GOLIATH INTERCEPTS 23 METERS* OF 21.08 G/T AuEq, INCLUDING 14 METERS* OF 33.75 G/T AuEq AT SUREBET GOLDEN GATE FEEDER ZONE, GOLDEN TRIANGLE, B.C Drill Highlights: GD-23-157 is a 485 gram x meter AuEq hole ( 15.59 troy ounces gram meter AuEq) collared from
GOLIATH INTERCEPTS 23 METERS* OF 21.08 G/T AuEq, INCLUDING 14 METERS* OF
33.75 G/T AuEq AT SUREBET GOLDEN GATE FEEDER ZONE,
GOLDEN TRIANGLE, B.C
Drill Highlights:
GD-23-157 is a 485 gram x meter AuEq hole ( 15.59 troy ounces gram meter AuEq) collared from
Cliff Pad within the Golden Gate Feeder Zone that intercepted Visible Gold mineralization
containing 23.00 meters* of 21.08 g/t AuEq (18.95 g/t Au and 95.31 g/t Ag) including 14.00 meters*
of 33.75 g/t AuEq (30.39 g/t Au and 150.42 g/t Ag) and 9 meters* of 50.27 g/t AuEq or 1.62 oz/t
AuEq (45.27 g/t Au and 225.42 g/t Ag).
The GD-23-157 intercept reported in this news release is interpreted to be the Surebet Zone from
117 to 139.20 meters and is only one of five intervals encountered in this hole. Assays are pending
for the remaining four intercepts from this hole which include the Bonanza Shear:
◦ 72.86 – 86.14 meters: Sulfide-rich quartz breccia hosted in altered siltstone with mineralization
in stockwork of pyrrhotite, pyrite, sphalerite, and galena.
◦ 93.95 – 104.91 meters: Sulphide-rich quartz breccia hosted in altered siltstone. Mineralization
is stockwork pyrrhotite, pyrite, sphalerite, and galena.
◦ 433.15 – 470.95 meters: Quartz breccia hosted in altered sandstone/siltstone. Mineralization
is characteristic of the Bonanza Shear Zone. Pyrrhotite, sphalerite, galena, throughout quartz.
Localized massive/semi-massive pyrrhotite and sphalerite.
◦ 482.10 – 500 meters: Quartz breccia hosted in altered sandstone/siltstone. Shear and
mineralization is characteristic of the Bonanza Shear Zone. Pyrrhotite, sphalerite, galena,
throughout quartz. Localized massive/semi-massive pyrrhotite.
The footprint of the Surebet Zone/Bonanza Shear has been exponentially expanded with the
discovery of 5 additional strongly mineralized zones including the Outpost, Full House, Humdinger,
Kahuna and Lower Surebet zones.
65 holes drilled on Surebet in 2023 have all hit either the Surebet Zone and/or the Bonanza sister
Shear representing a 100% hit rate.
25 holes (out of 65 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 of 89 widely spaced drill pierce points, 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.
Additional drill assay results are expected to be released in the immediate future.
Toronto, Ontario – August 15, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to report assay results for drill hole GD-23-157 from the Golden Gate
Feeder Zone at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.
Hole GD -23-157 collared from Cliff Pad within the Golden Gate Feeder Zone (500 m north of Pad A) ,
intercepted Visible Gold mineralization containing 23.00 meters* of 21.08 g/t AuEq (18.95 g/t Au and 95.31
g/t Ag) including 14.00 meters* of 33.75 g/t AuEq (30.39 g/t Au and 150.42 g/t Ag) and 9.00 meters* of 50.27
g/t AuEq (45.27 g/t Au and 225.42 g/t Ag ). The hole drilled through a sedimentary package consisting of
interbedded mudstones and sandstones, crosscut by several dykes of intermediate composition. A multitude
of sulfide and gold -rich quartz veins and breccias were intersected, which were hosted in altered siltstone
characteristic of the Surebet Zone. The observed alteration style consists of chloritization in veins and
silicification extending from vein margins within the host rock, consistently with previous high -grade
occurrences from the Surebet Zone. Sulfide mineralization ranges from stockwork to semi-massive pyrrhotite,
sphalerite, galena ± chalcopyrite and is particularly pronounced from 129 m to 131 m and 136 m to 137 m.
The shallowest occurrence of Visible Gold was identified at 119 m dep th, associated with patchy pyrrhotite
mineralization. Eleven further Visible Gold occurrences were observed between 129 m and 139 m depth. The
intercept reported in this news release is interpreted to be the Surebet Zone and is one of five mineralized
intercepts intersected in GD-23-157. The assays for the remaining intercepts are pending and will be release
as soon as they become available.
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)
Cliff GD-23-157
Interval 118.00 141.00 23.00 18.95 95.31 0.01 1.29 1.37 21.08
Including 125.00 139.00 14.00 30.39 150.42 0.02 2.04 2.15 33.75
Including 129.00 138.00 9.00 45.27 225.42 0.02 3.04 3.15 50.27
Table 2: Collar information for the drill hole reported in this news release.
Pad Drillhole Name Easting Northing CRS Azimuth Dip Length (m)
Cliff GD-23-157 457713 6162911 NAD83 UTM Z9N 210 55 531
All the occurrences of Visible Gold to date have been identified within quart z-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 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 rev iewed 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 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 lim ited 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 tra nsport 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 duplic ate 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 north-
western British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geolog-
ical 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 t ransportation. 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 fro m
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
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Certain statements contained in this press release constitute forward-looking information. These statements
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