Drill Highlights:

• Discovery of a new deep zone, the “Mothership Feeder Zone” containing abundant visible gold and strong sulphide mineralization in quartz breccia at 648 meters downhole and 125 meters in elevation above the valley floor from GD-24-235, the first drill hole of 2024 (see image below).
• Discovery of a new 24.4 meter porphyritic intrusion between 529.29 – 553.67 meters downhole containing veins with abundant visible gold, molybdenite up to 2 mm in size and bismuth indicates increased confidence in the proximity of the feeder source of the Surebet system that remains wide open. (see image below).
  • An accompanying infographic is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/ff333166-8faf-461c-ad80-015c1e2a7f2d

• Results from this first drill hole confirms the strong potential for additional discovery during the 2024 drill program that has just began.
• Follow up on this newly discovered zone is underway with several deeper drill holes planned testing to greater depth inclusive of a 900 meter hole that is being drilled now.
• GD-24-235 is the first drill hole of 2024 which has intersected multiple strongly mineralized veins containing visible gold, galena, sphalerite, pyrrhotite and pyrite mineralization in both the sedimentary and volcanic units.
• GD-24-235 intersected a 12 meter interval of high vein density between 445 – 457 meters downhole, with multiple large quartz-sulphide veins at the contact between sedimentary and volcanic units containing abundant visible gold, up to 2 % sphalerite, 1 % galena, 1 % chalcopyrite, 2 % pyrrhotite, and 3 % pyrite.
• Within the andesite unit of GD-24-235, a 10 meter interval hosting a series of closely spaced quartz-sulphide veins have being observed between 550 and 650 meters downhole with abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite (see image below).
  • An accompanying infographic is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/26541823-6f87-4940-94f6-0d0047811ea2

• Drill hole GD-24-235 was designed to intercept the Bonanza shear and volcanics below where drill hole GD-23-197 from 2023 intersected 9 meters of 34.03 g/t AuEq or 1.09 oz/t AuEq (32.55 g/t Au and 65.71 g/t Ag) in 2023.
• The mineralization observed in hole GD-24-235 from the 445.4 – 447.39 meter downhole interval is reminiscent of what was observed from 449.37 – 458.40 meters in GD-23-197, suggesting that similar gold grades can be expected from this interval; assays pending (see comparison image below).
  • An accompanying infographic is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/2efb2e24-8ee1-473b-92f7-0d15aa2f4ef7

• The drill program on Surebet is focused on testing its potential feeder source at depth above and below the valley floor, discovering new additional veins/shears, expansion of the known 10 vein footprint, and increased continuity of veins/shears.

Surebet Highlights:

• Colorado School of Mines study confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet, this provides excellent potential for additional upside drill discovery and expansion at depth (see About CASERM below).
• Several lines of evidence, including metals content and geochemical trace elements hot spots, zonation, type, origin of fluids and age of the mineralization strongly suggest vectoring in on a possible Porphyry Feeder Source.
• Exceptional continuity and excellent metallurgical recoveries of 92.2% Gold from gravity & flotation, inclusive of 48.8% Free Gold from gravity alone at a 327 micron crush; no deleterious minerals or cyanide required.
• The Golddigger property is fully permitted until 2029 for 199 drill pads.
• 66,930 meters have been drilled to date at the Golddigger property (2021 – 2023).
• 44 holes (or 35%) of 124 holes drilled in 2023 contained Visible Gold with nuggets up to 11 mm in size.
• 11 holes to date are greater than 100 and up to 513 gm AuEq.
• Best hole drilled to date is GD-23-180 assaying 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters, including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters.
• Mineralization is exposed at surface for 1.0 kilometers of strike and 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity.
• 10 mineralized vein horizons have been identified to date and remain open.
• The mineralized footprint of the Surebet discovery corresponds to 1.8 km², the equivalent in size to >336 NFL football fields.

Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) is very pleased to report the discovery of abundant visible gold and strong sulphide mineralization in quartz breccia, as well as a significant 22.4 meter intercept of a porphyritic intrusion containing veins with abundant visible gold, molybdenum and bismuth mineralization in GD-24-235 the first drill hole of 2024 (assays are pending). This increases the Company’s confidence in the proximity of the feeder source of the Surebet system that remains wide open at its 100% controlled Golddigger Property, Golden Triangle, B.C.

Dr. Quinton Hennigh, Technical and Geologic Director of strategic shareholder, Crescat Capital, commented: “Just recently, I explained why I think this is going to be a summer of discovery for Goliath. The Company rightly persists to test new ideas and targets that have consistently generated better and better results from Surebet and other targets across the Golddigger Project. And here we are, just one week into the program, with what appears to be a major new discovery of a gold-rich zone, possibly a root feeder to the Surebet and related structures. The abundant particles of visible gold observed in this new zone give reason for a lot of excitement, especially given that mineralization is spatially associated with what might prove to be a causative intrusion. Other indicators support this magmatic association including the presence of molybdenum and bismuth-rich minerals in the sulfide assemblage of the vein breccia. I think the team at Goliath has done a remarkable job of identifying this target using sound science, and they should be congratulated for this remarkable discovery.”

