Goliath Resources Limited (TSX-V: GOT) (FSE: B4IE) (OTCQB:
GOTRF) (the
“Company” or
“Goliath”) is pleased to report results for the
2020 field program on the Surebet discovery zone on its 100%
controlled Golddigger property in the prolific Golden Triangle,
B.C.
Multiple high-grade polymetallic gold-silver targets
have been identified along 1 kilometer (1000 meters) of strike and
a half a kilometer (500 meters) of vertical relief with an average
true width of 9.33 meters assaying 10.66 gpt gold equivalent (AuEq)
and 7.58 grams per tonne gold (gpt Au) based on extensive channel
sampling taken and remains open. These targets are contained within
a shear zone that is exposed at surface for 1 kilometer (1000
meters) where 10 are planned to be tested in the inaugural 2021
drill program. The high-grade polymetallic gold-silver
mineralization is contained within a broad alteration halo of
strongly silicified Hazelton Group sediments up to 43.5 meters wide
containing mineralization assaying less than 0.5 gpt AuEq.
The Surebet Zone is located 7 km west of the
Dolly Varden Mine road and 10 km to deep water barge access,
providing good access to infrastructure in Alice Arm. The
Surebet zone is also situated 8 km SW of Auryn Resources’ Homestake
Ridge, which has a high-grade gold-silver resource estimate
(indicated and inferred) of 982,700 oz of gold at 4.99 gpt gold and
19,600,000 oz of silver at 97.7 gpt silver, with drill intercepts
of up to 73 meters of 21 gpt gold and 12 gpt silver (source – Auryn
Resources’ PEA & webpage).
SUREBET DISCOVERY
HIGHLIGHTS:
- 10 strong drill targets containing high-grade
polymetallic gold-silver mineralization have been confirmed along
1000 m strike and 1 additional target located on the East Splay
Zone ~200 m away:° Link to map (Click
Here). ° Link to video (Click
Here).
- Surebet Waterfall Zone – drill
targets:° Lower Waterfall - 14.11 gpt Au over
10.0 m true width, including 17.60 gpt AuEq over 8.0 m and 21.32
gpt AuEq over 6.0 m and 30.55 gpt AuEq over 4.0 m, remains open
(Click for Image).° Main Waterfall - 10.91 gpt AuEq
over 11.8 m true width, including 16.64 gpt AuEq over 6.8 m and
20.54 gpt AuEq over 4.8 m, remains open (Click for
Image).° Upper Waterfall - 8.65 gpt AuEq over 3.0 m
true width, remains open.
- Surebet Main Zone - drill
target:° 6.64 gpt AuEq over 10.9 m true
width, including 7.66 gpt AuEq over 8.4 m (Click for
Image).
- Surebet North Zone - drill
targets:° Lower North - 5.13 gpt AuEq over
12.3 m true width, including 17.86 gpt AuEq over 3.1 m, remains
open (Click for Image).° Upper North - 15.09
gpt AuEq over 5.3 m true width, including 17.01 gpt AuEq over 4.7
m, remains open (Click for Image).
- Surebet South Zone - drill
target:° 11.48 gpt AuEq over 3.0 m true width
(Click for Image).
- Surebet Central Zone - drill
targets:° Upper Central – 4.04 gpt AuEq over
8.0 m true width, including 7.16 gpt
AuEq over 3.8 m (Click for
Image).° Lower Central – 4.75 gpt AuEq over
6.1 m true width, including 5.43 gpt AuEq over 2.9 m, remains open
(Click for Image).
- Cliff Zone - drill target:° 3 m
chip sample assaying 5.47 gpt AuEq, remains open (Click for
Image).
- Surebet East Splay Zone – drill
target:° 18.96 gpt AuEq over 2.5 m true
width, remains open to the east (Click for Image).
