Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report the third and last
batch of assay results of the 2022 drill campaign on the Surebet
discovery at its 100% controlled Golddigger Property (the
“Property”) located in the Golden Triangle, B.C.
Twenty-two (22) out of 23 newly reported holes from within the 1.6
square kilometer area on the Surebet Zone intersected broad
high-grade intervals of gold-silver mineralization demonstrating
the continuity of this newly discovered large gold system.
The last batch of assays included hole GD-22-100
collared from Pad 13 (650 meters step-out to the West from Surebet
Main) which intersected broad high-grade gold mineralization
containing 13.53 gpt AuEq (12.10 gpt Au and 54.13 gpt Ag) over
11.00 meters* including 24.56 gpt AuEq (21.98 gpt Au and 97.94 gpt
Ag) over 6.00 meters*. This hole measures 148.87 gram(AuEq) x
meters and is in the top 3 holes of 2022 (best hole was GD-22-58
with 272.80 gram(AuEq) x meters from the South Cliff Stepout
Pad).
Based on drill results from 56 holes from 2021
and 2022 within the 1.6 square kilometer Surebet Zone, the main
mineralized horizon has an average grade of 6.31 gpt AuEq (4.45 gpt
Au and 110.70 gpt Ag) and an average width of 6.88 meters. Assays
to date for 89 out of 92 drill holes collared within the 1.6 square
kilometer area have returned significant gold-silver intervals.
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.
“Results from Goliath’s 2022 drill season have
proved to be similarly strong to those from
2021,” commented Quinton Hennigh, technical and
geologic director of Crescat Capital, a strategic shareholder of
Goliath. “It appears that there is a consistently
high-grade area lighting up along the Surebet Zone in proximity to
the major northeast trending fault cutting this area. Although the
nature of this structure was previously unknown, drill results from
2022 indicate that it is indeed a feeder zone for the overall
Surebet mineralizing system. Importantly, there appear to be
multiple stacked mineralized structures here that could potentially
host a sizeable tonnage of high-grade mineralization. It is also
very encouraging to see Goliath make multiple new discoveries of
high-grade vein mineralization across the Golddigger property in
2022. Goliath now has multiple high-grade areas in which to focus
its upcoming 2023 drill program.”
Roger Rosmus, Founder and CEO of Goliath
Resources, states: “The final set of assay results from
the 2022 drill season on Surebet once again confirms the discovery
of a major gold-silver mineralized system on the Golddigger
property that remains open located in a geopolitical safe and
mining friendly jurisdiction. Of all the holes drilled within the
1.6 km2 Surebet Zone, 89 out of 92 have intersected significant
widths and grades of gold mineralization confirmed by the assay
results. Based on the excellent results seen in both grade and
width, this discovery is quickly evolving into a new world-class
high-grade gold discovery that has already and continues to attract
the interest of several miners and institutions alike. We are
looking forward to planning the 2023 drill program and continue to
bring value to our share holders by unlocking the full potential of
Surebet as well as multiple new discoveries on the Golddigger
property.”
