GOT.V · 2022-10-23 12:00:00

GOLIATH INTERCEPTS CLASSIC SUREBET ZONE MINERALIZATION IN 92 HOLES CONTAINING BROAD INTERVALS OF GALENA AND OCCURRENCES OF VISIBLE GOLD OVER 1.6 SQUARE KILOMETERS GOLDEN TRIANGLE, B.C. DRILL HIGHLIGHTS: Goliath has successfully completed 100 % of its planned drill holes for the 2022 season expanded

Drill Results

GOLIATH INTERCEPTS CLASSIC SUREBET ZONE MINERALIZATION IN 92 HOLES

CONTAINING BROAD INTERVALS OF GALENA AND OCCURRENCES OF VISIBLE GOLD

OVER 1.6 SQUARE KILOMETERS GOLDEN TRIANGLE, B.C.

DRILL HIGHLIGHTS:

Goliath has successfully completed 100 % of its planned drill holes for the 2022 season expanded

from 24,000 meters to 26,321 meters. Assays and results will be reported once received compiled

and interpreted.

Classic Surebet Zone mineralization consisting of galena, sphalerite and pyrrhotite in semi-massive

to massive veins, stringers, interstitial within brecciated zones and/or as stringers throughout the

core have been confirmed in a total of 92 holes drilled from 20 widely spaced pads over an area of

1.6 square kilometers in the Hazelton Sedimentary and Volcanic rocks. The mineralization remains

open in all directions (see map below).

100 % of all 68 holes drilled within the 1.6 square kilometer Surebet Zone in 2022 intersected

significant broad intervals containing galena, sphalerite and pyrrhotite, including visible gold

previously reported in two holes 300 meters apart. These drill intercepts visually mirror with the

large majority and greatly exceed the visual intercepts from the 24 holes drilled during 2021 which

contained the same mineralization (galena, sphalerite, pyrrhotite) and textures (quartz

breccia/stockwork/vein) and assayed on average 6.29 gpt AuEq (4.35 gpt Au and 104.94 gpt Ag)

over 5.87 meters* (see map above).

The drill holes from the 2022 campaign have intersected significantly broader visual intervals of

classic Surebet Zone style of mineralization averaging 14.37 meters* wide compared to an average

of 5.87 meters* wide in 2021.

To date, 48 % of 92 drill holes (or 44) within the 1.6 square kilometer Surebet Zone area intercepted

intervals >10 meters* containing galena, sphalerite and pyrrhotite. In 2021, 25 % of drill holes (or 6

out of 24) intercepted intervals > 10 meters* of galena, sphalerite and pyrrhotite, whereas in 2022,

56 % of drill holes (or 38 out of 68) intercepted intervals > 10 meters* of galena, sphalerite and

pyrrhotite.

The broadest intercept to date within the 1.6 square kilometer Surebet Zone is 194.43 meters*

from Pad 10 which contained much higher concentrations of galena, sphalerite and pyrrhotite

compared to the 2021 drill holes.

Multiple drill holes also intersected a number of surprise mineralized zones containing significant

concentrations of galena, sphalerite and pyrrhotite. This strongly indicates that classic Surebet

mineralization is not solely limited to the Surebet Zone that occurs above and/or below the main

mineralized zone that outcrops on surface for 1 kilometer on strike and has been intercepted up to

1.3 kilometers down-dip to the West at pad 5. These stacked surprise zones are blind as they do not

present themselves on surface and all remain open.

Hole GD-22-100 collared from Pad 13 intersected a 46.89 meter* mineralized interval consisting of

quartz-sulphide breccia and stockwork with semi-massive to massive, interstitial and stringers of

galena (up to 30 %), sphalerite (up to 10 %), chalcopyrite (up to 3 %) and pyrrhotite (up to 20 %)

(see image below).

Hole GD-22-108 collared from West of Northeast Fault Pad located in the East Extension zone

intersected a 16.05 meter* mineralized interval consisting of quartz-sulphide breccia and stockwork

with semi-massive, interstitial and stringers of pyrrhotite (up to 10 %), sphalerite (up to 5 %) and

galena (up to 1 %). The zone remains open to the South (see image below).

Hole GD-22-101 collared from Pad G located in the East Extension zone intersected a 76.01 meter*

mineralized interval consisting of a series of pyrrhotite, galena and sphalerite-rich veins, and

stringers and semi-massive to massive fine-grained sulphides. The East Extension zone remains

open to the South and East (see image below).

Goliath worked closely with independent advisors and consultants including Dr . Quinton Hennigh,

Dr . Simon Dominy, Colorado School of Mines and SRK Consulting (Canada) Inc. in the early planning

and designing of the 2022 drill program focussed on infill drilling pierce points that could be used

for a future maiden inferred resource estimate within the 1.6 square kilometer mineralized area of

the Surebet Zone contingent on assay results.

METALLURGICAL STUDY:

Multiple drill core samples collected during the 2022 drill campaign (24 samples from 16 widely

spaced holes) have been submitted to Process Mineralogical Consulting Ltd. (PMC) to expand on last

year’s metallurgical testing of the Surebet Zone and multiple Surebet surprise zones.

