Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF)
(Frankfurt: B4IF) (the “Company” or “Goliath”) is pleased
to announce that it has signed a Memorandum of Understanding
(“
MOU”) with
BWCG Holding Ltd.
(Formerly Blackwolf Copper and Gold Inc.),
Blackwolf Copper
and Gold (TSXV: BWCG, OTC: BWCGF),
Coast
Copper Corp. (TSX-V: COCO),
Dolly Varden
Silver (TSXV: DV, OTC: DOLLF), and
New Moly
LLC (collectively, the “
Companies”) to
jointly study the viability of using New Moly’s Kitsault Project
(“
Kitsault” or the “
Project”) as
the potential site for a centralized polymetallic processing
facility that could accept mineralized material from the Companies’
respective deposits and/or new discoveries (“
Kitsault
Polymetallic Mill”), located nearby on tidewater in
northwestern, B.C. and/or southeastern, Alaska (See Figure 1.
below).
Prior to signing the initial MOU, Blackwolf
Copper and Gold undertook initial discussions with Nisga’a Lisims
Government regarding potential amendments to the Mines Act Permits
for Kitsault to support a polymetallic mill.
“Nisga’a Lisims Government has had initial
discussions with Blackwolf Copper and Gold on the concept of a hub
and spoke mill at the site of the Kitsault Project. We look
forward to further consultation on this and other natural resource
opportunities within the Nass Area which is subject to the Nisga’a
Final Agreement where we have constitutionally protected title and
rights” said Charles Morven, Secretary-Treasurer for Nisga’a Lisims
Government.
“We look forward to working with this
collaboration of Companies to study the potential synergies that
include reduced respective capital, processing costs as well as
reduce permitting timelines and risks by using a permitted site
located on tidewater,” said Roger Rosmus, Founder & CEO. “With
the Surebet’s Au-Ag-Cu-Pb-Zn discovery that has two barge access
points located on tidewater and marine bulk transport being
reasonably cost effective. We believe that the Kitsault site could
potentially be an excellent fit for Goliath to unlock additional
shareholder value.”
The proposed site at Kitsault previously hosted
a molybdenum mine. Within the past decade, Kitsault received
Canadian Federal and Provincial Permits and given the buoyant
molybdenum market, New Moly is now considering funding requirements
to restart a larger scale project. The Project is
located on the BC Hydro grid, has road access to the Nass Valley
and tidewater access. The Kitsault Polymetallic Mill concept may
assist to enhance and de-risk the potential restart of
Kitsault.
The Companies have engaged Fuse Advisors Inc.
(“Fuse Advisors”) to complete an initial assessment of the
technical viability of the Kitsault Polymetallic Mill concept and
will jointly share the costs of this study. By reviewing the
respective metallurgical test work completed at the various
deposits, Fuse will assess the potential for blending or batching
mineralized material, potential process flow-sheets, potential
throughputs from the various deposits and associated mill sizing
and timelines.
Figure 1. below - Location of Kitsault, Goliath
Resources, Dolly Varden, Blackwolf Copper and Gold and Coast Copper
projects.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b7dfc752-6873-40d7-b2d2-13f25cd9a080
NEW MOLY KITSAULT MINEThe
Kitsault Mine Project is one of the largest and highest-grade
primary molybdenum deposits in the world. The Project is owned by
Avanti Kitsault Mine Ltd. (“AKML”), in which New
Moly has a 100% interest. The Kitsault Mine is located in
northwestern British Columbia within the Regional District of
Kitimat-Stikine, approximately 140km northeast of Prince Rupert and
south of the terminus of Alice Arm, an inlet of the Pacific Ocean
(See Figure 2 below).
The Kitsault Mine is a brownfield site with
considerable past mining activity and basic infrastructure in
place. From as early as 1968, and intermittently until 1982, the
mine produced approximately 30 million pounds of molybdenum from
open-pit mining. Rehabilitation of the 1981 – 1982 mining program
was started under an approved reclamation program in the mid-1990s
and was completed in 2006.
AKML completed the purchase of an undivided, 100
percent (%) direct interest in the Kitsault Mine (molybdenum mine
and surrounding mineral tenures) from Aluminerie in October 2008.
Under AKML, permits have been well advanced with key provincial and
federal permits in place for development of an estimated mine life
of 15 years with an ore production rate of 16.2 Mt/year. Kitsault’s
development would include construction of a process plant, upgrade
of the existing powerline, expansion of the existing open pit,
construction of a low-grade ore stockpile, waste rock management
facility, and a tailings management facility with associated water
management ponds. In 2014, AKML entered into a Cooperation and
Benefits Agreement (“CBA”) and an Environmental Agreement with the
Nisga’a Nation. This agreement recognizes and formalizes the
working relationships between the Nisga’a Nation and AKML and is a
vital step in the development of Kitsault Mine.
New Moly also owns 80% of the Mt. Hope
molybdenum project in Nevada, one of the largest permitted primary
molybdenum projects in the world with more than a billion pounds of
molybdenum and a proposed mine life of more than 40 years.
Figure 2.
