Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
(the
“Company” or
“Goliath”) is
please to share a significant update on the work being carried out
on the Surebet Discovery at its 100% controlled Golddigger Property
(the “Property”), Golden Triangle, British Columbia. The Company
has updated the structural vein model of the Surebet Discovery that
integrates drill data from the 2021 to 2023 (oriented core), all
the surface data collected and the total number of mineralized
pierce points in each vein to date. The new model suggests a total
combined range of 78 to 97 million potential tonnes. In addition to
the previously reported Surebet Zone, Bonanza Shear and Golden Gate
Zone, 6 newly discovered gold veins have been identified that also
remain open.
The updated structural vein/shear model resulted
in a greater understanding of the mineralized zones on the Surebet
Discovery, where 10 veins have now been identified, including
Surebet (now Upper Surebet), Bonanza Shear and Golden Gate (now
Upper and Lower veins).
The 6 newly identified veins include: Big One,
Eldorado, Surebet Lower, Goldzilla, Hotspot, and Whopper. The new
structural model was built taking into consideration the structural
data obtained from oriented drill core collected between 2021 and
2023, structural information from surface sampling and mapping as
well as the number of mineralized pierce points in each vein and
their locations.
They are the result of incorporating a number of
mineralized intervals that were not previously associated with
Surebet Zone, Bonanza Shear and Golden Gate Zone as well as some
mineralized intervals that have been re-assigned based on new
structural information. Detailed surface mapping of the Surebet
area also has played a major role in clearly defining the
structural controls on the veins and consequently the gold
mineralization.
The advanced structural model together with
information from detailed surficial mapping has vectored in on the
key areas where drilling should provide additional continuation and
extension of gold mineralized horizons focussed on building
estimated ranges of potential tonnage moving forward.
The Company is in the process of designing a
highly focussed drill program for the 2024 drill season. It’s
designed to delineate the full extent of gold mineralization,
expand the potential tonnage which remains wide open for expansion
and additional discoveries as well as vectoring in on the possible
feeder source. In addition, the Golddigger 2024 drill program may
include a maiden drill program on the newly discovered Treasure
Island and Full Contact targets on the Cambria Icefield claims to
the north of Surebet.
Golddigger Property
The Golddigger Property is 100% controlled
covering an area of 64,264 hectares (158,800 acres) and is in the
world class geological setting of the Eskay Rift within the Golden
Triangle of British Columbia and within 3 kilometers of the ‘Red
Line’ that is host to multiple world class deposits.
The Surebet discovery has exceptional metallurgy
with gold recoveries of 92.2% inclusive of 48.8% free gold from
gravity alone at a 327-micrometer crush (no deleterious elements
and no cyanide required to recover the gold based on metallurgical
work completed to date).
It is in an excellent location in close
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, and
infrastructure capable of housing at least 300 people, including
high-tension power.
Additional infrastructure in the area includes
the Dolly Varden Silver Mine Road (only 7 kilometers to the East of
the Surebet discovery) with direct road access to Alice Arm barge
landing (18 kilometers to the south of the Surebet discovery) and
high-tension power (25 kilometers to the East of Surebet
discovery). The city of Terrace (population 16,000) provides access
to railway, major highways, and airport with supplies (food, fuel,
lumber, etc.), while the town of Prince Rupert (population 12,000)
is located on the west coast and houses an international container
seaport also with direct access to railway and an airport with
supplies.
Qualified Person
Rein Turna P. Geo is the qualified person as
defined by National Instrument 43-101, for Goliath Resource Limited
projects, and supervised the preparation of, and has reviewed and
approved, the technical information in this release.
Other
The potential quantity and grade ranges are
conceptual in nature, and that there has been insufficient
exploration to define a mineral resource and that it is uncertain
if further exploration will result in the Surebet Discovery being
delineated as a NI 43-101 compliant mineral resource and is subject
to change. Goliath’s conceptual Leap Frog structural vein/shear
model takes into consideration and is based on: all structural data
collected from surface and logged drill core (incl. oriented core),
specific gravity (SG) of 2.93 x cubic meters from the area drilled,
weighted average of all mineralized grades/widths from all 222
diamond drill hole pierce points assayed inclusive of the 2023
program.
