Newly Discovered Large High-Grade Polymetallic GOLD Zone IN the Golden Triangle, B.c. - Goliath Cuts 8.4 Meters of 7.37 G/T AuEq and Remains Open
NEWLY DISCOVERED LARGE HIGH-GRADE POLYMETALLIC GOLD ZONE IN THE GOLDEN TRIANGLE, B.C. -
GOLIATH CUTS 8.4 METERS OF 7.37 G/T AuEq AND REMAINS OPEN
Toronto, Ontario – October 22, 2019 – Goliath Resources Limited (TSX -V: GOT) (FSE: B4IE) (OTCQB: GOTRF)
(the “Company” or “Goliath”) is pleased to report the original discovery of high -grade gold and polymetallic
mineralization over an extensive area on its 100% controlled Golddigger Property. This newly discovered area is
referred to as the Sure Bet Zone that measures 1550m by 1130m and remains open in all directions. This area
is demarked by a series of large NW - SE trending structures that host high grade polymetallic massive sulphide
lenses within a gold mineralized alteration halo. These halos have been observed to be in excess of 40m wide
surrounding the structures. The inaugural test channel cut on the discovery outcrop assayed 7.37 g/t AuEq
over 8.4 meters including 3.4 meters of 17.68 g/t AuEq and 0.4 meters of 102.16 g/t AuEq true width. The
channel started and ended in gold mineralization, confirming that the polymetallic gold zone remains open in
all directions.
This new gold rich polymetallic discovery is locate d in an extensive area of recent glacial and snow pack
abatement along an unexplored region in close proximity to the ‘Red Line’ in British Columbia’s Golden Triangle
(Link to Map). This world class geologic setting and newly discovered wide spread high grade polymetallic gold
mineralization on the Golddigger property has several early indications of a significant new discovery.
The property is in an alpine environment with excellent bedrock exposure and is only 7km west of the Dolly
Varden Mine road and 10km to deep water barge access, providing good access to infrastructure in Alice Arm.
2019 Highlights:
• During a brief reconnaissance field program on the Golddigger property designed to follow up on
targets generated from lidar and geochemical data, the new undocumented Sure Bet Zone was
discovered (Link to Video).
• The field program on the Sure Bet Zone included preliminary mapping, prospecting, drone surveying
and channel sampling. A total of 33 chip or grab samples were taken of which 23 (or 70%) were greater
than 1.40g/t A u, that ranged from 1.41 g/t Au to 49.50 g/t Au or 1.98 g/t Au Eq to 63.30 g/t Au Eq
(Assay Map over Zone).
• Only 1 channel cut was taken, totaling 8.4 m. The channel was designed to test both the massive
sulphide lenses and a small portion of the silicified mineralized Hazelton group sediments hosting the
alteration halo which was observed to be in excess of 40 m wide. The inaugural test channel assayed
7.37 g/t AuEq over 8.4 m true width. The channel started in the sediments assaying 2.15 g/t Au and
ended in the sediments assaying 1.44g/t Au. The gold mineralization contained in the broad alteration
halo confirms the significance of this zone that remains open in all directions.
• Mineralization within the Sure Bet Zone consists of structurally controlled lenses of massive sulphide
containing Galena, Sphalerite and Pyrite. These lenses occur within broad alteration halos of silica
flooded sediments which also contain polymetallic mineralization.
Table 1 - 2019 Channel Sample Results
Channel I/D Sample
Type Interval (m) Gold
(gpt)
Silver
(g/t)
Copper
(%)
Zinc
(%)
Lead
(%)
Gold Eq
(gpt)
SURE BET ZONE
Sure Bet 1 Channel 8.4 5.37 114.80 0.01 0.28 1.10 7.37
Including Channel 3.4 12.74 299.68 0.02 0.58 2.47 17.68
Including Channel 0.4 71.30 1685.00 0.06 4.27 19.70 102.16
1.AuEq metal values are calculated using Au $1490.80/oz, Ag $17.54/oz, Cu $2.60/lb, Pb $0.97/ln, Zn $1.11lb. All values are reported in USD and do not consider
metal recoveries.