In the 40 m wide Cliff Zone a 3 meter
chip sample assayed 5.47 gpt AuEq, remains open and is
drill ready (Click for Image). An angular float sample collected in
the scree slope just below the cliff face assayed 967.99
gpt AuEq or 31.12 oz/t AuEq (924.40 gpt Au or 29.72 oz/t Au and
3023 gpt Ag or 97.19 oz/t Ag) and is believed to be
sourced from the Cliff Zone (Click for Image). These samples are an
indication of the strong potential for high grade polymetallic
mineralization at the Cliff Zone. Sampling of this area was
challenging due to the steep topography. The planned follow up
drill program in 2021 will allow to outline the full potential of
this zone.
Channels cut in the Cloud 9 Zone ~800 m
west of the Surebet Zone assayed up to 8.94 gpt AuEq and ended in
gold mineralization (Click for Image). Due to extensive
snow cover during the 2020 field season exposure of bedrock on this
target was limited. Additional channels on Cloud 9 are planned for
2021 in preparation for drilling. The results of the 2020 channels
at Cloud 9 are a strong testament to the untapped discovery
potential remaining in this area.
The successful 2020 program focused on tracing
the full extent of the extensive high-grade gold-silver mineralized
outcrops identified in 2019 in preparation for the inaugural drill
program planned for 2021. The Company has identified multiple high
grade polymetallic targets confirmed by channel cuts, 11 of which
are planned to be the focus of the inaugural 2021 drilling. The
program consisted of a series of systematic channel cuts on newly
discovered gold-silver mineralized outcrops within a 4 square
kilometre area of glacial and snowpack abatement. The zones at the
time were up to 52.75 meters wide and have traced on surface for up
to 1000 meters by 500 meters of vertical relief and remain
open.
Table 1 - Channel samples
highlights
Location |
Sample Type |
Interval (m) |
Au (gpt) |
Ag (gpt) |
Cu (%) |
Pb (%) |
Zn (%) |
AuEq (gpt)2 |
Comment |
Waterfall Zone |
Lower Waterfall |
Channel |
10.00 |
10.41 |
226.26 |
0.05 |
1.00 |
1.20 |
14.11 |
Drill target, remains open to the west |
including |
Channel |
8.00 |
12.99 |
281.71 |
0.06 |
1.30 |
1.50 |
17.60 |
|
including |
Channel |
6.00 |
16.00 |
315.03 |
0.07 |
1.55 |
1.94 |
21.32 |
|
including |
Channel |
4.00 |
23.55 |
417.53 |
0.08 |
2.06 |
2.46 |
30.55 |
|
Main Waterfall |
Channel |
11.80 |
4.57 |
360.50 |
0.03 |
0.73 |
0.49 |
10.91 |
Drill target, remains open |
Including |
Channel |
6.80 |
7.37 |
516.03 |
0.04 |
0.73 |
0.43 |
16.64 |
|
Including |
Channel |
4.80 |
9.85 |
553.13 |
0.04 |
0.69 |
0.38 |
20.54 |
|
Upper Waterfall |
Channel |
3.00 |
6.22 |
161.43 |
0.02 |
0.56 |
0.50 |
8.65 |
Drill target, remains open |
Main Zone |
Main |
Channel |
10.90 |
4.58 |
130.24 |
0.01 |
0.01 |
0.93 |
6.64 |
Drill target |
Including |
Channel |
9.50 |
5.25 |
148.87 |
0.02 |
1.06 |
0.33 |
7.60 |
|
Including |
Channel |
8.40 |
5.37 |