Drill highlights from the third and last set of
results from the 2022 drill campaign include: hole GD-22-100
collared from Pad 13 (650 meters step-out to the West from Surebet
Main) which intersected high-grade gold mineralization containing
13.53 gpt AuEq (12.10 gpt Au and 54.13 gpt Ag) over 11.00 meters*
including 24.56 gpt AuEq (21.98 gpt Au and 97.94 gpt Ag) over 6.00
meters*; hole GD-22-104 collared from W of NE Fault Pad (780 meters
step-out to the South from Surebet Main) which intersected
high-grade gold mineralization containing 9.74 gpt AuEq (9.65 gpt
Au and 3.62 gpt Ag) over 4.00 meters*, and 2.04 gpt AuEq (1.98 gpt
Au and 2.38 gpt Ag) over 7.29 meters*; hole GD-22-92 collared from
W of NE Fault Pad (780 meters step-out to the South from Surebet
Main) which intersected high-grade gold mineralization containing
1.31 gpt AuEq (1.21 gpt Au and 3.31 gpt Ag) over 23.00 meters*,
including 2.57 gpt AuEq (2.52 gpt Ag and 1.16 gpt Ag) over 6.00
meters*; hole GD-22-95 collared from W of NE Fault Pad (780 meters
step-out to the South from Surebet Main) which intersected
high-grade gold mineralization containing 1.97 gpt AuEq (1.86 gpt
Au and 3.45 gpt Ag) over 12.00 meters*, including 3.37 gpt AuEq
(3.25 gpt Ag and 4.29 gpt Ag) over 6.00 meters*, and 1.61 gpt AuEq
(1.54 gpt Au and 1.51 gpt Ag) over 12.00 meters*; hole GD-22-96
collared from Pad 13 (650 meters step-out to the West from Surebet
Main) which intersected high-grade gold mineralization containing
4.98 gpt AuEq (4.92 gpt Au and 1.90 gpt Ag) over 3.70 meters*, and
1.24 gpt AuEq (1.08 gpt Au and 6.14 gpt Ag) over 15.00 meters*;
hole GD-22-102 collared from W of NE Fault Pad (780 meters step-out
to the South from Surebet Main) which intersected high-grade gold
mineralization containing 1.06 gpt AuEq (1.00 gpt Au and 1.17 gpt
Ag) over 16.00 meters*; and hole GD-22-99 collared from W of NE
Fault Pad (780 meters step-out to the South from Surebet Main)
which intersected high-grade gold mineralization containing 3.15
gpt AuEq (3.04 gpt Au and 2.72 gpt Ag) over 5.00 meters*; hole
GD-22-93 collared from Pad 5 (1.2 kilometers step-out to the West
from Surebet Main) which intersected high-grade gold mineralization
containing 1.19 gpt AuEq (0.94 gpt Au and 6.40 gpt Ag) over 13.00
meters*.
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 13 |
GD-22-100 |
Interval |
351.00 |
353.00 |
2.00 |
0.99 |
0.76 |
0.00 |
0.01 |
2.12 |
1.01 |
|
|
Interval |
389.00 |
400.00 |
11.00 |
12.10 |
54.13 |
0.05 |
1.20 |
0.56 |
13.53 |
|
|
Including |
391.00 |
397.00 |
6.00 |
21.98 |
97.94 |
0.08 |
2.19 |
5.12 |
24.56 |
|
|
Including |
391.00 |
394.00 |
3.00 |
43.47 |
193.69 |
0.16 |