Table 2 - 2019 Prospecting Sample Highlights
Sample ID Sample
Type Interval (m) Gold
(gpt)
Silver
(g/t)
Copper
(%)
Zinc
(%)
Lead
(%)
Gold Eq
(gpt)
SURE BET ZONE
A0600609 Chip 1.0 49.50 862.00 0.06 1.71 6.07 63.30
A0601413 Grab 46.00 846.00 0.08 2.16 3.82 58.86
A0600606 Grab 45.50 695.00 0.04 4.36 12.30 60.44
A0600659 Chip 1.0 38.20 167.00 0.07 3.09 2.51 42.94
A0600663 Grab 36.70 82.40 0.01 0.08 1.76 38.51
A0600654 Grab 32.60 1460.00 0.04 1.21 10.65 55.20
A0601033 Grab 29.00 340.00 0.03 9.19 6.77 40.75
A0600657 Talus 18.30 280.00 0.03 6.70 4.33 26.99
A0600652 Float 17.85 59.70 0.87 0.14 0.01 19.67
A0601418 Grab 9.74 1665.00 0.07 4.69 4.00 33.48
A0600603 Float 9.59 111.00 0.01 0.06 1.33 11.53
A0601036 Grab 5.83 653.00 0.11 1.96 1.25 15.20
A0600662 Grab 5.82 73.30 0.02 0.18 1.20 7.33
A0600655 Chip 1.0 5.34 1150.00 0.04 0.84 14.05 25.62
A0600608 Chip 2.0 4.40 49.20 0.00 0.05 0.28 5.13
A0601414 Grab 3.76 206.00 0.03 0.35 1.50 7.07
A0600658 Talus 3.58 773.00 0.03 7.00 10.90 21.14
A0600653 Grab 2.90 126.00 0.01 1.46 1.31 5.72
A0600661 Grab 2.51 2580.00 0.20 2.62 5.78 37.02
A0600656 Grab 2.06 1200.00 0.09 4.62 3.89 20.38
A0600664 Grab 1.93 10.20 0.11 0.03 0.03 2.20
A06001415 Grab 1.89 2360.00 0.24 4.83 6.30 35.22
A0600665 Grab 1,41 20.00 0.05 0.42 0.14 1.98
1Grab 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. 2.AuEq metal values are calculated using Au $1490.80/oz, Ag $17.54/oz, Cu $2.60/lb, Pb $0 .97/ln, Zn $1.11lb. All values are reported in USD and do not
consider metal recoveries.
The Sure Bet Zone is characterized by a series of NW-SE trending faults that occurs within a package of highly
folded and faulted Hazelton group sediments. Lidar imagery, drone imagery, and field observations have
identified several additional paralleling faults within close proximity to the newly discovered Sure Bet Zone
that remain unsampled, providing for strong additional discovery potential. Geochemical analyses confirmed
high grade gold polymetallic mineralization within these structures, which will be followed up on in 2020
(Image of 4sqkm Area). The program is planned to include detailed mapping and systematic bedrock sampling
covering the Sure Bet Zone and surrounding area containing multiple NW-SE structures that remain
unexplored in preparation for drilling.
Mineralization within the Sure Bet Zone consists of structurally controlled lenses of massive sulphide
containing Galena, Sphalerite and Pyrite. These lenses occur within broad alteration halos of silica flooded
sediments which also contain polymetallic mineralization.
The eastern side of the Golddigger property is underlain by coarse clastic sedimentary rocks of the Stuhini
Group that are unconformably overlain by inter-fingered volcanics as well as sedimentary rocks of the
Hazelton Group. This contact is known as the ‘Red Line’ and thought to be a key marker in the Golden Triangle
when exploring for significant mineralizing systems. The Sure Bet Zone is located within the Hazelton group
sedimentary rocks.
The Golddigger property lies within the Stikine Volcanic Arc, including the Eskay Rift and Red Line (Link to
Map). Structurally controlled, gold-bearing mineralization in these stratabound horizons is preferentially
delineated in a NW-SE orientation, providing a large area with tremendous untapped discovery potential.
The Golddigger property has recently been increased in size from 15,973 Hectares to 17,290 Hectares, with the
additional 1 ,317 Hectares to include additional NW -SE trending structures within the same unit of Hazelton
group sediments which hosts the Sure Bet Zone.
Compilation of 2018 and 2019 geochemistry, LIDAR, airborne geophysics, mapping and alteration data is
ongoing and will focus on e xpanding these new high -grade polymetallic gold discoveries located along NW-SE
structures.
Mr. Roger Rosmus, Director, President and CEO of Goliath states: “We are extremely excited with this very
material and original discovery on our 100% controlled Golddigger property. This discovery was made during a
2019 reconnaissance exploration program and is a strong testament to the untapped discovery potential
remaining on this large mountainous area containing high-grade gold. The Sure Bet Zone is in close proximity
to infrastructure and located in a world class geologic setting in the Golden Triangle along the Red Line
Corridor. We look forward to unlocking the full potential of this discovery and building shareholder value. The
Company also looks forward to announcing the 2019 drilling results from our 100% controlled porphyry
discovery on the Lucky Strike property in October.”
Qualified Person
Rein Turna, P. Geo, is the qualified person as defined by National Instrument 43 - 101, for Goliath Resources
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 ALS Canada Ltd.'s lab in Vancouver, BC.
ALS is either Certified to ISO 9001:2008 or Accredited to ISO 17025:2005 in all of its locations. The resulting
sample pulps were analyzed for gold by fire assay in Vancouver, BC. The pulps were also assayed using multi -
element aqua regia digestion at ALS Canada Ltd.'s lab in Vancouver, BC. The coarse reject portions of the rock
samples, as well as the pulps, were shipped to DSM Syndicate's storage facility in Terrace, BC. All samples were
analyzed using ALS Canada Ltd.'s assay procedure ME -ICP41, 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 Au -AA24 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 ALS's OG46 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 Au-GRA22 method which includes a fire-assay fusion procedure with a gravimetric
finish. QA/QC samples including blanks, standards, and duplicate samples we re 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.
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
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