Maiden Drill Program Underway at Goliath's Treasure Island, Hosting Multiple Outcropping VMS Type Shear-Hosted Polymetallic Zones, Channels Up To 20.60 g/t Gold Over 0.85 Meters And Up To 14.45% Copper In Samples, Golddigger Cambria Icefields, Golden Triangle, B.C.
Maiden Drill Program Underway at Goliath's Treasure Island, Hosting Multiple
Outcropping VMS Type Shear-Hosted Polymetallic Zones, Channels Up To
20.60 g/t Gold Over 0.85 Meters And Up To 14.45% Copper In Samples,
Golddigger Cambria Icefields, Golden Triangle, B.C.
NEWLY DISCOVERED TREASURE ISLAND 550 x 450 Meters – HIGHLIGHTS OF DRILL TARGET:
The planned 2024 program at Treasure Island includes 11 holes from 4 drill pad locations
with one diamond drill rig for 1,600 meters; additional drill holes will be designed based on
mineralized intercepts.
Treasure Island is located on Golddiggers Cambria Icefields claim blocks, 36 km north of the
Surebet discovery, and only has recently been exposed due to the result of glacial retreat and
permanent snowpack abatement (see map below).
It's located 6 km east of, and on trend with, the Porter Idaho mine classified as a
polymetallic vein deposit and/or possible VMS deposit that was operational in the early
1900’s. (see map below).
The new Treasure Island discovery consist s of multiple shear -hosted, polymetallic zones
covering an area of approximately 550 by 450 meter s and is NW -SE trending. The extent of
mineralization is currently open in all directions.
Broad high -grade mineralized zones are up to 20 meters wide with sections of massive
chalcopyrite and pyrite occupying shears and forming sulphide -rich mineralization at
structural intersections and embayment zones within strongly folded and sheared mudstone,
siltstone, and tuff units.
Channel samples collected assayed up to 20.60 over 0.85 meters or 28.08 gpt AuEq (20.60 gpt
Au, 63.60 gpt Ag and 5.04 % Cu) (see images below).
Widespread grab and chip samples assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag
and 7.15 % Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43 % Cu) (see images
below).
A noteworthy 13 out of 19 grab and chip samples (68%) taken on Treasure Island over a wide
area assayed >1.00 gpt AuEq.
An exceptional 15 out of 16 channel cuts (94%) assayed >1.00 gpt AuEq.
The new Treasure Island target demonstrates the excellent untapped potential for additional
discoveries across the large Golddigger property, which encompasses 56 km of the “Red Line”,
which is the name we use to describe a key geological contact between two regional
stratigraphic packages (read more below – About Golddigger Property).
In the Golden Triangle the most important discoveries and mines are on either side of “Red
Line” and within a 3 kilometers meters of either side. We consider this a critical exploration
vector and the Golddigger project is within the sweet spot of the “Red Line.”
Toronto, Ontario – July 18, 2024 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to report the maiden diamond drill program is underway at its
newly discovered high-grade gold-copper Treasure Island outcropping mineralized target which remains
open. Its located on the Cambria Icefields at its 100% controlled Golddigger Property (the “Property”),
Golden Triangle, British Columbia.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “We have been looking forward to
drilling Treasure Island from the first time we saw this widespread outcropping target when flying over
it in the helicopter. Once again, the team has done an excellent job finding this new highly mineralized
drill target with massive sulphides in a vast sea of white and ground truthing it in preparation for its first
ever drill program in 2024. The surface assay results, geology, geochemistry and its close proximity to
the past producing Porter Idaho mine suggests it has all the makings of a VMS Eskay Creek type material
discovery unlocking additional value to our shareholders. We look forward to announcing the assay
results once received, complied and interpreted.”
The Treasure Island outcropping mineralized target is 36 km north of the Surebet discovery, 6 km to the
east of, and on trend with, the Porter Idaho mine and 9 km east of Stewart, British Columbia. The target
has recently been exposed as a result of glacial abatement and will be drill tested for the first time during
the 2024 field season.
A total 15 out of 16 channel cuts assayed > 1.00 gpt AuEq, which corresponds to 94 % of channel cuts
collected on Treasure Island to date. In addition, 13 out of 19 grab and chip samples assayed > 1.00 gpt
AuEq, which corresponds to 68 % of chip and grab samples collected on Treasure Island to date. Channel
samples collected on Treasure Island assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04
% Cu) over 0.85 meters; and 3.54 gpt AuEq (0.13 gpt Au, 23.96 gpt Ag and 2.34 % Cu). Grab and chip
samples collected on Treasure Island assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15
% Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43 % Cu). See Table 1 and 2 below for complete
assay results.
The new high -grade gold-copper Treasure Island target consists of new mineralized bedrock outcrops
that have been exposed by glacial melt. This newly discovered mineralized area shows multiple shear -
hosted, polymetallic zones over a 550 meter by 450 meter NW-SE trending area that remains open in all
directions. Mineralized domains are up to 20 meters wide with sections of massive chalcopyrite and
pyrite occupying shears and forming sulphide -rich mineralization at structural intersections and
embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.