4.34 |
6.12 |
48.55 |
|
|
Including |
392.04 |
392.94 |
0.90 |
116.50 |
598.00 |
0.25 |
13.90 |
7.12 |
130.97 |
|
|
Interval |
402.00 |
403.00 |
1.00 |
1.42 |
1.29 |
0.00 |
0.00 |
8.12 |
1.46 |
|
GD-22-96 |
Interval |
309.30 |
313.00 |
3.70 |
4.92 |
1.90 |
0.01 |
0.01 |
11.12 |
4.98 |
|
|
Including |
309.30 |
310.20 |
0.90 |
20.00 |
4.06 |
0.01 |
0.01 |
12.12 |
20.13 |
|
|
Interval |
322.00 |
325.00 |
3.00 |
1.81 |
1.08 |
0.01 |
0.01 |
13.12 |
1.84 |
|
|
Interval |
372.00 |
387.00 |
15.00 |
1.08 |
6.14 |
0.01 |
0.06 |
15.12 |
1.24 |
|
|
Including |
380.00 |
384.00 |
4.00 |
2.68 |
13.20 |
0.02 |
0.19 |
16.12 |
3.04 |
|
|
Including |
381.00 |
382.00 |
1.00 |
8.07 |
7.09 |
0.04 |
0.02 |
17.12 |
8.28 |
|
GD-22-105 |
Interval |
425.00 |
431.00 |
6.00 |
1.33 |
5.42 |
0.02 |
0.03 |
23.12 |
1.55 |
|
|
Including |
426.00 |
430.00 |
4.00 |
1.91 |
7.24 |
0.03 |
0.04 |
24.12 |
2.23 |
|
|
Including |
427.00 |
428.00 |
1.00 |
4.95 |
13.30 |
0.01 |
0.12 |
25.12 |
5.22 |
|
|
Interval |
570.00 |
571.00 |
1.00 |
0.16 |
12.00 |
0.01 |
0.26 |
27.12 |
1.72 |
|
GD-22-87 |
Interval |
109.00 |
111.00 |
2.00 |
0.98 |
0.73 |
0.00 |
0.00 |
29.12 |
1.00 |
|
GD-22-91 |
Interval |
196.18 |
197.30 |
1.12 |
0.47 |
7.81 |
0.02 |
0.04 |
33.12 |
1.18 |
|
|
Interval |
289.00 |
290.00 |
1.00 |
0.78 |
5.45 |
0.01 |
0.07 |
38.12 |
1.02 |
|
|
Interval |
299.00 |
300.00 |
1.00 |
1.15 |
7.61 |
0.02 |
0.04 |
39.12 |
1.74 |
|
GD-22-110 |
Interval |
150.00 |
151.00 |
1.00 |
2.77 |
16.90 |
0.01 |
0.46 |
42.12 |
3.18 |
W. of NE Fault |
GD-22-104 |
Interval |
12.00 |
14.00 |
2.00 |
2.64 |
4.28 |
0.01 |
0.05 |
48.12 |
2.77 |
|
|
Interval |
27.00 |
36.00 |
9.00 |
1.51 |
1.47 |
0.01 |
0.01 |
49.12 |
1.56 |
|
|
Including |
31.00 |
36.00 |
5.00 |
2.23 |
1.48 |
0.01 |
0.02 |
50.12 |
2.29 |
|
|
Including |
34.00 |
35.00 |
1.00 |
5.52 |
1.18 |
0.01 |
0.00 |
51.12 |
5.56 |
|
|
Interval |
76.00 |
80.00 |
4.00 |
9.65 |
3.62 |
0.01 |
0.01 |
52.12 |
9.74 |
|
|
Including |
76.00 |
78.00 |
2.00 |
18.65 |
7.00 |
0.01 |
0.01 |
53.12 |
18.78 |
|
|
Interval |
137.75 |
145.04 |
7.29 |
1.98 |
2.38 |
0.01 |
0.01 |
55.12 |
2.04 |
|
|
Including |
137.75 |
141.00 |
3.25 |
3.69 |
4.47 |
0.01 |
0.02 |
56.12 |
3.79 |
|
|
Including |
140.00 |
141.00 |
1.00 |
9.27 |
1.64 |
0.01 |
0.01 |
57.12 |
9.31 |
|
GD-22-95 |
Interval |
26.00 |
38.00 |
12.00 |
1.54 |
1.51 |
0.01 |
0.01 |
58.12 |
1.61 |
|
|
Including |
26.00 |
29.00 |
3.00 |
3.50 |
3.70 |
0.01 |
0.01 |
59.12 |
3.69 |
|
|
Interval |
46.00 |
58.00 |
12.00 |
1.86 |
3.45 |
0.01 |
0.03 |
61.12 |
1.97 |
|
|
Including |
48.00 |
54.00 |
6.00 |
3.25 |
4.29 |
0.01 |
0.04 |
62.12 |
3.37 |
|
|
Including |
50.00 |
52.00 |
2.00 |
7.59 |
5.93 |
0.01 |
0.05 |
