Goliath Study Confirms Extensive Porphyry Feeder Source at Depth FOR GOLD Silver Mineralizing Fluids at the Surebet Zone ON Golddigger Property , Golden Triangle, BC Petrography Highlights from the Colorado School of Mines Report:
GOLIATH STUDY CONFIRMS EXTENSIVE PORPHYRY FEEDER SOURCE AT DEPTH FOR
GOLD SILVER MINERALIZING FLUIDS AT THE SUREBET ZONE
ON GOLDDIGGER PROPERTY , GOLDEN TRIANGLE, BC
PETROGRAPHY HIGHLIGHTS FROM THE COLORADO SCHOOL OF MINES REPORT:
The fluids responsible for the high-grade gold-silver mineralization in the Surebet Zone are of
magmatic origin and originate at a depth of 5-7 km below the paleo-surface.
Geological relationships and the examin ation of petrographic thin sections indicate that the
magmatic-hydrothermal fluids that formed the gold mineralization were derived from one of the 50-
55 Ma Alice Arm intrusive complexes.
The study identified a paragenetic sequence for the fluid pulses in the Surebet Zone comprising early
quartz, followed by late quartz, followed by sulphides.
The high CO 2 content of the fluid inclusions provides unequivocal evidence that entrapment of the
fluid inclusions occurred at high pressures, corresponding to a dept h of 5 -7 km below the paleo -
surface.
A maximum salinity of ~7 wt.% NaCl was measured in selected fluid inclusions. The true salinity is
likely lower and is estimated to be ~3.5‒5 wt% NaCl. Such a salinity is consistent with the magmatic-
hydrothermal fluids being derived from a porphyry intrusion (typically 2‒8 wt.% NaCl equivalent).
The sulphide minerals formed at hydrostatic conditions through reopening of earlier formed quartz
veins.
"It is great to see an explorer move a project like Golddigger along with such unique diligence," commented
Dr. Quinton Hennigh, technical and geologic director of Crescat Capital, a strategic shareholder of Goliath
Resources. "Not only has Goliath met the challenge of systematically drilling the Surebet discovery over the
past two seasons, but it is also concurrently advancing other key aspects of the project such as metallurgy
and technical study such as this. The work that the Dr. Thomas Monecke's team at the Colorado School of
Mines has recently advanced , portrays a very c lear genetic model that Surebet originated from magmatic
derived fluids perhaps from an as yet unidentified porphyry source. This bodes well for the discovery of even
more extensive mineralization in the region around Surebet and at depth."
Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are very excited with additional lines of
hard evidence that show there is an extensive deep seated feeder source directly related to the high -grade
gold-silver mineralization seen at Surebet and likely also the source of multiple new outcrops discovered along
trend for over 8 km and beyond on the Golddigger property. One could make a possible analogy to GT Gold’s
initial discovery of their Saddle South Deposit, a precious metal rich vein system that eventually led them to
the discovery of their Saddle North Deposit, a gold-rich copper porphyry system. All the work to date totaling
only 6 months boots -on-the-ground shows we have barely begun to scratch the surface on Golddigger and
are likely seeing only the tip of the iceberg. The exceptional results to date clearly demonstrate the tremendous
untapped potential on our district scale 100% controlled Golddigger property encompassing 56 km of the red
line as the snowpack and glacial abetment continues to expose vast areas of new outcrop annually that is
certain to provide strong additional discovery potential.”
PROPERTY HIGHLIGHTS:
The Surebet Zone being the main mineralized horizon has been confirmed in 56 drill holes over an
area of 1.6 square kilometers that remains open averaging 6.31 gpt AuEq (4.45 gpt Au and 110.70 gpt
Ag) over 6.88 meters* based on current modeling and drill results from 2021 and 2022.
Interval (m)* Au (gpt) Ag (gpt) Cu (%) Pb (%) Zn (%) AuEq (gpt)
6.88 4.45 110.7 0.02 0.57 0.44 6.31
10 out of the 56 drill holes ( approx. 20 %) within in the Surebet Zone’s 1.6 square kilome ter area
intersected greater than 76 gram(AuEq)*meter s with 5 out of the 56 drill holes ( approx. 10 %)
intersecting greater than 138 gram(AuEq)*meters and up to 272.8 gram(AuEq)*meters.