144.80 |
0.01 |
1.10 |
0.28 |
7.66 |
|
North Zone |
Upper North |
Channel |
5.30 |
3.31 |
900.60 |
0.09 |
0.82 |
0.25 |
15.09 |
Drill target, remains open |
Including |
Channel |
4.70 |
3.73 |
1014.95 |
0.11 |
0.92 |
0.27 |
17.01 |
|
Lower North |
Channel |
12.30 |
0.95 |
308.08 |
0.02 |
0.56 |
0.25 |
5.13 |
Drill target, remains open to the west |
Including |
Channel |
3.10 |
2.75 |
1138.39 |
0.08 |
1.96 |
0.30 |
17.86 |
|
South Zone |
South |
Channel |
3.00 |
10.49 |
71.20 |
0.01 |
0.20 |
0.03 |
11.48 |
Drill target |
Central Zone |
Upper Central |
Channel |
8.00 |
2.77 |
70.07 |
0.00 |
0.75 |
0.38 |
4.04 |
Drill target |
Including |
Channel |
7.70 |
3.09 |
68.35 |
0.00 |
0.74 |
0.39 |
4.10 |
|
Including |
Channel |
3.80 |
5.16 |
108.45 |
0.00 |
1.25 |
0.60 |
7.16 |
|
Lower Central |
Channel |
6.10 |
0.68 |
268.27 |
0.04 |
0.85 |
0.93 |
4.75 |
Drill target, remains open to the east |
Including |
Channel |
2.90 |
0.48 |
329.90 |
0.06 |
0.97 |
1.05 |
5.43 |
|
East Splay Zone |
East Splay Zone |
Channel |
2.50 |
3.54 |
945.00 |
0.12 |
1.70 |
6.84 |
18.96 |
Drill target, remains open to the east |
Cloud 9 Zone |
Cloud 9 |
Channel |
5.00 |
0.61 |
129.24 |
0.02 |
0.17 |
0.18 |
2.39 |
Remains open to the west |
Including |
Channel |
1.00 |
2.90 |
432.00 |
0.04 |
0.77 |
0.76 |
8.94 |
|
2 AuEq metal values are calculated using Au
USD/oz 1894.909, Ag USD/oz 23.841, Cu USD/lb 3.074, Pb USD/lb
0.826, Zn USD/lb 1.166 (2020/11/04). All values are reported in USD
and do not consider metal recoveries.
Table 2 - Chip and Grab samples
highlights
Sample ID |
Sample Type1 |
Interval (m) |
Au (gpt) |
Ag (gpt) |
Cu (%) |
Pb (%) |
Zn (%) |
AuEq (gpt)2 |
Cliff Zone |
W387967 |
Float |
|
924.40 |
3023.00 |
0.05 |
12.59 |
4.11 |
967.99 |
W387966 |
Chip |
3 |
4.30 |
47.90 |
0.01 |
0.76 |
0.77 |
5.47 |
W389911 |
Grab |
|
0.22 |
79.10 |
0.05 |
0.21 |
0.66 |
1.61 |
Lower Cliff Zone |
A0600862 |
Chip |
1 |
7.10 |
16.10 |
0.02 |
0.14 |
0..06 |
7.39 |
A0600863 |
Grab |
|
6.10 |
9.00 |
0.02 |
0.06 |
0.06 |
6.29 |
Waterfall Zone |
A0600706 |
Grab |
|
9.597 |
847.00 |
0.02 |
6.38 |
0.41 |
22.36 |
A0600705 |
Grab |
|
3.50 |
306.00 |
0.08 |
1.39 |
1.03 |
8.29 |
A0600707 |
Grab |
|
7.90 |
22.10 |
0.01 |
0.02 |
0.04 |
8.22 |
East Splay Zone |
W387862 |
Grab |
|
1.30 |
1958.00 |
0.08 |
5.13 |
10.82 |
32.13 |
North Zone |
W387867 |
Grab |
|
4.10 |
1597.00 |
0.06 |
1.49 |
0.20 |
24.80 |
Cloud 9 |
A0600637 |
Grab |
|
4.20 |
2.70 |
0.06 |
0.00 |
0.00 |
4.30 |
A0600702 |
Grab |
|
1.30 |
10.80 |
0.01 |
0.16 |
0.23 |
1.59 |
Other areas |
A0600636 |
Grab |
|
0.29 |
42.10 |
0.01 |
0.47 |
0.41 |
1.15 |
A0600703 |
Grab |
|
1.00 |
0.60 |
0.00 |
0.00 |
0.01 |
1.01 |
1 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.
2 AuEq metal values are calculated using Au USD/oz 1894.909, Ag
USD/oz 23.841, Cu USD/lb 3.074, Pb USD/lb 0.826, Zn USD/lb 1.166
(2020/11/04). All values are reported in USD and do not consider
metal recoveries.
