Goliath Resources Receives $2,000,000 Order From Strategic Singapore Based Global Commodity Group And The Previously Announced Non-Brokered Private Placement Has Been Increased From $3,000,000 Up To $6,500,000
Goliath Resources Receives $2,000,000 Order From Strategic Singapore Based Global
Commodity Group And The Previously Announced Non-Brokered Private Placement
Has Been Increased From $3,000,000 Up To $6,500,000
Toronto, Ontario – August 13, 2024 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to announce it has received a $2,000,000 order from a strategic
global commodity group based in Singapore. Goliath is increasing its non-brokered private placement from
$3,000,000 up to $6,500,000.
Goliath intends to raise up to $6,500,000 through a non-brokered private placement in a combination of: (i)
Non-Flow-Through shares (NFT) to be sold at a price of $1.11 each and Flow-Through shares (FT) to be sold
at a price of $1.28 that will qualify as a flow-through share within the meaning of Subsection 66(15) of the
Income Tax Act (Canada).
The Company intends to use the proceeds for general operating expenses and exploration related programs
on its properties located in and around the Golden Triangle of northwestern British Columbia.
The proceeds from the FT offering will be used for Canadian exploration expenses as such term is defined in
paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the tax act, flow -
through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through
mining expenditures, and B.C. flow -through mining expenditures as defined in Subsection 4.721(1) of the
Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2025, and renounced with an
effective date no later than Dec. 31, 2024. British Columbia Super Flow - the B.C. mining flow-through share
(B.C. MFTS) tax credit allows BC Residents who invest in flow -through shares to claim a provincial non -
refundable tax credit of 20% of their B.C. flow -through mining expenditures. B.C. flow -through mining
expenditures are specific exploration expenses incurred by a PBC and renounced by a corporation issuing the
flow-through shares.
Goliath may pay finders' fees composed of cash and warrants on certain orders in connection with the
placement, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold
under the offering will be subject to a hold period expiring four months and one day from their date of
issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all
necessary regulatory approvals, including the approval of the TSX Venture Exchange.
About Goliath Resources Limited
Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of
northwestern British Columbia. All of its projects are in world class geological settings and geopolitical safe
jurisdictions amenable to mining in Cana da. Goliath is a member and active supporter of CASERM which is
an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech.
Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
www.goliathresourcesltd.com
Other
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.
Portable XRF (X -Ray Fluorescence) readings are semi -quantitative measurements and calibrations of the
equipment in the field not always allow to compare results to certified reference materials but are used as
guideline to augment the understanding of the mineralization observed. These measurements are not
intended to be representative of the geochemical composition of the material measured. XRF readings are
carried out using a handheld device and could be influenced by external factors.
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 co re is then
described and transcribed in MX DepositTM. 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 notab le 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 biode gradable 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 transport 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 o f 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 ne eded (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 frac tion is expected to be reasonably
homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to
determine the contribution of the coarse gold.
Widths are reported in drill core lengths and the true widths are estimated to be 80 -90% and AuEq metal
values are calculated using: AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu
3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 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
transportation. 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 from 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
accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of the words "could", "intend", "expect",
"believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are
not historical facts are intended to identify forward -looking information and are based on Goliath’s current
belief or assumptions as to the outcome and timing of such future events. Actua l future results may differ
materially. In particular, this release contains forward -looking information relating to, among other things,
the ability of the Company to complete financings and its ability to build value for its shareholders as it
develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or
making the forecasts or projections set out in forward -looking information. Those assumptions and factors
are based on information currently available to Goliath. Although such statem ents are based on
management's reasonable assumptions, there can be no assurance that the proposed transactions will occur,
or that if the proposed transactions do occur, will be completed on the terms described above.
The forward-looking information contained in this release is made as of the date hereof and Goliath is not
obligated to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue reliance on forward -looking information.
The foregoing statements expressly qualify any forward-looking information contained herein.
This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase
any securities and neither this announcement nor anything contained in it shall form the basis of any contract
or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an
offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be
offered or sold within the United Sta tes or to or for the account or benefit of a U.S. person (as defined in
Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN