Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report drill holes
results for GD-23-203 from within the Bonanza Shear, the contact
between the Hazelton Sediments and Volcanics at its 100% controlled
Golddigger Property (the “Property”), Golden Triangle, B.C.
Hole GD-23-203 collared from Pad 8 within the
Bonanza Shear intersected an extensive mineralized interval
composed of sulphide-rich quartz breccia and stockwork from 288.65
to 324.1 meters that included 15.8 meters* of abundant Visible Gold
from 306.2 to 322 meters. Sulphide mineralization consists of
patches, stockworks and disseminated galena (1%), sphalerite (2%),
pyrrhotite (2%) and minor chalcopyrite. The mineralized interval is
hosted in strongly altered siltstones and the mineralization is
observed in quartz-chlorite veins and veinlets characteristic of
the deposit style observed within the Golddigger property. Assays
are currently pending.
Hole GD-23-157 collared from Cliff Pad within
the Golden Gate Feeder Zone (500 m north of Pad A), intercepted
Visible Gold mineralization containing 23 meters* of 21.08 g/t AuEq
(18.95 g/t Au and 95.31 g/t Ag) including 14.00 meters* of 33.75
g/t AuEq (30.39 g/t Au and 150.42 g/t Ag) and 9.00 meters* of 50.27
g/t AuEq (45.27 g/t Au and 225.42 g/t Ag). The hole drilled through
a sedimentary package consisting of interbedded mudstones and
sandstones, crosscut by several dykes of intermediate composition.
A multitude of sulfide and gold-rich quartz veins and breccias were
intersected, which were hosted in altered siltstone characteristic
of the Surebet Zone. The observed alteration style consists of
chloritization in veins and silicification extending from vein
margins within the host rock, consistently with previous high-grade
occurrences from the Surebet Zone. Sulfide mineralization ranges
from stockwork to semi-massive pyrrhotite, sphalerite, galena ±
chalcopyrite and is particularly pronounced from 129 to 131 meters
and 136 to 137 meters. The shallowest occurrence of Visible Gold
was identified at 119 meter depth, associated with patchy
pyrrhotite mineralization. Eleven further Visible Gold occurrences
were observed between 129 and 139 meters. The intercept is
interpreted to be the Surebet Zone and is one of five mineralized
intercepts intersected in this hole.
Hole GD-23-173 collared from Cliff Pad,
intersecting Visible Gold and abundant sulphide mineralization
hosted in quartz stockwork and quartz breccia veins in 2 intervals.
The Surebet Zone from 45.11 to 72 meters as well as the Bonanza
Shear from 466 to 455.27 meters. The main mineralized intercept
(Surebet Zone) consists of more than 1 oz/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*. Assays are
currently pending for the deeper intersect that corresponds to the
Bonanza Shear and shows the presence of Visible Gold and abundant
sulphide mineralization present as semi-massive and stringer
galena, sphalerite, pyrrhotite and chalcopyrite. 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. The deeper
Bonanza Shear intercept is hosted in sheared mudstones and extends
from 446 to 455.27 meters, where 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-23-197 collared from Pad 16 within the
Golden Gate Feeder Zone (600 m north of Pad A) intersected three
outcropping quartz-chlorite-sulphide mineralized shear zones. The
first zone occurs within the mudstones from 396 to 398 meters and
is interpreted to be part of the Surebet Zone, the second occurs
from 418.1 to 422 meters and is most likely part of the Bonanza
Shear. A third new zone named the Golden Gate Zone only 20 meters
below the Bonanza Shear, has been identified within the underlying
Hazelton Volcanics between 442.85 and 462.00 meters representing a
19.15 meter interval (~true width) where multiple sheeted
veins/shears ranging in thickness from 3 centimeters to 2.2 meters
were intercepted, containing abundant Visible Gold (up to 1%)
nuggets up to 4mm in size, sphalerite (up to 10%), galena (up to
5%), chalcopyrite (up to 3%), pyrrhotite (up to 20%) and pyrite (up
to 20%).
Table 1: Selected 2023 Golddigger drill
hole assay results.
Pad ID |
Hole ID |
|
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
AuEq (g/t) |
Cliff |
GD-23-157 |
Interval |
118.00 |
141.00 |
23.00 |
18.95 |
95.31 |
0.01 |
1.29 |
1.37 |
21.08 |
Including |
125.00 |
139.00 |
14.00 |
30.39 |
150.42 |
0.02 |
2.04 |
2.15 |
33.75 |
Including |
129.00 |
138.00 |
9.00 |
45.27 |
225.42 |
0.02 |
3.04 |
3.15 |
50.27 |
Cliff |
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 infrmation for the drill
hole reported in this news release.
Pad |
Drillhole Name |
Easting |
Northing |
CRS |
Azimuth |
Dip |
Length (m) |
Cliff |
GD-23-157 |
457713 |
6162911 |
NAD83 UTM Z9N |
210 |
55 |
531 |
Cliff |
GD-23-173 |
457717.2 |
6162968 |
NAD83 UTM Z9N |
235 |
85 |
473 |
All the occurrences of Visible Gold to date have
been identified within quartz-breccia and veins in contact with or
in close proximity to sphalerite and/or galena mineralization. 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.
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. 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
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particular, this announcement does not constitute an offer to sell,
or a solicitation of an offer to buy, securities in the United
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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
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(as defined in Regulation S under the U.S. Securities Act) unless
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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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