Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report the second batch
of assay results of the 2022 drill campaign on the Surebet Zone
discovery at its 100% controlled Golddigger Property (the
“Property”), Golden Triangle, B.C. Fifteen (15)
out of 16 newly reported holes from within the 1.6 square kilometer
area on the Surebet Zone intersected broad intervals of high-grade
gold-silver mineralization demonstrating the continuity of this
newly discovered large gold system.
Assays to date for 66 out of 68 drill holes (97%
hit rate) collared within the 1.6 square kilometer area have
returned significant gold-silver intervals. Hole numbers GD-22-55
from batch 1 and GD-22-67 from batch 2 set of assays drilled into
dykes and did not intersect the Surebet Zone. Assays have confirmed
that the Surebet Zone covers at least 1.6 square kilometers
demarked by an area that spans from North Rubble to Pad 1, Pad 11
and Pad A and remains open. Assays for the final 27 drill holes
still pending will be included in Batch 3 and are expected to be
released in the near future once received, compiled, and
interpreted. These holes are from pads 5, 7, 12, 13, Real Deal,
West of N.E. Fault and G, which are all located within the 1.6
square kilometer area (see map above).
Drill highlights from the second batch of
results from the 2022 drill campaign include: hole GD-22-80
collared from Pad 3 (1000 meters step-out to the West from Surebet
Main) which intersected high-grade gold mineralization containing
117.21 gpt AuEq (115.00 gpt Au and 28.50 gpt Ag) over 1 meter*
within 24.64 gpt AuEq (23.17 gpt Au and 6.32 gpt Ag) over 5.00
meters*; hole GD-22-70 collared from Pad 8 (750 meters step-out to
the West from Surebet Main) which intersected high-grade gold
mineralization containing 41.85 gpt AuEq (37.03 gpt Au and 195.37
gpt Ag) over 2.02 meters* within 14.66 gpt AuEq (12.93 gpt Au and
69.00 gpt Ag) over 6.00 meters*; hole GD-22-72 collared from Pad 10
(600 meters step-out to the West from Surebet Main) which
intersected high-grade gold mineralization containing 8.01 gpt AuEq
(7.18 gpt Au and 24.60 gpt Ag) over 3.12 meters* within 5.37 gpt
AuEq (4.76 gpt Au and 18.58 gpt Ag) over 5.07 meters*; hole
GD-22-86 collared from Pad 10 (600 meters step-out to the West from
Surebet Main) which intersected high-grade gold mineralization
containing 4.78 AuEq (4.19 gpt Au and 14.41 gpt Ag) over 3.11
meters* within 1.83 gpt AuEq (1.58 gpt Au and 6.15 gpt Ag) over
11.11 meters*; hole GD-22-56 collared from Midwest Pad (300 meters
step-out to the West from Surebet Main) which intersected 5.71 gpt
AuEq (4.58 gpt Au and 42.93 gpt Ag) over 3.00 meters* within 3.75
gpt AuEq (2.99 gpt Au and 28.27 gpt Ag) over 5.00 meters*; and hole
GD-22-83 collared from Pad 17 (150 meters South of Surebet Main)
which intersected 8.72 gpt AuEq (7.62 gpt Au and 49.45 gpt Ag) over
2.00 meters* and 4.20 gpt AuEq (3.66 gpt Au and 23.83 gpt Ag) over
5.00 meters* within 2.48 gpt AuEq (2.15 gpt Au and 15.53 gpt Ag)
over 10.00 meters (see full table below).
Roger Rosmus, Founder and CEO of Goliath
Resources, states: “Assays from within the 1.6 square
kilometer Surebet Zone are confirming exceptional results with a
97% hit rate with 66 out of 68 holes reported to date intersecting
significant widths and grades of gold mineralization. This
demonstrates incredible continuity of this discovery that has
excellent metallurgy with a 98.2% gold recovery with zero
deleterious elements all located in close proximity to major
infrastructure in B.C. Canada. This is an exceptional result for an
original discovery that has advanced at an incredible rate
considering that the maiden exploratory drill program started just
over a year ago in the summer of 2021 and the total field time to
date on the Surebet discovery is just 6 months for both 2021 and
2022 combined has provided an excellent ROI for its shareholders.
Based on these promising results seen in both grade and geometry,
this is quickly evolving into a new world-class high-grade gold
discovery. We have commissioned additional metallurgical testing
(initial metallurgical work showed 38.1 % free gold and excellent
recovery’s using simple gravity) and an environmental baseline
study focussed on moving the project forward towards potential
future development. The Surebet Discovery has garnered the interest
from several miners and institutions alike. We look forward to
reporting assays on the remaining 27 holes in batch three from our
2022 drill campaign with much anticipation.”
Table 1: Selected 2022 Golddigger drill hole assay results.
Pad |
Hole |
|
From (m) |
To (m) |
Interval (m) |
Au (gpt) |
Ag (gpt) |
Cu (%) |
Pb (%) |
Zn (%) |
AuEq (gpt) |
Pad 3 |
GD-22-80 |
Interval |
360.00 |
365.00 |
5.00 |
23.17 |
6.32 |
0.01 |
0.02 |
0.68 |
23.64 |
|
|
Including |
360.00 |
361.00 |
1.00 |
115.00 |
28.50 |
0.02 |
0.07 |
3.34 |
117.21 |
|
|
Interval |
370.00 |
372.00 |
2.00 |
7.03 |
6.23 |
0.01 |
0.04 |
0.21 |
7.24 |
|
GD-22-69 |
Interval |
426.00 |
433.00 |
7.00 |
0.91 |
1.75 |
0.01 |
0.01 |
0.06 |
0.98 |
|
|
Including |
426.00 |
429.00 |
3.00 |
1.73 |
2.51 |
0.01 |
0.01 |
0.11 |
1.84 |
|
GD-22-75 |
Interval |
381.00 |
382.00 |
1.00 |
2.96 |
3.15 |
0.01 |
0.03 |
0.48 |
3.28 |
|
|
Interval |
424.00 |
430.00 |
6.00 |
0.34 |
6.18 |
0.01 |
0.10 |
0.18 |
0.56 |
|
|
Including |
424.00 |
426.00 |
2.00 |
0.74 |
9.33 |
0.00 |
0.22 |
0.11 |
0.99 |
Pad 8 |
GD-22-70 |
Interval |
279.00 |
285.00 |
6.00 |
12.93 |
69.00 |
0.02 |
1.03 |
0.96 |
14.66 |
|
|
Including |
281.24 |
283.26 |
2.02 |
37.03 |
195.37 |
0.03 |
3.00 |
2.62 |
41.85 |
|
|
Interval |
326.00 |
328.00 |
2.00 |
1.31 |
7.70 |
0.02 |
0.10 |
0.11 |
1.53 |
|
GD-22-54 |
Interval |
366.00 |
373.93 |
7.93 |
1.93 |
10.99 |
0.01 |
0.19 |
0.18 |
1.85 |
|
|
Including |
366.00 |
370.15 |
4.15 |
2.83 |
12.32 |
0.01 |
0.25 |
0.21 |
3.19 |
|
|
And |
373.00 |
373.93 |
0.93 |
3.02 |
11.85 |
0.01 |
0.13 |
0.14 |
3.30 |
|
|
Interval |
380.00 |
382.00 |
3.00 |
0.12 |
44.27 |
0.03 |
0.24 |
0.28 |
0.91 |
|
GD-22-60 |
Interval |
314.87 |
318.26 |
3.39 |
0.62 |
61.38 |
0.03 |
0.84 |
1.66 |
2.57 |
|
|
Including |
315.72 |
317.42 |
1.70 |
1.11 |
119.63 |
0.04 |
1.67 |
3.19 |
4.90 |
|
|
Interval |
399.00 |
400.00 |
1.00 |
1.36 |
7.76 |
0.01 |
0.08 |
0.20 |
1.60 |
|
GD-22-76 |
Interval |
317.00 |
321.00 |
4.00 |
0.27 |
7.25 |
0.01 |
0.15 |
0.14 |
0.50 |
|
|
Interval |
403.00 |
404.00 |
1.00 |
5.15 |
8.63 |
0.01 |
0.16 |
0.38 |
5.53 |
Pad 10 |
GD-22-72 |
Interval |
335.93 |
341.00 |
5.07 |
4.76 |
18.58 |
0.03 |
0.41 |
0.37 |
5.37 |
|
|
Including |
337.00 |
340.12 |
3.12 |
7.18 |
24.60 |
0.04 |
0.53 |
0.54 |
8.01 |
|
GD-22-77 |
Interval |
304.00 |
310.00 |
6.00 |
1.62 |
21.18 |
0.01 |
0.41 |
0.40 |
2.24 |
|
|
Including |
304.00 |
306.00 |
2.00 |
4.53 |
56.19 |
0.01 |
1.17 |
1.16 |
6.26 |
|
|
Interval |
452.86 |
454.00 |
1.14 |
1.86 |
8.33 |
0.01 |
0.06 |
0.23 |
2.11 |
|
GD-22-86 |
Interval |
293.15 |
299.20 |
6.05 |
1.23 |
4.54 |
0.01 |
0.08 |
0.06 |
1.36 |
|
|
Including |
293.15 |
295.15 |
2.00 |
3.32 |
10.89 |
0.02 |
0.22 |
0.14 |
3.63 |
|
|
Interval |
366.87 |
371.00 |
4.13 |
0.29 |
7.64 |
0.02 |
0.10 |
0.18 |
0.54 |
|
|
Interval |
404.00 |
405.00 |
1.00 |
5.19 |
9.98 |
0.01 |
0.07 |
0.30 |
5.51 |
|
|
Interval |
408.89 |
420.00 |
11.11 |
1.58 |
6.15 |
0.02 |
0.09 |
0.23 |
1.84 |
|
|
Including |
408.89 |
412.00 |
3.11 |
4.18 |
14.41 |
0.03 |
0.26 |
0.54 |
4.78 |
Midwest |
GD-22-56 |
Interval |
293.00 |
298.00 |
5.00 |
2.99 |
28.27 |
0.03 |
0.37 |
0.47 |
3.75 |
|
|
Including |
294.00 |
297.00 |
3.00 |
4.58 |
42.93 |
0.05 |
0.53 |
0.68 |
5.71 |
|
GD-22-63 |
Interval |
292.00 |
295.00 |
3.00 |
4.88 |
35.51 |
0.02 |
0.55 |
0.39 |
5.73 |
|
GD-22-59 |
Interval |
211.00 |
217.00 |
6.00 |
1.18 |
27.14 |
0.02 |
0.20 |
0.14 |
1.68 |
|
|
Including |
211.00 |
214.00 |
3.00 |
2.22 |
50.50 |
0.03 |
0.38 |
0.25 |
3.13 |
Pad 17 |
GD-22-83 |
Interval |
100.00 |
111.00 |
11.00 |
0.63 |
16.54 |
0.01 |
0.19 |
0.19 |
1.01 |
|
|
Interval |
130.00 |
136.00 |
6.00 |
1.35 |
14.30 |
0.01 |
0.25 |
0.46 |
1.87 |
|
|
Interval |
156.00 |
165.00 |
9.00 |
0.61 |
7.62 |
0.01 |
0.01 |
0.02 |
0.73 |
|
|
Including |
164.00 |
165.00 |
1.00 |
3.47 |
9.31 |
0.01 |
0.01 |
0.03 |
3.61 |
|
|
Interval |
169.00 |
179.00 |
10.00 |
2.15 |
15.53 |
0.01 |
0.17 |
0.16 |
2.48 |
|
|
Including |
169.00 |
174.00 |
5.00 |
3.66 |
23.83 |
0.01 |
0.31 |
0.24 |
4.19 |
|
|
Including |
172.00 |
174.00 |
2.00 |
7.62 |
49.45 |
0.01 |
0.72 |
0.45 |
8.72 |
|
GD-22-81 |
Interval |
16.00 |
20.00 |
4.00 |
0.87 |
47.84 |
0.04 |
0.24 |
0.27 |
1.72 |
|
|
Including |
17.00 |
19.00 |
2.00 |
1.54 |
74.10 |
0.07 |
0.35 |
0.41 |
2.85 |
* Widths are reported in drill core lengths and
the true widths are approximately 80-90%; 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. Table 4 below has all the drill hole collar
information.
The 2022 and 2021 assay results to date
confirmed 66 out of 68 holes (97% hit rate) have intersected strong
gold mineralization containing Classic Surebet Zone style of
mineralization consisting of galena, sphalerite and pyrrhotite in
semi-massive to massive veins, stringers, interstitial within
brecciated zones and/or as stringers throughout the core that has
visually been confirmed in 92 holes drilled from 20 pads widely
spaced over an area of 1.6 square kilometers in the Hazelton
sedimentary and volcanic rocks. All 66 holes drilled within the 1.6
square kilometer area during the 2022 drill campaign intersected
significant broad intervals containing galena, sphalerite and
pyrrhotite, including visible gold. These drill intercepts visually
mirror with the large majority exceeding the intercepts reported in
this news release which contained the same mineralization (galena,
sphalerite, pyrrhotite) and textures (quartz
breccia/stockwork/vein) and have confirmed gold and silver assays
indicating a large gold mineralized system at Surebet. The presence
of gold-mineralized intervals in drill holes collared outside the
1.6 square kilometer area demarking the Surebet Zone (i.e., Pad J,
Pad 9, Pad 15, New Gold) is confirmation of a much more extensive
gold mineralizing system on the Golddigger property.
In preparation for advancing the project towards
potential future development of the Surebet Discovery, the Company
has initiated an environmental baseline study together with EDI -
Environmental Dynamics, a third-party firm specializing in this
area of expertise.
Based on our data and understanding of the
property, Goliath recently more than doubled its land package from
23,859 hectares to 52,756 hectares. The newly staked ground covers
key world class geologic terrain on trend for 56 kilometers along
the red line providing for tremendous additional discovery
potential in vast areas of newly exposed outcropping showings due
to recent permanent snow and glacial abatement. The Red Line
demarks the contact between rocks of the Stuhini Group and the
Hazelton Group, believed to be a key marker within ~2 km of which
the majority of the world-class multi-million-ounce deposits in the
Golden Triangle are located. The geologic team is confident that
the new tenures have excellent potential to increase the Company’s
asset value well into the future.
NEW GOLDSWARM DISCOVERY:
The Company first target generation/exploration
in the Surebet area was focussed on following up on a 57 ppb Au
government silt sample (96 percentile) located down stream in one
of the main creeks that drains from the Surebet Discovery Zone (see
map above) Two weeks of prospecting and sampling with a 5 men crew,
silt and rock geochemistry and a detailed study of lidar and
orthophoto imagery eventually led to the Surebet Discovery.
Similarly, the steeply dipping high-grade Goldswarm quartz breccia
zone located 4 km along strike to the North of the Surebet zone was
discovered based on a government stream sediment sample that
assayed 180 ppb Au (98 percentile) (map). The high
grade Goldswarm discovery outcrop is situated in the sediments at
an elevation of approximately 1560 meters, only 130 meters lower
than the outcropping Surebet Zone in the sediments at North Rubble
(1690 meters). During the 2022 field season Goliath’s crew together
with an independent geologist (PhD, P.Geo) has confirmed compelling
evidence that Goldswarm is directly related to Surebet and is
believed to be part of the same extensive mineralizing gold system,
including similar geologic setting, mineralization, textures,
structures and geochemistry. The Goldswarm zone extends for 450
meters by 150 meters and is characterized by a series of high-grade
quartz veins, stockwork and breccia domain that are variably
mineralized with pyrite, chalcopyrite and galena hosted in a series
of sedimentary units consisting of interlayered mudstone,
siltstone, and sandstone similar to those found to host Surebet.
The main mineralized horizon consists of a brecciated, partially
sheared quartz vein that is steeply dipping 80 to 90 degrees to the
West-Southwest. Channel samples assayed up to 29.70 gpt Au over
0.55 meters and 25.1 gpt Au over 0.40 meters and grab samples
assayed up to up to 54.3 gpt, 47.5 gpt Au, 26.5 gpt Au and 24.5
gpt.
An accompanying infographic is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/acfa2bc8-dc24-40b7-88e5-1721b6ce9ec4
ADDITIONAL NEW GOLD SHOWINGS FOR 2023
FOLLOW-UP:
Based on the data collected and expanded
understanding of the Surebet discovery and surrounding extensive
mineralizing system, the Company plans to undertake targeted
exploration and prospecting work focussed on the generation of
potential future drill targets in the headwaters of a 509 ppb Au
government stream sediment sample (99 percentile) collected only 4
km to the South of Surebet in the creek that drains from the south
slope of the ridge immediately south of Surebet and is believed to
be part of the same extensive gold mineralizing system. This area
is referred to as the “Ace In the Hole”, and is an area with very
strong gold discovery potential within the same geologic domain
that shows the same lithologies and initial geochemistry as seen at
Surebet (see map above).
The Company is also planning on following up on
other high-grade discoveries, including Jackpot (42 gpt Au over 1
meter channel sample), Payday (3 oz/t Au grab sample), Mastodon (11
gpt Au grab sample) and Elkhorn (5.48 gpt Au grab sample) and some
unexplored outcropping showings located on the newly acquired
grounds in order to gain a better understanding of the relationship
to Surebet and the larger mineralizing 5.25 square kilometer system
that remains open in all directions (see map above).
