Initial 2023 Drill Campaign Highlights:
2023 Drill Plan
Surebet highlights from 2021 and 2022:
Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) is pleased to report the presence of visible gold in the first hole of the 2023 season from its Golden Gate Feeder Zone on the Surebet discovery at its 100 % controlled Golddigger property covering 59,089 hectares, Golden Triangle, British Columbia.
The first hole of the season, GD-23-111, collared from Pad TS-1 and ~250 meters step out from Pad A in 2022, intersected multiple flakes of visible gold in sulphide-bearing quartz veins hosted in strongly folded siltstone-dominant sedimentary units at 33.13 meters. A 36.98 meter* interval of sulphide mineralization characterized by veins, stringers and patches of semi-massive pyrrhotite (up to 2 %) with minor sphalerite (up to 1 %) in quartz stockwork and breccia with intense epidote-chlorite alteration and silicification occurs from 92.70 to 129.68 meters within the sedimentary units. This interval is followed by a second interval of 44.32 meters* of altered andesite from 129.68 to 174.00 meters which contains stringers and semi-massive patches of sulphides (mainly pyrrhotite up to 1 % and pyrite up to 1 %). The main mineralized interval is interpreted to be the northeast extension of the Bonanza Shear that defines the contact between the sedimentary units and the underlying volcanic units. Localized skarn-style alteration containing garnet has been observed at 126.90 meters further suggesting the presence of a potential porphyry feeder source at depth.
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, hosted within the sedimentary units. The occurrence of visible gold has previously been independently confirmed in GD-22-49 and GD-22-58 drilled in 2022 by the Colorado School of Mines whom the Company is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at Surebet.
The 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 that have demonstrated 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.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are off to an exciting 2023 drill season, where visible gold and substantial intervals of Surebet-style sulphide mineralization has been confirmed in the first exploratory hole of the year. It is a ~250 meter step out expanding upon a previously unknown area of mineralization to the northeast of Pad A where GD-22-49 also contained visible gold. Mineralization confirmed in GD-23-111 strongly indicates the presence of a large mineralizing system and potential feeder source in the Golden Gate Feeder Zone. The planned ~18,000 meter drill program is designed to expand the footprint of the Surebet Zone and Bonanza Shear in all directions and includes a maiden drill program at the newly discovered high-grade gold-silver Goldswarm Zone, located 4 km on strike to the north of Surebet that is believed to part of the same mineralizing system feeding Surebet. Surebet is shaping up to become the next big high-grade gold-silver discovery in the Golden Triangle, B.C. We look forward to reporting assay results with much anticipation.”
Goliath has commenced 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/Bonanza Shear to the east-southeast-northeast. Inclusive of this year’s campaign, there is a maiden drill program planned at its newly discovered Goldswarm Zone 4 km along strike to the north of Surebet Zone having similar mineralization and structures exposed at surface where channel cuts assayed up to 29.70 g/t Au over 0.55 meters, 25.1 gpt Au over 0.40 meters and grabs up to 54.3 g/t Au providing tremendous upside potential of a new drill discovery in 2023.
The maiden drill campaign in 2021 at the Golddigger Property and follow up drilling program in 2022 is a total of 31,652 meters to date. Drilling to date has a 97% success hit rate as 86 holes of 92 totaling 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.
Golddigger Property
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 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
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 of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada.
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