Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report assay results for
drill holes GD-23-173, GD-23-116, GD-23-151, and GD-23-135 from the
Golden Gate Feeder Zone at its 100% controlled Golddigger Property
(the “Property”), Golden Triangle, B.C. All four holes intersected
broad intervals of significant quartz-sulphide mineralization and
widespread Visible Gold occurrences.
Hole GD-23-173 intersected Visible Gold and
abundant sulphide mineralization hosted in quartz stockwork and
quartz breccia veins in 2 intervals comprising the Surebet Zone
from 45.11 to 72 meters (a 26.89 meter interval – approx. true
width) and the Bonanza Shear from 446 to 455.27 meters (9.27 meter*
interval). The main mineralized intercept (corresponding to the
Surebet Zone) consists of 33.02 g/t AuEq (10.97 g/t Au and 1817.34
g/t Ag) over 9.60 meters* within 23.89 g/t AuEq (9.40 g/t Au and
1176.14 g/t Ag) over 15.49 meters* within 14.68 g/t AuEq (5.81 g/t
Au and 719.13 g/t Ag) over 26.89 meters*. The shallower intercept
(Surebet Zone) is hosted in sedimentary units composed of mudstones
and siltstones and shows the presence of mineralized stockwork to
quartz breccia veins. Mineralization is observed as semi-massive to
stringer pyrrhotite (up to 5%), sphalerite (up to 2%), disseminated
to patchy galena (<1% but consistent throughout the interval)
and minor chalcopyrite (<1%). Seven occurrences of Visible Gold
were observed through the Surebet Zone intercept, reaching sizes up
to 0.7 mm. Assays are currently pending for the deeper intersect
that corresponds to the Bonanza Shear. The Bonanza Shear intercept
is hosted in sheared mudstones and mineralization consists of
disseminated to semi-massive pyrrhotite (1%) and galena, sphalerite
and chalcopyrite that show 1% abundance over the interval length
but are concentrated in local quartz veins. Visible Gold was
identified at 447.4 meters depth associated with sulphides.
Hole GD-23-116 intersected sulphide
mineralization present as massive to stockwork galena, sphalerite,
pyrrhotite, chalcopyrite and pyrite in 3 distinct intervals. The
shallowest intercept observed between 38 and 42 meters is
interpreted as the Surebet Zone and consists of 11.86 g/t AuEq
(8.92 g/t Au and 147.53 g/t Ag) over 3.00 meters* within 8.94 g/t
AuEq (6.75 g/t Au and 73.10 g/t Ag) over 4.00 meters*. The second
mineralized interval interpreted as a splay of the main Surebet
Zone was found from 104 to 107 meters and consists of 5.11 g/t AuEq
(2.39 g/t Au and 219.00 g/t Ag) over 3.00 meters*. The deepest
intercept interpreted as Bonanza Shear was intersected between 513
and 516/64 meters and consists of 5.77 g/t AuEq (4.70 g/t Au and
29.93 g/t Ag) over 3.64 meters*. The Surebet Zone intercept is
hosted in siltstone massive to semi-massive and stockwork galena
(2%), sphalerite (5%), pyrrhotite (10%) and pyrite (2%). The
Surebet splay is hosted in sandstone and shows the presence of
galena (<1%) and pyrrhotite (<1%) disseminated through the
unit and reaching higher local concentrations along quartz-chlorite
veins and veinlets. The Bonanza Shear intercept was observed from
513 and 516.64 meters is hosted in siltstones and contains massive
to stockwork galena (2%), sphalerite (2%), pyrrhotite (5%), pyrite
(5%) with minor amounts of chalcopyrite.
Hole GD-23-151 intercepted quartz-sulphide
mineralization in 3 mineralized intervals (corresponding from top
to bottom to a Surebet splay, Surebet Zone and Bonanza Shear). The
first interval corresponds to a splay of the Surebet zone and
consists of 2.36 g/t AuEq (1.40 g/t Au and 48.12 g/t Ag) over 2.70
meters* within 1.32 g/t AuEq (0.78 g/t Au and 26.98 g/t Ag) over
5.00 meters*. The second (and main) intercept corresponds to the
Surebet Zone and consists of 8.28 g/t AuEq (7.25 g/t Au and 51.81
g/t Ag) over 2.70 meters* within 3.77 g/t AuEq (3.32 g/t Au and
23.07 g/t Ag) over 6.70 meters* within 2.93 g/t AuEq (2.56 g/t Au
and 18.64 g/t Ag) over 8.85 meters* and within 1.05 g/t AuEq (0.89
g/t Au and 8.21 g/t Ag) over 29.85 meters*. A third interval
corresponds to the Bonanza Shear and assays are currently pending.
