2023 HIGHLIGHTS:
- Goliath significantly increased this years program from 18,000 to over 34,000 meters from 124 holes, for a cumulative total of over 65,000 meters of diamond drilling from 234 holes completed to date at its 100% controlled Golddigger Property; assays are pending on 116 holes drilled in 2023.
- The Golddigger drill program successfully expanded the mineralized footprint of the Surebet discovery from 1.6 km2 to 1.8 km2 and has increased the confidence level of the system encompassing three confirmed stacked zones:
Surebet Zone , Bonanza Shear and a new 2023 discovery of theGolden Gate Zone . All three zones remain wide open (see updated model and further information below). - 98 holes drilled on Surebet in 2023 have all intersected either the
Surebet Zone , Bonanza Shear and/orGolden Gate Zone representing a 100% hit rate confirmed over an area of widely spread mineralization encompassing 1.8 km2 that remains wide open. - 41 holes (out of 98 holes) drilled in 2023 on Surebet, Bonanza and/or Golden Gate have intersected Visible Gold with up to 4mm nuggets, representing a 42% hit rate, and a previously reported hole up to 485 gm*AuEq (15.59 troy ounces gram meter AuEq) intercept from GD-23-157 with 21.08 g/t AuEq over 23.00 meters* (18.95 g/t Au and 95.31 g/t Ag).
- All the occurrences of Visible Gold to date have been consistently identified within quartz-breccia and veins in contact with or near pyrrhotite, sphalerite and/or galena mineralization.
- Based on 2021-2022 drill assays and preliminary drilling results from 2023:
Surebet Zone , hosted in the Hazelton Sediments has 106 drill pierce points and modeled to be >5,500,000 m3 (Avg. 6.88 meters* @ 6.31 g/t AuEq).- Bonanza Shear, hosted between the Hazelton Sediments-Volcanics has 104 drill pierce points and the model has been expanded from 13,000,000 m3 to >25,000,000 m3.
- The newly discovered
Golden Gate Zone , hosted within the Hazelton Volcanics has been modelled to be >1,100,00 m3, grade definition is dependent on pending assays. - All three zones remain open (see updated model and further information below).
- Management believes the average widths and grades of this system should increase once all assays are received, compiled, and interpreted from the 2023 program.
- Five (5) newly discovered mineralized zones were identified within the
Surebet Zone /Bonanza Shear district part of the Golddigger property. Mineralization in these new prospective domains consists of Surebet-style quartz-sulphide breccias, stockworks and veins with variable amounts of semi-massive to massive, stringers and veinlets of galena, sphalerite and pyrrhotite greatly expanding the footprint of this high-grade gold-silver system (further information and images below). - Goliath made four (4) new discoveries that were outcropping from within Golddigger’s Cambria Icefields claims, located ~40km north of Surebet. They include
Treasure Island , Metallica, Heavy Hitter and Full Contact proximal to past producing mines. The mineralized zones show geologic indicators of potential epithermal deposits. Multiple channel cuts and grab samples were taken to develop into potential future drill targets; assays are pending (further information and images below). - Goliath has partnered with domain experts such as Dr.
Quinton Hennigh and Dr.Thomas Monecke from theColorado School of Mines . The Company has also partnered with consulting firms includingSRK Consulting (Canada) Inc. ,Archer, Cathro & Associates (1981) Limited, andOriented Targeting Solutions LLC (OTS), to analyze an extensive array of geological datasets spanning drilling, mapping, drone photogrammetry and remote sensing data to interpret the presence of an Intrusion-Related Gold Deposit.
“We are extremely proud of our entire team who all stepped up to the plate to make this years program one to remember for the books,” stated
Drill Trace Map
Diamond drilling from 2021 to 2023
An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/82d480f3-cc59-4364-9000-1aaf7ade9fe9
Updated Model
Based on 2021-2022 diamond drill assays and preliminary diamond drilling results from 2023
An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a49c81f0-9173-4e2a-a3d9-1c9a32591f52
Management believes the average widths and grades of this system should increase once all assays are received, compiled, and interpreted based on the preliminary results thus far from 2023.
Cross Section
Locations of 7 drill holes assaying 138 g*m AuEq and up to 485 g*m AuEq as well as selected abundant visible gold drill holes with assays pending.
An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/eb7c4c13-32d6-42f5-88d0-7deff370822e
Prospecting Highlights:
Expansion of Surebet Zone-Bonanza Shear
Five newly discovered mineralized zones were identified within the
An accompanying infographic is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2714ad9-6245-42e1-881c-3df55d4af9aa
- Full House: it consists of a series of stacked E-W trending and N dipping significantly mineralized shear zones sporadically outcropping at surface over 3 kilometers. They are characterized by Surebet-style mineralization with massive to semi-massive galena and sphalerite (see images below). Visible Gold was found in a grab sample on surface that assayed 113.5 g/t Au and 249.0 g/t Ag at the Payday showing, located within the upper portion of the Full House trend. Full House is located 5 km northwest of Surebet and 3.5 km southwest of Goldswarm. All these zones are believed to be closely related and have most likely been mineralized by the same extensive high-grade feeder source located at depth. Channel cuts, grab samples taken, and two (2) holes were drilled in 2023 at Payday; assays are pending (see images below).