Additional mineralized horizons (the “Surprise Zones”) were also intersected in drill holes above and
below the main mineralized horizon which provides for excellent additional gold potential above and
below the Surebet Zone that remains open.
89 of 92 (or 97%) widely spaced drill holes from within the 1.6 square kilometer area drilled in 2021
and 2022 intersected broad high-grade intervals of gold-silver mineralization, some containing visible
gold, confirming strong gold mineralization and demonstrating the continuity of this newly discovered
large gold system that remains open.
Assays confirm strong gold mineralization on the Surebet Zone that covers at least 1.6 square
kilometers which remains open and is part of a much larger gold mineralized system covering at least
5.25 square km that also remains open. The assays results confirm the high-grade Surebet Zone is
demarked by an area that spans from North Rubble , west-southwest 1.2 km to Pad 1 (that remains
open to the North and West), southwest 750 m to Pad 11 and east 750 m to Pad A (which remains
open to the East and East-Southeast; see map above).
Goliath recently more than doubled its land package from 23,859 hectares to 54,771 hectares. The
newly staked ground covers key world class geologic terrain on trend for 56 kilometers along the Red
Line providing for tremendous additional discovery potential in vast areas of newly exposed outcrop
due to recent permanent snow and glacial abatement. The Red Line demarks the contact between
rocks of the Stuhini Group and the Hazelton Group, believed to be a key marker within ~2.5 km of
which the majority of the world-class multi-million-ounce deposits in the Golden Triangle are located
(see map below).
A minimum of 2 1 drill pads and ~ 20,000 meters drilling have been planned in preparation for the
2023 drill season focussed on expanding on the known extent of the 1.6 square kilometer Surebet
Zone and the newly identified GoldenGate Feeder Zone that contains very high-grade gold
mineralization and visible gold in drill core along with surface samples assaying up to 924.4 g/t Au
(29.7 oz Au) and 3,023 g/t Ag (97.1 oz Ag). Prospecting and potential drilling will also take place along
the newly discovered Surebet Corridor that extends for 8 km in a North-South direction covering an
area of ~30 square kilometers (see maps above and below).
FAST FACTS:
Golddigger Property is 54,771 hectares in size that is 100 % controlled by Goliath Resources Limited
located in a world class geologic terrane and geopolitical safe jurisdiction amenable to mining in the
Golden Triangle, British Columbia.
Over 56 kilometers of the Red Line is located on the property where the majority of world class
deposits have been found within 2.5 kilometers on either side of this contact point.
Close proximity to excellent infrastructure: roads, tidewater barge landing, high tension power,
accommodation for 300 crew in Kitsault with road access to Terrace and Prince Rupert.
All new original disc overies made to date were accomplished with only 6 months in total boots on
the ground. There is tremendous additional discovery potential for years to come along strike at
surface and at depth as a result of recent glacial and snowpack abatement exposing vast areas of new
outcrop with samples up to 924.4 g/t Au (29.7 oz Au) and 3,023 g/t Ag (97.1 oz Ag) (see sample
below).
The newly discovered Surebet Zone has been confirmed in 56 drill holes over an area of 1.6 square
kilometers that has an average width and grade of 6.88 and 6.31 g/t AuEq (4.45 g/t Au & 110.7 g/t
Ag) respectively with a number of holes containing visible gold; it remains open.
89 out of 92 widely spaced exploratory drill holes intersected mineralization at Surebet with some
containing visible gold as well as multiple surprise zones above and below the main horizon. A layer
cake of gold zones stacked up from near surface to depth with a remarkable 97% hit rate.
Excellent metallurgy with 98.2 % recovery at a 150 micron crush, of which 38.1 % is free gold using
simple gravity and flotation (no mercury or arsenic present – clean ore); no cyanide required.
The Surebet Zone dips at ~40 degrees likely amiable to simple low-cost underground mining using
gravity methods.
Highly specialized experienced exploration and project generation team with a proven track record
of discovery.
The 2023 program will drill test additional new discoveries as well as expand on the Surebet Zone and
focus on its high-grade feeder source at depth (the “Golden Gate”), with ~20,000 meters of targeted
drilling. No historic work has been recorded on Surebet or surrounding area (see map above).
