VISIBLE GOLD IN GOLIATH’S FIRST DRILL HOLE OF 2023 AT GOLDEN GATE FEEDER ZONE, SUREBET EXTENSION - REMAINS WIDE OPEN - GOLDEN TRIANGLE, B.C. Initial 2023 Drill Campaign Highlights: Visible Gold has been identified in GD-23-111, the first hole of 2023 at a depth of 33.13 meters from
VISIBLE GOLD IN GOLIATH’S FIRST DRILL HOLE OF 2023 AT GOLDEN GATE FEEDER
ZONE, SUREBET EXTENSION - REMAINS WIDE OPEN - GOLDEN TRIANGLE, B.C.
Initial 2023 Drill Campaign Highlights:
Visible Gold has been identified in GD-23-111, the first hole of 2023 at a depth of 33.13 meters from
Pad TS-1 (see image below). The occurrence of visible gold strongly indicates the potential for very
high-grade gold intervals in a zone dubbed the “Golden Gate Feeder Zone” (see image below).
The first pad of the 2023 season was chosen based on snow conditions and the first hole was targeted
to test the mineralization extension of the Surebet Zone and Bonanza Shear, a ~250 meter step out
to the northeast of 2022 drill intercepts from Pad A.
Hole GD-23-111 collared from Pad TS -1, intersected a 36.98 meter* interval of sulphide
mineralization characterized by veins, stringers and patches of semi -massive pyrrhotite (up to 2%)
with minor sphalerite (up to 1 %) in quartz stockwork and breccia from 92.70 to 129.68 meters within
the sedimentary units. This interval is followed by a second interval of 44.32 meters* of altered
andesite from 129.68 to 174.00 m eters which contains stringers and semi -massive patches of
sulphides (mainly pyrrhotite up to 1 % and sphalerite up to 1 %) (see image below).
The main mineralized interval is interpreted to be the northeast extension of the Bonanza Shear that
defines the contact between the sedimentary units and the underlying volcanic units.
Localized skarn -style alteration containing garnet has been observed at 126.90 meters further
suggesting the presence of a potential porphyry feeder source at depth.
The Golden Gate Feeder Zone is a high-grade gold mineralization zone located at the transition
between the Surebet Zone and the Extension Zone . It is characterized by high -grade and wide
intercepts of gold mineralization where several structures that act as potential fluid conduits meet
(see image below).
Visible Gold was also identified and reported in 2022 from hole GD-22-49 at a depth of 116.50
meters. This hole is also located in the Golden Gate Feeder Zone resulting in a 166 AuEqgm value
intersecting 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* (see image below).
2023 Drill Plan
The 2023 drill campaign includes 70 holes from 21 separate drill pad locations with 4 diamond drill
rigs for ~18,000 meters; inclu ding a maiden drill program at the newly discovered high-grade
Goldswarm Zone located 4 km on strike to the north of Surebet that is believed to part of the same
mineralizing system feeding Surebet.
This drilling/exploration season will focus on new discoveries and further upside potential:
◦ Expand the footprint and higher-grade mineralized areas of the Surebet Zone and Bonanza Shear
and test with deep holes for a porphyry feeder source at depth that is believed could be the
source of the high-grade gold-silver mineralization discovered to date (see image below).
◦ Maiden drill program at the new Goldswarm Zone discovery 4 km along strike to the north of
Surebet Zone with 650 meters of vertical relief . It has similar mineralization and structures
exposed at surface where channel cuts assayed up to 29.70 g/t Au over 0.55 meters and grabs up
to 54.3 g/t Au (see images below).
◦ Drill test Surebet’s extensive porphyry feeder source confirmed by Colorado School of Mines
within the newly identified high-grade Golden Gate Feeder Zone (see map above), where angular
float samples assayed up to 924.4 g/t Au (29.7 oz/t Au), 3 ,023 g/t Ag (97.19 oz/t Ag), 0.05% Cu,
12.59% Pb, 4.11% Zn (see image below).
