Goliath Mobilizes Program on Extensive New High-Grade Polymetallic Gold-Silver Discovery in the Golden Triangle, B.C.

TORONTO, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (FSE: B4IE) (OTCQB: GOTRF) (the “Company” or “Goliath”) is pleased to report the exploration team has mobilized for the program on its newly discovered high-grade polymetallic gold-silver zone on the Gold-digger Property in the prolific Golden Triangle S.E. of Stewart, BC to assist in delineating drill targets. The newly discovered Sure Bet Zone is located ~8 kilometres S.W. of Auryn Resources’ Homestake Ridge property which is a high-grade gold-silver deposit that contains 982,700 oz of gold @ 4.99 g/t Au and 19,600,000 oz of silver @ 97.7 g/t Ag, with drill intercepts of up to 73 meters of 21 grams per tonne gold and 12 grams per tonne silver.

Highlights Include

• NW – SE trending structures outcropping at surface over 1.5 kilometres long; with alteration halos up to 40m wide and 800m of vertical relief.
• Mineralization consists of structurally controlled lenses of massive sulphide containing Galena, Sphalerite and Pyrite.
• These lenses occur within broad alteration halos of silica flooded sediments which also contain polymetallic mineralization.
• Assay’s to date include:
  • 8.4m channel cut @ 5.37 g/t Au and 144.80 g/t Ag; including 3.4m of 12.74 g/t Au and 299.68 g/t Ag
  • 1m chip @ 49.50 g/t Au and 862.00 g/t Ag
  • 1m chip @ 38.20 g/t Au and 167.00 g/t Ag
  • 1m chip @ 5.34 g/t Au and 1150.00 g/t Ag
  • 2m chip @ 4.40 g/t Au and 49.20 g/t Ag

The 2020 program is focussed on tracing the full extent of the extensive high-grade gold-silver mineralized outcroppings in preparation for drilling (Link to Video). It will consist of a series of systematic channel cuts on multiple newly discovered gold-silver mineralized outcropping NW – SE trending structures within a 4 square kilometre area of glacial and snowpack abetment. These structures are up to 40 metres wide and up to 800 meters of vertical relief were a 2019 channel cut of 8.4 meters (true width) assayed 5.37 g/t Au and 144.80 g/t Ag over 8.4 meters; including 3.4 meters of 12.74 g/t Au and 299.68 g/t Ag (see news release – Click here). It is designed to further test and define the newly discovered gold mineralization in both massive sulphide zones and the disseminated gold mineralized within broad alteration halos in preparation for the inaugural drill program planned for 2021.

Compilation of the 2018 and 2019 geochemistry, LIDAR, airborne geophysics, mapping and alteration data is complete and will focus on expanding these new high-grade polymetallic gold-silver discoveries located along multiple NW-SE structures within the 4 square kilometre area where the majority of which remain unexplored.

The newly discovered Sure Bet Zone at the Golddigger Property measures 1550m by 1130m and remains open in all directions. This area is demarked by a series of large NW - SE trending structures that host high grade polymetallic massive sulphide lenses within a gold mineralized alteration halo. These halos have been observed to be in excess of 40m wide surrounding the structures.

The 2019 inaugural test channel cut of 8.4 meters (true width) assayed 5.37 g/t Au and 144.80 g/t Ag over 8.4 meters. This includes 3.4 meters of 12.74 g/t Au and 299.68 g/t Ag. The channel started and ended in gold mineralization, 2.15 g/t Au and 1.44 g/t Au respectively confirming that the polymetallic gold zone remains open in all directions.

This new gold rich polymetallic discovery made in 2019 is located in an extensive area of recent glacial and snow pack abatement along an unexplored region in close proximity to the ‘Red Line’ in British Columbia’s prolific Golden Triangle (Link to Map). This world class geologic setting and newly discovered wide spread high grade polymetallic gold mineralization on the Golddigger property has several early indications of a significant new discovery.

The property is in an alpine environment with excellent bedrock exposure and is only 7km west of the Dolly Varden Mine road and 10km to deep water barge access, providing good access to infrastructure in Alice Arm.

2019 Highlights:

• During a brief reconnaissance field program on the Golddigger property designed to follow up on targets generated from lidar and geochemical data, the new undocumented Sure Bet Zone was discovered (Link to Video).
   
• The field program on the Sure Bet Zone included preliminary mapping, prospecting, drone surveying and channel sampling.  A total of 33 chip or grab samples were taken of which 23 (or 70%) were greater than 1.40g/t Au, that ranged from 1.41 g/t Au to 49.50 g/t Au or 1.98 g/t Au Eq to 63.30 g/t Au Eq (Assay Map over Zone).
   
• Only 1 channel cut was taken, totaling 8.4m. The channel was designed to test both the massive sulphide lenses and a small portion of the silicified mineralized Hazelton group sediments hosting the alteration halo which was observed to be in excess of 40m wide. The inaugural test channel assayed 7.37 g/t AuEq over 8.4m true width. The channel started in the Hazelton sediments assaying 2.15 g/t Au and ended in the sediments assaying 1.44g/t Au. The gold mineralization contained in the broad alteration halo confirms the significance of this zone that remains open in all directions.
   
• Mineralization within the Sure Bet Zone consists of structurally controlled lenses of massive sulphide containing Galena, Sphalerite and Pyrite. These lenses occur within broad alteration halos of silica flooded sediments which also contain polymetallic mineralization.

