Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is excited to report the discovery of
the new high-grade gold-silver Jackpot discovery that assayed 21.5
oz/t AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1690.00 gpt Ag, 7.96 %
Cu, 2.22 % Pb) at its 100% controlled Golddigger Property (the
“Property”), Golden Triangle, British Columbia. This discovery is
part of the same mineralizing system responsible for the
mineralization at Surebet, Bonanza and the Golden Gate Zones; all
zones remain. It is located 1 kilometer to the east-southeast and
300 meters vertically below Pad A, and 60 meters north above Pad J.
The new Jackpot discovery has never been drilled before and will by
tested during the 2024 drill campaign (see map above).
Sample ST116183 assayed 21.5 oz/t AuEq or 667.40
gpt AuEq (636.00 gpt Au, 1690.00 gpt Ag, 7.96 % Cu, 2.22 % Pb) and
comes from a 30 cm wide quartz vein with 15 % chalcopyrite, 7 %
pyrite, and 1 % galena hosted in a strongly silicified porphyritic
andesite within the Hazelton Volcanics. It was collected in an
outcrop consisting of a 15 meter wide stockwork zone that contains
at least 10 veins with strong quartz-sulphide mineralization. The
stockwork of veins is vertical and strikes north-south where it is
exposed for about 50 meters of strike before being covered by
overburden on either side; it remains open. It is hosted within a
broader shear zone that can be traced for >500 meters in a
north-south direction with 400 metres of vertical relief and
remains open.
During the last few exploration campaigns,
multiple high-grade gold samples have been collected within 150
meters of the new Jackpot showing, including Y607977 assaying 44.40
gpt Au, 1629.00 gpt Ag, 5.22 % Cu, 2.24% Pb, Y607989 assaying 13.50
gpt Au, 32.10 gpt Ag, 0.09 % Cu, 0.42 % Pb and ST112903 assaying
8.43 gpt Au, 694.00 gpt Ag, 0.39% Cu, 0.47 % Pb, making this a very
interesting drill target to take into consideration for the
expansion of the Surebet system that remains open (see images
above).
The new Jackpot discovery has similar textures,
mineralogy, and geochemistry to those observed in the Surebet,
Bonanza and the Golden Gate Zones, consisting of veins, stockwork
and breccia with considerable amounts of galena, pyrrhotite, pyrite
and chalcopyrite, indicating that it is part of the same
mineralizing system. This new discovery demonstrates the strong
potential for the discovery of additional stacked mineralized
high-grade shear zones and veins related to the Surebet
mineralizing system on the Golddigger property that remains open.
The new Jackpot discovery has never been drilled before and will by
tested during the 2024 drill campaign.
Roger Rosmus, Founder and CEO of Goliath
Resources, states: “The Golddigger project is a remarkable
gold discovery, showing multiple zones that transition from the
sediments, into the contact of the sediments and volcanics then
into the volcanics. We feel confident that as we drill into the
volcanics, we will continue to discover multiple zones that lead us
to the heat engine that caused the widespread gold mineralization.
It is a true grassroots discovery that was found when the glaciers
covering this area receded and exposed the mineralized outcropping
zones for our team to find. Pure grassroots gold discoveries are
very rare in the gold mining sector. The gold mineralization has
excellent continuity and is very predictable as can be seen from
the high percentage of gold mineralization in our drill holes, and
equally as exciting is the high percentage of visible gold in the
drill holes as well as the excellent recovery from our early stage
metallurgical work. Jackpot is yet another discovery of outcropping
high-grade gold-silver with multiple mineralized veins within a
broader shear zone that can be traced for >500 meters with 400
meters of vertical relief which has excellent upside potential for
our shareholders. This clearly demonstrates the strong possibility
for many more discoveries of material size mineralized shear
zones/veins directly related to the Surebet system that remains
open. The newly discovered Jackpot outcrop assayed the
highest-grade sample ever collected on the property to date
returning 21.5 oz/t AuEq or 667.40 gpt AuEq. Of important note, it
is hosted in a shear composed of strongly silicified porphyritic
andesite within the Hazelton Volcanics that could quickly evolve
into our next material bonanza grade and/or porphyry drill
discovery on the Golddigger property in 2024. We look forward to
the updated modeling being completed internally along side Archer
Cathro that will include all drilling completed to date.
Additionally, we look forward to announcing results from our
inaugural exploration program on Golddigger’s Cambria Icefield
Claims in the near future.”
Golddigger Property
The Golddigger Property is 100% controlled
covering an area of 64,264 hectares (158,800 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 has exceptional 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.
Qualified Person
James McCrea P. Geo and Rein Turna P. Geo are
the qualified persons 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
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.
For more information please
contact: Goliath Resources Limited Mr. Roger
Rosmus Founder and CEO Tel:
+1.416.488.2887roger@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 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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