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Goliath Resources Ltd V.GOT

Alternate Symbol(s):  GOTRF

Goliath Resources Limited is a Canada-based junior resource exploration company. The Company is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. The Company owns 100% of the Golddigger property that covers an area of 52,756 hectares. The Homestake Ridge Deposit (Fury Gold Mines Limited), Dolly Varden Silver Mine (Dolly Varden Silver Corp.), and the Kinskuch Project (Hecla Mining Company) are in close proximity. The Golddigger Property consists of contiguous mineral claims located approximately 30 kilometers southeast of Stewart with tidewater access on Hastings Arm in the Golden Triangle of Northern British Columbia. The Luckystrike Property is located 40 kilometers north of Terrace, British Columbia. The Company also owns a 10% interest in the DSM Syndicate projects. It has six mineral claim blocks under Goliath’s Nelligan East Project and Nelligan West Project.


TSXV:GOT - Post by User

Post by yukon_goldon Oct 03, 2024 9:29am
193 Views
Post# 36251397

Goliath Closes Final Tranche Non-Brokered Private Placement

Goliath Closes Final Tranche Non-Brokered Private Placement
 

Goliath Closes Final Tranche Of Non-Brokered Private Placement For Aggregate Proceeds Of $16,120,500 Including Several Strategic Cornerstone Purchasers Acquiring Shares

 

Toronto, Ontario – October 3, 2024 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has closed the final tranche of its previously announced non-brokered flow through financing for an aggregate $16,120,500 raised from the first and final tranches. Of note, several strategic cornerstone shareholders either initiated a new position or increased their holdings in Goliath (see About Goliath Resources below).

Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are delighted to have received significant ongoing financial support from institutional investors Crescat Capital, and a Singapore based Global Commodity Group. In addition, we are very pleased that mining legend Rob McEwen has participated for his third investment into Goliath. We would also like to welcome Larry Childress as a new shareholder with his sizable initial investment into Goliath. We are proud that these strategic cornerstone investors have recognized the high-quality of our gold discovery at Surebet in the Golden Triangle of British Columbia, a prolific mining camp located in a geo-political safe and mining friendly jurisdiction. The investments from these strategic cornerstone investors have enabled us to increase our drilling from a planned 15,000 meters program up to 36,000 meters. With all the visible gold we are seeing in drill core and initial assay results reported, our 2024 drilling campaign has been our most successful to date. We look forward to reporting assays once received, compiled and interpreted.”

Offering Details

The non-brokered private placement was a combination of: (i) Charity Flow-Through shares (CFT) which were sold at a price of $1.975 each with no warrant and the Flow-Through shares (FT) which were sold at a price of $1.44 each with no warrant. These shares will qualify as a flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The first and final tranche consisted of a total of 6,237,257 CFT shares for proceeds of $12,318,582 and 2,640,221 FT shares for proceeds of $3,801,918 for aggregate proceeds of $16,120,500.

The Company intends to use the proceeds for exploration related programs on its properties located in and around the Golden Triangle of northwestern British Columbia.

 

Goliath’s New Surebet Discovery Of A High-Grade Gold System and Company Highlights:

• Strategic cornerstone shareholders include Crescat Capital, Mr. Larry Childress (post current funding), Mr. Rob McEwen, Mr. Eric Sprott and a Global Commodity Group, Singapore.

• Located in a geopolitical safe mining friendly jurisdiction within a world class geological setting of the Golden Triangle, British Columbia, Canada and has excellent infrastructure including the town of Kitsault built by Phelps Dodge in the 70's at ~C$50 million cost that can house up to 300 people; Camp Goliath - Kitsault (Click Here)

• Next to the old Kitsault Mine, a permitted brownfield mine site on private property, which is located on the BC Hydro grid with road access to the Nass Valley and tidewater access to Prince Rupert.

• Surebet’s mineralization can be seen at surface for 1.0 kilometers of strike and 1.1 kilometers down-dip extent appears to continue below the valley floor with 700 meters of vertical relief that has exceptional continuity; the more it gets drilled the bigger the system gets based on results to date.

• 66,930 meters have been drilled to date at the Golddigger property (2021 – 2023) + ongoing ~36,000 meters in 2024 with the vast majority of holes targeting the Surebet Discovery with a 100% success rate..

• The gold mineralization has excellent metallurgical recoveries of 92.2% Gold from gravity and flotation, including 48.8% free gold from gravity alone at a 327 micron crush; no deleterious minerals or cyanide required.

• 44 holes (or 35%) of 124 holes drilled in 2023 contained Visible Gold with nuggets up to 11 mm in size.

• Best hole to date is GD-23-180 assaying 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters.

• Highest concentration of visible gold in drill core and 66% of the holes contain visible gold (Sept 3/24 news)

• 2024 drilling has outlined the Bonanza High-Grade Gold Triangle (assays pending) within the Surebet Discovery measuring 410 x 612 x 720 meters with holes assaying over 1 oz/t Gold up to 9 meters ~true width; remains open (Click Here).

• The system has exceptional continuity of the gold mineralization that is predictable with our geological team having a strong understanding of the system.

• Drilling thus far shows a majority of the coarser grain visible gold seen up to 11 mm in size is hosted further downhole near or within the volcanics and still above the valley floor; system remains open.

• Deeper drill holes tested near and below the valley floor in 2024 has intercepted 4 new mineralized horizons with one containing visible gold 460 meters below the valley floor; gold mineralization remains wide open in all directions for further new discoveries.

• The Golddigger property is fully permitted until 2029 for 199 drill pads.

• 10 gold mineralized vein horizons have been identified to date and remain open.

• The mineralized footprint of the Surebet Discovery corresponds to 1.8 km2, the equivalent in size to >336 NFL football fields and remains wide open.

 

Goliath’s New Treasure Island Discovery, VMS Style High-Grade Gold & Copper Highlights:

• Treasure Island is a 500 x 450 meter mineralized outcrop of high-grade gold-copper that has all the indications of another potential material discovery for Goliath ~40 kms north of the Surebet Discovery on the Golddigger Property.

• A maiden drill program was completed in 2024, totaling 2,938 meters drilled, 12 holes and from 4 pad locations.

• Certain drill holes from each pad location averaged 29.99 meters wide of mineralization, inclusive of 6.79 meters of moderate, semi-massive and massive sulphide mineralization in quartz-sulphide breccia.

• Drill hole number TI-24-01 is comparable to what was observed in a surface channel cut, which assayed 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) over 0.85 meters and confirms the continuity of the system at depth (Click Here).

Company Presentation Link (Click Here)

Complete News Release: (Click Here).

Follow us on LinkedIn: Click Here

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Follow us on YouTube: Click Here

Goliath Resources Limited

Mr. Roger Rosmus
Founder and CEO
roger@goliathresources.com
https://goliathresourcesltd.com

 

 



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