◦ Follow-up exploration within the newly discovered mineralized Surebet Corridor for the
development of additional high-grade targets, currently an area of 8 km x 3.5 km that remains
wide open (see image below).
◦ Prospect the 53 km of the Red Line located on the Gol ddigger property which envelops 59,089
hectares, the vast majority of which remains unexplored. Vast areas of newly exposed outcrop
due to glacial and snowpack abatement provide for excellent additional discovery potential (see
image below).
New high priority exploration targets with the focus on developing new drill targets within and
beyond the Surebet Corridor provide excellent discovery potential. Targets include:
◦ Ace In The Hole, 509 ppb Au BLEG sampled (99 percentile), 4 km south on trend with the Surebet
Zone.
◦ Humdinger, 42.92 ppb Au BLEG s ampled, 1,800 meters south across valley on trend with the
Surebet Extension.
◦ Sunrise, 42.74 ppb Au BLEG sampled, 2.3 km east of Goldswarm Zone.
◦ Payday showing, 3 oz/t Au grab sample, 2.2 km west of Goldswarm Zone.
◦ Jackpot showing, 44.9 g/t Au over 1 meter chip 4.6 km northeast of Goldswarm Zone.
◦ Anaconda Vein 22.83 g/t AuEq over 2 meter channel with 2.3 km of strike and 600 meters of
vertical relief, 15 km west of Surebet Zone.
◦ Mastodon showing 11 g/t Au grab sample, 7 km west of Surebet Zone.
◦ Surething – 5,160 ppb Ag from BLEG, 4 km north of Goldswarm Zone.
◦ Newly exposed outcrops at surface seen within the rapidly melting Icefields to the north and on
trend of Surebet Zone along 53 km of the Red Line.
Surebet highlights from 2021 and 2022:
89 of 92 (or 97% ) widely spaced diamond drill holes intersected broad high -grade intervals of gold-
silver mineralization over a 1.6 square kilometer area drilled in 2021/2022 confirming strong gold
mineralization and demonstrating the continuity of this newly discovered l arge gold system that
remains open.
10 out of 56 drill holes (~20%) from the Surebet Zone horizon intersected greater than 76 AuEqgm
inclusive of 5 drill holes (~10%) intersecting greater than 138 AuEqgm and up to 273 AuEqgm.
The current Surebet Zone and Bonanza Shear modeled areas are 5,500,000 m3 (Avg. 6.88 meters* @
6.31 g/t AuEq) and >13,000,000 m3 (Avg. 5.31 meters* @ 2.7 AuEq) respectively.
273 AuEqgm result from drill hole GD -22-58 at South Cliff Stepout Pad contained Visible Gold and
intersected 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*.
228 AuEqgm result from drill hole GD -21-03 at Cliff Pad intersected 6.37 gpt AuEq (4.46 gpt Au and
122.13 gpt Ag) over 35.72 meters*, including 31.88 gpt AuEq (24.97 gpt Au and 458.1 gpt Ag) over
4.52 meters*.
166 AuEqgm result from drill hole GD -22-49 at Pad A contained Visible Gold and intersected 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 51.551 gpt Ag) over 6.00 meters*.
149 AuEqgm result from drill hole GD-22-100 at Pad 13 intersected 13.53 gpt AuEq (12.10 gpt Au and
54.13 gpt Ag) over 11.00 meters*, including 24.56 gpt AuEq (21.98 gpt Au and 97.94 gpt Ag) over 6.00
meters*.
139 AuEqgm result from drill hole GD -22-48 at North Rubble Pad intersected 12.6 1 gpt AuEq (6.98
gpt Au and 441.59 gpt Ag) over 11.00 meters*, including 15.37 gpt AuEq (8.42 gpt Au and 537.57 Ag)
over 9.00 meters*.
Exceptional metallurgical recoveries of 92.2% Gold from gravity & flotation, inclusive of 48.8% Free
Gold from gravity at a 327 µm 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 with expansion at depth.