Table 1 – SURE BET ZONE (2019 Channel Sample Results)

1. AuEq metal values are calculated using Au $1490.80/oz, Ag $17.54/oz, Cu $2.60/lb, Pb $0.97/ln, Zn $1.11lb. All values are reported in USD and do not consider metal recoveries.

Table 2 – SURE BET ZONE (2019 Prospecting Sample Highlights)

¹ 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. 2.AuEq metal values are calculated using Au $1490.80/oz, Ag $17.54/oz, Cu $2.60/lb, Pb $0.97/ln, Zn $1.11lb. All values are reported in USD and do not consider metal recoveries.

The Sure Bet Zone is characterized by a series of NW-SE trending faults that occurs within a package of highly folded and faulted Hazelton group sediments. Lidar imagery, drone imagery, and field observations have identified several additional paralleling faults within close proximity to the newly discovered Sure Bet Zone that remain unsampled, providing for strong additional discovery potential. Geochemical analyses confirmed high grade gold polymetallic mineralization within these structures, which will be followed up on in 2020 (Image of 4sqkm Area). The program is planned to include detailed mapping and systematic bedrock sampling covering the Sure Bet Zone and surrounding area containing multiple NW-SE structures that remain unexplored in preparation for drilling.

Mineralization within the Sure Bet Zone consists of structurally controlled lenses of massive sulphide containing Galena, Sphalerite and Pyrite. These lenses occur within broad alteration halos of silica flooded sediments which also contain polymetallic mineralization.

The eastern side of the Golddigger property is underlain by coarse clastic sedimentary rocks of the Stuhini Group that are unconformably overlain by inter-fingered volcanics as well as sedimentary rocks of the Hazelton Group. This contact is known as the ‘Red Line’ and thought to be a key marker in the Golden Triangle when exploring for significant mineralizing systems. The Sure Bet Zone is located within the Hazelton group sedimentary rocks.

The Golddigger property lies within the Stikine Volcanic Arc, including the Eskay Rift and Red Line (Link to Map). Structurally controlled, gold-bearing mineralization in these stratabound horizons is preferentially delineated in a NW-SE orientation, providing a large area with tremendous untapped discovery potential.

The Golddigger property has recently been increased in size from 15,973 Hectares to 17,290 Hectares, with the additional 1,317 Hectares to include additional NW-SE trending structures within the same unit of Hazelton group sediments which hosts the Sure Bet Zone.

Mr. Roger Rosmus, CEO of Goliath states: “We are very excited with the exceptional results demonstrated to date from this original discovery on our 100% controlled Golddigger property. This discovery is a very strong testament to the untapped discovery potential remaining on this vast under-explored area containing high-grade gold-silver. The Sure Bet Zone is in close proximity to infrastructure and located in a world class geologic setting in the prolific Golden Triangle along the Red Line Corridor. We look forward to results from the 2020 program and unlocking the full potential of this discovery and building shareholder value.”

Mr. Michael Dehn has resigned as a Director effective today to pursue other opportunities. The Company appreciates all his input over the years and wishes him all the best in his future endeavors. We are very pleased to have Mr. Jean Lafleur, P.Geo, BSc, MSc Geology join our Board of Directors. Mr. Lafleur is Professional Geologist with over 30 years of experience in various capacities within the mineral exploration industry, including company, project and property evaluations and audits, resource estimations, project planning and execution, supervision, and management. The Company has issued a total of 1,285,000 stock options to Directors and Officers priced at yesterdays closing price of $0.26 for a period of five years.

Qualified Person

Rein Turna, P. Geo, is the qualified person as defined by National Instrument 43- 101, for Goliath Resources projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

Other

All rock, channel and talus fine samples were crushed and pulverized at ALS Canada Ltd.'s lab in Vancouver, BC. ALS is either Certified to ISO 9001:2008 or Accredited to ISO 17025:2005 in all of its locations. The resulting sample pulps were analyzed for gold by fire assay in Vancouver, BC. The pulps were also assayed using multi-element aqua regia digestion at ALS Canada Ltd.'s lab in Vancouver, BC. The coarse reject portions of the rock samples, as well as the pulps, were shipped to DSM Syndicate's storage facility in Terrace, BC. All samples were analyzed using ALS Canada Ltd.'s assay procedure ME-ICP41, a 1:1:1 aqua regia digestion with inductively-coupled plasma atomic emission spectrometry (ICP-AES) or inductively-coupled plasma mass spectrometry (ICP-MS) finish for 35 elements as well as the Au-AA24 lead collection fire assay fusion procedure with atomic absorption spectroscopy (AAS) finish. Any results greater than 100 ppm for silver or 10,000 ppm copper, lead and zinc were additionally assayed using ALS's OG46 method particular to each element. This method used an HNO3-HCl digestion followed by ICP-AES (or titrimetric and gravimetric analysis). Gold values of greater than 10 ppm Au were assayed by the Au-GRA22 method which includes a fire-assay fusion procedure with a gravimetric finish. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence.

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.

For more information please contact:

Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1-416-488-2887 x222
roger@goliathresources.com
www.goliathresourcesltd.com

General Disclaimer

Goliath Resources Limited "Goliath" has taken all reasonable care in producing and publishing information contained in this news release and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Goliath assumes no responsibility. Goliath does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Goliath be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.

Forward-Looking Statements

This news release contains forward-looking statements, including but not limited to comments regarding predictions and projections. More particularly, this document contains statements concerning the benefits of the listing of the Company's shares on OTCQB. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. 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.