Drill hole GD-24-235 collared from Golden Gate Pad (180/81/696m) intersected multiple strongly mineralized veins containing visible gold, galena, sphalerite, pyrrhotite and pyrite mineralization. The hole drilled through a sedimentary sequence of mudrocks, an intermediate intrusive unit, multiple intermediate dykes and andesite.

The first hole of the drilling season was designed and focused on intercepting the Bonanza shear and test below an area where drill hole GD-23-197 intersected 9 meters of 34.03 g/t AuEq or 1.09 oz/t AuEq (32.55 g/t Au and 65.71 g/t Ag) in 2023. The mineralization observed in hole GD-24-235 for the interval from 445.4 – 447.39 meters is reminiscent of what was observed from 449.37 – 458.40 meters in GD-23-197, suggesting that similar gold grades can be expected from this interval (see comparison image below).

An accompanying infographic is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/81f62cab-1bbc-45ea-a9b7-abc7fb3a230a

GD-24-235 intersected a 12 meter interval of high vein density from 445 – 457 meters downhole, with multiple large quartz-sulphide veins at the contact between sedimentary and volcanic units. A quartz vein with significant mineralization occurs from 445.4 – 447.39 meters. The vein contains semi massive to massive pyrite (3%), sphalerite (2%) and pyrrhotite (1%). The vein also has minor galena (<1%) and chalcopyrite (<<1%). There are multiple flecks of visible gold throughout. A second quartz vein was intercepted from 450.17 – 450.64 meters and contains massive pyrrhotite (2%), sphalerite (2%) and pyrite (1%). The vein also has minor galena (<1%) and chalcopyrite (<<1%). There are multiple flecks of visible gold throughout.

Within the andesite unit, a series of closely spaced quartz-sulphide veins have been observed for 10 meters between 550 and 650 meters downhole. A quartz vein from 566.72 – 566.85 meters contain visible gold and semi massive pyrrhotite and sphalerite with trace chalcopyrite. Another milky white quartz vein from 600.23 to 601 meters contains massive pyrrhotite (8%), semi massive pyrite (2%) and minor chalcopyrite (<1%) and sphalerite (<<1%). Visible gold was also noted in a quartz vein from 604.53 – 604.83 meters that contains massive pyrrhotite, semi massive pyrite, minor chalcopyrite, trace sphalerite and galena. The vein shows the presence of one fleck of visible gold. Lastly, a quartz vein was intercepted with significant mineralization from 647.46 – 648.02 m. It hosts massive pyrrhotite (30%), semi massive chalcopyrite (3%) and trace sphalerite (<<1%).

The hole intercepted 24.4 meters of a light grey porphyritic intrusive unit, possibly tonalite from 529.29-553.67 meters downhole. This intrusive is host to a handful of cm-size quartz veins and sub-millimetric pyrite/pyrrhotite veinlets. These veins included minor vein-hosted calc-silicates with white (anorthite?) alteration haloes. A notable cm sized quartz vein at 531.1 meters hosted pyrite, pyrrhotite, and native bismuth. XRF measurements of the native bismuth occasionally gave gold and/or molybdenum readings. A second quartz vein at 535 meters included a 2 mm grain of molybdenite.

An accompanying infographic is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/7fb3f08f-1f6d-46a4-8992-7bc623c48789

Several deeper holes are planned to test this area to greater depth during the 2024 season, as the system remains wide open and has excellent additional discovery potential.

The current 2024 drill plan consists of 15,000 meters of drilling in 62 drill holes from 22 drill pad locations. Two drill rigs are currently on site carrying out the program. The drill program on Surebet will focus on testing its potential feeder source at depth below the valley floor, discovering new additional veins/shears, expansion of the known 10 vein footprint, and increased continuity of veins/shears. The Surebet Discovery will see the bulk of meters planned with the balance testing two new strongly mineralized gold-copper outcropping targets: Jackpot and Treasure Island (see location map below).

An accompanying infographic is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/2de8d85c-80fa-4df4-a629-829376ec8be5

The maiden drill campaign in 2021 totaling 5,338 meters intercepted significant widths and gold mineralization in 100% of the holes drilled. To date there has been an aggregate of 66,930 meters drilled that include the follow up campaigns in 2022 and 2023 at the Golddigger Property. In 2023, there was a 97% success hit rate where 86 holes of 92 totaling intercepted significant widths of high-grade gold over a 1.8 square kilometer area at Surebet. This 1.8 square kilometer area also has mineralization exposed at surface for 1.0 kilometers of strike, 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity.

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world class geological setting of the Eskay Rift and within 3 km of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks that is used as a key marker when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent 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.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

Goliath is a paying member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data are used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface earth resources continuing through mine operation as well as closure and environmental remediation. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization that confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.

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. Mr. Turna is also a director of the Company.

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. Goliath is a member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.