Oriented HQ-diameter or NQ-diameter diamond
drill core from the drill campaign is placed in core boxes by the
drill crew contracted by the Company. Core boxes are transported by
helicopter to the staging area, and then transported by truck to
the core shack. The core is then re-orientated, meterage blocks are
checked, meter marks are labelled, Recovery and RQD measurements
taken, and primary bedding and secondary structural features
including veins, dykes, cleavage, and shears are noted and
measured. The core is then described and transcribed in MX
DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM
software and data from the 2017-2022 exploration campaigns. Drill
core containing quartz breccia, stockwork, veining and/or
sulphide(s), or notable alteration are sampled in lengths of 0.5 to
1.5 meters. Core samples are cut lengthwise in half, one-half
remains in the box and the other half is inserted in a clean
plastic bag with a sample tag. Standards, blanks and duplicates
were added in the sample stream at a rate of 10%.
Grab, channels, chip, and talus samples were
collected by foot with helicopter assistance. Prospective areas
included, but were not limited to, proximity to MINFile locations,
placer creek occurrences, regional soil anomalies, and potential
gossans based on high-resolution satellite imagery. The rock grab
and chip samples were extracted using a rock hammer, or hammer and
chisel to expose fresh surfaces and to liberate a sample of
anywhere between 0.5 to 5.0 kilograms. All sample sites were
flagged with biodegradable flagging tape and marked with the sample
number. All sample sites were recorded using hand-held GPS units
(accuracy 3-10 meters) and sample ID, easting, northing, elevation,
type of sample (outcrop, subcrop, float, talus, chip, grab, etc.)
and a description of the rock were recorded on all-weather paper.
Samples were then inserted in a clean plastic bag with a sample tag
for transport and shipping to the geochemistry lab. QA/QC samples
including blanks, standards, and duplicate samples were inserted
regularly into the sample sequence at a rate of 10%.
All samples are transported in rice bags sealed
with numbered security tags. A transport company takes them from
the core shack to the ALS labs facilities in North Vancouver. ALS
is either certified to ISO 9001:2008 or accredited to ISO
17025:2005 in all of its locations. At ALS samples were processed,
dried, crushed, and pulverized before analysis using the ME-MS61
and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is
digested with perchloric, nitric, hydrofluoric, and hydrochloric
acids. The residue is topped up with dilute hydrochloric acid and
analyzed by inductively coupled plasma atomic emission
spectrometry. Overlimits were re-analyzed using the ME-OG62 and
Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume
of sample is needed (typically 1-3kg). The sample is crushed and
screened (usually to -106 micron) to separate coarse gold particles
from fine material. After screening, two aliquots of the fine
fraction are analysed using the traditional fire assay method. The
fine fraction is expected to be reasonably homogenous and well
represented by the duplicate analyses. The entire coarse fraction
is assayed to determine the contribution of the coarse gold.
The reader is cautioned that grab samples are
spot samples which are typically, but not exclusively, constrained
to mineralization. Grab samples are selective in nature and
collected to determine the presence or absence of mineralization
and are not intended to be representative of the material
sampled.
About Goliath Resources
Limited
Goliath Resources Limited is an explorer of
precious metals projects in the prolific Golden Triangle of
northwestern British Columbia and Abitibi Greenstone Belt of
Quebec. All of its projects are in world class geological settings
and geopolitical safe jurisdictions amenable to mining in
Canada.
For more information please
contact: Goliath Resources Limited Mr. Roger
Rosmus Founder and CEO Tel:
+1.416.488.2887roger@goliathresources.com
www.goliathresourcesltd.com
Widths are reported in drill core lengths and
the true widths are estimated to be 80-90% and AuEq metal values
are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75
USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23,
2023. 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.
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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