Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report the discovery of 4
new strongly mineralized zones directly connected to the Surebet
mineralizing system at its 100% controlled Golddigger Property (the
“Property”), Golden Triangle, B.C. The new discoveries considerably
increase the size of the Surebet mineralizing system and include
the Kahuna, Outpost, Humdinger and Full House Zones, which consist
of Surebet-style polymetallic quartz-sulphide veins and shears
exposed at surface for up to 1.3 kilometers and up to 20 meters
wide. Prospecting and mapping are ongoing on the entire property
which covers 56 km of the Red Line in an area where recent snowpack
and glacial abetment has provided extensive zones of newly exposed
outcrop in a world-class geological setting.
Kahuna Zone
Exploration, prospecting, and mapping in the
newly discovered Kahuna Zone has delineated a new 600-meter strike
extension of the Bonanza Shear defining the contact between
sedimentary and volcanic units 2 kilometers to the Northeast of the
known Surebet Zone along the eastern part of the North Slope.
Within the zone, two additional new polymetallic quartz-sulphide
veins were discovered with up to 10-meter-wide blow-outs above and
below the Bonanza Shear that extend for over 100 meters strike and
dips gently to the southwest containing abundant galena, sphalerite
and chalcopyrite in the form of semi-massive disseminations,
stringers and veinlets. These veins together with the Bonanza Shear
currently remain open and will be drill tested with a series of
newly designed holes for the 2023 season at the Kahuna Zone.
Outpost Zone
The new Outpost Zone is located 5 kilometers to
the southeast of the Surebet Zone 3 kilometers to the west of, and
on trend with, the Humdinger Zone. In 2023 multiple polymetallic
quartz-sulphide veins, stockworks, and breccias have been
discovered within sedimentary and volcanic rocks. Mineralization in
these veins consists of disseminations, seams and semi-massive
sections of galena, sphalerite, arsenopyrite, pyrite and pyrrhotite
trending northeast - southwest. On the new Postman Creek showing, a
50-meter-wide polymetallic quartz-sulphide stockwork with
considerable amounts of galena, sphalerite, chalcopyrite, pyrite
and pyrrhotite was discovered within an andesite unit. The Postman
Creek showing is currently being prepared to be drill tested during
the 2023 season. Four (4) additional large and extensive
polymetallic quartz-sulphide breccias with parallel vein sets have
been discovered in sedimentary units. Individual vein and breccia
sets have been traced over 700 meters in outcrop and range between
5 and 20 meters in thickness containing notable volumes of galena,
sphalerite, arsenopyrite, pyrite and pyrrhotite, and remain open.
Current exploration consisting of channel cutting, prospecting, and
mapping is underway to prepare the site to be drill tested in
2023.
Humdinger Zone
To the southeast of the Surebet Zone below Pad
A, the Bonanza Shear was traced for 400 meters on surface towards
the west through the Real Deal Zone and projected to continue 1.5
kilometers south across the valley under the new Humdinger Zone.
The new Humdinger Zone is characterized by multiple polymetallic
quartz-sulphide veins and stockwork with abundant galena,
sphalerite, and chalcopyrite occurring as strong disseminations,
larger blebs and clots, concentrating in fractures or along bedding
planes. The newly discovered mineralized vein and stockwork zones
have been traced in bedrock exposures for 1.3 kilometers and dip
gently to the south. The zone has a width of approximately 3 meters
in the west and increases in width to 20 meters in the east. The
new Humdinger Zone is ready and will be drill tested during the
2023 season with a series of holes designed to intersect the
Humdinger Zone and the underlying projected Bonanza Shear.
Lower Surebet
Zone on Real Deal
The Bonanza Shear was
traced for 400 meters on surface towards the west then south along
the Real Deal. The new Lower Surebet Zone on Real Deal is
characterized by Surebet-style mineralized polymetallic
quartz-sulphide veins, breccia and stockwork with abundant galena,
sphalerite, and chalcopyrite occurring as strong disseminations,
larger blebs and clots, concentrating along the sheared contact of
the volcanic below and the folded sedimentary units above. The zone
is up to 8 meters wide. The new Lower Surebet Zone is ready and
will be drill tested during the 2023 season with a series of holes
designed to intersect Bonanza Shear.
Full House Zone
The Full House zone is located 5 kilometers
northwest of the Surebet Zone in an area that extends from Hastings
Arm in the west to the Payday Showing in the east. Multiple
polymetallic quartz-sulphide veins and shear zones with similar
Surebet-style mineralization consisting of semi-massive to massive
aggregates, stringers and veinlets of galena, sphalerite and
pyrrhotite, have been discovered within a quartz-diorite intrusion
(Bulldog Creek pluton?). The stack of mineralized veins and shear
zones extends for more than 3.5 kilometers with most structures
striking east and moderately dipping to the north. Mineralization
at Full House Main located in the eastern part of the Full House
Zone has been mapped for over 800 meters of strike in a north-south
direction with an average width of 5 to 10 meters and is ready to
be drill tested in 2024. North of Full House Main, a grab sample
from the Payday showing from 2018 assayed 3 oz/t gold (113 g/t Au).
New channel sampling undertaken during the 2023 field season
identified several occurrences of visible gold in the vein.
Currently the entire Full House zone remains open in all directions
and is being prepared for drilling in 2023.
The company has generated more than 75 new
targets on the Golddigger property over the last year based on
geochemical data, geophysical surveys, structural maps, satellite
imagery and satellite spectral alteration data. All of these 75 new
targets have excellent discovery potential and will be prospected
and evaluated during the 2023 season. A number of targets have been
identified on the recently staked claims on the Cambria Icefields
located between Surebet and Stewart and are already showing early
signs of a strong mineralizing system at play. The knowledge
acquired over the past few years exploring the Surebet Zone puts
the geologic team in a great position for success in exploring
these new prospective areas. With a total of just over 8 months of
boots on the ground on the Golddigger property to date, we are
likely just seeing the tip of the iceberg.
Golddigger Property
The Golddigger Property is 100 % controlled
covering an area of 61,685 hectares (152,427 acres) and is located
in the world class geological setting of the Eskay Rift within the
Golden Triangle of British Columbia. The property encompasses 56
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. It is in an excellent location
close in proximity to the communities of Alice Arm and Kitsault
where there is a 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,
infrastructure capable of housing more than 300 people, and
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
Deposit™. Drill holes were planned using Leapfrog Geo™ and
QGIS™ 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 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.
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invitation, or recommendation to subscribe for or purchase any
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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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