Toronto, Ontario – April 15, 2024 - Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report it has fast tracked its 49% ownership interest in the Golddigger Property (the “Property”), located in the “Golden Triangle”, British Columbia based on positive results to date. The Company has made all payments required to the vendor under its option agreement dated April 18, 2017 (the “Option Agreement”). It has exceeded the minimum exploration expenditures of $14,000,000 to ultimately earn a 100% interest in the Property. Goliath will earn the remaining 51% interest in the Property by issuing a National Instrument 43-101 (“NI 43-101”) resource estimate showing a minimum of 2,000,000 AuEq ounces on or before June 1, 2027.
Key points to the amendment provide for Goliath’s immediate 49% ownership in the Property upon the issuance of 10,000,000 common shares issued prior to May 15, 2024 to the Property vendors. To earn the remaining 51% interest and therefore an outright 100% ownership in the Property, issue a NI 43-101 maiden resource report outlining a minimum of 2,000,000 AuEq ounces (M&I, Indicated and/or Inferred) on or before June 1, 2027.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are very pleased to have fast tracked our initial 49% interest in the Golddigger Property and look forward to acquiring the remaining 51% interest. The property already is a remarkable gold discovery, showing multiple zones that transition from the sediments, into the contact of the sediments and volcanics then into the volcanics. We feel confident that with further drilling into the volcanics, we will continue to discover multiple zones that lead us to the heat engine that caused the widespread gold mineralization. New grassroots gold discoveries are very rare in the gold mining sector. The gold mineralization has excellent continuity and is very predictable as can be seen from the high percentage of gold mineralization in our drill holes, and equally as exciting is the high percentage of visible gold in the drill holes. It also has exceptional gold recoveries of 92.2% at a 327 micron crush with 48.8% being free gold from gravity alone; the cheapest cost of producing dor. Jackpot is yet another discovery of outcropping high-grade gold-silver-copper with multiple mineralized veins within a broader shear zone that can be traced for >500 meters with 400 meters of vertical relief which we believe has excellent upside potential for our shareholders. This clearly demonstrates the strong possibility for many more discoveries of material size mineralized shear zones/veins directly related to the Surebet system that remains open. The newly discovered Jackpot outcrop assayed one of the highest-grade samples collected on the Property to date returning 21.5 oz/t AuEq or 667.40 gpt AuEq. Of important note, it is hosted in a shear composed of strongly silicified porphyritic andesite within the Hazelton Volcanics that could quickly evolve into our next material grade and/or porphyry drill discovery on the Golddigger property in 2024. We also are looking forward to announcing results from our inaugural exploration program on Golddigger’s Cambria Icefield new discoveries at Treasure Island and Full Contact as well the inaugural drill program at our untested porphyry target at our Luck Strike property this year.”
Golddigger – Goliath Resources’ Flagship Property
The Golddigger Property is 100% controlled covering an area of 66,023 hectares (163,146 acres) and is located 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).
It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a 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.