THREE SEPARATE INTERVALS OF VISIBLE GOLD DRILLED AT GOLIATH’S SUREBET GOLDEN GATE FEEDER ZONE AND 12.73 METERS* OF MINERALIZED QUARTZ-SULPHIDE-RICH BRECCIA, GOLDEN TRIANGLE, B.C. Drill Hole GD-23-140 Highlights: Visible Gold has been intercepted at 72.15, 83.8 and 102.9 meters respectively within th
THREE SEPARATE INTERVALS OF VISIBLE GOLD DRILLED AT GOLIATH’S
SUREBET GOLDEN GATE FEEDER ZONE AND 12.73 METERS* OF MINERALIZED
QUARTZ-SULPHIDE-RICH BRECCIA, GOLDEN TRIANGLE, B.C.
Drill Hole GD-23-140 Highlights:
Visible Gold has been intercepted at 72.15, 83.8 and 102.9 meters respectively within the Surebet
Golden Gate Feeder Zone (see images below).
This is the Sixth Hole drilled in the 2023 season from within the Surebet Golden Gate Feeder Zone
to intercept Visible Gold and significant widths of mineralized quartz-sulphide-rich breccia (see map
below).
GD-23-140 collared from Pad TS-3 intersected 12.73 meters* of mineralized quartz-sulphide-rich
breccia interpreted to be the Bonanza Shear (located 125 meters to the southeast of Pad A, 2022
drill season). Pyrrhotite mineralization occurs throughout, ranging from disseminated (<1%) to fine
stockwork (1%), and sphalerite (<1%) occurs with pyrrhotite in the quartz breccia from 43.0 to 55.73
meters (see image below). Visible Gold was observed at 72.15, 83.8 and 102.9 meters respectively,
within quartz veins hosted in highly altered and locally brecciated intermediate to mafic volcanic rock.
The q uartz-chlorite veins are 1 -8 cm and found sporadically throughout this section that contain
pyrrhotite-sphalerite-galena (assays pending).
Eight holes drilled to date from within the Surebet Golden Gate Feeder Zone contain Visible Gold
that include: (GD-22-49, GD-22-58 drilled in 2022; high-grade Gold assays below) and (GD-23-111,
GD-23-118, GD-23-126, GD-23-133, GD-23-137, GD-23-140 drilled in 2023; assays pending).
Visible Gold Hole Assays, Surebet Golden Gate Feeder Zone 2022:
GD-22-58 had a 273 AuEq x gm value intersecting Visible Gold and 24.80 gpt AuEq (22.03 gpt Au
and 127.62 gpt Ag) over 11.00 meters*, including 38.70 gpt AuEq (34.42 gpt Au and 197.45 gpt Ag)
over 7.00 meters* and 44.47 gpt AuEq (39.60 gpt Au and 224.10 gpt Ag) over 6.07 meters* within the
Surebet Golden Gate Feeder Zone from 2022.
GD-22-49 had a 166 AuEq x gm value intersecting Visible Gold and 21.30 gpt AuEq (20.46 gpt Au
and 40.06 gpt Ag) over 7.77 meters*, including 27.55 gpt AuEq (26.47 gpt Au and 51.55 gpt Ag) over
6.00 meters* within the Surebet Golden Gate Feeder Zone from 2022.
Toronto, Ontario – July 17, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the
“Company” or “Goliath”) is pleased to report it has drilled three occurrences of Visible Gold and 12.73
meters* of mineralized quartz-sulphide-rich breccia from hole GD-23-140 within the Surebet Golden Gate
Feeder Zone at its 100 % controlled Golddigger property (the “Property”), Golden Triangle, British Columbia.
This intercept is interpreted to be the Bonanza Shear that remains open. Eight holes drilled to date within
the Surebet Golden Gate Feeder Zone have encountered visible gold and reported from holes: GD-22-49,
GD-22-58, GD-23-111, GD-23-118, GD-23-126, GD-23-133, GD-23-137 and GD-23-140.
GD-23-140 collared from Pad TS -3 intersected 12.73 meters* of mineralized quartz-sulphide-rich breccia
interpreted to be the Bonanza Shea r. It contains pyrrhotite mineralization throughout, ranging from
disseminated (<1%) to fine stockwork (1%), sphalerite (<1%) occurs with pyrrhotite in the quartz breccia from
43.0 to 55.73 meters (located 125 meters to the southeast of Pad A, 2022 drill season) . Three visible gold
occurrences were observed at 72.15, 83.8 and 102.9 meters respectively, within quartz veins hosted in
highly altered and locally brecciated intermediate to mafic volcanic rock. The quartz-chlorite veins are 1-8
cm wide and found sporadically throughout this section s that contain pyrrhotite-sphalerite-galena (assays
pending).
All the occurrences of V isible Gold to date have been identified within quart z-breccia and veins in contact
with or in close proximity to sphalerite and/or galena mineralization. The occurrence of visible gold has
previously been independently confirmed in 2022 by the Colorado School of Mines with whom the Company
is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at
Surebet.
Golddigger Property
The Golddigger Property is 100 % controlled covering an area of 59,089 hectares (146,012 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 is in an
excellent location in close proximity to the communities of Alice Arm and Kitsault where there is permitted
mill site on private property . Its 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 Te rrace (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.
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 core 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 t o 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 biodegradable 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, e asting, 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 ent ire 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.
About Goliath Resources Limited
Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of north-
western British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geolog-
ical settings and geopolitical safe jurisdictions amenable to mining in Canada.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1-416-488-2887
www.goliathresourcesltd.com
* Widths are reported in drill core lengths and the true widths are estimated to be 80- 90% and AuEq metal
values are calculated using: Au 1644.08 USD/oz, Ag 19.23 USD/oz, Cu 3.47 USD/lbs, Pb 1870.50 USD/ton and
Zn 2882.50 USD/ton on October 28, 2022. 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 statements 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 results may differ
materially. In particular, this release contains forward-looking information relating to, among other things,
the ability of the Company to complete financings and its ability to build value for its shareholders as it
develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or
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are based on information currently available to Goliath. Although such statements are based on
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or that if the proposed transactions do occur, will be completed on the terms described above.
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