Assays Compilation, Interpretation and Modeling For 83 More Holes Are Underway
Drilling Highlights:
https://www.globenewswire.com/NewsRoom/AttachmentNg/0b6e643d-f07f-42e5-946c-1ff3dc37f658
https://www.globenewswire.com/NewsRoom/AttachmentNg/8be74eae-e539-40a0-8fe3-f97bb0fdf895
https://www.globenewswire.com/NewsRoom/AttachmentNg/63470c45-400d-4a16-8b04-e10e01646567
https://www.globenewswire.com/NewsRoom/AttachmentNg/4b5f7eb9-693c-46c7-bbaf-904e913d3af4
https://www.globenewswire.com/NewsRoom/AttachmentNg/a3eefe41-11b7-4f32-86d3-987a3abd2b6c
https://www.globenewswire.com/NewsRoom/AttachmentNg/8c5c59aa-b4f9-40f6-84ae-6e6d3a40f704
https://www.globenewswire.com/NewsRoom/AttachmentNg/49f7b451-444c-4f59-a570-974285be6b3d
https://www.globenewswire.com/NewsRoom/AttachmentNg/e1558a6a-11a5-4217-aee6-5d279f914c9f
https://www.globenewswire.com/NewsRoom/AttachmentNg/b10a6744-9a1a-4bf3-a03d-b45d3f26f954
Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) is pleased to report exceptional gold intercepts of 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters, including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters plus a second separate interval assaying 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters, including 14.26 g/t AuEq (13.87 g/t Au and 34.10 g/t Ag) over 3.00 both from a high-grade gold intrusive feeder dyke that remains open at Surebet on its 100% controlled Golddigger Property, Golden Triangle, B.C. This excellent interval clearly indicates close proximity to a large feeder source at depth believed to be a Reduced Intrusion Related Gold system. In addition, initial assays compiled/modeled for 5 additional drill holes from the successful 2024 drill program intersected excellent gold grades up to 11.66 g/t AuEq (11.13 g/t Au and 17.82 g/t Ag) over 5.97 meter in the shear hosted veins at Surebet, clearly demonstrating minable widths and grades and exceptional continuity and predictability of this large expanding world-class gold discovery that remains wide open both laterally and to depth with tremendous untapped discovery potential remaining.
Assays compilation, interpretation and modeling are currently underway for an additional 83 holes and will be announced shortly: 45 drilled in 2024 (38 or 84% have visible and or abundant visible gold), 12 drilled into the Reduced Intrusive Dykes 2021-2023 (5 or 42% have visible and or abundant visible gold), 14 relogged shoulders 2021 – 2023 (3 or 21% have visible and or abundant visible gold) and 12 from VMS style mineralization at Treasure Island 40 km to the north of Surebet.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are excited to see such high-grade gold mineralization in the RIRG feeder dykes as well as the consistent continuity and predictability of the high-grade gold mineralization in multiple stacked veins similar to those seen in the world-class >10 Moz high-grade underground Pogo gold mine. Based on 100% hit rate in 243 widespread holes with 300 intercepts drilled to date within the 1.8 km2 area of Surebet we look forward to moving into a low-risk expansion and infill drilling phase in 2025. We look forward to reporting additional assays from 83 holes remaining once compiled, interpreted and modelled with a planned updated model before the end of the month confirming the scale and geometry of this world-class gold discovery that remains wide open. Based on the extensive dataset and understanding we are certainly on track to expand this bonanza grade discovery both laterally and to depth targeting the existing and new high-grade layers and ultimately the source of the extensive gold system. The serious interest already garnered from multiple miners and institutions alike clearly demonstrates a world-class discovery like Surebet is an extremely rare opportunity. We look forward to unlocking its full value for all of our stakeholders.”
Gold-rich RIRG mineralization in multiple mineralized porphyritic dykes has been previously reported in drill holes GD-24-237 which intercepted 10.50 g/t AuEq (10.41 f/t Au and 7.15 g/t Ag) over 7.00 meters, GD-23-180 which intercepted 3.46 g/t AuEq (3.43 g/t Au and 2.68 g/t Ag) over 7.00 meters, and GD-23-226 which intercepted 1.85 g/t AuEq (1.85 g/t Au and 0.00 g/t Ag) over 8 meters (released on December 12, 2024).
Strong mineralization has been confirmed in 243 drill holes containing 300 intercepts that intersected the 8 known stacked mineralized gold veins as well as the reduced intrusion feeder dykes within the 1.8 km2 area and over 1.2 km deep that remains open laterally and to depth, clearly showing the exceptional continuity of widths and grades at Surebet. Continued confirmation of high gold grades in this newly discovered RIRG system characterized by considerable amounts of visible gold, bismuth, and molybdenum mineralization in the felsic to intermediate porphyritic dykes on Surebet as well as in the intrusions surrounding Surebet could greatly increase the resource potential of the Surebet discovery.