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fe8b2de2-cefb-469c-be56-5161df3ac95b
NIBLACKBlackwolf Copper and
Gold’s Niblack Project hosts multiple Cu-Au-Zn-Ag deposits and
prospects, located next to tidewater on Prince of Wales Island in
southeast Alaska. Current Mineral Resources1 include
5,851,000 tonnes averaging 0.94% Cu, 1.83 g/t Au, 1.73% Zn and 29.0
g/t Ag in the Indicated Category and 214,000 tonnes averaging 0.93%
Cu, 1.52 g/t Au, 1.38% Zn and 18.0 g/t Ag in the additional
Inferred Category. Primarily hosted in the Lookout Zone, the
Mineral Resources have excellent metallurgical recoveries within a
wide mineralized zone, up to 120 meters in true width and is
accessed with a production-size underground ramp.
Mineralization is wide open for expansion in most areas, and
numerous prospects have only received limited drill testing.
- Refer to the NI43-101 compliant Mineral Resource Estimation –
Niblack Polymetallic Sulphide Project Updated see News Release
Dated February 16, 2023, by Dr. Gilles Arsenault, P.Geo,of
Arsenault Consulting Services, a Qualified Person Independent of
the Company. The Resource uses a US$100 cut-off Net
Smelter Return (NSR) and uses long-term metal forecasts: gold
US$1,650/oz, silver US$20.00/oz, copper US$3.50/lb, and zinc
US$1.10/lb; Recoveries (used for all NSR calculations) to Cu
concentrate of 94.3% Cu, 72% Au, 90.2% Zn and 76% Ag. Detailed
engineering studies will determine the best cutoff.
COAST COPPERCoast Copper’s
exploration focus is the optioned Empire Mine property, located on
northern Vancouver Island, British Columbia, which covers three
historical open pit mines and two past-producing underground mines
that yielded iron, copper, gold and silver. Coast Copper’s other
properties include its 100% owned Knob Hill NW Property located on
northern Vancouver Island, its Home Brew and Shovelnose South
Properties in central B.C., and its Scottie West Property located
in the “Golden Triangle” of northern B.C.
DOLLY VARDEN/HOMESTAKE
RIDGEThe contiguous Dolly Varden and
Homestake Ridge projects, owned 100% by Dolly Varden Silver, make
up a 163 sq. km. land package that is accessible to tidewater at
the end of Alice Arm, just across the inlet from the Kitsault site,
via a 28km historic mine road. Mineralization in the area
consists of silver and gold systems in several areas, often with
significant zinc and copper values. The Dolly Varden
and Torbrit deposits have seen combined historic production of
approximately 20 million oz Ag and have demonstrated good
metallurgical recoveries. The property remains prospective for the
discovery of additional deposits along a 15 kilometer trend of
favorable host rocks and alteration.
GOLIATH RESOURCES/SUREBET
ZONEGoliath controls 100% of the Golddigger property that
covers an area of 59,089 hectares, located on tidewater northwest
of the Kitsault site and west of Dolly Varden Silver’s Kitsault
Valley Project. The Company has discovered a new, high-grade
polymetallic gold-silver shear zone, the “Surebet Zone” on the
property that has been confirmed over a 1.6 square kilometer area
averaging 6.31 g/t AuEq (4.45 g/t Au & 110 g/t Ag) over 6.88
meters* wide. Mineralization within the Surebet Zone consists
of structurally controlled massive, semi-massive, and disseminated
sulphides containing Galena, Sphalerite, Pyrrhotite and Pyrite.
These lenses occur within broad alteration halos of silica flooded
sediments which also contain polymetallic mineralization up to 43.5
meters wide. The initial metallurgy shows exceptional results of
92.2% Gold recovery using traditional gravity and flotation
processes; inclusive of 48.8% free gold from simple gravity at a
327 micron crush.
QUALIFIED PERSONS:Andrew
Hamilton, P.Geo., a Qualified Person and Rein Turna P. Geo a
Qualified Person as defined by National Instrument 43-101 has
reviewed and approved, the technical information in this
release.
For more information please
contact: Goliath Resources LimitedMr. Roger
Rosmus Founder and CEOTel:
+1-416-488-2887roger@goliathresources.comwww.goliathresourcesltd.com
*Goliath widths are reported in drill core
lengths and the true widths are approximately 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. Table 2 above has all the drill hole collar
information.
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 Company to complete
the 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 making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to Goliath. Although such statements are based on
management's reasonable assumptions, there can be no assurance that
the proposed transactions will occur, or that if the proposed
transactions do occur, will be completed on the terms described
above.
The forward-looking information contained in
this release is made as of the date hereof and Goliath is not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
This announcement does not constitute an offer,
invitation, or recommendation to subscribe for or purchase any
securities and neither this announcement nor anything contained in
it shall form the basis of any contract or commitment. In
particular, this announcement does not constitute an offer to sell,
or a solicitation of an offer to buy, securities in the United
States, or in any other jurisdiction in which such an offer would
be illegal.
The securities referred to herein have not been
and will not be will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or
any state securities laws and may not be offered or sold within the
United States or to or for the account or benefit of a U.S. person
(as defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT
CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN.
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