Goliath Starts Drilling With Two Rigs Testing Surebet Feeder Source And Magnitude, Plus Three New Outcropping High-Grade Au-Cu Targets At Golddigger Property, Golden Triangle, B.C. The 2024 planned drill campaign at the Golddigger Property includes 62 holes from 22 drill pad locations with
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Goliath Starts Drilling With Two Rigs Testing Surebet Feeder Source And Magnitude, Plus Three
New Outcropping High-Grade Au-Cu Targets At Golddigger Property, Golden Triangle, B.C.
The 2024 planned drill campaign at the Golddigger Property includes 62 holes from 22 drill pad locations with
up to three diamond drill rigs for 15,000 meters.
The Surebet Discovery will see the bulk of meters planned with the balance testing three new highly
mineralized gold-copper outcropping targets: Jackpot, Treasure Island and Full Contact that have the potential
to provide additional upside catalysts for shareholders (see drill location map below).
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Surebet Discovery
Surebet’s meters will be focused on testing its potential feeder source at depth below the valley floor,
discovering new additional veins/shears, expansion of the known 10 vein footprint, and increased continuity
(see image below).
Surebet highlights previously reported include:
o 44 holes (or 35%) of 124 holes drilled in 2023 contained Visible Gold with nuggets up to 11 mm in size;
o Best hole drilled to date is GD-23-180 assaying 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90
meters, including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters;
o 11 holes to date are greater than 100 and up to 513 gm AuEq;
o 6 new vein horizons identified that could potentially increase economical tonnage that remain open;
o The mineralized footprint of the Surebet discovery has been expanded to 1.8 km2, the equivalent in
size to >336 NFL football fields;
o Mineralization is exposed at surface for 1.0 kilometers of strike and 1.1 kilometers down-dip extent
with 700 meters of vertical relief with exceptional continuity;
o Several lines of evidence, including metals and geochemical trace elements hot spots, zonation, type,
origin of fluids and age of the mineralization strongly suggest vectoring in on possible Porphyry Feeder
Source;
o Goliath has diamond drilled 66,930 meters to date at the Golddigger property (2021 – 2023).
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Detailed surface mapping of the Surebet area also has played a major role in clearly defining the structural
controls on the veins and consequently the gold and higher copper mineralization (see map below).
Three Maiden Drill Programs Of High-Grade Gold-Copper Targets: Jackpot, Treasure Island and Full Contact
Jackpot (Surebet) drill target, highlights previously reported include:
o Samples assayed 21.5 oz/ton AuEq or 667.40 g/t AuEq (636.00 g/t Au, 1,690.00 g/t Ag, 7.96 % Cu, 2.22
% Pb) and comes from a 30 cm wide quartz vein with 15 % chalcopyrite, 7 % pyrite, and 1 % galena;
o Mineralization is hosted in a vein/shear comprised of strongly silicified Porphyritic Andesite within the
Hazelton Volcanics;
o This high-grade gold-copper discovery consists of at least 10 shear hosted quartz-sulphide veins within
a 15 meter wide stockwork that extends for 50 meters along strike before being covered by
overburden on either side, it remains open;
o Multiple high-grade gold-copper samples have been collected within 150 meters of the new Jackpot
outcrop believed to be related include Y607977 that assayed 44.40 g/t Au, 1,629.00 g/t Ag, 5.22 % Cu,
2.24% Pb, Y607989 that assayed 13.50 g/t Au, 32.10 g/t Ag, 0.09 % Cu, 0.42 % Pb and ST112903 that
assayed 8.43 g/t Au, 694.00 g/t Ag, 0.39% Cu, 0.47 % Pb;
o The outcropping stockwork of veins are near vertical and strike north-south hosted within a broader
shear zone that can be traced for more than 500 meters with 400 meters of vertical relief and remains
open;
o The newly discovered Jackpot outcrop is believed to be connected to the Surebet Discovery as its
proximal containing bonanza grades with similar textures, mineralogy, and geochemistry all within
the volcanics.
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Treasure Island (Golddigger Cambria Icefields) drill target, highlights previously reported include:
o Located on the Cambria Icefields, 36 km north of the Surebet Discovery;
o Channel samples collected assayed up to 28.08 g/t AuEq (20.60 g/t Au, 63.60 g/t Ag and 5.04 % Cu)
over 0.85 meters; and 3.54 g/t AuEq (0.13 g/t Au, 23.96 g/t Ag and 2.34 % Cu).
o Widespread grab and chip samples collected assayed up to 11.08 g/t AuEq (0.04 g/t Au, 126.00 g/t Ag
and 7.15 % Cu); and 8.00 g/t AuEq (5.85g/t Au, 20.70 g/t Ag and 1.43 % Cu);
o A noteworthy 13 out of 19 grab and chip samples (68%) taken over a widespread area assayed >1.00
g/t AuEq and up to 8.4 % Cu;
o An exceptional 15 out of 16 channel cuts (94%) assayed >1.00 g/t AuEq and up to 14.4 % Cu;
o This high-grade copper-silver-gold discovery consists of multiple shear-hosted, polymetallic zones
covering an outcropping area of approximately 550 by 450 meters and is NW-SE trending;
o This new drill target demonstrates the excellent untapped potential for additional discoveries across
the large Golddigger property, which encompasses 56 km of the “Red Line” which has the most
important discoveries and mines within a few thousand meters on either side of it.
