Goliath Intercepts 35.04 g/t AuEq (1.13 oz/t AuEq) Over 6.34 Meters ~True Width, Two Deeper Intercepts Have Assays Pending, Surebet Discovery, Golden Triangle, B.C.
Drill Highlights:
- Drill hole GD-24-235 intercepted abundant visible gold and high-grade gold mineralization containing 35.04 g/t AuEq (34.16 g/t Au and 34.15 g/t Ag) over 6.34 meters ~true width, within 15.86 g/t AuEq (15.40 g/t Au and 17.11 g/t Ag) over 11.9 meters, corresponding to the Bonanza Shear (see image below).
- Assays are pending from GD-24-235 on an additional 24.4 meter intercept of a porphyritic intrusion between 529.29 – 553.67 meters downhole. It contains veins with abundant visible gold, molybdenite up to 2 mm in size and bismuth that indicates increased confidence in the proximity of the feeder source of the Surebet system.
- Assays are also pending on a 10 meter interval from GD-24-235 between 550 and 650 meters downhole that is hosted within the andesite in a series of closely spaced quartz sulphide veins being observed. It contains abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite.
- The 11.9 meter interval reported from GD-24-235 of high vein density sits between 445 – 457 meters downhole. Oriented core confirms near true width of mineralized vein widths, multiple large quartz-sulphide veins corresponding to the Bonanza Shear located just below the contact between Upper Hazelton sedimentary and Lower Hazelton volcanic units containing abundant visible gold, up to 2 % sphalerite, 1 % galena, 1 % chalcopyrite, 2 % pyrrhotite, and 3 % pyrite.
- The increase in coarser gold and base metal components observed with depth, suggests stronger mineralization in deeper parts of the system as drilling ventures past the valley floor. Which suggests that drilling is closing in on the heat engine source of the gold mineralizing system.
- Based on drill assay results from 2021 – 2023 from a total of 234 widely spaced drill holes, Goliath’s Surebet Discovery has been expanded to include 10 mineralized vein domains; Surebet Upper, Surebet Lower, Bonanza, Whopper, Eldorado, Golden Gate Upper, Golden Gate Lower, Goldzilla, Hot Spot. In addition, the minerals hit in the early drilling during 2024 suggests we have tapped into the top of the heat engine source of the gold mineralizing system.
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 2024 drill campaign at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. Drill hole GD-24-235 which intercepted abundant visible gold and high-grade mineralization returned 35.04 g/t AuEq or 1.13 oz/t (34.16 g/t Au and 34.15 g/t Ag) over 6.34 meters (~true width) within 15.86 g/t AuEq (15.40 g/t Au and 17.11 g/t Ag) over 11.9 meters.
Hole GD-24-235 (180Az/-81.5 Dip, EOH 696.0 m) collared from Golden Gate Pad and drilled into the Bonanza Shear Zone and the newly discovered Mothership Feeder Zone. It is hosted within the Lower Hazelton volcanics containing abundant visible gold and strong sulphide mineralization in quartz breccia. The hole intercepted a porphyritic intermediate intrusive dyke containing veins with abundant visible gold, molybdenum up to 2 mm and bismuth mineralization. The host rock consists of intervals of interbedded mudstone and siltstone, in the deeper portion of the hole calc-silicate-altered andesite. Several mineralized quartz veins with abundant visible gold have been intersected within the andesite.
Hole GD-24-236 (200 Az/-45 Dip, EOH 351.0 m) collared from Go-For-Gold Pad above the main Surebet Zone intercepted high-grade gold mineralization containing 4.14 g/t AuEq (3.02 g/t Au and 63.55 g/t Ag) over 6.0 meters including 6.79 g/t AuEq (4.96 g/t Au and 78.03 g/t Ag) over 3.04 meters interpreted to be the Surebet Upper Zone. The hole drilled through a sedimentary sequence of mudstones that contained interbedded siltstones and sandstones in the upper portion of the hole. The lower part of the hole consists of interbedded mudstones and pyritic limestone (1 – 2% disseminated pyrite). Mineralization in this interval consists of strongly carbonate-altered sedimentary rocks with massive pyrrhotite (2%) and sphalerite (1%), semi-massive galena (<1%) and pyrite (<1%), as well as trace chalcopyrite. Sulphide was observed in host rock margins near quartz breccia.
Table 1: Selected 2024 Golddigger drill hole assay results.
Table 2: Collar information for the drill holes reported in this news release.
The drill program will focus on testing the potential feeder source at depth below the valley floor, while positioned to also drill through known zones, to discover new additional veins/shears, expanding the footprint of the 10 known veins and increasing the continuity of the veins/shears. The Surebet discovery will see the bulk of the meters planned. The balance of the drilling will be used to test two new strongly mineralized gold-copper targets: Jackpot and Treasure Island (location map below).
Golddigger Property
The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.
The Surebet discovery has exceptional continuity and excellent 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.
About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)
Goliath is a paying member and active supporter of CASERM, an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data are used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization that confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.
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. Mr. Turna is also a director of the Company.
About Goliath Resources Limited
Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
roger@goliathresources.com