Golddigger Property
The Golddigger Property is 100 % controlled
covering an area of 52,756 hectares and is in the world class
geological setting of the Eskay Rift within the Golden Triangle of
British Columbia and within 2 kilometers of the ‘Red Line’ that is
host to multiple world class deposits. The property is located in a
mining friendly and geo-political safe jurisdiction. Its close in
proximity to the communities of Alice Arm and Kitsault 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 are include
the Dolly Varden Silver Mine Road (only 8 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 coast and houses an international container
seaport also with direct access to railway and an airport with
supplies (food, fuel, lumber, etc.) (see maps above).
Surebet is characterized by a series of NW-SE
trending structures that occur within a package of Hazelton Group
sediments underlain by Hazelton volcanics and are within a few
kilometers of the Red Line. All 24 diamond drill holes completed in
2021 intersected significant intervals of Au-Ag polymetallic
mineralization over 1 km of strike, 1.1 km down-dip and 600 meters
of vertical relief. Drill hole GD-21-03* intersected 6.37 gpt AuEq
(4.46 gpt Au and 122.13 gpt Ag) over 35.72 meters and drill hole
GD-21-05* intersected 12.6 gpt AuEq (8.06 gpt Au and 313.66 gpt Ag)
over 6.38 meters. The average grade and width from all 24 holes*
assayed 6.29 gpt AuEq (4.35 gpt Au and 104.94 gpt Ag) over 5.87
meters, respectively.
LiDAR imagery, drone imagery, and field
observations have identified several additional paralleling
structures within a 4 square-kilometers area. Geochemical analyses
have confirmed high-grade gold-silver polymetallic mineralization
within these structures. The steeply dipping Real Deal and Cloud 9
structures, as well as the off-shoot structures from the East
Extension Zone, display similar mineralization, geochemistry, and
textures to the Surebet Zone. Geologic observations at surface and
within drill core show structural strain concentrating in the
Surebet Zone along its shallower-dipping geometry. Real Deal and
Cloud 9 are believed to be en-echelon structures that connect with
Surebet at depth. The mineralized Surebet Zone remains open in all
directions.
Table 2: Collar information for the drill holes reported in this
news release.
Hole |
Pad |
Easting |
Northing |
Datum/Zone |
Azimuth |
Dip |
Length |
GD-22-54 |
Pad 8 |
456989 |
6163109 |
NAD83 / UTM zone 9N |
125 |
60 |
468 |
GD-22-56 |
Midwest |
457390 |
6163149 |
NAD83 / UTM zone 9N |
120 |
70 |
340 |
GD-22-59 |
Midwest |
457389 |
6163153 |
NAD83 / UTM zone 9N |
20 |
60 |
237 |
GD-22-60 |
Pad 8 |
456992 |
6163107 |
NAD83 / UTM zone 9N |
320 |
60 |
573 |
GD-22-63 |
Midwest |
457390 |
6163149 |
NAD83 / UTM zone 9N |
210 |
80 |
306 |
GD-22-69 |
Pad 3 |
456710 |
6162964 |
NAD83 / UTM zone 9N |
355 |
60 |
535 |
GD-22-70 |
Pad 8 |
456991 |
6163107 |
NAD83 / UTM zone 9N |
90 |
60 |
344 |
GD-22-72 |
Pad 10 |
457190 |
6162991 |
NAD83 / UTM zone 9N |
90 |
60 |
356 |
GD-22-75 |
Pad 3 |
456711 |
6162964 |
NAD83 / UTM zone 9N |
30 |
60 |
461 |
GD-22-76 |
Pad 8 |
456993 |
6163108 |
NAD83 / UTM zone 9N |
180 |
80 |
405 |
GD-22-77 |
Pad 10 |
457190 |
6162991 |
NAD83 / UTM zone 9N |
130 |
75 |
504 |
GD-22-80 |
Pad 3 |
456713 |
6162962 |
NAD83 / UTM zone 9N |
115 |
65 |
499 |
GD-22-81 |
Pad 17 |
457731 |
6162988 |
NAD83 / UTM zone 9N |
20 |
70 |
102 |
GD-22-83 |
Pad 17 |
457728 |
6162985 |
NAD83 / UTM zone 9N |
235 |
48 |
201 |
GD-22-86 |
Pad 10 |
457188 |
6162992 |
NAD83 / UTM zone 9N |
200 |
75 |
512 |
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 2017-2021 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%. 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 approximately 80-90%; 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 Company to complete
the 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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