Drilling in 2025 will focus on expanding the mineralization in all directions, including to depth vectoring in on the reduced intrusion indicated source for the extensive high-grade gold mineralization on the world-class Surebet discovery.
With only 15 months of boots on the ground, the strong mineralization consistently observed in 100% of all 243 drill holes with 300 intercepts collared within a 1.8 km2 area to date clearly demonstrates the continuity and predictability of this extensive mineralizing system that remains open in all directions providing for excellent additional discovery and expansion potential. All 64 holes drilled in 2024 have intercepted significant mineralization with 92% of the holes (or 59 out of 64 holes) containing occurrences of visible gold, demonstrating the excellent continuity of this extensive high-grade gold system that remains wide open in all directions.
Table 1: Highlights for drill holes reported in this news release.
Hole ID | Zone | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | AuEq (g/t) | |
GD-22-58 | Dyke | Interval | 220.00 | 230.00 | 10.00 | 11.84 | 15.61 | 0.00 | 0.01 | 0.02 | 12.03 |
Including | 224.00 | 230.00 | 6.00 | 19.62 | 25.61 | 0.00 | 0.01 | 0.02 | 19.91 | ||
Including | 225.00 | 230.00 | 5.00 | 23.47 | 30.54 | 0.00 | 0.01 | 0.02 | 23.82 | ||
Dyke | Interval | 244.00 | 249.00 | 5.00 | 8.35 | 20.74 | 0.00 | 0.01 | 0.02 | 8.59 | |
Including | 245.00 | 248.00 | 3.00 | 13.87 | 34.10 | 0.00 | 0.01 | 0.02 | 14.26 | ||
GD-24-241 | Bonanza | Interval | 554.00 | 569.00 | 15.00 | 2.72 | 7.67 | 0.01 | 0.17 | 0.49 | 3.00 |
Including | 558.00 | 569.00 | 11.00 | 3.27 | 10.20 | 0.02 | 0.23 | 0.65 | 3.65 | ||
Including | 558.00 | 566.00 | 8.00 | 3.83 | 11.46 | 0.02 | 0.30 | 0.59 | 4.22 | ||
GD-24-263 | NEW | Interval | 342.06 | 348.23 | 6.17 | 1.92 | 4.01 | 0.01 | 0.05 | 0.23 | 2.06 |
Including | 343.10 | 348.23 | 5.13 | 2.27 | 4.57 | 0.01 | 0.05 | 0.28 | 2.43 | ||
NEW | Interval | 520.25 | 530.57 | 10.32 | 1.93 | 5.76 | 0.01 | 0.04 | 0.22 | 2.08 | |
Including | 520.25 | 525.44 | 5.19 | 2.06 | 6.78 | 0.01 | 0.06 | 0.27 | 2.24 | ||
Bonanza | Interval | 634.00 | 640.00 | 6.00 | 8.37 | 12.71 | 0.03 | 0.03 | 0.05 | 8.56 | |
Including | 635.00 | 640.00 | 5.00 | 10.05 | 15.25 | 0.03 | 0.03 | 0.06 | 10.27 | ||
Including | 636.00 | 640.00 | 4.00 | 12.56 | 19.02 | 0.04 | 0.04 | 0.07 | 12.84 | ||
GD-24-250 | Whopper | Interval | 287.85 | 294.54 | 6.69 | 6.45 | 4.08 | 0.01 | 0.04 | 0.15 | 6.55 |
Including | 288.92 | 293.53 | 4.61 | 9.34 | 5.33 | 0.01 | 0.05 | 0.21 | 9.48 | ||
Surebet | Interval | 440.50 | 445.40 | 4.90 | 3.88 | 24.44 | 0.04 | 0.53 | 0.60 | 4.49 | |
Including | 440.50 | 444.25 | 3.75 | 4.72 | 29.92 | 0.04 | 0.68 | 0.75 | 5.48 | ||
Bonanza | Interval | 598.55 | 604.52 | 5.97 | 11.13 | 17.82 | 0.06 | 0.60 | 0.42 | 11.66 | |
Including | 599.58 | 603.55 | 3.97 | 16.71 | 26.24 | 0.09 | 0.90 | 0.61 | 17.48 | ||
GD-24-290 | NEW | Interval | 42.15 | 47.00 | 4.85 | 7.88 | 5.52 | 0.01 | 0.00 | 0.01 | 7.96 |
Including | 42.15 | 45.00 | 2.85 | 13.38 | 8.87 | 0.01 | 0.00 | 0.02 | 13.49 | ||
NEW | Interval | 57.00 | 62.00 | 5.00 | 3.40 | 1.44 | 0.00 | 0.00 | 0.01 | 3.42 | |
Including | 58.00 | 60.00 | 2.00 | 8.38 | 2.88 | 0.00 | 0.00 | 0.01 | 8.41 | ||
NEW | Interval | 105.00 | 110.15 | 5.15 | 4.49 | 0.84 | 0.00 | 0.00 | 0.01 | 4.50 | |
Bonanza | Interval | 235.37 | 240.35 | 4.98 | 4.18 | 2.71 | 0.00 | 0.02 | 0.06 | 4.24 | |
GD-24-291 | Bonanza | Interval | 29.00 | 34.00 | 5.00 | 6.10 | 1.50 | 0.01 | 0.00 | 0.05 | 6.14 |
Including | 29.00 | 30.00 | 1.00 | 16.12 | 1.24 | 0.01 | 0.00 | 0.03 | 16.15 | ||
Bonanza | Interval | 44.00 | 50.00 | 6.00 | 2.74 | 5.37 | 0.01 | 0.08 | 0.13 | 2.86 | |
Including | 49.00 | 50.00 | 1.00 | 8.23 | 6.34 | 0.01 | 0.04 | 0.08 | 8.35 | ||
