2023 Drill Campaign Highlights:
Goldswarm Discovery update:
Reconnaissance Prospecting Update:
2023 Drill Plan:
Surebet highlights from 2021 and 2022:
Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) is pleased to report it has drilled visible gold in multiple holes over 1.5 kilometers and discovered a brand new strongly mineralized 6.5 kilometer trend containing multiple stacked shears. All 12 holes (out of 70 planned holes) drilled to date during the 2023 season have intersected the strongly mineralized Surebet Zone and/or the Bonanza Shear on the Surebet Discovery at its 100 % controlled Golddigger property, Golden Triangle, British Columbia.
Visible gold has been intersected over 1.51 meters from hole GD-23-118 from Pad TS-1; at 64.53 meters, 65.97 meters and 66.04 meters depth respectively as well as from hole GD-23-122 collared from Pad D2-1 at 1.98 meters* depth in hole and GD-23-126 collared from Cliff Pad. Visible Gold has been previously reported from three other holes: GD-22-49, GD-22-58 and GD-23-111 (first hole of 2023).
Roger Rosmus, Founder and CEO of Goliath Resources, states: “Getting news of additional holes containing Visible Gold this year is certainly keeping the enthusiasm high for what’s left to come this season. The fact that we have visible gold in holes this year from GD-23-111, GD-23-118, GD-23-122 and GD-23-126 has exceeded our expectations and further confirms our hypothesis of a very large feeder system at depth. It appears the Surebet discovery is just the tip of the iceberg confirmed by the brand new discovery of the 1.5 km of mineralized shear at Full House located within a larger 6.5 kilometer strongly mineralized trend of stack shears. 85 new targets remain to be tested this season. We look forward to reporting assays once received, compiled, and interpreted.”
Hole GD-23-117 collared from Pad D2-1 (located on the North Slope 1.5 km to the Northwest of Pad A, 2022 drill season) intersected a sulphide mineralized quartz-breccia over 13.9 meters* at a shallow depth from 2.80 to 16.70 meters. This is followed by strongly folded interbedded sandstones and mudstones to a depth of 176.10 meters. Below the sedimentary package, lie volcanic units that at 221.00 meters depth transition to plutonic rocks. The best expressions of mineralization hosted within the volcanics is found in altered andesite over 3.45 meters* from 108.00 to 111.45 meters, where the mineralization consists of massive pyrrhotite locally reaching concentration up to 10%. (see image above).
Hole GD-23-118, collared from Pad TS-1 (located 100 meters to the Northeast of Pad A, 2022 drill season) intersected multiple flakes of visible gold in sulphide-bearing quartz veins hosted in strongly folded siltstone-dominant sedimentary units at 64.53 meters, 65.97 meters and 66.04 meters depth. The hole is characterized by interbedded mudstone and siltstone units in the upper part and altered andesite in the lower sections. Several mineralized quartz-breccia zones have been intersected, with the most prominent quartz-breccia interval extending for 16.80 meters* from 62.51 to 79.31 meters, interpreted to be the Bonanza Shear, a strongly mineralized transition zone from sediments to volcanic units. The mineralized interval contains stringers and semi-massive patches of sulphides (mainly pyrrhotite up to 3 %, galena up to 1% and sphalerite up to 1 %).
Hole GD-23-122, collared from Pad D2-1 (located at the Surebet Blowout on the North Slope 1.5 km to the Northwest of Pad A, 2022 drill season) intersected 18.73 meters* of a near surface sulphide-mineralized section of quartz-breccia from 1.00 meters to 19.73 meters and a deeper mineralized quartz-breccia and stockwork section from 88.37 meters to 89.54 meters (1.17 meters*) corresponding to the modelled Surebet Zone. Sulphide mineralization consists of stringers and local semi-massive lenses of pyrrhotite (up to 10 %), sphalerite (up to 3 %) and galena (up to 2 %).