A 0.5-millimeter-wide flake of visible gold was identified at a
depth of 143.85 m, hosted in a quartz breccia vein associated with
pyrrhotite and sphalerite mineralization. Sulphide-rich quartz
breccia and veins interpreted as part of the Surebet Zone were
intersected starting from 79.15 to 81.85 meters (Surebet splay) and
continued in an extensive interval from 99.15 to 168.38 meters
hosted in siltstones interbedded with mudstones (Surebet Zone). The
observed mineralization ranges from stringers to stockwork and
massive pyrrhotite (up to 10 %), sphalerite (up to 1 %) and galena
(up to 1 %) with minor concentrations of chalcopyrite. One
prominently mineralized interval interpreted to be part of the
Bonanza Shear was recovered from a depth of 475.41 to 502 meters.
Mineralization in this interval is expressed by disseminated to
massive pyrrhotite, pyrite and sphalerite. Assays for the deepest
interval are pending and will be reported once received.
Hole GD-23-135 intercepted Visible Gold and
quartz-sulphide mineralization in three significant intervals. The
main interval corresponds to the Bonanza Shear and consists of 5.00
meters* of 4.06 g/t AuEq (3.97 g/t Au and 2.08 g/t Ag) within 9.00
meters* of 2.87 g/t AuEq (2.81 g/t Au and 1.70 g/t Ag) and within
19.02 meters* of 1.75 g/t AuEq (1.70 g/t Au and 1.21 g/t Ag). A
second interval corresponds to the Surebet Zone and consists of
1.17 meters* of 6.33 g/t AuEq (5.75 g/t Au and 32.50 g/t Ag) within
3.17 meters* of 3.31 g/t AuEq (2.82 g/t Au and 25.59 g/t Ag). The
last interval is most likely a splay off the Surebet Zone and
consists of 2.00 meters* of 4.41 g/t AuEq (2.76 g/t Au and 76.70
g/t Ag) within 4.76 meters* of 2.09 g/t AuEq (1.22 g/t Au and 39.16
g/t Ag). The hole intersected a series of interlayered sedimentary
units consisting of mudstone, siltstone, and sandstone with minor
volcanic tuff. Visible gold was found at 61.00 meters.
Quartz-sulphide breccia intervals were intersected between 54 and
61 meters (Surebet splay), 102 and 106 meters (Surebet Zone) and
between 387 and 406.00 meters (Bonanza Shear). Mineralization
consists of stringers and aggregations of sphalerite (up to 1 %),
galena (up to 1 %), chalcopyrite (up to 1 %) and pyrrhotite (up to
2 %).
Table 1: Selected 2023 Golddigger drill
hole assay results.
Hole ID |
|
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
AuEq (g/t) |
GD-23-116 |
Interval |
38.00 |
42.00 |
4.00 |
6.75 |
73.10 |
0.02 |
0.02 |
0.00 |
8.94 |
Including |
38.00 |
41.00 |
3.00 |
8.92 |
147.53 |
0.09 |
1.70 |
1.23 |
11.86 |
Interval |
104.00 |
107.00 |
3.00 |
2.39 |
219.00 |
0.02 |
0.12 |
0.16 |
5.11 |
Interval |
513.00 |
516.64 |
3.64 |
4.70 |
29.93 |
0.03 |
0.97 |
0.86 |
5.77 |
GD-23-135 |
Interval |
54.80 |
66.00 |
11.20 |
0.58 |
20.73 |
0.01 |
0.26 |
0.33 |
1.07 |
Including |
59.00 |
63.76 |
4.76 |
1.22 |
39.16 |
0.02 |
0.50 |
0.53 |
2.09 |
Including |
59.00 |
61.00 |
2.00 |
2.76 |
76.70 |
0.02 |
0.98 |
0.97 |
4.41 |
Interval |
100.00 |
113.62 |
13.62 |
0.86 |
9.74 |
0.01 |
0.03 |
0.08 |
1.03 |
Including |
100.00 |
105.17 |
5.17 |
1.82 |
22.16 |
0.01 |
0.08 |
0.20 |
2.20 |
Including |
102.00 |
105.17 |
3.17 |
2.82 |
25.59 |
0.01 |
0.13 |
0.31 |
3.31 |
Including |
104.00 |
105.17 |
1.17 |
5.75 |
32.50 |
0.02 |
0.13 |
0.32 |
6.33 |
Interval |
141.52 |
148.85 |
7.33 |
0.41 |
8.19 |
0.00 |
0.06 |
0.13 |
0.58 |
Including |
144.00 |
145.70 |
1.70 |
1.19 |
8.13 |
0.00 |
0.06 |
0.26 |
1.42 |
Including |
144.86 |
145.70 |
0.84 |
1.61 |
6.72 |
0.00 |
0.08 |
0.32 |