This gold rich polymetallic discovery is located
in an extensive area of recent glacial and snow pack abatement in
an alpine environment with excellent bedrock exposure, along an
unexplored region in close proximity to the “Red
Line” (Click for Image) in British Columbia’s Golden
Triangle (Click for Image). This world class geologic setting and
newly discovered wide spread high-grade polymetallic gold-silver
mineralization on the Golddigger property has several early
indications of a significant new mining district discovery.
The Surebet Zone is characterized by a series of
NW-SE trending faults that occur within a package of highly folded
and faulted Hazelton Group sediments. Lidar imagery, drone imagery,
and field observations have identified multiple paralleling faults
within close proximity to each other. Geochemical analyses
confirmed high grade gold-silver polymetallic mineralization in
bedrock that were followed up in 2020. The program included
systematic channel cutting and detailed mapping covering the
Surebet Zone and surrounding area.
The Golddigger property lies within the Stikine
Volcanic Arc, including the Eskay Rift (Click for Image) and
“Red Line” (Click for Image). Structurally
controlled, gold and silver bearing mineralization in these
stratabound horizons is preferentially delineated in a NW-SE
orientation. The Surebet Zone is on the eastern side of the
Golddigger property and is underlain by coarse clastic sedimentary
rocks of the Stuhini Group that are unconformably overlain by
inter-fingered volcanics as well as sedimentary rocks of the
Hazelton Group. This contact is known as the “Red
Line” and thought to be a key marker in the Golden
Triangle when exploring for significant mineralizing systems.
Mineralization within the Surebet Zone consists of structurally
controlled massive, semi massive and disseminated sulphides
containing galena, sphalerite and pyrite. This high grade
mineralization occurs within broad alteration halos up to 43.5
meters wide of silica flooded sediments which also contain
polymetallic mineralization along the 1000 meters strike that
remains open with 500 meters of vertical relief.
Mr. Roger Rosmus, CEO of Goliath states:
“These assay results have far exceeded our expectations.
The Surebet discovery has a very strong potential to quickly evolve
into the next big high-grade gold-silver discovery in the Golden
Triangle. The interest from miners and institutions alike is a
strong testament of the potential of the project. The Company looks
forward to the inaugural drill program with great
anticipation.”
Qualified Person
Rein Turna, P. Geo, is the qualified person as
defined by National Instrument 43-101, for Goliath Resources Ltd
projects, and supervised the preparation of, and has reviewed and
approved, the technical information in this release.
Other
All rock, channel and talus fine samples were
crushed and pulverized at MSALABS's laboratory in Terrace, BC.
MSALABS is either Certified to ISO 9001:2008 or Accredited to ISO
17025:2005 in all of its locations. The resulting sample pulps were
analyzed for gold by fire assay and metallic screen fire assay in
Langley, BC. The pulps were also assayed using multi-element aqua
regia digestion at MSALABS's laboratory in Langley, BC. The coarse
reject portions of the rock samples, as well as the pulps, were
shipped to Goliath Resources Ltd's storage facility in Terrace, BC.
All samples were analyzed using MSALABS's assay procedure ICP-130,
a 1:1:1 aqua regia digestion with inductively-coupled plasma atomic
emission spectrometry (ICP-AES) or inductively-coupled plasma mass
spectrometry (ICP-MS) finish for 35 elements as well as the FAS-121
lead collection fire assay fusion procedure with atomic absorption
spectroscopy (AAS) finish. Any results greater than 100 ppm for
silver or 10,000 ppm copper, lead and zinc were additionally
assayed using MSALABS's ICA-6xx method particular to each element.
This method used an HNO3-HCl digestion followed by ICP-AES (or
titrimetric and gravimetric analysis). Gold values of greater than
10 ppm Au were assayed by the FAS-425 method which includes a
fire-assay fusion procedure with a gravimetric finish. Samples with
Au grater than 5 ppm were additionally analyzed using metallic
screen fire assay with MSALABS’s MSC-150 or MSC-350 method. QA/QC
samples including blanks, standards, and duplicate samples were
inserted regularly into the sample sequence.
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.
For more information please
contact:
Goliath Resources LimitedMr. Roger
RosmusPresident and Chief Executive OfficerTel: +1 416 488
2887
(x222)roger@goliathresources.comwww.goliathresourcesltd.com
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