Hole GD-23-126, collared from Pad D1-1 (located 500 meters to the Northwest of Pad A, 2022 drill season) has contains multiple grains of visible gold up to 1.6 millimeter in size between 36.50 and 37.20 meters; its still ongoing. A first look revealed that the hole intersected several sulphide-mineralized quartz-breccia zones characterized by Surebet-style mineralization consisting of semi-massive to massive galena and sphalerite, including a near surface zone where Visible Gold was identified.
All the occurrences of Visible Gold to date have been identified within quartz-breccia and veins in contact with or in close proximity to sphalerite and galena mineralization. The occurrence of visible gold has previously been independently confirmed in 2022 by the Colorado School of Mines with whom the Company is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at Surebet.
The continued presence of Visible Gold in the mineralized intercepts at Surebet is further confirmation of the exceptional results obtained from the metallurgical study performed on composite samples of combined core completed in 2021 and 2022. Overall recoveries through gravity and floatation of 92.2 % gold, 86.5 % silver, 94.2% lead and 96.9% zinc into a concentrate weighing just 11.9% of the original sample mass. Gravity recovery alone captured 48.8 % of gold and 10.3 % of silver in a product weighing just 1.47% of the original sample mass. This indicates that a processing scheme employing early gravity recovery should produce considerable gold in the form of doré bars. Gravity recovery is generally accepted to be the most cost-effective means of gold recovery in the mining industry.
Drilling commenced July 1 on the New Goldswarm discovery and Goldswarm Extension with 12 holes from 4 drill pads. The inaugural drill program was designed to target a high-grade gold quartz-breccia outcrop that is exposed for 800 meters with 650 meters of vertical relief that remains open. Channel samples from the mineralized quartz-breccia assayed up to 29.70 g/t Au over 0.55 meters and grab samples assayed up to 54.3 g/t Au.
Goliath is working on an aggressive drill program this year, totaling 70 holes from 21 separate drill pads on the Golddigger Property. The campaign will be focused on higher-grade zones and expanding the footprint of the newly discovered Surebet Zone and Bonanza Shear to the east, southeast and northeast. This year’s campaign also includes a maiden drill program planned at the newly discovered Goldswarm Zone located 4 km along strike to the north of Surebet, that contains similar mineralization and structures as Surebet exposed at surface. At Goldswarm channel cuts assayed up to 29.70 g/t Au over 0.55 meters, 25.1 gpt Au over 0.40 meters and grabs assayed up to 54.3 g/t Au. This additional target provides tremendous potential for a new drill discovery in 2023.
The maiden drill campaign in 2021 at the Golddigger Property and follow-up drill program in 2022 combined resulted in a total of 31,652 meters drilled. Drilling completed during the first two seasons had a 97% success hit rate as 86 holes out of 92 intercepted significant widths of high-grade gold-silver over a 1.6 square kilometer area at Surebet. This area has 1 km of mineralized strike exposed at surface and 1.1 km of mineralized down-dip extent exposed at surface with 700 meters of vertical relief.
Reconnaissance Prospecting Update
The program has just begun and has already resulted in the discovery of a new zone referred to as Full House. Surebet-style mineralization containing galena and sphalerite in new shear zones discovered outcropping at surface and traced sporadically over at least 1.5 kilometers with a broader trend of stacked shears traced for 6.5 kilometers and remains wide open. Prospecting on the new Full House discovery remains ongoing. This new discovery is believed to be connected to the same high-grade feeder source at depth below Surebet and Goldswarm, all demonstrating the untapped remaining discovery potential on the Golddigger Property along 56 kilometers of the Red Line that is largely unexplored. The reconnaissance program is planned to run through early September with an 8 man team putting boots on the ground, focussing on 85 targets generated from an extensive internal data set within vast areas of newly exposed bedrock due to snowpack recession and glacial abatement.
The Golddigger Property is 100 % controlled covering an area of 59,089 hectares (146,012 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 is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is 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.
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.
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.
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