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Full Contact (Golddigger Cambria Icefields) drill target, previously reported highlights include:
o Located on the Cambria Icefields, 19 km northwest of the Surebet Discovery;
o Samples assayed up to 101.13 g/t AuEq (3.25 oz/t) (101.00 g/t Au and 10 g/t Ag) and 1 % Cu, and it
remains open;
o This new discovery consists of a 1.4 km trend on the “Red Line” within which are multiple gossans;
o A 70 meter zone of mineralized quartz veins and breccia that remains open in all directions has been
identified in the immediate surroundings of the 101.13 g/t AuEq sample;
o Mineralization consists primarily of pyrite, with lesser arsenopyrite and sphalerite disseminated
within silicified zones, concentrating in veins and fractures;
o Shares the same geological setting and alteration as the Bonanza Shear, part of the Surebet Discovery
with mineralization forming around the volcanic-sedimentary units contact;
o This new drill target demonstrates the excellent untapped potential for additional discoveries across
the large Golddigger property, which encompasses 56 km of the “Red Line” which has the most
important discoveries and mines within a few thousand meters on either side of it.
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Additional Highlights Previously Reported:
Exceptional metallurgical recoveries of 92.2% Gold from gravity & flotation, inclusive of 48.8% Free Gold from
gravity alone at a 327 micron crush; no deleterious minerals or cyanide required.
Colorado School of Mines has confirmed an extensive porphyry feeder source at depth for the high-grade
gold-silver mineralising fluids at Surebet providing excellent potential for additional upside drill discovery and
expansion at depth.
Based on positive grass roots exploration and drill results, Goliath significantly increased its land package
from 23,859 hectares to 66,608 hectares (164,592 acres), and now controls 56 kilometers of key terrain of the
Red Line providing for additional upside discovery potential.
Goliath has completed a total of 66,930 meters of diamond drilling to date at the Golddigger Property (2021 –
2023).
The Golddigger Property is very close to the town of Kitsault that has a permitted mill site on private
property, additional infrastructure is nearby and it sits on tidewater with barge access to Prince Rupert
(190km south).
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Toronto, Ontario – July 8, 2024 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company”
or “Goliath”) is pleased to report drilling has commenced with two rigs at its 100% controlled Golddigger Project for a
planned 15,000 meters. The 2024 drilling campaign will be focused on the high-grade gold Surebet Discovery testing its
potential feeder source below the valley floor in the Hazelton Volcanics and area of magnitude. In addition, there will be
three maiden drill programs testing high-grade gold-copper showings that are outcropping over an extensive area . The
Golddigger property is on tide water in a world class geological setting near Stewart , in the Golden Triangle of 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.
The maiden drill campaign in 2021 totaling 5,338 meters intercepted significant widths and gold mineralization in 100%
of the holes drilled. To date there has been an aggregate of 66,930 meters drilled that include the follow up campaigns in
2022 and 2023 at the Golddigger Property. In 2023, there was a 97% success hit rate as 86 holes of 92 totaling intercepted
significant widths of high-grade gold over a 1.8 square kilometer area at Surebet. This 1.8 square kilometer area also has
mineralization exposed at surface for 1.0 kilometers of strike, 1.1 kilometers down-dip extent with 700 meters of vertical
relief with exceptional continuity.
Dr. Quinton Hennigh, Technical and Geologic Director of strategic shareholder, Crescat Capital, commented: "As I watch
exploration stories unfold over time, I generally find that the projects that continually generate better and better results
are the ones that ultimately deliver high quality discoveries that become successful mines. The Golddigger project is a
classic example. Goliath is about to embark on its fourth season of drilling. Looking back, it has been a remarkably
productive journey. While the S urebet lode itself was a great discovery that yielded strong drill results, more and more
exciting discoveries soon followed including the Golden Gate and Bonanza lodes. Now, not only will the Company follow
up drilling these robust lodes, it has a whole host of new targets to test...Jackpot, Treasure Island and Full Contact. I think
this year should be full of exciting new discoveries."
Golddigger Property
The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 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 (no deleterious elements and no cyanide required to recover the gold based on
metallurgical work completed to date).
It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a 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.
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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 reviewed 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 co re 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 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 biod egradable 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 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 duplicate 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.