GOLIATH SECURES FOURTH DRILL RIG AND SET TO MOBILIZE SHORTLY FOR 24,000 METER DRILL PROGRAM ON ITS HIGH-GRADE GOLD-SILVER DISCOVERY IN THE GOLDEN TRIANGLE, B.C. Newly Discovered Surebet Zone Highlights: Fully funded 24,000 meter drill campaign totaling 85 holes from 24 separate drill pad locations w
GOLIATH SECURES FOURTH DRILL RIG AND SET TO MOBILIZE SHORTLY FOR 24,000 METER DRILL
PROGRAM ON ITS HIGH-GRADE GOLD-SILVER DISCOVERY IN THE GOLDEN TRIANGLE, B.C.
Newly Discovered Surebet Zone Highlights:
Fully funded 24,000 meter drill campaign totaling 85 holes from 24 separate drill pad locations with four
diamond drill rigs.
The 2022 campaign will include infill drilling as well as targeting the outer extremities of the known gold-
silver zone down-dip to trace the extent of this extensive high grade system that remains open.
100% of all 24 holes drilled during the 2021 maiden campaign totalling 5,332 meters intersected significant
widths of high-grade gold-silver mineralization over 1 km of strike and confirmed 1.1 km of down dip extent:
o GD-21-03 intersected 6.37 gpt AuEq (4.46 gpt Au and 122.13 gpt Ag) over 35.72 meters*
o 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.
Follow up drilling on the newly discovered Extension Target will provide tremendous potential to significantly
expand the footprint by 1.2 km to the southeast.
The Surebet Zone is part of a deep-rooted intrusion-related precious metals system that was formed at
significant depth over 5 – 6 km below paleosurface indicating its likely extensive with excellent potential for
expansion.
Exceptional metallurgical recoveries of 98.2% gold from gravity & flotation, inclusive of 38.1% free gold from
gravity.
Toronto, Ontario – April 26, 2022 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company”
or “Goliath”) is pleased to report it has secured a fourth diamond drill rig and set to mobilize shortly for its planned 24,000
meter diamond drill campaign at its 100% controlled Golddigger Project. It is designed for infill drilling as well as to test
the outer extremities to depth at the newly discovered Surebet Zone. This new discovery is on tide water in a world class
geological setting near Stewart, BC in the Golden Triangle of British Columbia. The Homestake Ridg e Deposit & Dolly
Varden Silver Mine (Dolly Varden Silver Corp.), and the Kinskuch Project (Hecla Mining Company) are in close proximity.
Goliath has planned for a 24,000 meter drill program totaling 85 holes from 24 separate drill pads targeting the extensive
high-grade gold-silver structure discovery exposed at surface at the Surebet Zone both along strike and to depth. The
maiden 2021 drill campaign had a 100% hit ratio as all 24 holes totaling 5,33 2 meters intercepted significant widths of
high-grade gold-silver over 1km of strike and confirmed 1.1km of down-dip extent.
Dr. Quinton Hennigh, Geologic/Technical Director to Crescat Capital, strategic shareholder of Goliath commented: “The
2022 diamond drill campaign at Surebet is one of the most definitive, well-planned drill campaigns with which I have been
associated. By the end of this campaign, the 85 planned holes will test the Surebet Zone across its full +1 km strike width
as well as approximately 1.5 km down dip. Holes are spatially arrang ed such that, assuming return of favorable results
similar to those received in 2021, the first ever resource can be established for this very large gold system. We are very
excited to see this program commence and are optimistic it will demonstrate Surebet is a new major gold discovery in the
Golden Triangle.”
Mr. Roger Rosmus, CEO of Goliath states: “We are extremely pleased to have secured a fourth drill rig for our aggressive
2022 follow up drill campaign at the Surebet Discovery and being set for mobilization. This new discovery has significant
untapped potential with multiple strong drill targets focussed on expanding the known extent of the system that remains
open. The Golddigger property is in a key geologic setting where many world-class deposits have been discovered. It has
all the early indicators to quickly turn into the next big high-grade gold-silver deposit. The Surebet Zone potential has been
compared to the past producing high -grade Silbak Premier Mine just to the north, having very similar geology and vein
widths; it certainly has the early makings of the next big discovery in the Golden Triangle. We look forward to upcoming
program with much anticipation.”
Golddigger Property
The Golddigger Property is 100 % controlled covering an area of 23,859 hectares (59,646 acres or 239 square-kilometers)
and is in the world class geological setting of the Eskay Rift within the Golden Triangle, British Columbia and within 2 km
of the Red L ine that is host to multiple world class deposits. The property is on tide water 30 kilometers southeast of
Stewart, British Columbia. The Homestake Ridge Deposit & Dolly Varden Silver Mine (Dolly Varden Silver Corp.), and the
Kinskuch Project (Hecla Mining Company) are in close proximity.
Qualified Person
Rein Turna, P . Geo, is the qualified person as defined by National Instrument 43-101, for Goliath Resources Ltd projects,
and supervised the preparation of, and has reviewed and approved, the technical information in this release.
Other
All rock, channel and talus fine samples were crushed and pulverized at MSALABS's laboratory in Terrace, BC. MSALABS is
either Certified to ISO 9001:2008 or Accredited to ISO 17025:2005 in all of its locations. The resultin g sample pulps were
analyzed for gold by fire assay and metallic screen fire assay in Langley, BC. The pulps were also assayed using multi -
element aqua regia digestion at MSALABS's laboratory in Langley, BC. The coarse reject portions of the rock samples, as
well as the pulps, were shipped to Goliath Resources Ltd.’s storage facility in Terrace, BC. All samples were analyzed using
MSALABS's assay procedure ICP-130, 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
FAS-121 lead collection fire assay fusion procedure with atomic absorption spectroscopy (AAS) finish. Any results greater
than 100 ppm for silver or 10,000 ppm copper, lead and zinc were additionally assayed using MSALABS's ICA-6xx method
particular to each element. This method used an HNO3 -HCl digestion followed by ICP-AES (or titrimetric and gravimetric
analysis). Gold values of greater than 10 ppm Au were assayed by the FAS-425 method which includes a fire-assay fusion
procedure with a gravimetric finish. Samples with Au greater than 5 ppm were additionally analyzed using metallic screen
fire assay with MSALABS’s MSC -150 or MSC -350 method. QA/QC samples including blanks, standards, and duplicate
samples were inserted regularly into the sample sequence.
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 northwestern British
Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical
safe jurisdictions amenable to mining in Canada.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1-416-488-2887 x222
www.goliathresourcesltd.com
* Widths are reported in drill core lengths and the true widths are not known. AuEq metal values are calculated using: Au
1792.60 USD/oz, Ag 23.13 USD/oz, Cu 4.37 USD/lbs, Pb 1.05 USD/lbs and Zn 1.52 USD/lbs on November 28, 2021. 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 stat ements 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. Actual future res ults may differ materially. In particular, this release contains forward -looking
information relating to, among other things, the ability of Company to complete the financings and its ability to build value
for its shareholders as it develops its mining pr operties. 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 statements 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
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