Toronto, Ontario – July 24, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report it has drilled a second hole from Cliff Pad that contains Visible Gold as well as two separate intervals of significant mineralization at GD-23-135 within the Surebet Golden Gate Feeder Zone at its 100 % controlled Golddigger property (the “Property”), Golden Triangle, British Columbia. This intercept is interpreted to be the Bonanza Shear that remains open. Nine holes drilled to date within the Surebet Golden Gate Feeder Zone have encountered visible gold: GD-22-49, GD-22-58, GD-23-111, GD-23-118, GD-23-126, GD-23-133, GD-23-135, GD-23-137 and GD-23-140.
GD-23-135 collared from Cliff Pad (located 500 meters to the Northwest of Pad A, 2022 drill season) intersected a flake of Visible Gold at a depth of 60.91 meters. Classic Surebet-style mineralization was intercepted in two intervals of 8.93 meters and 19.87 meters, respectively. The first interval from 54.80 meters to 63.76 meters consists of volcanic tuff crossed by massive quartz veins that are chloritized and heavily silicified and show localized carbonate alteration with mineralization consisting of stringer to stockwork pyrrhotite (2%), sphalerite (1%), galena (1%), chalcopyrite (<1%) and pyrite. The second interval from 387.30 meters to 407.17 meters is characterized by volcanic tuff that is heavily silicified and chloritized. It is crossed by quartz veins that show significant sphalerite mineralization (1%) and minor pyrrhotite (<1%). Assays for hole GD-23-135 are pending.
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/or galena mineralization. The occurrence of visible gold has previously been independently confirmed in 2022 by the Colorado School of Mines with whom the Company is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at Surebet.
Golddigger Property
The Golddigger Property is 100 % controlled covering an area of 59,089 hectares (146,012 acres) and is in the world class geological setting of the Eskay Rift within the Golden Triangle of British Columbia and within 3 kilometers of the ‘Red Line’ that is host to multiple world class deposits. The Surebet discovery is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is permitted mill site on private property. Its 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.