Golden Gate | Interval | 181.00 | 187.00 | 6.00 | 6.29 | 1.51 | 0.01 | 0.01 | 0.03 | 6.32 | |
Including | 182.00 | 186.00 | 4.00 | 9.41 | 2.07 | 0.01 | 0.01 | 0.03 | 9.45 |
The continuity and predictability of the newly expanded thick gold Bonanza High Grade Gold zone has previously been drill tested where GD-23-197 assayed 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters (released October 17, 2023), GD-24-235 assayed 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters (released July 30, 2024), GD-24-249 assayed 30.55 g/t AuEq (0.98 oz/t AuEq) over 8.95 meters (released December 12, 2024), and GD-24-260 assayed 132.93 g/t AuEq (4.27 oz/t AuEq) over 10.00 meters (released January 13, 2025). The new Bonanza High-Grade Zone outcrops on the surface 200 meters above the valley floor at an elevation of 900 meters above sea level.
The Bonanza High-Grade Gold Zone remains open in all directions, including to depth, where the new Deep Zone was discovered at 1,239 meters downhole from the Bang On Pad and 480 meters below the valley floor level. This zone contains multiple quartz-sulphide veins and breccias with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open. The mineralized zones contain significant amounts of chalcopyrite, galena and sphalerite and remains wide open. Assays for all holes that intersected the new Deep Zone are pending.
The Company looks forward to continuing to expand the mineralization at Surebet and increase the understanding of the geometry and controls of the mineralization with additional modelling as results become available in the immediate future. The discovery of the RIRG mineralization clearly indicates proximity to the source of this extensive mineralizing system. Drilling in 2025 will focus on expanding the mineralization in all directions, including to depth towards the indicated source for the fluids responsible for the extensive high-grade gold-silver mineralization on the world-class Surebet discovery.
Table 2: Collar information for drill holes reported in this news release.
Hole ID | CRS | Easting (m) | Northing (m) | Elevation (m) | Azimuth (deg) | Dip (deg) | Length (m) |
GD-24-241 | NAD83 / UTM zone 9N | 457446 | 6162777 | 1511 | 140 | 60 | 738 |
GD-24-250 | NAD83 / UTM zone 9N | 457365 | 6162754 | 1507 | 178 | 55 | 638 |
GD-24-263 | NAD83 / UTM zone 9N | 457060 | 6163027 | 1655 | 155 | 71 | 758 |
GD-24-290 | NAD83 / UTM zone 9N | 457881 | 6162620 | 1175 | 228 | 73 | 312 |
GD-24-291 | NAD83 / UTM zone 9N | 457702 | 6162436 | 1132 | 120 | 65 | 378 |
GD-22-58 | NAD83 / UTM zone 9N | 457512 | 6163073 | 1656 | 120 | 55 | 399 |
Golddigger Property
The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada’s greatest mines including 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 used as key markers when exploring for gold-copper-silver mineralization.
The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% with 48.8% of it as free gold from gravity alone at a 327-micrometer crush (no cyanide required to recover the gold). The metallurgy completed to date shows NO deleterious elements are present such as mercury or arsenic.
The Property 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.
About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)
Goliath is a paying member and active supporter of CASERM, an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data is 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 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. The study confirmed 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 is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. 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 that 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, Mr. Larry Childress and a Global Commodity Group based in Singapore.
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