Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF)
(FSE: B4IF) (the “Company” or “Goliath”) is pleased to
report four substantially mineralized intercepts in drill hole
GD-24-237 of dense quartz-sulphide breccia, stockwork and veining
containing abundant visible gold, galena, and sphalerite. Inclusive
of an interval containing visible gold, molybdenite and trace
bismuth in veins at 316.05, 316.26, 326.10 meters and on vein
margins within a porphyritic intermediate dyke at Surebet on its
100% controlled Golddigger Property (the “Property”), Golden
Triangle, B.C.
Collectively these four mineralized intervals equate to 105
meters of some of the strongest mineralization with the highest
density of veining, stockwork and breccia observed to date in drill
core from the property. The system remains wide open confirming
excellent additional discovery potential.
An accompanying infographic is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/24d8faf0-b20e-4f92-8e1d-61fa800045c1
Drill hole GD-24-237 collared from Golden Gate Pad (140/-70,
Total depth 848.0 m) intersected multiple strongly mineralized
quartz-sulphide breccia and stockwork sections containing abundant
visible gold, galena, sphalerite, pyrrhotite and pyrite
mineralization. The hole also intercepted a porphyritic
intermediate intrusive unit containing visible gold, molybdenite
and bismuth.The most significant mineralized interval is 47 meters
long in a section from 425.00 to 472.00 meters, characterized by
quartz-sulphide stockwork with sphalerite (2%), pyrrhotite (1%),
pyrite (2%), and minor galena attributed to the Bonanza shear,
located at the contact between the Upper Hazelton sedimentary and
Lower Hazelton volcanic units. A section of quartz-sulphide breccia
and stockwork directly attributed to the Bonanza Shear was
intercepted from 449.69 to 452.52 meters and is characterized by
visible gold, semi-massive galena (1%), sphalerite (1%), pyrite
(1%), and pyrrhotite (1%) and makes up the contact between
sediments and volcanic units. Within the andesite, from 452.52 to
472.00 meters, many closely spaced quartz and calc-silicate veins
host sphalerite (1%) and galena (1%) with trace quantities of
pyrrhotite and pyrite.
A second 16.6 meter interval zone of Bonanza Shear hosting dense
sulphide-rich calc-silicate veining and stockwork was intersected
from 508.4 to 526.00 meters containing sphalerite (1%) and galena
(1%) with trace quantities of pyrrhotite and pyrite.
Deeper in the hole, a 26.35 meter interval from 546.65 to 573.00
meters of closely spaced veining and stockwork with substantial
amounts of sulphides was intercepted, including sphalerite (1%),
galena (1%) with trace quantities of pyrrhotite and pyrite. A 1.11
meter vein between 569.29 - 570.04 was intercepted that contained
visible gold, sphalerite (1%), galena (1%), pyrrhotite (2%) and
pyrite (1%). Similar to what was intercepted in 2023 from GD-23-183
which ran 3.56 g/t AuEq over 8 meters including 6.54 g/t
AuEq over 3.0 meters.
An accompanying infographic is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c24e2ea-e824-4381-b101-a8e839ca3f55
A 14.39 meter section of intrusive rock containing quartz veins
with visible gold, molybdenite, and bismuth and displaying
porphyritic textures similar to what was observed in drill hole
GD-24-235 announced last week was intercepted from 315.71 to 330.08
meters. This intrusive is host to a handful of 1 to 10 centimeter
sheeted quartz veins and sub-millimetric sulphide veinlets. These
veins included minor vein-hosted calc-silicates with white
albite/sericite alteration haloes.
Drill hole GD-24-237 was designed to intercept the Bonanza
shear, expand the Golden Gate zone to the north, and target the
newly discovered Mothership Feeder as well as additional veins
identified at depth that remain wide open. Several intervals of
mineralized core observed in hole GD-24-237 have the same
mineralogy, textures and structures observed in drill hole from
2023, GD-23-183, suggesting that similar gold grades are expected
from these intervals. Several deeper holes are planned to test this
area to much greater depths during the 2024 season, as the system
remains wide open and has excellent additional
discovery potential.
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 planned 2024 drill program includes
15,000 meters of diamond drilling on Surebet. The drill program on
Surebet is focused 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 one new strongly mineralized
gold-copper outcropping target at Treasure Island.
Over the first 3 drilling seasons, totaling only
8 months cumulative time drilling between 2021 – 2023, completed a
total 66,930 meters on 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. Of these holes, 35% of them contained visible gold
up to 11mm in size. 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. The Surebet system remains wide open, with
strong potential for additional discoveries as confirmed by the
first drill holes of 2024.
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
kilometers 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
LimitedGoliath 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.
For more information please
contact:
Goliath Resources Limited Mr. Roger
Rosmus Founder and CEO Tel:
+1.416.488.2887roger@goliathresources.com
www.goliathresourcesltd.com
Other
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.
Portable XRF (X-Ray Fluorescence) readings are
semi-quantitative measurements and calibrations of the equipment in
the field not always allow to compare results to certified
reference materials but are used as guideline to augment the
understanding of the mineralization observed. These measurements
are not intended to be representative of the geochemical
composition of the material measured. XRF readings are carried out
using a handheld device and could be influenced by external
factors.
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.
Widths are reported in drill core lengths and
the true widths are estimated to be 80-90% and AuEq metal values
are calculated using: 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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