The Surebet Zone is in an excellent location in close proximity to the communities of Alice Arm and
Kitsault 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 are
include the Dolly Varden Silver Mine Road (only 8 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 coast and houses
an international container seaport also with direct access to railway and an airport with supplies
(food, fuel, lumber, etc. – see maps below).
NEWLY DISCOVERED EXTENSIVE MINERALIZED SUREBET CORRIDOR – REMAINS OPEN
Bulk Leach Extractable Gold (BLEG) and stream sediment sampling undertaken during the 2022 field
season has identified the new north -south striking mineralized Surebet Corridor extending for 8
kilometers by 3.5 kilometers from the Ace In Th e Hole target area to the Goldswarm discovery,
including from south to north the new Ace In The Hole target area, the new Humdinger target area
(located across the valley to the south of the Surebet Extension zone), the Extension Zone, the
Surebet zone, the new Sunrise target area (located to the east of Goldswarm) and the Goldswarm
discovery (see map above).
BLEG samples collected from streams assayed up to 42.74 ppb Au on the new Sunrise target area and
up to 42.92 ppb Au on the new Humdinger target Area.
The geologic team has identified a series of targets within the catchments of the streams for follow-
up prospecting and mapping in 2023 in preparation for drilling.
Toronto, Ontario – February 2, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to report initial results from the petrographic study undertaken in
collaboration with the Colorado School of Mines, which confirms an extensive porphyry feeder source at
depth for the gold-silver mineralising fluids at Surebet. The fluids responsible for the gold mineralization in
the Surebet Zone are of magmatic origin and originate at a depth of 5-7 km. Geological relationships and the
examination of petrographic thin sections indicate t hat the magmatic-hydrothermal fluids that formed the
gold mineralization were derived from one of the 50 -55 Ma Alice Arm intrusive complexes. One of these
intrusive complexes hosts the Kitsault porphyry Mo deposit located 25 km to the South of the Surebet Zone.
The paragenetic sequence of fluid pulses in the main Surebet zone is as follows:
1. Early vein quartz was formed at lithostatic conditions at >5‒6 km below paleosurface within host
rocks that were affected by a contact metamorphic overprint.
2. As the wall rocks cooled, throughgoing fracture networks were established allowing a drop in
pressure from lithostatic to hydrostatic conditions. Small amounts of quartz formed magmatic -
hydrothermal fluids escaping from the lithostatic into the hydrostatic realm.
3. As larger structures were established focusing fluid flow, sulfide formation occurred wi thin these
zones of enhanced permeability.
Early quartz
The fluid inclusion inventory of the early quartz includes inclusions that show textural evidence for post -
entrapment modification (Fig. 1 below), indicating that many fluid inclusions hosted in the early quartz were
affected by pressure changes after their formation. In addition to the inclusions affected by post-entrapment
modification, the early quartz is crosscut by abundant unmodified secondary fluid inclusions that have formed
later in the evolution of the hydrothermal system.
Fig 1 above: Photomicrograph of secondary fluid inclusions in Q1. The quartz is host to myriads of healed microfractures defined by inclusions that are
typically <5
m in size. Many of the inclusions show decrepitation textures and inclusions with variable phase proportions. Sample D780278.
The fluid inclusion signature unequivocally suggests that early quartz formed at lithostatic pressures (Fig. 2
below). Lithostatic pressures in hydrothermal systems can only be established if fluids are migrating though
a fracture mesh created by the fluids without interconnectivity to the surface. This is common in higher
temperature magmatic-hydrothermal systems where rocks behave ductilely at temperatures exceeding 350‒
400 °C as well as hydrothermal systems that have formed at considerable dept h. Post -entrapment
modification occurred as fluid inclusions were not strong enough to withstand the pressure differentials that
occurred when the inclusions trapped at lithostatic conditions were decompressed to hydrostatic conditions,
or if pressure fluctuations occurred between both pressure regimes (Fig. 2 a. & b. below). The inclusions in
the early quartz that have not been affected by post -entrapment modification must have formed at
hydrostatic conditions after formation and emplacement of the early q uartz and were never subjected to
higher pressures.