Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the “Company” or “Goliath”) is very pleased to
report the discovery of strong sulphide mineralization in quartz
breccia, stockwork and veining in 100% of the first 8 holes to date
during the 2024 drill season with 6 (75%) containing abundant
visible gold at its 100% controlled Golddigger Property (the
“Property”), Golden Triangle, B.C.
Drill hole GD-24-244 (in progress) intersected
visible gold within an interval of strong quartz-sulphide
mineralization at 700 meters downhole hosted within the volcanics.
This is the deepest downhole occurrence of visible gold and
sulphide-mineralization recorded to date on the Surebet Discovery,
confirming the tremendous additional discovery potential at depth
below the valley floor where the system remains wide open. This
increases the Company’s confidence in the proximity of the feeder
source of the Surebet system.
Description Of Drill Holes From 2024
Drilling Campaign
Hole GD-24-235 (180Az/-81.5 Dip, EOH 696.00
meters) was collared from Golden Gate Pad and drilled into the
Bonanza Shear Zone and the newly discovered Mothership Feeder Zone.
This hole assayed 15.86 g/t AuEq (15.40 g/t Au and 17.11 g/t Ag)
over 11.9 meters ~true width, including 35.04 g/t AuEq (34.16 g/t
Au and 34.15 g/t Ag) over 5.24 meters ~true width (updated
interval) and corresponds to the Bonanza Vein (444.3 – 452.9 meters
downhole). It is hosted within the Lower Hazelton volcanics
containing abundant visible gold and strong sulphide mineralization
in quartz breccia. The hole intercepted a porphyritic intermediate
intrusive dyke containing veins with abundant visible gold,
molybdenum up to 2 mm and bismuth mineralization. The host rock
consists of intervals of interbedded mudstone and siltstone, in the
deeper portion of the hole calc-silicate-altered andesite. Several
mineralized quartz veins with abundant visible gold have been
intersected within the andesite.
Assays are pending from GD-24-235 on a 24.4
meter intercept of a porphyritic intrusion with abundant visible
gold, molybdenite up to 2 mm in size, and bismuth between 529.29 -
553.67 meters downhole interpreted as the Mothership Feeder Zone.
Assays are also pending on a 10 meter interval between 550 and 650
meters downhole that is hosted within the andesite with abundant
visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 %
sphalerite, and 1 % pyrite interpreted as the Golden Gate Zone. The
newly discovered mineralized porphyritic intrusion is interpreted
as the distal expression of the feeder intrusion responsible for
the mineralization seen at Surebet.
Hole GD-24-236 (200 Az/-45 Dip, EOH 351.00
meters) collared from Go-For-Gold Pad above the main Surebet Zone
intercepted high-grade gold mineralization containing 4.14 g/t AuEq
(3.02 g/t Au and 63.55 g/t Ag) over 6.0 meters including 6.79 g/t
AuEq (4.96 g/t Au and 78.03 g/t Ag) over 3.04 meters interpreted to
be the Surebet Upper Zone. The hole drilled through a sedimentary
sequence of mudstones that contained interbedded siltstones and
sandstones in the upper portion of the hole. The lower part of the
hole consists of interbedded mudstones and pyritic limestone (1 –
2% disseminated pyrite). Mineralization in this interval consists
of strongly carbonate-altered sedimentary rocks with massive
pyrrhotite (2%) and sphalerite (1%), semi-massive galena (<1%)
and pyrite (<1%), as well as trace chalcopyrite. Sulphide was
observed in host rock margins near quartz breccia.
GD-24-242 collared from Golden Gate pad
intersected multiple intervals of mineralization consisting of
quartz-sulphide veining and stockwork cumulatively adding up to
90.15 meters, within which 4 occurrences of visible gold were
identified. Within the sedimentary rocks a high-density vein
interval was identified between 190.00 and 498.15 meters, including
47.07 meters of quartz-sulphide stockwork containing pyrrhotite,
chalcopyrite and sphalerite from 190.00 meters to 237.07 meters,
and 21.02 meters of high-density quartz veining containing
pyrrhotite, chalcopyrite and sphalerite from 474.50 meters to
495.52 meters. The Bonanza Shear was intercepted at the contact
between sedimentary and volcanic rocks from 583.70 meters to 585.49
meters and is characterized by semi-massive to massive pyrrhotite
(up to 50 %), sphalerite (up to 8%) and galena (up to 3%).
GD-24-242 has the longest intercept of consistent and widespread
quartz-sulphide mineralization of the holes completed so far in
2024 (see image below).
