Goliath Resources Ltd V.GOT

Goliath drills 7.9 m of 65 g/t AuEq at Bonanza Shear

[yukon_gold]

 

Goliath Drills 513 Gram* Meter AuEq Hole Assaying 65 g/t AuEq Over 7.90 Meters* At Surebet In Newly Discovered High-Grade Gold Bonanza Shear Within The Golden Gate Feeder Zone, Golden Triangle, British Columbia

Drill Highlights:

GD-23-180 collared from Pad 16 intercepted numerous occurrences of Visible Gold, as well as strong sulphides mineralization in quartz-stockwork and veins corresponding with the Bonanza Shear that remains open which is hosted between the Hazelton Sediments above and Volcanics below:

Highest-grade interval intersected so far on the property with a 513 gram*meter AuEq result;

Multiple elongated Visible Gold grains up to 11 mm in length were identified;

The interval consists of 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters, including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters, and 186.31 g/t AuEq (186.02 g/t Au and 13.29 g/t Ag) over 2.75 meters* (see images below); and

Assays are still pending on 110 holes drilled at Golddigger Property in 2023.

GD-23-165 collared from Cliff Pad intercepted multiple occurrences of Visible Gold and significant quartz-sulphide mineralization as massive to semi-massive and stockwork galena, sphalerite, and pyrrhotite.

The mineralized interval consists of 8.01 g/t AuEq (6.63 g/t Au and 54.63 g/t Ag) over 4.00 meters within 5.42 g/t AuEq (4.47 g/t Au and 37.88 g/t Ag) over 6.00 meters corresponding with the Surebet Zone.

GD-23-203 collared from Pad 8 (located 600 m to the northwest of Pad 16) intercepted multiple occurrences of Visible Gold and quartz-sulphide mineralization in 3 significant mineralized intervals:

The first interval consists of 6.52 g/t AuEq (3.91 g/t Au and 86.00 g/t Ag) over 3.00 meters* interpreted as a Surebet Zone-Splay;

The second interval consists of 5.16 g/t AuEq (4.87 g/t Au and 4.72 g/t Ag) over 4.00 meters, including 6.84 g/t AuEq (6.47 g/t Au and 6.03 g/t Ag) over 3.00 meters corresponding with the Surebet Zone; and

The third interval consists of 6.84 g/t AuEq (6.47 g/t Au and 6.03 g/t Ag) over 3.00 meters* corresponding with the Bonanza Shear.

GD-23-161 collared from Pad 16 intercepted multiple occurrences of Visible Gold and significant quartz-sulphide mineralization in 3 broad mineralized intervals:

The first intercept consists of 5.32 g/t AuEq (5.03 g/t Au and 10.11 g/t Ag) over 3.83 meters* corresponding with the Bonanza Shear;

The second intercept consists of 4.80 g/t AuEq (4.56 g/t Au and 15.68 g/t Ag) over 3.00 meters* interpreted as a Bonanza Shear-Splay; and

The deepest intercept consists of 4.09 g/t AuEq (3.88 g/t Au and 4.68 g/t Ag) over 4.00 meters* interpreted as a Bonanza Shear-Splay.

GD-23-184 collared from Pad 16 intercepted Visible Gold and significant quartz-sulphide mineralization:

The mineralized interval consists of 3.68 g/t AuEq (3.66 g/t Au and 0.41 g/t Ag) over 3.00 meters* interpreted as a Bonanza Shear-Splay.

Based on 2021-2022 drill assays and preliminary drilling results from 2023:

The Surebet Zone, hosted in the Hazelton Sediments now has 106 drill pierce points and modeled to be >5,500,000 m3 (Avg. 6.88 meters* @ 6.31 g/t AuEq);

The Bonanza Shear, hosted between the Hazelton Sediments-Volcanics now has 104 drill pierce points and the model has been expanded from 13,000,000 m3 to >25,000,000 m3;

The newly discovered Golden Gate Zone, hosted within the Hazelton Volcanics and 20 meters below the Bonanza Shear has been modelled to be >1,100,00 m3, grade definition is dependent on pending assays;

Management believes the average widths and/or grades of this system should increase once all assays are received, compiled, and interpreted from the 2023 drilling program; and

All three zones remain open (see model below).

Goliath has partnered with domain experts such as Dr. Quinton Hennigh and Dr. Thomas Monecke from the Colorado School of Mines. The Company has also partnered with consulting firms that include SRK Consulting (Canada) Inc., Archer, Cathro & Associates (1981) Limited, and Oriented Targeting Solutions LLC (OTS), to analyze an extensive array of geological datasets spanning drilling, mapping, drone photogrammetry and remote sensing data to interpret the presence of an Intrusion-Related Gold Deposit.

All the occurrences of Visible Gold to date have been consistently identified within quartz-breccia and veins in contact with or in close proximity to pyrrhotite, sphalerite and/or galena mineralization.

Toronto, Ontario – October 30, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report assay results for drill holes GD-23-161, GD-23-165, GD-23-180, GD-23-184 and GD-23-203 from the Surebet Discovery at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia.