63.12 |
7.74 |
|
GD-22-99 |
Interval |
32.00 |
36.00 |
4.00 |
1.68 |
0.66 |
0.01 |
0.00 |
69.12 |
1.70 |
|
|
Including |
34.00 |
35.00 |
1.00 |
5.62 |
1.00 |
0.00 |
0.00 |
70.12 |
5.64 |
|
|
Interval |
47.00 |
52.00 |
5.00 |
3.04 |
2.72 |
0.01 |
0.03 |
71.12 |
3.15 |
|
|
Including |
47.00 |
48.00 |
1.00 |
10.85 |
4.69 |
0.01 |
0.02 |
72.12 |
11.11 |
|
|
Interval |
96.00 |
99.00 |
3.00 |
1.02 |
0.95 |
0.02 |
0.00 |
73.12 |
1.06 |
|
|
Interval |
227.00 |
230.00 |
3.00 |
1.81 |
3.12 |
0.02 |
0.02 |
76.12 |
2.01 |
|
|
Interval |
229.00 |
230.00 |
1.00 |
4.32 |
6.16 |
0.05 |
0.03 |
77.12 |
4.60 |
|
GD-22-92 |
Interval |
38.00 |
61.00 |
23.00 |
1.21 |
3.31 |
0.01 |
0.03 |
79.12 |
1.31 |
|
|
Including |
41.00 |
47.00 |
6.00 |
2.52 |
1.16 |
0.01 |
0.01 |
80.12 |
2.57 |
|
|
Including |
41.00 |
43.00 |
2.00 |
4.82 |
1.30 |
0.01 |
0.00 |
81.12 |
4.87 |
|
|
Interval |
70.00 |
74.00 |
4.00 |
1.19 |
3.27 |
0.00 |
0.01 |
83.12 |
1.25 |
|
|
Interval |
195.00 |
197.00 |
2.00 |
0.82 |
9.64 |
0.01 |
0.02 |
86.12 |
1.36 |
|
GD-22-102 |
Interval |
32.00 |
48.00 |
16.00 |
1.00 |
1.17 |
0.01 |
0.01 |
87.12 |
1.06 |
|
|
Including |
41.00 |
47.00 |
6.00 |
1.88 |
1.13 |
0.01 |
0.02 |
88.12 |
1.93 |
|
|
Including |
45.00 |
46.00 |
1.00 |
6.12 |
0.44 |
0.00 |
0.01 |
89.12 |
6.14 |
|
GD-22-108 |
Interval |
87.00 |
89.00 |
2.00 |
1.28 |
1.83 |
0.01 |
0.02 |
94.12 |
1.38 |
|
|
Interval |
124.00 |
126.00 |
2.00 |
1.25 |
1.07 |
0.01 |
0.01 |
96.12 |
1.29 |
Pad 5 |
GD-22-89 |
Interval |
291.00 |
294.00 |
3.00 |
0.66 |
10.22 |
0.01 |
0.30 |
98.12 |
1.11 |
|
|
Including |
291.00 |
292.00 |
1.00 |
1.56 |
24.30 |
0.01 |
0.85 |
99.12 |
2.52 |
|
GD-22-93 |
Interval |
293.00 |
306.00 |
13.00 |
0.94 |
6.40 |
0.02 |
0.06 |
102.12 |
1.19 |
|
|
Including |
297.00 |
298.08 |
1.08 |
5.24 |
4.35 |
0.01 |
0.03 |
103.12 |
5.52 |
Real Deal |
GD-22-84 |
Interval |
113.00 |
114.00 |
1.00 |
2.24 |
1.79 |
0.02 |
0.00 |
108.12 |
2.30 |
|
|
Interval |
121.00 |
124.00 |
3.00 |
2.07 |
10.64 |
0.03 |
0.05 |
109.12 |
2.40 |
|
|
Including |
121.00 |
122.00 |
1.00 |
6.02 |
29.80 |
0.06 |
0.12 |
110.12 |
6.97 |
|
GD-22-90 |
Interval |
142.00 |
143.00 |
1.00 |
1.42 |
0.68 |
0.01 |
0.00 |
115.12 |
1.46 |
Pad G |
GD-22-101 |
Interval |
90.00 |
93.00 |
3.00 |
0.56 |
1.45 |
0.01 |
0.00 |
116.12 |
0.60 |
Pad 7 |
GD-22-82 |
Interval |
189.14 |
190 |
0.86 |
0.29 |
2.35 |
0.01 |
0.04 |
127.12 |
0.37 |
Pad 12 |
GD-22-94 |
Interval |
157.00 |
160.00 |
3.00 |
0.15 |
0.77 |
0.01 |
0.00 |
128.12 |
0.19 |
*Widths are reported in drill core lengths and
the true widths are approximately 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. Table 4 below has all the drill hole collar
information.
