Toronto, Ontario – August 10, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the first set of assay results of the 2023 drill campaign at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.
Hole GD-23-118 collared from Pad TS-1 (Quoll) within the Golden Gate Feeder Zone intercepted high-grade gold mineralization containing 14.85 g/t AuEq (14.66 g/t Au and 11.99 g/t Ag) over 6.00 meters, including 17.78 g/t AuEq (17.56 g/t Au and 14.12 g/t Ag) over 5.00 meters and 29.36 g/t AuEq (29.02 g/t Au and 22.58 g/t Ag) over 3 meters interpreted to be the Bonanza Shear. The hole intersected multiple flakes of visible gold in sulphide-bearing quartz veins hosted in strongly folded siltstone dominant sedimentary units at 64.53 meters, 65.97 meters and 66.04 meters depth. The hole is characterized by interbedded mudstone and siltstone units in the upper part and altered andesite in the lower sections. Several mineralized quartz-breccia zones have been intersected, with the most prominent quartz-breccia interval extending for 16.80 meters from 62.51 to 79.31 meters with a strongly mineralized transition zone from sediments to volcanic units. The mineralized interval contains stringers and semi-massive patches of sulphides (mainly pyrrhotite up to 3 %, galena up to 1% and sphalerite up to 1 %).
Hole GD-23-126 collared from Cliff Pad within the Golden Gate Feeder Zone intercepted high-grade gold mineralization containing 14.01 g/t AuEq (11.39 g/t Au and 148.91 g/t Ag) over 6.09 meters, including 45.05 g/t AuEq (36.67 g/t Au and 476.75 g/t Ag) over 1.84 meters and 79.61 g/t AuEq (64.90 g/t Au and 840.00 g/t Ag) over 1.03 meters* interpreted to be the Surebet Zone. The hole drilled through a sedimentary sequence dominated by siltstones at shallow depths, which become interbedded with sandstones below 81.55 m. The main mineralized intervals were identified from 33.91 to 57.72 m and 68.77 to 78.43 m depth, consisting of mineralized quartz breccias. Mineralization in these intervals consisted chiefly of pyrrhotite, with the shallower breccia containing significant sphalerite and galena. Between 36.31 and 37.34 m the core was especially mineralized, showing the presence of massive to stringer alternations of pyrrhotite (20%), sphalerite (5%), intergrown galena (2%) and minor chalcopyrite. Two lesser mineralized domains were recognized from 145.16 to 148.4 m and from 159.38 to 161.88 m. These consisted of sparsely mineralized quartz veins hosted dominantly in siltstones with interbedded mudstones. The quartz vein domains contained pyrrhotite mineralization (1%).
Hole GD-23-115 collared from Cliff Pad within the Golden Gate Feeder Zone intercepted high-grade gold mineralization containing 5.75 g/t AuEq (3.97 g/t Au and 84.36 g/t Ag) over 4.90 meters including 17.07 g/t AuEq (12.01 g/t Au and 241.50 g/t Ag) over 1.60 meters interpreted to be the Surebet Zone. The hole intercepted a quartz breccia from 47.85 meters to 57.75 meters that contained Surebet style massive to semi-massive sulfides inside of quartz veins hosted in heavily altered siltstone. Sulfides include pyrrhotite, sphalerite, galena, minor pyrite, and chalcopyrite. Overall, the interval abundance of sulfides is ~3%, with a localized interval from 48.40-50.00 meters* of >50% sulfides. The mineralization is hosted in a shear zone that cuts through a sequence of variably altered siltstone and mudstone units.
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. Its controls 56 kilometers of the ‘Red Line’ within 3 kilometers that hosts multiple world class deposits. The property remains largely underexplored providing for excellent additional discovery potential. 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.