Accompanying infographics are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b42e927a-6d8a-4afb-aa40-38bf65d53969
https://www.globenewswire.com/NewsRoom/AttachmentNg/c4df693e-c009-4c3a-82c9-7b295a16c173 Kahuna Zone : a new 600 meter strike extension of the mineralized Bonanza Shear 2 kilometers to the northeast of theSurebet Zone along the eastern part of the North Slope. Within the Kahuna zone, two additional new polymetallic quartz-sulphide veins were discovered with up to 10-meter-wide blow-outs containing abundant galena, sphalerite, and chalcopyrite. Channel cuts, grab samples taken, and five (5) holes were drilled in 2023 and assays are pending (see image below).
An accompanying infographic is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ffe0fee-bd78-4017-8b19-e1af08e09842Outpost Zone : multiple polymetallic quartz-sulphide veins, stockworks, and breccias have been discovered within sedimentary and volcanic rocks located 5 kilometers to the southeast of theSurebet Zone . These veins and breccia zones have been traced over 700 meters in outcrop and range between 5 and 50 meters in thickness and remain open. Channel cuts, grab samples taken, and two (2) holes were drilled in 2023 and assays are pending (see images below).
Accompanying infographics are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ad109549-41c5-491c-bdbc-bd03238f0625
https://www.globenewswire.com/NewsRoom/AttachmentNg/1ac62707-a5a0-413e-b6db-50bea5a349c6Humdinger Zone : the Bonanza Shear was traced for 400 meters on surface southeast of theSurebet Zone and extended towards the west through theReal Deal Zone . It is projected to continue 1.5 kilometers south across the valley under the newHumdinger Zone . This zone is characterized by multiple polymetallic quartz-sulphide veins and stockwork with a width of approximately 3 meters in the west and increases in width to over 20 meters in the east that remain open in both directions. Channel cuts, grab samples taken, and four (4) holes drilled in 2023 and assays are pending (see images below).
An accompanying infographic is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4f8354b3-2f05-4225-8e3d-961fd3ba4e5e- Lower Surebet on Real Deal fault: the Bonanza Shear was traced 400 meters on surface southwest of the
Surebet Zone , extending south along Real Deal. This zone is characterized by Surebet-style mineralization with galena and sphalerite within multiple polymetallic quartz-sulphide veins and stockwork with a width up to 8 meters and remains open in both directions. Channel cuts, grab samples taken, and four (4) holes drilled in 2023 and assays are pending (see images below).
An accompanying infographic is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/78d4ef30-2fe3-4de9-9867-a63a6435841e
Golddigger’s Cambria Icefields Claim Blocks
Four (4) new discovered targets have been identified in the recently staked claims on Goliath’s Cambria Icefields Claim Blocks, located between Surebet and the town of
An accompanying infographic is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/681ce55d-414e-4b19-9fbd-148ec1bc4610
Treasure Island : it consists of new mineralized bedrock outcrops that have been exposed by glacial melt. This newly discovered mineralized area shows multiple shear-hosted, polymetallic zones over a 500 meter long NW-SE trend that remains open in all directions. Mineralized domains are up to 20 meters wide with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone and tuff units. This discovery is on trend with the past producerPorter Idaho Mine located 6 kilometers to the west. The area has been channel cut and mapped in preparation for 2024 drilling; assays are pending.
An accompanying infographic is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9667ac5b-a359-4345-8b20-870e49de0db7Metallica Zone : situated 29 kilometers east ofStewart on the northeast portion of the Cambria Icefields. Multiple oxidized quartz-carbonate veins, stockworks and lenses have been identified within altered andesite. They contain 1 - 15% sulphides, with zones up to 4 meters wide containing pyrite with lesser chalcopyrite, sphalerite, and galena over a 300 by 400 meter area. It has been channel cut and mapped in preparation for 2024 drilling; assays are pending.
An accompanying infographic is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6634d508-6827-4afc-abc6-1fd53037772c- Heavy Hitter: the 2023 reconnaissance exploration program discovered a ~500 meters wide by 800 meters long Heavy Hitter zone that remains open in all directions. Strongly gossanous and silicified zones with over 20% sulphide content hosted in felsic volcanics and pyroclastic rocks, intruded by later mafic and intrusive dykes. Extensive silicification has replaced all original rock textures with drusy and chalcedonic quartz, entrained with abundant fine grained sulphide. Local brecciation with sulphide-rich matrix cuts through the silicified zones and shows local concentrations of Pb, Zn and As. The widespread presence of chalcedonic quartz, host felsic volcanics and the associated concentration of As suggests the presence of an epithermal deposit. The area has been channel cut and mapped in preparation for 2024 drilling; assays are pending.
An accompanying infographic is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c4085bdd-d82b-4947-896b-1fa928eb2bc7 - Full Contact: located 19 kilometers northwest of the
Surebet Zone . It consists of a 1.3 kilometer-long gossan in an area of glacial abatement with multiple silicified zones, quartz veins and shear zones. The area shares the same geological setting and alteration as Surebet with mineralization forming around the volcanic – sedimentary contact. Mineralization consists primarily of pyrite, with lesser arsenopyrite and sphalerite disseminated within silicified zones, concentrating in veins and fractures. The area has been channel cut and mapped in preparation for 2024 drilling; assays are pending.
An accompanying infographic is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5b9e5e43-d7e8-44b2-a678-c9e78658f6ab
Golddigger Property
The Golddigger Property is 100 % controlled covering an area of an area of 61,685 hectares (152,427 acres) and is in the world class geological setting of the Eskay Rift within
Qualified Person
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
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 is an explorer of precious metals projects in the prolific
For more information please contact:
Mr.
Founder and CEO
Tel: +1.416.488.2887
roger@goliathresources.com
www.goliathresourcesltd.com
* Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: Au
Neither the
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 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
NOT FOR DISSEMINATION IN
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