The 2022 and 2021 assay results to date
confirmed 89 out of 92 holes have intersected strong gold
mineralization containing Classic Surebet Zone mineralization
consisting of galena, sphalerite and pyrrhotite in semi-massive to
massive veins, stringers, interstitial within brecciated zones
and/or as stringers from 20 widely spaced drill pads over an area
of 1.6 square kilometers in the Hazelton sedimentary and volcanic
rocks. All 68 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. 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.
NEW GOLDSWARM DISCOVERY - DRILL
READY
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 (see maps
below). 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). 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 (Ph.D., 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. Goldswarm 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. Goliath plans to drill test the high-grade Goldswarm discovery
from 6 drill pads with a maiden program in 2023 (see Maps 6. &
7. below).
Accompanying infographics are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/4fa8be3f-c2c8-49fc-8fca-f19d23a34ec1https://www.globenewswire.com/NewsRoom/AttachmentNg/dab96017-a021-48c3-b72a-48923988eae4
NEWLY DISCOVERED MINERALIZED SUREBET
CORRIDOR – REMAINS OPEN
Bulk Leach Extractable Gold (BLEG) and stream
sediment sampling undertaken during the 2022 field season has
identified the new North-South striking mineralized Surebet
Corridor extending for 8 kilometers. From the Ace In The Hole
target area to the Goldswarm discovery, including from South to
North the new Ace In The Hole target area, the new Humdinger target
area (located across the valley to the South of the Surebet
Extension zone), the Extension Zone, the Surebet Zone, the new
Sunrise target area (located to the East of Goldswarm) and the
Goldswarm discovery (see Maps 5 & 6 above). BLEG samples
collected from streams assayed up to 42.74 ppb Au on the new
Sunrise target area and up to 42.92 ppb Au on the new Humdinger
target Area. The geologic team has identified a series of targets
within the catchments of the streams for follow-up prospecting and
mapping in 2023 in preparation for drilling.
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 referred to as the Surebet corridor. The
Company plans to undertake targeted exploration and prospecting
work focussed on the generation of new 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. Based on results from the
2022 BLEG and stream sediment sampling campaign, the Company is
also planning on following up on the Humdinger target area located
across the valley to the south of the Surebet Extension zone and
the Sunrise target Area located to the east of Goldswarm (see Maps
6. & 7. above).
DISTRICT SCALE WORLD CLASS GEOLOGY 100 %
CONTROLLED 56 KM OF THE RED LINE
The Company is also planning on following-up on
serval other new high-grade discoveries on its 100%
controlled Golddigger Property focused on generating drill
targets, including Jackpot (42 gpt Au over 1 meter channel sample),
Payday (3 oz/t Au grab sample), Mastodon (11 gpt Au grab sample),
Elkhorn (5.48 gpt Au grab sample) and Surething (5160 ppb Ag from
BLEG), and a number of unexplored showings located on the newly
acquired grounds covering 56 kilometers of the Red Line. The 2023
work is focussed on generating additional drill targets designed to
expand the known parameters of both the Surebet discovery that
remains open and multiple other newly discovered high-grade gold
outcrops recently exposed due to snowpack and glacial abetment (see
Map 8. below).