1.85 |
Interval |
388.15 |
407.17 |
19.02 |
1.70 |
1.21 |
0.00 |
0.00 |
0.06 |
1.75 |
Including |
397.00 |
406.00 |
9.00 |
2.81 |
1.70 |
0.00 |
0.00 |
0.10 |
2.87 |
Including |
397.00 |
404.00 |
7.00 |
3.32 |
2.00 |
0.00 |
0.00 |
0.12 |
3.40 |
Including |
397.00 |
402.00 |
5.00 |
3.97 |
2.08 |
0.00 |
0.00 |
0.15 |
4.06 |
Interval |
430.00 |
432.00 |
2.00 |
0.39 |
1.07 |
0.01 |
0.00 |
0.02 |
0.42 |
Including |
430.00 |
431.00 |
1.00 |
0.67 |
1.02 |
0.01 |
0.00 |
0.03 |
0.70 |
GD-23-151 |
Interval |
99.15 |
129 |
29.85 |
0.89 |
8.21 |
0.01 |
0.08 |
0.06 |
1.05 |
Including |
99.15 |
108.00 |
8.85 |
2.56 |
18.64 |
0.01 |
0.21 |
0.17 |
2.93 |
Including |
100.30 |
107.00 |
6.70 |
3.32 |
23.07 |
0.01 |
0.26 |
0.19 |
3.77 |
Including |
100.30 |
103.00 |
2.70 |
7.25 |
51.81 |
0.02 |
0.63 |
0.44 |
8.28 |
GD-23-173 |
Interval |
45.11 |
72.00 |
26.89 |
5.81 |
719.13 |
0.03 |
0.50 |
0.39 |
14.68 |
Including |
46.26 |
61.75 |
15.49 |
9.40 |
1176.14 |
0.05 |
0.81 |
0.60 |
23.89 |
Including |
51.00 |
60.60 |
9.60 |
10.97 |
1817.34 |
0.05 |
0.73 |
0.60 |
33.02 |
Table 2: Collar information for the
drill hole reported in this news release.
Drillhole Name |
Easting |
Northing |
CRS |
Azimuth |
Dip |
Length (m) |
GD-23-116 |
457720.7 |
6162966 |
NAD83 UTM Z9N |
130 |
63 |
532 |
GD-23-135 |
457712.0 |
6162910 |
NAD83 UTM Z9N |
160 |
55 |
521 |
GD-23-151 |
457717.5 |
6162967 |
NAD83 UTM Z9N |
215 |
55 |
555 |
GD-23-173 |
457717.2 |
6162968 |
NAD83 UTM Z9N |
235 |
85 |
473 |
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 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. 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.
Other
Oriented HQ-diameter or NQ-diameter diamond
drill core from the drill campaign is placed in core boxes by the
drill crew contracted by the Company. Core boxes are transported by
helicopter to the staging area, and then transported by truck to
the core shack. The core is then re-orientated, meterage blocks are
checked, meter marks are labelled, Recovery and RQD measurements
taken, and primary bedding and secondary structural features
including veins, dykes, cleavage, and shears are noted and
measured. The core is then described and transcribed in MX
DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM
software and data from the 2017-2022 exploration campaigns. Drill
core containing quartz breccia, stockwork, veining and/or
sulphide(s), or notable alteration are sampled in lengths of 0.5 to
1.5 meters. Core samples are cut lengthwise in half, one-half
remains in the box and the other half is inserted in a clean
plastic bag with a sample tag. Standards, blanks and duplicates
were added in the sample stream at a rate of 10%.
Grab, channels, chip and talus samples were
collected by foot with helicopter assistance. Prospective areas
included, but were not limited to, proximity to MINFile locations,
placer creek occurrences, regional soil anomalies, and potential
gossans based on high-resolution satellite imagery. The rock grab
and chip samples were extracted using a rock hammer, or hammer and
chisel to expose fresh surfaces and to liberate a sample of
anywhere between 0.5 to 5.0 kilograms. All sample sites were
flagged with biodegradable flagging tape and marked with the sample
number. All sample sites were recorded using hand-held GPS units
(accuracy 3-10 meters) and sample ID, easting, northing, elevation,
type of sample (outcrop, subcrop, float, talus, chip, grab, etc.)
and a description of the rock were recorded on all-weather paper.