All five holes intersected broad intervals of significant quartz-sulphide mineralization and widespread Visible Gold occurrences. Hole GD-23-180 is the highest-grade interval intercepted to date on the property with a 513 gram*meter AuEq result, comprised of 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters and 186.31 g/t AuEq (186.02 g/t Au and 13.29 g/t Ag) over 2.75 meters*.

GD-23-180 collared from Pad 16 intercepted numerous occurrences of Visible Gold and strong sulphides mineralization in quartz-stockwork and veins corresponding to the Bonanza Shear. The mineralized interval consists of 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters and 186.31 g/t AuEq (186.02 g/t Au and 13.29 g/t Ag) over 2.75 meters*. This intercept is characterized by a quartz-sulphide stockwork with stringer to semi-massive pyrrhotite (up to 1%), galena (up to 1%), and sphalerite (up to 1%), generally concentrated in quartz veins. Multiple elongated Visible Gold grains up to 11 mm in length were identified within this hole.

GD-23-165 collared from Cliff Pad intercepted numerous occurrences of Visible Gold and significant quartz-sulphide mineralization as massive to semi-massive and stockwork galena (up to 2%), sphalerite (up to 1%), and pyrrhotite (up to 3%). The first intercept interpreted as a splay of the Surebet Zone consists of 5.30 g/t AuEq (5.15 g/t Au and 10.35 g/t Ag) over 1.07 meters. The second mineralized interval is interpreted to be part of the Surebet Zone consisting of 8.01 g/t AuEq (6.63 g/t Au and 54.63 g/t Ag) over 4.00 meters within 5.42 g/t AuEq (4.47 g/t Au and 37.88 g/t Ag) over 6.00 meters*.

GD-23-203 collared from Pad 8 (located 600 m to the northwest of Pad 16) intercepted numerous occurrences of Visible Gold and quartz-sulphide mineralization in 3 significant mineralized intervals. The first interval interpreted as a splay of the Surebet Zone and consists of 6.52 g/t AuEq (3.91 g/t Au and 86.00 g/t Ag) over 3.00 meters within 3.79 g/t AuEq (2.13 g/t Au and 63.06 g/t Ag) over 7.00 meters. The second interval correlating with the Surebet Zone consists of 5.16 g/t AuEq (4.87 g/t Au and 4.72 g/t Ag) over 4.00 meters including 6.84 g/t AuEq (6.47 g/t Au and 6.03 g/t Ag) over 3.00 meters. The third interval correlating with the Bonanza Shear consists of 6.84 g/t AuEq (6.47 g/t Au and 6.03 g/t Ag) over 3.00 meters*. Mineralization consists of stringers and aggregations of sphalerite (up to 1%), galena (up to 1%), and pyrrhotite (up to 2%).

GD-23-161 collared from Pad 16 intercepted multiple occurrences of Visible Gold and significant quartz-sulphide mineralization in 3 broad mineralized intervals. The first interval correlating with the Bonanza Shear consists of 5.32 g/t AuEq (5.03 g/t Au and 10.11 g/t Ag) over 3.83 meters within 4.40 g/t AuEq (4.14 g/t Au and 9.08 g/t Ag) over 4.67 meters. The second interval is interpreted as a splay of the Bonanza Shear and consists of 4.80 g/t AuEq (4.56 g/t Au and 15.68 g/t Ag) over 3.00 meters. The third interval is interpreted as a splay of the Bonanza Shear and intersected 4.09 g/t AuEq (3.88 g/t Au and 4.68 g/t Ag) over 4.00 meters. In all the three mineralized intervals, mineralization is observed as semi-massive to stringer pyrrhotite (up to 5%), sphalerite (up to 2%), and disseminated to patchy galena (up to 1%).

GD-23-184 collared from Pad 16 intercepted multiple occurrences of Visible Gold and quartz-sulphide mineralization. The mineralized interval is interpreted as a splay of the Bonanza Shear and intersected 3.68 g/t AuEq (3.66 g/t Au and 0.41 g/t Ag) over 3.00 meters*. The observed mineralization ranges from stringers to stockwork and massive pyrrhotite (up to 4%), sphalerite (up to 1%) and galena (up to 1%).

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.

Goliath has partnered with domain experts such as Dr. Quinton Hennigh and Dr. Thomas Monecke from the Colorado School of Mines. The Company has also partnered with consulting firms that include SRK Consulting (Canada) Inc., Archer, Cathro & Associates (1981) Limited, and Oriented Targeting Solutions LLC (OTS), to analyze an extensive array of geological datasets spanning drilling, mapping, drone photogrammetry and remote sensing data to interpret the presence of an Intrusion-Related Gold Deposit.

Golddigger Property

The Golddigger Property is 100 % controlled covering an area of 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 (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

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.

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.

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About Goliath Resources Limited
Goliath 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 projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada.

For more information please contact:

Goliath Resources Limited

Mr. Roger Rosmus
Founder and CEO

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www.goliathresourcesltd.com

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©2023 Goliath Resources Limited (TSXV: GOT) (OTCQB: GOTRF) (FSE: B4IF) | 82 Richmond Street East, Toronto, ON

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