Based on 2022 positive grass roots exploration and drill results, Goliath significantly increased its land
package from 23,859 hectares to 59,089 hectares, and now controls 56 kilometers of key ter rain of
the Red Line transecting the Golddigger property with vast areas of new outcrop to prospect as a
result of glacial and snowpack abatement providing for excellent additional upside discovery
potential.
Toronto, Ontario – June 19, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the
“Company” or “Goliath”) is pleased to report the presence of visible gold in the first hole of the 2023 season
from its Golden Gate Feeder Zone on the Surebet discovery at its 100 % controlled Golddigger pr operty
covering 59,089 hectares, (the “Property”), Golden Triangle, British Columbia.
The first hole of the season, GD-23-111, collared from Pad TS-1 and ~250 meters step out from Pad A in 2022,
intersected multiple flakes of visible gold in sulphide-bearing quartz veins hosted in strongly folded siltstone-
dominant sedimentary units at 33.13 meters. A 36.98 meter* interval of sulphide mineralization characterized
by veins, stringers and patches of semi -massive pyrrhotite (up to 2 %) with minor sphalerite (up to 1 %) in
quartz stockwork and breccia with intense epidote-chlorite alteration and silicification occurs from 92.70 to
129.68 meters within the sedimentary units. This interval is followed by a second interval of 44.32 meters*
of altered andesite from 129.68 to 174.00 meters which contains stringers and semi -massive patches of
sulphides (mainly pyrrhotite up to 1 % and pyrite up to 1 %). The main mineralized interval is interpreted to
be the northeast extension of the Bonanza Shear that defines the contact between the sedimentary units and
the underlying volcanic units. Localized skarn-style alteration containing garnet has been observed at 126.90
meters further suggesting the presence of a potential porphyry feeder source at depth.
All the occurrences of visible gold to date have been identified within quartz breccia and veins in contact with
or in close proximity to sphalerite and galena mineralization, hosted within the sedimentary units. The
occurrence of visible gold has previously been independently confirmed in GD-22-49 and GD-22-58 drilled in
2022 by the Colorado School of Mines whom the Company is collaborating on a project aimed at determining
the origin and evolution of the gold mineralizing fluids at Surebet.
The presence of visible gold in the mineralized intercepts at Surebet, is further confirmation of the exceptional
results obtained from the metallurgical study performed on composite samples of combined core completed
in 2021 and 2022 that have demonstrated overall rec overies through gravity and floatation of 92.2 % gold,
86.5 % silver, 94.2% lead and 96.9% zinc into a concentrate weighing just 11.9% of the original sample mass.
Gravity recovery alone captured 48.8 % of gold and 10.3 % of silver in a product weighing just 1.47% of the
original sample mass. This indicates that a processing scheme employing early gravity recovery should
produce considerable gold in the form of doré bars. Gravity recovery is generally accepted to be the most
cost-effective means of gold recovery in the mining industry.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are off to an exciting 2023 drill season,
where visible gold and substantial intervals of Surebet-style sulphide mineralization has been confirmed in the
first exploratory hole of the year. It is a ~250 meter step out expanding upon a previously unknown area of
mineralization to the northeast of Pad A where GD-22-49 also contained visible gold. Mineralization confirmed
in GD-23-111 strongly indicates the presence of a large mineralizing system and potential feeder source in the
Golden Gate Feeder Zone. The planned ~18,000 meter drill program is designed to expand the footprint of the
Surebet Zone and Bonanza Shear in all directions and includes a maiden drill program at the newly discovered
high-grade gold-silver Goldswarm Zone, located 4 km on strike to the north of Surebet that is believed to part
of the same mineralizing system feeding Surebet. Surebet is shaping up to become the next big high -grade
gold-silver discovery in the Golden Triangle, B.C . We look forward to reporting assay results with much
anticipation.”
Goliath has commenced an aggressive drill program this year, totaling 70 holes from 21 separate drill pads on
the Golddigger Property. The campaign will be focused on higher-grade zones and expanding the footprint of