Samples were then inserted in a clean plastic bag with a sample tag
for transport and shipping to the geochemistry lab. QA/QC samples
including blanks, standards, and duplicate samples were inserted
regularly into the sample sequence at a rate of 10%.
All samples are transported in rice bags sealed
with numbered security tags. A transport company takes them from
the core shack to the ALS labs facilities in North Vancouver. ALS
is either certified to ISO 9001:2008 or accredited to ISO
17025:2005 in all of its locations. At ALS samples were processed,
dried, crushed, and pulverized before analysis using the ME-MS61
and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is
digested with perchloric, nitric, hydrofluoric, and hydrochloric
acids. The residue is topped up with dilute hydrochloric acid and
analyzed by inductively coupled plasma atomic emission
spectrometry. Overlimits were re-analyzed using the ME-OG62 and
Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume
of sample is needed (typically 1-3kg). The sample is crushed and
screened (usually to -106 micron) to separate coarse gold particles
from fine material. After screening, two aliquots of the fine
fraction are analysed using the traditional fire assay method. The
fine fraction is expected to be reasonably homogenous and well
represented by the duplicate analyses. The entire coarse fraction
is assayed to determine the contribution of the coarse gold.
The reader is cautioned that grab samples are
spot samples which are typically, but not exclusively, constrained
to mineralization. Grab samples are selective in nature and
collected to determine the presence or absence of mineralization
and are not intended to be representative of the material
sampled.
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 of its 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 Tel:
+1-416-488-2887roger@goliathresources.com
www.goliathresourcesltd.com
* Widths are reported in drill core lengths and
the true widths are estimated to be 80-90% and AuEq metal values
are calculated using: Au 1644.08 USD/oz, Ag 19.23 USD/oz, Cu 3.47
USD/lbs, Pb 1870.50 USD/ton and Zn 2882.50 USD/ton on October 28,
2022. There is potential for economic recovery of gold, silver,
copper, lead, and zinc from these occurrences based on other mining
and exploration projects in the same Golden Triangle Mining Camp
where Goliath’s project is located such as the Homestake Ridge Gold
Project (Auryn Resources Technical Report, Updated Mineral Resource
Estimate and Preliminary Economic Assessment on the Homestake Ridge
Gold Project, prepared by Minefill Services Inc., Bothell,
Washington dated May 29, 2020). Here, AuEq values were calculated
using 3-year running averages for metal price, and included
provisions for metallurgical recoveries, treatment charges,
refining costs, and transportation. Recoveries for Gold were 85.5%,
Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be
assumed that Zinc can be recovered with the Copper at the same
recovery rate of 74.6%. The quoted reference of metallurgical
recoveries is not from Goliath’s Golddigger Project, Surebet Zone
mineralization, and there is no guarantee that such recoveries will
ever be achieved, unless detailed metallurgical work such as in a
Feasibility Study can be eventually completed on the Golddigger
Project.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange), nor the OTCQB Venture Market
accepts responsibility for the adequacy or accuracy of this
release.
Certain statements contained in this press
release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of
the words "could", "intend", "expect", "believe", "will",
"projected", "estimated" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on Goliath’s
current belief or assumptions as to the outcome and timing of such
future events. Actual future results may differ materially. In
particular, this release contains forward-looking information
relating to, among other things, the ability of the Company to
complete financings and its ability to build value for its
shareholders as it develops its mining properties. Various
assumptions or factors are typically applied in drawing conclusions
or making the forecasts or projections set out in forward-looking
information. Those assumptions and factors are based on information
currently available to Goliath. Although such statements are based
on management's reasonable assumptions, there can be no assurance
that the proposed transactions will occur, or that if the proposed
transactions do occur, will be completed on the terms described
above.
The forward-looking information contained in
this release is made as of the date hereof and Goliath is not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
This announcement does not constitute an offer,
invitation, or recommendation to subscribe for or purchase any
securities and neither this announcement nor anything contained in
it shall form the basis of any contract or commitment. In
particular, this announcement does not constitute an offer to sell,
or a solicitation of an offer to buy, securities in the United
States, or in any other jurisdiction in which such an offer would
be illegal.
The securities referred to herein have not been
and will not be will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or
any state securities laws and may not be offered or sold within the
United States or to or for the account or benefit of a U.S. person
(as defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT
CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN.
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