An accompanying infographic is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/b47ef47e-46fd-4f59-a621-8576bb252f82
Golddigger Property
The Golddigger Property is 100% controlled by
the Company 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 Surebet is
in an excellent location in close 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 area includes 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 4. & 5. 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-22-82 |
Pad 7 |
456958 |
6162195 |
NAD83 / UTM zone 9N |
20 |
60 |
300 |
GD-22-84 |
Real Deal |
457016 |
6162592 |
NAD83 / UTM zone 9N |
325 |
55 |
333 |
GD-22-85 |
Pad 7 |
456961 |
6162191 |
NAD83 / UTM zone 9N |
110 |
60 |
135 |
GD-22-87 |
Pad 13 |
457229 |
6162731 |
NAD83 / UTM zone 9N |
20 |
60 |
320 |
GD-22-88 |
Real Deal |
457019 |
6162589 |
NAD83 / UTM zone 9N |
20 |
60 |
189 |
GD-22-89 |
Pad 5 |
456763 |
6162464 |
NAD83 / UTM zone 9N |
20 |
60 |
365 |
GD-22-90 |
Real Deal |
457021 |
6162589 |
NAD83 / UTM zone 9N |
135 |
64 |
243 |
GD-22-91 |
Pad 13 |
457229 |
6162731 |
NAD83 / UTM zone 9N |
300 |
50 |
332 |
GD-22-92 |
W. of NE Fault |
457703 |
6162435 |
NAD83 / UTM zone 9N |
100 |
65 |
216 |
GD-22-93 |
Pad 5 |
456762 |
6162467 |
NAD83 / UTM zone 9N |
90 |
60 |
313 |
GD-22-94 |
Pad 12 |
457171 |
6162162 |
NAD83 / UTM zone 9N |
55 |
60 |
160 |
GD-22-95 |
W. of NE Fault |
457701 |
6162434 |
NAD83 / UTM zone 9N |
140 |
65 |
231 |
GD-22-96 |
Pad 13 |
457229 |
6162731 |
NAD83 / UTM zone 9N |
340 |
60 |
390 |
GD-22-97 |
Pad 5 |
456762 |
6162467 |
NAD83 / UTM zone 9N |
55 |
60 |
227 |
GD-22-98 |
Pad 12 |
457171 |
6162160 |
NAD83 / UTM zone 9N |
90 |
80 |
136 |
GD-22-99 |
W. of NE Fault |
457701 |
6162434 |
NAD83 / UTM zone 9N |
180 |
65 |
243 |
GD-22-100 |
Pad 13 |
457229 |
6162730 |
NAD83 / UTM zone 9N |
134 |
60 |
417 |
GD-22-101 |
G Pad |
458250 |
6162407 |
NAD83 / UTM zone 9N |
270 |
60 |
229 |
GD-22-102 |
W. of NE Fault |
457699 |
6162437 |
NAD83 / UTM zone 9N |
230 |
65 |
214 |
GD-22-103 |
G Pad |
458250 |
6162408 |
NAD83 / UTM zone 9N |
220 |
60 |
206 |
GD-22-104 |
W. of NE Fault |
457701 |
6162438 |
NAD83 / UTM zone 9N |
320 |
65 |
210 |
GD-22-105 |
Pad 13 |
457229 |
6162730 |
NAD83 / UTM zone 9N |
300 |
75 |
831 |
GD-22-106 |
G Pad |
458250 |
6162408 |
NAD83 / UTM zone 9N |
270 |
60 |
200 |
GD-22-107 |
G Pad |
458252 |
6162409 |
NAD83 / UTM zone 9N |
155 |
55 |
332 |
GD-22-108 |
W. of NE Fault |
457703 |
6162436 |
NAD83 / UTM zone 9N |
40 |
65 |
240 |
GD-22-109 |
Pad 13 |
457229 |
6162730 |
NAD83 / UTM zone 9N |
240 |
70 |
342 |
GD-22-110 |
Pad 13 |
457230 |
6162731 |
NAD83 / UTM zone 9N |
80 |
60 |
297 |
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
Deposit™. Drill holes were planned using Leapfrog Geo™ and
QGIS™ 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% 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 in Table 1. 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 2 above has all the drill hole collar
information.
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.
Goliath Resources (TSXV:GOT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Goliath Resources (TSXV:GOT)
Historical Stock Chart
From Sep 2023 to Sep 2024