Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the “Company” or “Goliath”) is very pleased to
report the discovery of abundant visible gold and strong sulphide
mineralization in quartz breccia, as well as a significant 22.4
meter intercept of a porphyritic intrusion containing veins with
abundant visible gold, molybdenum and bismuth mineralization in
GD-24-235 the first drill hole of 2024 (assays are pending). This
increases the Company’s confidence in the proximity of the feeder
source of the Surebet system that remains wide open at its 100%
controlled Golddigger Property (the “Property”), Golden Triangle,
B.C.
Dr. Quinton Hennigh, Technical and
Geologic Director of strategic shareholder, Crescat Capital,
commented: "Just recently, I explained why I think this is
going to be a summer of discovery for Goliath. The Company rightly
persists to test new ideas and targets that have consistently
generated better and better results from Surebet and other targets
across the Golddigger Project. And here we are, just one week into
the program, with what appears to be a major new discovery of a
gold-rich zone, possibly a root feeder to the Surebet and related
structures. The abundant particles of visible gold observed in this
new zone give reason for a lot of excitement, especially given that
mineralization is spatially associated with what might prove to be
a causative intrusion. Other indicators support this magmatic
association including the presence of molybdenum and bismuth-rich
minerals in the sulfide assemblage of the vein breccia. I think the
team at Goliath has done a remarkable job of identifying this
target using sound science, and they should be congratulated for
this remarkable discovery."
Drill hole GD-24-235 collared from Golden Gate
Pad (180/81/696m) intersected multiple strongly mineralized veins
containing visible gold, galena, sphalerite, pyrrhotite and pyrite
mineralization. The hole drilled through a sedimentary sequence of
mudrocks, an intermediate intrusive unit, multiple intermediate
dykes and andesite.
The first hole of the drilling season was
designed and focused on intercepting the Bonanza shear and test
below an area where drill hole GD-23-197 intersected 9 meters of
34.03 g/t AuEq or 1.09 oz/t AuEq (32.55 g/t Au and 65.71 g/t Ag) in
2023. The mineralization observed in hole GD-24-235 for the
interval from 445.4 - 447.39 meters is reminiscent of what was
observed from 449.37 - 458.40 meters in GD-23-197, suggesting that
similar gold grades can be expected from this interval (see
comparison image below).
An accompanying infographic is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/81f62cab-1bbc-45ea-a9b7-abc7fb3a230a
GD-24-235 intersected a 12 meter interval of
high vein density from 445 - 457 meters downhole, with multiple
large quartz-sulphide veins at the contact between sedimentary and
volcanic units. A quartz vein with significant mineralization
occurs from 445.4 - 447.39 meters. The vein contains semi massive
to massive pyrite (3%), sphalerite (2%) and pyrrhotite (1%). The
vein also has minor galena (<1%) and chalcopyrite (<<1%).
There are multiple flecks of visible gold throughout. A second
quartz vein was intercepted from 450.17 - 450.64 meters and
contains massive pyrrhotite (2%), sphalerite (2%) and pyrite (1%).
The vein also has minor galena (<1%) and chalcopyrite
(<<1%). There are multiple flecks of visible gold
throughout.
Within the andesite unit, a series of closely
spaced quartz-sulphide veins have been observed for 10 meters
between 550 and 650 meters downhole. A quartz vein from 566.72 -
566.85 meters contain visible gold and semi massive pyrrhotite and
sphalerite with trace chalcopyrite. Another milky white quartz vein
from 600.23 to 601 meters contains massive pyrrhotite (8%), semi
massive pyrite (2%) and minor chalcopyrite (<1%) and sphalerite
(<<1%). Visible gold was also noted in a quartz vein from
604.53 - 604.83 meters that contains massive pyrrhotite, semi
massive pyrite, minor chalcopyrite, trace sphalerite and galena.
The vein shows the presence of one fleck of visible gold. Lastly, a
quartz vein was intercepted with significant mineralization from
647.46 - 648.02 m. It hosts massive pyrrhotite (30%), semi massive
chalcopyrite (3%) and trace sphalerite (<<1%).
The hole intercepted 24.4 meters of a light grey
porphyritic intrusive unit, possibly tonalite from 529.29-553.67
meters downhole. This intrusive is host to a handful of cm-size
quartz veins and sub-millimetric pyrite/pyrrhotite veinlets. These
veins included minor vein-hosted calc-silicates with white
(anorthite?) alteration haloes. A notable cm sized quartz vein at
531.1 meters hosted pyrite, pyrrhotite, and native bismuth. XRF
measurements of the native bismuth occasionally gave gold and/or
molybdenum readings. A second quartz vein at 535 meters included a
2 mm grain of molybdenite.
An accompanying infographic is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/7fb3f08f-1f6d-46a4-8992-7bc623c48789
Several deeper holes are planned to test this
area to greater depth during the 2024 season, as the system remains
wide open and has excellent additional discovery potential.
The current 2024 drill plan consists of 15,000
meters of drilling in 62 drill holes from 22 drill pad locations.
Two drill rigs are currently on site carrying out the program. The
drill program on Surebet will focus on testing its potential feeder
source at depth below the valley floor, discovering new additional
veins/shears, expansion of the known 10 vein footprint, and
increased continuity of veins/shears. The Surebet Discovery will
see the bulk of meters planned with the balance testing two new
strongly mineralized gold-copper outcropping targets: Jackpot and
Treasure Island (see location map below).
An accompanying infographic is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/2de8d85c-80fa-4df4-a629-829376ec8be5
The maiden drill campaign in 2021 totaling 5,338
meters intercepted significant widths and gold mineralization in
100% of the holes drilled. To date there has been an aggregate of
66,930 meters drilled that include the follow up campaigns in 2022
and 2023 at the Golddigger Property. In 2023, there was a 97%
success hit rate where 86 holes of 92 totaling intercepted
significant widths of high-grade gold over a 1.8 square kilometer
area at Surebet. This 1.8 square kilometer area also has
mineralization exposed at surface for 1.0 kilometers of strike, 1.1
kilometers down-dip extent with 700 meters of vertical relief with
exceptional continuity.
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 and within 3 km of
the Red Line in the Golden Triangle of British Columbia. This area
and proximity have 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 that is used as a key marker when exploring for
gold-copper-silver mineralization.
The Surebet discovery has exceptional continuity
and excellent metallurgy with gold recoveries of 92.2% inclusive of
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, 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 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 with
supplies.
About CASERM (Center To Advance The
Science Of Exploration To Reclamation In Mining)Goliath is
a paying member and active supporter of CASERM which is an
organization 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 earth 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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