PMC’s metallurgical study performed on a composite sample of combined core from 16 diamond drill

holes completed in 2021 demonstrated that a grinding mesh of 150 microns would recover 98.2 % of

the gold without the need of acid leaching making for environmentally friendly and amenable for

low-cost mining methods.

Simple gravity recovery alone capture d an impressive 38.1 % of gold and 10.5 % of silver . This

indicates that a processing scheme employing early gravity recovery should produce considerable

gold in the form of doré bars. Gravity recovery is generally known to be the most cost-efficient means

of gold recovery in the mining industry

The geochemistry of the system is void of arsenic , mercury, and other problematic/deleterious

elements, making it an extremely environmentally friendly system.

The current modelled geometry of the high-grade Surebet Zone that is exposed at surface along strike

for over 1 kilometer on the South Slope and down dip for 1.1 kilometer on the North Slope indicates

that it may be mined underground using simple gravity to patriate the high-grade gold-silver zone.

This method is typically very low impact with a minimal footprint and is known to be extremely

desirable and cost effective.

PROPERTY HIGHLIGHTS:

The Surebet Zone is in an excellent location close to the communities of Alice Arm and Kitsault

situated on tide water with direct barge access to Prince Rupert. The town of Kitsault is capable of

housing at least 300 people that has high-tension power accessible by road as well as a barge landing,

dock, and other infrastructure. Additional infrastructure in the area includes the Dolly Varden Silver

Mine Road and the city of Terrace, providing access to railway, major highways, supplies and airport

(see images below).

The drilling and data continue to demonstrate the presence of a n extensive mineralizing system

drilled and confirmed over and area of 5.25 square kilometers that remains open in all directions.

Assays are pending and will be released once received, compiled, and interpreted.

100% of all 24 holes drilled during the 2021 maiden campaign totalling 5,332 meters intersected

significant high-grade gold-silver mineralization over 1 kilometer of strike and 1.1 kilometer of down

dip extent. GD-21-03 intersected 6.37 gpt AuEq (4.46 gpt Au and 122.13 gpt Ag) over 35.72

meters*. The average grade and width from all 24 holes assayed 6.29 gpt AuEq (4.35 gpt Au and

104.94 gpt Ag) over 5.87 meters* respectively, demonstrating excellent continuity of the Surebet

Zone and grades.

Toronto, Ontario – October 18, 2022 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)

(the “Company” or “Goliath”) is pleased to report completion of the 2022 drill campaign on the Surebet

discovery at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. During the 2022

drill campaign a total of 26,3 21 meters of drilling was completed in 86 drill holes. To date , classic Surebet

Zone mineralization and textures including considerable amounts of galena and sphalerite has been observed

in 92 drill holes (68 drill holes from 2022 and 24 drill holes from 2021) from 20 pads widely spaced within an

area of 1.6 square kil ometers that remains open. The 68 drill holes within the 1.6 square kilometer

mineralized area of the Surebet Zone intersected significant broad intervals containing galena, sphalerite and

pyrrhotite, including visible gold reported in two holes 300 meters apart. These drill intercepts visually mirror

with the large majority greatly exceeding the visual intercepts from the 24 holes drilled during 2021 which

contained the same mineralization (galena, sphalerite, pyrrhotite) and textures (quartz

breccia/stockwork/vein) and on average assayed 6.29 gpt AuEq (4.35 gpt Au and 104.94 gpt Ag) over 5.87

meters*. The drill holes from this year intersected broader intervals of classic Surebet Zone mineralization

(average of all 2022 intercepts is 14.37 meters*; largest intercept 194.43 meters*) containing higher

concentrations of galena, sphalerite and pyrrhotite including two holes drilled 300 meters apart that

contained visible gold compared to the 2021 drill holes. This year also had multiple occurrences of surprise

Surebet mineralization intersected above and/or below the Surebet Zone.

Quinton Hennigh, Geologic/Technical Director of Crescat Capital, a strategic investor in Goliath Resources,

states: “The 2022 season appears to have been remarkably successful for Goliath Resources, a testament to

good strategic planning. This year's drilling across the Surebet Zone has yielded a systematic array of pierce

points over an expansive area of 1.6 sq km with all holes encountering visible intervals of quartz -sulphide

veining. Galena and sphalerite, both commonly associated with gold-silver mineralization, are noted in a larg e

number of holes which is a very good sign. Thickness of mineralized intercepts appears to be increasing down

dip along this prolific zone. We eagerly await a plethora of assays from these visually exciting drill holes."

