Goliath Reports 1.77 Grams Per Tonne Gold Over a 4.85 Metre Channel Cut at Bingo in The Golden Triangle; 320m x 175m Mineralized Gold Zone Drill Ready
Goliath Reports 1.77 Grams Per Tonne Gold Over a 4.85 Metre Channel Cut at Bingo in
The Golden Triangle; 320m x 175m Mineralized Gold Zone Drill Ready
December 5, 2017 – Goliath Resources Limited (TSX-V: GOT) (the “Company or “Goliath”) is
pleased to report initial channe l, chip, and outcrop grab sampl e results from its 100% optioned
Bingo project in the Golden Triang le, British Columbia. The Com pany also looks forward to
announcing assay results from its 100% optioned Copperhead and Lucky Strike properties, in
addition to the five other DSM properties its owns a 10% interest in as they become available and
interpreted.
Bingo covers 989 hectares and is located near tide water southe ast of Stewart, British Columbia.
The property is situated within two kilometres of the unconform ity between Lower Hazelton and
Stuhini rocks, also known as the “Red Line” boundary where the vast majority of major deposits
have been found within the Golden Triangle.
Bingo highlights include:
The Bingo Main target is a zone containing gold mineralized gra b, chip and channel
samples over an area of 320 metres x 175. The zone is open on surface and to depth and is
drill ready for 2018
83% of all the samples taken contained gold mineralization
Channel cut over 4.85 metres assayed 1.77 gpt Au, and 0.20 % Cu
Channel cut over 3.2 metres assayed 1.48 gpt Au and 0.37 % Cu
19 chips samples assayed up to 9.79 gpt Au
Link to images and maps
The Bingo Main Zone is 320 metres by 175 metres and contains highly mineralized grab, chip and
channel cuts. Within this zone, there is also a stratigraphical ly controlled 7 - 9 metre-wide gold,
copper, iron mineralized horizon that has been traced north-sou th along strike. The zone remains
open on surface and to depth.
Highlights of the 2017 program include a channel sample contain ing 1.77 grams per tonne gold,
and 0.2 percent copper over 4.85 me tres. Another channel retuned of 1.48 grams per tonne gold,
and 0.37 percent copper over 3.2 metres. Nineteen total chip samples were taken and these returned
assay values that ranged from below the detection limit, up to 9.79 grams per tonne gold (see Table
1 below for highlights). Eighteen outcrop grab samples were col lected that had assay values
ranging from below the detection limit to 1.22 grams per tonne gold. Channel and chip sample
were cut normal to the strike of a gossanous meta-gabbro unit w hich is believed to host the
mineralization. The meta-gabbro unit dips moderately to the wes t and thus true thicknesses are
estimated to be 50-70% of channel or chip sample length.
One hundred and twenty-eight channel, chip, and grab samples were collected from the Main Zone
and of these 106 (83 percent) of the samples contained gold min eralization. Ninety-one samples
over 46.7 meters of channel cuts were collected from the minera lized horizon. Of these samples,
16 returned greater than 1 gram per tonne gold and 28 returned between 1 and 0.5 grams per tonne
gold confirming the strong continuity of the of the gold mineralization (link to images and maps).
Mineralization at Bingo Main Z one is lithologically controlled within a rusty brown weathering,
meta-gabbro unit. The gold mineralized horizon is anomalously magnetic allowing the zone to be
easily traced along strike and beneath overburden utilizing a g round magnetic survey. The Bingo
Main zone is drill ready target.
Based on regional mapping, the Bingo property is underlain by L ower Hazelton group volcanic
rocks, which is the same stratig raphic unit that hosts Auryn Re sources Inc’s Homestake Ridge
deposit and Pretium Resources Inc.’s Brucejack deposit. Additio nally, the property is located
proximal to the unconformity between the Hazelton and Stuhini G roup rocks, also known as the
“Red Line”, a geological boundary proximal to where many world class deposits are found within
the Golden Triangle.
Initial geological observations have support the untapped potential of this underexplored property.
In addition to proximity to the “Red Line”, inter-fingered bimo dal volcanics were also observed
on the eastern side of the property, similar in appearance to the Iskut River Formation.
