
discoveries on the Golddigger property, which encompasses 56 km of the Red Line. The new target is
drill ready and will be tested for the first time during the maiden 2024 drill campaign with at least 2,000
meters of drilling from 5 pads and could quickly evolve into a significant high-grade discovery.
Table 1: 2023 grab and chip samples from Treasure Island.
Sample ID Au (gpt) Ag (gpt) Cu (%) Pb (%) Zn (%) AuEq (gpt)
ST115881 0.04 126.00 7.15 0.00 0.02 11.08
ST115879 0.04 89.30 5.61 0.00 0.02 8.59
ST116045 5.85 20.70 1.43 0.00 0.00 8.00
ST116174 0.43 66.70 4.85 0.00 0.01 7.70
ST116398 3.72 38.60 1.76 0.00 0.00 6.52
ST116388 0.37 56.80 4.11 0.00 0.00 6.52
ST115874 2.04 47.30 2.73 0.00 0.01 6.24
ST116038 0.34 47.70 2.47 0.00 0.00 4.20
ST116397 0.44 28.10 1.99 0.00 0.01 3.43
ST116399 0.60 25.20 1.58 0.00 0.00 3.00
ST116044 0.02 27.00 1.41 0.00 0.01 2.22
ST113101 0.91 14.15 0.80 0.00 0.00 2.14
ST115884 0.05 6.07 0.81 0.00 0.00 1.20
ST116391 0.03 10.95 0.56 0.00 0.01 0.90
ST115882 0.04 5.46 0.34 0.00 0.01 0.55
ST115872 0.02 5.12 0.29 0.00 0.00 0.47
ST115883 0.28 0.72 0.03 0.00 0.00 0.33
ST115873 0.01 2.56 0.21 0.00 0.00 0.33
ST115885 0.02 0.17 0.00 0.00 0.00 0.03
Table 2: 2023 channel samples from Treasure Island.
Channel ID Length (m) Au (gpt) Ag (gpt) Cu (%) Pb (%) Zn (%) AuEq (gpt)
Treasure_RP_2
Interval 2.48 0.13 23.96 2.34 0.00 0.01 3.54
Including 1.44 0.13 37.76 3.97 0.00 0.01 5.87
Including 0.33 0.20 126.00 14.45 0.00 0.02 20.98
GD_CHA_15_JS Interval 2.20 0.55 14.09 1.25 0.00 0.00 2.39
Including 1.00 0.78 24.30 2.24 0.00 0.00 4.06
GD_CHA_16_JS Interval 1.50 0.59 17.57 1.51 0.00 0.01 2.83
Including 0.70 1.11 33.10 3.20 0.00 0.02 5.78
NN1 Interval 0.85 20.60 63.60 5.04 0.00 0.01 28.08
NN2 Interval 0.97 4.06 22.20 0.78 0.00 0.01 5.37
NN3 Interval 1.00 0.58 44.40 2.58 0.00 0.01 4.55
GD_CHA_18_JS Interval 3.65 0.44 8.74 0.50 0.00 0.00 1.22
Including 0.60 1.89 36.80 1.98 0.00 0.00 4.97
GD_CHA_99_JS Interval 1.05 0.77 28.79 1.84 0.00 0.00 3.57
Including 0.50 0.99 36.80 2.40 0.00 0.00 4.63
Channel ID Length (m) Au (gpt) Ag (gpt) Cu (%) Pb (%) Zn (%) AuEq (gpt)
Treasure_RP_3 Interval 1.05 0.11 24.73 1.58 0.00 0.01 2.52
Including 0.58 0.12 31.40 2.31 0.00 0.01 3.58
Treasure_RP_1 Interval 1.01 0.11 19.58 1.46 0.00 0.01 2.28
NN5 Interval 1.00 0.37 22.40 1.16 0.00 0.00 2.18
GD_CHA_17_JS Interval 0.80 0.66 15.60 1.26 0.00 0.00 2.53
NN4 Interval 0.52 3.47 3.12 0.05 0.00 0.00 3.58
Treasure_RP_4 Interval 0.64 0.23 26.70 1.72 0.00 0.00 2.84
Treasure_RP_5 Interval 0.44 0.42 37.00 2.07 0.00 0.01 3.62
Treasure_RP_9
9 Interval 0.81 0.17 0.44 0.01 0.00 0.01 0.19
Multiple additional high -grade gold-silver-base-metals showings have been identified on the Cambria
Icefields claims. These showings will be further explored during the 2024 field season in preparation for
future drilling and include the previously announced Metallica showing, as well as some new showings.
The Metallica showing is located 19 km east of Treasure Island and consists of strongly altered quartz -
sulphide stockwork and veins up to 30 cm wide hosted in intermediate volcanic rocks, with 2 % pyrite, 1
% chalcopyrite and 1 % galena. The Big One showing is located 23 km southeast of Treasure Island and
comprises several quartz calcite veins up to 10 cm w ide hosted in sedimentary rocks, with up to 5 %
pyrrhotite, and minor pyrite, arsenopyrite and chalcopyrite. The Honey Pot showing is located 15 km
south of Treasure Island and consists of quartz veins up to 30 cm wide hosted in a diorite, with
aggregations of pyrite. Multiple other showings have been discovered on the Cambria Icefields and more
prospecting, sampling, and mapping is required in order to assess and expand on their mineral potential.
Table 3: Selected 2023 samples from other showings on the Cambria Icefields.
Location
Sample
ID` Au (gpt) Ag (gpt) Cu (%) Pb (%) Zn (%) AuEq (gpt)
N/A ST116361 101.00 10.00 0.01 0.01 0.00 101.13
Big One ST116395 15.00 351.00 0.02 0.02 0.15 19.25
Metallica ST112904 2.00 73.70 0.24 2.62 5.43 6.26
N/A ST112804 1.17 340.00 0.28 0.64 0.19 5.86
Honey Pot ST116363 2.44 24.40 0.01 0.00 0.00 2.75
Big One ST116033 2.42 0.94 0.00 0.00 0.00 2.44
Big One ST116178 1.93 3.01 0.02 0.00 0.01 2.00
Metallica ST115896 0.10 8.71 0.55 0.04 1.15 1.41
Roger Rosmus, Founder and CEO of Goliath Resources, states: “Discovering an outcrop along the “Red
Line” with such extensive high-grade mineralization is truly a remarkable result and it is now drill ready
for 2024. This discovery shows the early makings required to quickly evolve into the next big
material gold discovery at Treasure Island. It's located within a few kilometers of the “Red Line” and
from a past producer. It further confirms the team’s quality work and the extraordinary untapped
discovery potential remaining on the Golddigger property. The success of the 2023 exploration
program further validates the Company’s vision to keep our known drilled discoveries in Goliath and
hold these newly evolving assets into a new company 100% owned by Goliath for a potential spin-out
dividend to unlock additional value for our shareholders.”
Golddigger Property
The Golddigger Property is 100% controlled covering an area of 64,264 hectares (158,800 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).
It is in an excellent location in close 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 Observat ory 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
Venessa Bennett 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