Goliath Discovers New Deep Mothership Feeder Zone At 648 Meters Downhole Containing Abundant Visible Gold In First Drill Hole Of 2024 At Surebet, Golden Triangle, B.C. – System Remains Wide Open

Rhea-AI Summary

Goliath Resources has discovered a new deep zone, the “Mothership Feeder Zone,” with abundant visible gold at 648 meters downhole in the first drill hole of 2024 at their Surebet project, Golden Triangle, B.C. This discovery indicates strong potential for additional discoveries during the ongoing 2024 drill program, which includes deeper drill holes, one extending to 900 meters. The program is focused on testing depths above and below the valley floor, expanding known veins, and increasing vein continuity. This drill hole (GD-24-235) intersected multiple mineralized veins containing visible gold and various sulfides over significant intervals. The Surebet discovery has exceptional continuity and excellent gold recoveries, with metallurgical tests showing 92.2% gold recovery. The Golddigger property, where Surebet is located, is fully permitted for 199 drill pads until 2029. The high-grade discoveries and promising initial results increase Goliath's confidence in finding new mineralization zones.

Positive

• Discovery of new deep 'Mothership Feeder Zone' with abundant visible gold.
• Strong potential for additional discoveries in 2024 drill program.
• High-grade gold recoveries of 92.2% from metallurgical tests.
• Golddigger property fully permitted for 199 drill pads until 2029.

Negative

• Assays for GD-24-235 are still pending, leaving uncertainty about exact gold grades.

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.
  

TORONTO, July 15, 2024 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) 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 (the “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.

For more information please contact:

Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
roger@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 Deposit^TM. Drill holes were planned using Leapfrog Geo^TM and QGIS^TM 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

FAQ

What significant discovery did Goliath Resources announce on July 15, 2024?

Goliath Resources announced the discovery of the 'Mothership Feeder Zone' with abundant visible gold at 648 meters downhole in their first drill hole of 2024 at the Surebet project, Golden Triangle, B.C.

What is the potential impact of the new discovery on Goliath Resources' 2024 drill program?

The discovery increases the potential for additional discoveries during the 2024 drill program, which includes deeper drill holes planned to test greater depths.

What are the recovery rates for gold from the metallurgical tests at the Surebet project?

Metallurgical tests show gold recoveries of 92.2%, with 48.8% as free gold from gravity alone.

What permits does Goliath Resources have for the Golddigger property?

The Golddigger property is fully permitted for 199 drill pads until 2029.

What key minerals were found in drill hole GD-24-235?

Drill hole GD-24-235 intersected multiple veins with visible gold, galena, sphalerite, pyrrhotite, and pyrite.