Toronto, Ontario – September 7, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the discovery of multiple occurrences of Visible Gold up to
1% in a new outcropping sulphide rich mineralized shear zone named the Golden Gate Zone located in the Hazelton Volcanics only 20 meters below the Bonanza Shear at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. Drill hole GD-23-197 intersected 19.15 meters (approx. true width) of veins, stockwork and breccia with Visible Gold up to 1% and massive sulphides, including sphalerite up to 10%, galena up to 5%, chalcopyrite up to 3%, pyrrhotite up to 20% and pyrite up to 20%.
Drill hole GD-23-197 collared from Pad 16 within the Golden Gate Feeder Zone (600 m north of Pad A) intersected three outcropping quartz-chlorite-sulphide mineralized shear zones. The first zone occurs within the mudstones from 396 to 398 meters and is interpreted to be part of the Surebet Zone, the second occurs from 418.1 to 422 meters and is most likely part of the Bonanza Shear. A third new zone named the Golden Gate Zone only 20 meters below the Bonanza Shear, has been identified within the underlying Hazelton Volcanics between 442.85 and 462.00 meters representing a 19.15 meter interval (approx. true width) where multiple sheeted veins/shears ranging in thickness from 3 centimeters to 2.2 meters were intercepted, containing abundant Visible Gold (up to 1%), sphalerite (up to 10%), galena (up to 5%), chalcopyrite (up to 3%), pyrrhotite (up to 20%) and pyrite (up to 20%).
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.
A total of 88 out of the 90 holes drilled on Surebet in 2023 have intersected either the Surebet Zone and/or the Bonanza Shear representing a 98% hit rate. Of these holes, 33 have intersected Visible Gold, representing a 37% hit rate confirmed over an area of widely spread mineralization encompassing 1.6 square kilometers that remains wide open.
Golddigger Property
The Golddigger Property is 100 % controlled covering an area of 61,685 hectares (152,427 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 has exceptional metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone at a 327-micrometer crush. Its is in an excellent location close in proximity to the communities of Alice Arm and Kitsault where there is 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.