Goliath Commences Drilling at New Gold-Copper Porphyry and High-Grade Gold Breccia Targets at Its Lucky Strike Property Near Terrace, British Columbia

| Source: Goliath Resources Limited Goliath Resources Limited

BULLSEYE GOLD-COPPER PORPHYRY – ~1,000 Metres Diamond Drilling, Highlights:

  • The Bullseye porphyry is a drill ready target that shows all the right components for an extensive gold-copper porphyry mineralizing system including surface mineralization, textures, and alteration, and remains open in all directions; located ~14 km north of the Goldsource high-grade gold breccia zone drill target.
  • The Bullseye porphyry is a target consisting of coarse-grained intrusive units with mineralization, textures and potassic alteration (including K-Feldspar). Multiple Au-Cu mineralized grab samples were collected from the Bullseye drill target and assayed up to 3.06 g/t Au, 1.8 g/t Ag and 1% Cu.

  • The Bullseye drill target area has been mapped on surface defining a large 1,200 x 1,000 metre alteration system. The area contains a quartz-sericite-pyrite (QSP) core that is coincident with molybdenite-chalcopyrite mineralization. Independent interpretations of subsurface geophysical data concluded it is consistent with a porphyry signature.
  • The age of the intrusive with porphyritic texture at the Bullseye discovery has been confirmed as Mid-Cretaceous, in contrast with the Eocene age of other known porphyries in this belt.
  • Multiple high-grade gold rich polymetallic Au, Ag, Cu veins are radiating from the porphyry centre, where grabs assayed up to 21.3 g/t Au and 31.5 g/t Ag.
  • The most prolific gold in placer creeks in the district with coarse nuggets of over 6 ounces gold drain the Bullseye porphyry and related polymetallic veins in the margin.
  • The alteration pattern observed at the Bullseye drill target coincides with the top part of a porphyry system with strong concentric propylitic alteration surrounding a core of potassic and phyllic alteration bordered by domains of argillic alteration.
  • The Lucky Strike property is located within a larger known porphyry belt and ~100 km south of its 100% controlled Golddigger property.

GOLDSOURCE HIGH-GRADE GOLD BRECCIA ZONE - ~1,000 Metres Maiden Diamond Drilling, Highlights:

  • The Goldsource drill target is located within a corridor of sheeted mineralized veins that extends for more than 1,500 metres along an E-W trend, over 200 metres wide and remains open.
  • Alteration signature derived from satellite spectral data on Goldsource shows strong hematite, silica, jarosite and phyllic alteration over an extensive area, confirming strong potential for gold mineralization.
  • The gold mineralized hydrothermal breccia geologically sits within the Quock formation Hazelton Volcanics in close proximity of the Red Line in a World Class geologic setting.
  • Airborne magnetic data identified a circular feature that is 1 kilometre in diameter and centered around the Goldsource drill target hydrothermal breccia.

TORONTO, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) (the “Company” or “Goliath”) has commenced ~2,000 metres of diamond drilling at its 100% controlled Lucky Strike property. There are two new separate mineralized gold targets exposed at surface that remain open and have never been drilled before.

The Lucky Strike property covers 31,486 hectares just north of Terrace, British Columbia and ~100 km south of its 100% controlled Golddigger property. These new drill targets at Lucky Strike were found through follow-up prospecting and mapping that also helped identify several other strong gold prospects for follow up exploration that could result in additional high-grade drill targets for 2024.

An accompanying infographic is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/330e75d5-74b5-45e4-9d21-7f7e7545fbfd

The 2023 drill program at the Luck Strike property will be focussed on two new separate gold targets: the Bullseye gold-copper porphyry exposed at surface where grab samples assayed up to 3.06 g/t Au, 1.8 g/t Ag and 1% Cu; and Goldsource, a high-grade gold breccia target exposed at surface with grab samples up 96.8 g/t Au (3.4 oz/t Au) and 78.10 g/t Ag.

Roger Rosmus, Founder & CEO of Goliath Resources, states: “Goliath is a project generator and seasoned explorer with a focus on new discoveries. The Bullseye and Goldsource targets have confirmed the presence of significant gold mineralization found at surface on our Lucky Strike property. We look forward to testing these new discoveries for the first time with the drill bit in 2023 with ~2,000 metres of drilling. We believe drill results from this drill campaign, as well as assay results from our ~18,000 metres of drilling at our Golddigger property should provide substantial news flow catalysts”.