Table 1: Bingo Property Assay Highlights
Sample Channel/Chip/Grab Zone
Length
(metres)2
Gold
(gpt)
Copper
%
Gold Eq
(gpt)1
W496409‐18 Channel Bingo Main 4.85 1.77 0.20 2.10
W496517‐23 Channel Bingo Main 3.20 1.48 0.37 2.10
W496429‐32 Channel Bingo Main 1.66 1.39 0.28 1.85
W495657 Chip Bingo Main 1.00 5.31 5.31
W495342 Chip Bingo Main 1.70 9.79 9.79
W495660 Chip Bingo Main 1.00 1.66 1.66
W495656 Chip Bingo Main 0.50 1.34 0.12 1.53
W495324 Outcrop grab Bingo Main 1.22 0.38 1.84
1AuEq based on metal prices (USD) on Nov 21, 2017: Au $1280.4 oz; Cu $3.0905 lb
2True thickness estimated to be 50-70% of chip or channel sample length.
Statements
Mr. Roger Rosmus, CEO states:
“The Bingo property is part of a geologic terrane that is host to multiple world class mineral
deposits. The Bingo Main Zone had returned gold mineralized sam ples over a 320 metres x 175
metre area, and is drill ready. We look forward to drilling this new discovery in 2018.”
Dr. Stefan Kruse, Chief Consulting Geologist stated:
“We are very encouraged by the discovery of the gold mineralized samples in bedrock exposed at
the surface on the Bingo property. The gold mineralized zone a t the Bingo Main target is open
along strike and at depth. Drilling in 2018 will focus on defi ning the full extent of the
mineralization.”
Other
Stefan Kruse, Ph.D., P. Geo., Chief Consulting Geologist, is th e qualified person as defined by
National Instrument 43-101, for Goliath Resources Limited explo ration projects, and supervised
the preparation of, and has reviewed and approved, the technical information in this release.
All rock, channel and talus fine samples were crushed and pulverized at ALS Canada Ltd.’s lab in
Terrace, BC or in Reno Nevada. AL S is either Certified to ISO 9 001:2008 or Accredited to ISO
17025:2005 in all of its locations. The resulting sample pulps were analyzed for gold by fire assay
and using multi-element aqua regia digestion. The coarse reject portions of the rock, channel and
talus fine samples, as well as the pulps, were shipped to Goliath’s storage facility in Terrace, BC.
All samples were analyzed using ALS Canada Ltd.’s assay procedu re ME-ICP41, a 1:1:1 aqua
regia digestion with inductively-coupled plasma atomic emission spectrometry (ICP-AES) or
inductively-coupled plasma mass spectrometry (ICP-MS) finish for 35 elements as well as the Au-
AA24 lead-collection fire assay fusion procedure with atomic ab sorption spectroscopy (AAS)
finish. Any results greater than 100 ppm for silver or 10,000 p pm copper, lead and zinc were
additionally assayed using ALS’s OG46 method particular to each element. This method used an
HNO3-HCl digestion followed by ICP-AES (or titrimetric and gravimet ric analysis). Gold values
of greater than 10 ppm Au were assayed by the Au-GRA22 method w hich includes a fire-assay
fusion procedure with a gravime tric finish. Blank and duplicate s QA/QC samples were inserted
into channels sample laboratory batches. Additionally, and 10% sub-sample of pulp and reject
material was sent to Activation Laboratories in Ancaster Ontario, for check-analysis.
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 b e representative of the material
sampled. In addition, the reader is cautioned that proximity to known mineralization does not
guarantee similar mineralization will exist on the properties. Gold equivalent assays are based on
metal prices (USD) on Nov 21, 2017: Au $1,280.4 oz; Cu $3.0905 lb and are based on an
assumption of 100% recovery.
A link to the Bingo maps and photos can be found by clicking (link to images and maps).
Further information regarding Goliath Resources Limited can be found at
www.goliathresourcesltd.com
Contact Information:
Roger Rosmus
Chief Executive Officer
+1-416-488-2887 x222
Neither the TSX Venture Exchange nor its Regulation Services Pr ovider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.