An accompanying infographic is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/2c46d24d-33aa-40a5-a86d-b6aaba7b9983
Drill hole GD-24-240 (068 Az/65 Dip, EOH 819.00
meters) collared from Goldsmith pad intercepted multiple
quartz-sulphide veins and stockwork sections including visible gold
hosted in the sedimentary rocks between 204.20 meters and 379.47
meters, which includes a 9.68 meter interval corresponding to the
Bonanza Shear from 369.80 meters to 379.47 meters characterized by
semi-massive sphalerite, chalcopyrite and pyrrhotite.
Drill hole GD-24-241 (140 Az/60 Dip, EOH 738.00
meters) collared from Golden Gate pad intercepted an extensive
51.33 meter interval consisting of sheared quartz-stockwork with
high density of veins containing chalcopyrite (up to 1%),
pyrrhotite (up to 1%) and pyrite (up to 1%) from 442.71 meters to
494.04 meters. Visible gold was intercepted in 3 separate veins
hosted in the volcanic rocks between 553.72 meters and 568.89
meters.
Drill hole GD-24-238 (240 Az/50 Dip, EOH 380.00
meters) collared from Go-for-Gold pad intersected 2.59 meter
interval of quartz-sulphide breccia and stockwork containing up to
5% pyrite, 1% galena, 1% chalcopyrite and minor sphalerite from
281.07 meters to 283.66 meters hosted within a 12.13 meter section
of sedimentary rocks characterized by pervasive quartz-sulphide
veining from 274.78 meters to 286.91 meters.
GD-24-237 collared from Golden Gate pad
intercepted 1.61 meter interval of quartz-sulphide stockwork and
veining at the contact between sedimentary and volcanic rocks
corresponding to the Bonanza Shear from 449.69 meters to 451.30
meters with pyrite (up to 1%), minor galena, sphalerite and
pyrrhotite. The sedimentary rocks above this interval contain
significant quartz veining with trace sulphide from 425.00 meters
to 449.69 meters. A second interval of quartz-sulphide veining
containing visible gold is 0.75 meters long and was identified from
569.29 meters to 570.04 meters and is hosted in volcanic rocks
containing veinlets of pyrrhotite and pyrite throughout from 451.30
meters to 833.73 meters.
Summary Of Drilling
The increase in coarser gold and base metal
components observed with depth, indicates stronger mineralization
in deeper parts of the system as drilling ventures past the valley
floor. This suggests that drilling is closing in on the heat engine
responsible for the precious and base metals mineralization
observed at Surebet.
Drilling has barely started to scratch the
surface, with excellent potential for additional discovery as we
venture deeper down past the valley floor. Because of the
topography of the Surebet discovery and the majority of drilling
being carried out on the slope of the mountain, none of the drill
holes completed to date have drilled deeper than the valley floor.
The expanded 2024 drill plan will focus on building continuity on
the 10 known mineralized veins, including Surebet, Bonanza,
Eldorado and Golden Gate as well as expanding them in all
directions, which will allow the Company to better understand the
size and grade distribution of this system that remains wide
open.
The Surebet Discovery will see the bulk of
meters planned with the balance testing a new strongly mineralized
gold-copper outcropping target: Treasure Island (see location map
below).
An accompanying infographic is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/20616150-6dd5-4d28-9d3c-215bbf9ca0b0
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, within 3
kilometers of the Red Line in the Golden Triangle of British
Columbia. This area has 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 used as key markers when exploring for
gold-copper-silver mineralization.
The Surebet discovery has exceptional continuity
and excellent metallurgy with gold recoveries of 92.2% including
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 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,
high-tension power and infrastructure capable of housing at least
300 people.
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.
About CASERM (Center To Advance The
Science Of Exploration To Reclamation In Mining)
Goliath is a paying member and active supporter
of CASERM, an organization that 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 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
LimitedGoliath 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:
+1.416.488.2887roger@goliathresources.com
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 presence or absence of mineralization
and are not intended to be representative of the material
sampled.
Portable XRF (X-Ray Fluorescence) readings are
semi-quantitative measurements and calibrations of the equipment in
the field not always allow to compare results to certified
reference materials but are used as guideline to augment the
understanding of the mineralization observed. These measurements
are not intended to be representative of the geochemical
composition of the material measured. XRF readings are carried out
using a handheld device and could be influenced by external
factors.
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
DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM
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 to 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, easting, 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 entire coarse fraction
is assayed to determine the contribution of the coarse gold.
Widths are reported in drill core lengths and
the true widths are estimated to be 80-90% and AuEq metal values
are calculated using: AuEq metal values are calculated using: Au
1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75
USD/ton and Zn 2468.50 USD/ton on December 23, 2023. 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 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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