BULLSEYE GOLD-COPPER PORPHYRY

Exploration previously reported on the Bullseye porphyry drill target ~14 kilometres to the north of the Goldsource breccia drill target, has identified a series of new mineralized outcrops within coarse-gained intrusive units with mineralization, textures and potassic alteration including the presence of K-Feldspar, indicative of a porphyry. Grab samples assayed up to 2.15 g/t Au, 143 g/t Ag, and 1 % Cu. These new showings are located within 800 metres of the Bullseye drill target situated at the eastern edge of a previously mapped zone of propylitic alteration flanking a SkyTEM electromagnetic anomaly with low conductivity in the catchment area of Lorne Creek and Douglas Creek, two of the most prolific coarse placer creeks in the district. The Bullseye drill target consists of a high-grade core containing typical porphyry mineralization, textures and alteration, including the presence of chalcopyrite and bornite, that assayed up to 3.06 g/t Au, 1.8 g/t Ag and 1% Cu, within a large 1,200 x 1,000 metre alteration system characterized by polymetallic Au-Ag-Cu quartz veins radiating from the porphyry centre. Alteration signatures extracted from recently acquired Worldview 3 satellite spectral data shows strong concentric propylitic alteration surrounding a core of phyllic alteration bordered by domains of argillic alteration, coinciding with the Bullseye drill target. The alteration patterns observed at the Bullseye drill target are coincident with the top part of a porphyry system outcropping at surface on Lucky Strike. The age of the intrusive with porphyritic texture has been identified as Mid-Cretaceous, in contrast with the Eocene age of other known porphyries in this belt. The Bullseye porphyry remains open in all directions and is drill ready. With initial drilling success, the new Bullseye porphyry provides for an excellent opportunity to expand the zone along strike and to depth.

GOLDSOURCE HIGH-GRADE GOLD BRECCIA

Follow-up prospecting and mapping in the Goldsource area located on the Lucky Strike property ~14 km south of the Bullseye porphyry target extended the main high-grade gold outcrop an additional 150 metres along strike to the East of the main target where grab samples assayed up to 4.92 g/t Au and 14.55 g/t Ag. The total strike extent of the Goldsource main outcrop has been expanded to 550 metres. The Goldsource target consists of a high-grade polymetallic quartz hydrothermal breccia containing galena and chalcopyrite located within a corridor of sheeted veins that extend more than 1,500 metres along an E-W trend and over 200 metres wide where grab samples assayed up to 96.8 g/t Au (3.4 oz/t Au) and 78.10 g/t Ag. The trend is highly oxidized with primary sulphide contents ranging typically between 1-5% that are generally represented by limonitic voids and boxworks. Alteration signature derived from recently acquired Worldview 3 satellite spectral data shows strong hematite, silica and phyllic alteration coincident with the Goldsource discovery and adjacent areas further emphasising the potential for strong gold mineralization. The mineralized hydrothermal breccia geologically sits within the Quock formation in close proximity of the “Red Line” in a world class geologic setting. Airborne magnetic data identified a circular feature 1 kilometre in diameter centered around the Goldsource target hydrothermal breccia. The Goldsource high-grade gold breccia has never been drill tested, remains open in all directions and is drill ready.

Lucky Strike Property

The Goldsource and Bullseye targets are fully permitted for drilling and are situated on Goliath’s 100% controlled Lucky Strike property located near Terrace in northwestern British Columbia. It sits within a world class geological terrane of the Skeena Arch, a belt-scale structural corridor that is associated with significant porphyry and related mineralization. The Property is within 2 kilometres of logging access roads with direct access to hydro-power and paved highway in close proximity to major infrastructure in Terrace B.C.

Grant of Options

Goliath has granted a total of 1,702,050 stock options for a five year period to certain board members, management and an advisor to the Company priced at $0.61 per share.

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

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 metres) 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, including rock grabs, channels, and talus 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 area as well as the 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: +1-416-488-2887
roger@goliathresources.com
www.goliathresourcesltd.com

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 Company to complete the 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.

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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.

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