* Drilling on these two pads amongst others are targeting the Surebet Zone and is designed to form part of a future inferred resource.
Observations:
* The drilling and data continue to demonstrate the presence of an extensive mineralizing system drilled and confirmed over an area of 5.25 square kilometers that remains open in all directions. Assays are pending and will be released once received, compiled, and interpreted.
* The extensive mineralizing system has been confirmed over 2.5 km North-South (between Pad J and New Gold located 1 km North of North Rubble) and 2.1 km East-West (between Lake Pad and Pad J located in the Extension Target); it remains open in all directions (see map above).
* Two distinct styles of mineralization have been observed: 1) sulphide mineralization occurring in quartz veins, stockwork and/or breccia, and 2) sulphide mineralization occurring in the host rock (sediments or volcanics).
* The 2022 drill program of ~27,000 meters planned will focus on expanding the known parameters of the Surebet high-grade gold-silver discovery over a 5.25 square kilometer area as well as resource level infill drilling.
100% of all 24 holes drilled during the 2021 maiden campaign totalling 5,332 meters intersected significant high-grade gold-silver mineralization over 1 km of strike and 1.1 km of down dip extent. GD-21-03 intersected 6.37 gpt AuEq (4.46 gpt Au and 122.13 gpt Ag) over 35.72 meters. The average grade and width from all 24 holes assayed 6.29 gpt AuEq (4.35 gpt Au and 104.94 gpt Ag) over 5.87 meters* respectively.
Toronto, Ontario – August 22, 2022 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report a 67.59 meter interval of sulphide mineralization from the South Cliff Stepout Pad, and two mineralized intercepts up to 7.60 meters from Pad 16 on the Surebet discovery at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. All holes drilled to date during the 2022 drill campaign on Surebet have intersected significant intervals of sulphide mineralization consisting of a combination of pyrrhotite, galena, sphalerite, chalcopyrite and pyrite in semi-massive to massive veins, stringers, interstitial within brecciated zones and/or disseminated throughout the rock.
The extensive mineralized systems footprint on Surebet has been confirmed over an area of 5.25 square kilometers; 2.5 km North-South (between Pad J and New Gold located 1 km North of North Rubble) and 2.1 km East-West (between Lake Pad and Pad J located in the Extension Target). The system remains open in all directions.
Hole GD-22-58 collared from South Cliff Stepout Pad (330 meters step-out to the East from Surebet Main) intersected a 67.59 meter interval from 326.92 meters to 394.51 meters consisting of quartz veining, stockwork and breccia. A section of quartz-breccia with strong localized interstitial pyrrhotite (locally up to 10 %), sphalerite (locally up to 5 %) and galena (locally up to 2 %) occurs between 352.42 meters and 357.82 meters. The mineralized shear zone intersected in hole GD-22-53 has an envelope of silica alteration that extends for up to 40 meters on either side of the mineralized zone into strongly folded siltstone and sandstone host rock layers. Hole GD-22-53 also collared from the South Cliff Step-out Pad intersected a 15.11 meter interval from 379.53 meters to 394.64 meters containing similar mineralization, textures and lithologies to GD-22-58. In this hole, mineralization in quartz veining, stockwork and breccia consists of semi-massive and interstitial pyrrhotite (locally up to 15 %), sphalerite (locally up to 20 %) and galena (locally up to 15 %) with a silica alteration halo reaching up to 30 m into the folded siltstone and sandstone host-rock units.
Hole GD-22-64 collared from Pad 16 (460 meters step-out to the Southwest from Surebet Main) intersected two mineralized intervals from 97.50 meters to 98.50 meters (1.0 meter interval) and from 222.00 meters to 229.60 meters (7.60 meter interval) consisting of quartz veining, stockwork and breccia with strong localized interstitial-stockwork pyrrhotite (locally up to 15 %), sphalerite (locally up to 10 %) and galena (locally up to 10 %) with a silica alteration halo extending up to 15 meters into the folded siltstone and sandstone units surrounding the mineralized zone.
2022 Drill Campaign
During the 2022 drill campaign, Goliath plans to test the Surebet mineralized system at depth over an extensive area reaching as far as Lake Pad to the West (940 m SW of Real Deal) and New Gold to the North (1 km north of North Rubble) focused on delineating a mineralized area of 2.1 km East-West by 2.5 km North-South (see map above). Several drill locations are planned up to 600 meters West of Real Deal to target the Surebet mineralized system at depth based on the projected model generated from the 2022 drill logs, 2021 drill logs and results, and 2020 channel sample results. Multiple surface channel, chip and grab samples collected from Real Deal and Cloud 9 secondary structures believed to be associated with the Surebet Zone returned significant gold and silver values, further confirming the presence of a large gold-silver rich mineralizing system at depth. These secondary structures are interpreted to be acting as conduits for fluids to the surface.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “Seeing exceptional intervals of strong sulphide mineralization over significant width in core from the infill drilling is very exciting and again indicates that the mineralized zone continues without interruptions from North Rubble Pad in the Northeast all the way to Lake Pad in the Southwest over a distance of more than 2 kilometers. The observations from the 2022 drilling so far show that a very large mineralizing system is in place covering over 5.25 square kilometers and remains open in all directions. This coupled with the results from the 2021 drill campaign give us confidence that Surebet has the strong potential to be one of biggest new gold-silver discoveries in the Golden Triangle all in close proximity to excellent infrastructure. We are looking forward to announcing the first set of assay results once received, compiled, and interpreted.”
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.
Golddigger Property
The Golddigger Property is 100 % controlled covering an area of 23,859 hectares (59,646 acres or 239 square-kilometers) and is in the world class geological setting of the Eskay Rift within the Golden Triangle, British Columbia and within 2 km of the Red Line that is host to multiple world class deposits. The property is on tide water 30 kilometers southeast of Stewart, British Columbia. The Homestake Ridge Deposit & Dolly Varden Silver Mine (Dolly Varden Silver Corp.), and the Kinskuch Project (Hecla Mining Company) are in close proximity.
Link to complete release: Click Here.
Link to Model Video : Click Here.
Link to more core Images : Click Here.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
roger@goliathresources.com
https://goliathresourcesltd.com