The Full Contact showing also located on the Cambria Icefields has been shelved for this year and no
drilling is planned in 2024.
Table 1: 2023 grab and chip samples from Treasure Island.
Sample ID Au (gpt) Ag (gpt) Cu (%) Pb (%) Zn (%) AuEq (gpt)
ST115881 0.04 126.00 7.15 0.00 0.02 11.08
ST115879 0.04 89.30 5.61 0.00 0.02 8.59
ST116045 5.85 20.70 1.43 0.00 0.00 8.00
ST116174 0.43 66.70 4.85 0.00 0.01 7.70
ST116398 3.72 38.60 1.76 0.00 0.00 6.52
ST116388 0.37 56.80 4.11 0.00 0.00 6.52
ST115874 2.04 47.30 2.73 0.00 0.01 6.24
ST116038 0.34 47.70 2.47 0.00 0.00 4.20
ST116397 0.44 28.10 1.99 0.00 0.01 3.43
ST116399 0.60 25.20 1.58 0.00 0.00 3.00
ST116044 0.02 27.00 1.41 0.00 0.01 2.22
ST113101 0.91 14.15 0.80 0.00 0.00 2.14
ST115884 0.05 6.07 0.81 0.00 0.00 1.20
ST116391 0.03 10.95 0.56 0.00 0.01 0.90
ST115882 0.04 5.46 0.34 0.00 0.01 0.55
ST115872 0.02 5.12 0.29 0.00 0.00 0.47
ST115883 0.28 0.72 0.03 0.00 0.00 0.33
ST115873 0.01 2.56 0.21 0.00 0.00 0.33
ST115885 0.02 0.17 0.00 0.00 0.00 0.03
Table 2: 2023 channel samples from Treasure Island.
Channel ID Length (m) Au (gpt) Ag (gpt) Cu (%) Pb (%) Zn (%) AuEq (gpt)
Treasure_RP_2
Interval 2.48 0.13 23.96 2.34 0.00 0.01 3.54
Including 1.44 0.13 37.76 3.97 0.00 0.01 5.87
Including 0.33 0.20 126.00 14.45 0.00 0.02 20.98
GD_CHA_15_JS Interval 2.20 0.55 14.09 1.25 0.00 0.00 2.39
Including 1.00 0.78 24.30 2.24 0.00 0.00 4.06
GD_CHA_16_JS Interval 1.50 0.59 17.57 1.51 0.00 0.01 2.83
Including 0.70 1.11 33.10 3.20 0.00 0.02 5.78
NN1 Interval 0.85 20.60 63.60 5.04 0.00 0.01 28.08
NN2 Interval 0.97 4.06 22.20 0.78 0.00 0.01 5.37
NN3 Interval 1.00 0.58 44.40 2.58 0.00 0.01 4.55
GD_CHA_18_JS Interval 3.65 0.44 8.74 0.50 0.00 0.00 1.22
Including 0.60 1.89 36.80 1.98 0.00 0.00 4.97
GD_CHA_99_JS Interval 1.05 0.77 28.79 1.84 0.00 0.00 3.57
Including 0.50 0.99 36.80 2.40 0.00 0.00 4.63
Treasure_RP_3 Interval 1.05 0.11 24.73 1.58 0.00 0.01 2.52
Including 0.58 0.12 31.40 2.31 0.00 0.01 3.58
Treasure_RP_1 Interval 1.01 0.11 19.58 1.46 0.00 0.01 2.28
NN5 Interval 1.00 0.37 22.40 1.16 0.00 0.00 2.18
GD_CHA_17_JS Interval 0.80 0.66 15.60 1.26 0.00 0.00 2.53
NN4 Interval 0.52 3.47 3.12 0.05 0.00 0.00 3.58
Treasure_RP_4 Interval 0.64 0.23 26.70 1.72 0.00 0.00 2.84
Treasure_RP_5 Interval 0.44 0.42 37.00 2.07 0.00 0.01 3.62
Treasure_RP_9
9 Interval 0.81 0.17 0.44 0.01 0.00 0.01 0.19
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 and within 3 km of the Red Line in the Golden
Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that
include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle
include Brucejack, Copper Canyon , Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath
controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and
Jurassic age Hazelton rocks that is used as a key marker when exploring for gold -copper-silver
mineralization.
The Surebet discovery has exceptional continuity and excellent 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 Observat ory 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.
About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)
Goliath is a paying member and active supporter of CASERM which is an organization represents a
collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the
way that geoscience data are used in the mineral resource industry. Research focuses on the integration
of diverse geoscience data to improve decision making across the mine life cycle, beginning with the
exploration for subsurface earth resources continuing through mine operation as well as closure and
environmental remediation. As a CASERM member, the Company requested a study and written report
to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization that confirmed
in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at
Surebet.
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. Mr. Turna is also a director of the Company.
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. 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