Roger Rosmus, Founder and CEO of Goliath Resources, states: “We successfully completed an aggressive

expanded drill program this year with over 26,000 meters drilled in 86 holes. 68 of these holes focused on a

1.6 sq km area intercepted classic Surebet Zone mineralization over significant widths including visible gold

and high concentrations of galena, sphalerite and pyrrhotite. Including the 24 successful holes drilled last year,

we have a total of 92 holes all located within the 1.6 square kilometer Surebet Zone that remains open that

all the makings of a potential inferred maiden resource estimate subject to assays . To put th is zone into

perspective, that’s roughly the size of 300 American football fields put together. The 2022 intercepts from this

area have exceeded our expectations due to the fact they are much broader on average and visually contain

higher concentrations of galena, sphalerite and pyrrhotite than the previous years intercepts with similar

mineralization that assayed for high-grade gold-silver. The average width of observed mineralization has

significantly increased to 14.37 meters* from the 68 holes compared to 5.87 meters* from 24 holes completed

in 2021. We are looking forward to receiving the assay results with much anticipation. The Goliath team

together with our independent advisors and consultants will be focussed on unlocking the full potential of this

extremely rare and valuable discovery. The Surebet discovery continues to grow rapidly and tick all the boxes,

including excellent grades over broad minable widths starting at surface that is conducive for a low-impact

underground mining method. The use of gravity, exceptional geometry, continuity of grades and consistency

of the system demonstrated to date, indicated cost effective recovery, environmentally friendly geochemistry ,

and excellent proximity to infrastructure and most costs in Canadian dollars makes for excellent economics.

All of this coupled with a geopolitical stable location within the Golden Triangle of British Columbia, Canada

coupled with cost for exploration, labor makes this a very desirable jurisdiction . The project continues to

garner the attention from institutions and miners alike as we continue expanding the geometry of Surebet

towards our goal of proving up a new at surface high-grade world class discovery with multi-million ounce

potential. We would like to make a special thanks to those that have supported this project early on and the

entire team for the first-class job on accomplishing all our goals and more in 202 2; Working Together We

Succeed.”

Drill highlights

Ninety-two (92) drill holes inclusive of the 2021 holes (24) targeting the Surebet Zone from within a 1.6 square

kilometer area extending between Pad 1, Pad 5, Pad 11, Pad G and the outcropping Surebet zone have

intersected classic Surebet Zone mineralization and textures demonstrating excellent continuity in a zone that

remains open.

Recent drilling highlights include hole GD -22-100 collared from Pad 13 (650 meters West of Surebet Main),

which intersected a 46.89 meter* interval consisting of quartz -sulphide breccia and stockwork with semi-

massive to massive, interstitial and stringers of galena (up to 30 %), sphalerite (up to 10 %), chalcopyrite (up

to 3 %) and pyrrhotite (up to 20 %); hole GD-22-108 collared from West of Northeast Fault Pad (780 meters

South of Surebet Main), which intersected a 16.05 meter* mineralized interval from 32.34 meter* to 48.39

meter* consisting of quartz-sulphide breccia and stockwork with semi-massive, interstitial and stringers of

pyrrhotite (up to 10 %), sphalerite (up to 5 %) and galena (up to 1 %); and hole GD-22-101 collared from Pad

G (960 meters Southwest of Surebet Main), which intersected a 76.01 meter* mineralized interval from 61.08

meters* to 137.09 meters * consisting of a series of pyrrhotite, galena, and sphalerite-rich veins, and stringers

and semi -massive to massive fine -grained sulphides hosted in both, the sedimentary and volcanic rock

package. Several additional holes, including GD-22-102 (from W of NE Fault Pad), and GD-22-105 and GD-22-

110 (from Pad 13 ) have intersec ted multiple surprise zones characterized by classic Surebet-style

mineralization and textures including galena and sphalerite, suggesting the presence of multiple stacked

mineralized shear zones part of the same mineralizing system. The mineralized Surebe t Zone currently

remains open to the East of the new East extension zone, to the South and to the West. Refer to the table

below for the latest drill highlights.

Table 1: Drill highlights. Assays are pending on all 2022 drill holes and will be reported once received compiled and interpreted.

Pad ID Hole ID From

(m)

Interval

(m)

Host

Lithology

Description

W of NE Fault

GD-22-99 32.43 44.87 12.44 Sediments Quartz stockwork with aggregates and

interstitial pyrrhotite

GD-22-102

33.6 41.66 8.06 Sediments Quartz stockwork with aggregates and

interstitial pyrrhotite

159.5 161.83 2.33 Volcanics Quartz stockwork with aggregates and

interstitial pyrrhotite

GD-22-104 37.8 40.85 3.05 Sediments

Quartz-sulphide breccia with stringers and

aggregates of pyrrhotite, sphalerite and

galena

GD-22-108 32.34 48.39 16.05 Sediments

Quartz-sulphide breccia with stringers and

aggregates of pyrrhotite, sphalerite and

galena

Pad G

GD-22-101 61.08 137.09 76.01 Sediments Altered quartz-breccia with sulphides

GD-22-103 100.4 122.28 21.88 Sediments Veins and stringers of semi-massive to

massive pyrrhotite and sphalerite

GD-22-106 106.21 124.41 18.2 0 Sediments Veins and stringers of semi-massive to

massive pyrrhotite and sphalerite

GD-22-107 12.62 52.34 39.72 Sediments Altered quartz-breccia with sulphides

Pad 13 GD-22-100 347.64 394.53 46.89 Sediments

Quartz-sulphide breccia and stockwork