Goliath Intercepts 14.68 g/t AuEq Over 26.89 Meters at Surebet Zone, Golddigger Property, Golden Triangle, B.C

Drill Highlights:

• GD-23-173 intercepted Visible Gold and significant quartz-sulphide mineralization in 2 broad mineralized intervals. The main interval corresponds to the Surebet Zone and was intersected from 45.11 to 72.00 meters.
  • The main intercept consists of 14.68 g/t AuEq (5.81 g/t Au and 719.13 g/t Ag) over 26.89 meters (approx. true width) including 23.89 g/t AuEq (9.40 g/t Au and 1176.14 g/t Ag) over 15.49 meters and 33.02 g/t AuEq (10.97 g/t Au and 1817.34 g/t Ag) over 9.60 meters.
  • A 9.27-meter interval from the deeper high grade Bonanza Shear intercepted from 446 to 455.27 meters that contains Visible Gold and abundant semi-massive and stringer galena, sphalerite, pyrrhotite and chalcopyrite (assays pending).
  • An accompanying infographic is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/c2537855-9536-4a14-a7fb-575809d92d0f
    

• GD-23-116 intercepted 3 intervals with significant quartz-sulphide mineralization as massive to semi-massive and stockwork galena, sphalerite, pyrrhotite, chalcopyrite and pyrite. The main intercept between 38 and 42 meters corresponds to the Surebet Zone, a second interval from 104 to 107 meters corresponds to a Surebet splay and the third interval corresponds to the Bonanza Shear from 513 to 516.64 meters.
  • The main intercept consists of 11.86 g/t AuEq (8.92 g/t Au and 147.53 g/t Ag) over 3.00 meters* within 8.94 g/t AuEq (6.75 g/t Au and 73.10 g/t Ag) over 4.00 meters*.
  • A second mineralized interval consists of 5.11 g/t AuEq (2.39 g/t Au and 219.00 g/t Ag) over 3.00 meters*.
  • The third interval consists of 5.77 g/t AuEq (4.70 g/t Au and 29.93 g/t Ag) over 3.64 meters* interpreted as the Bonanza Shear.
  • An accompanying infographic is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/219b2293-3b67-423b-8e12-87749676a45e

• GD-23-151 intercepted 3 mineralized intervals. The first two intercepts were intersected from 79.15 to 81.85 meters and 99.15 to 168.38 meters and are interpreted to be a Surebet Splay and Surebet Zone, respectively. One intercept of the Bonanza Shear was intersected from 475.41 to 502.00 meters.
  • The main intercept corresponds to the Surebet Zone and consists of 8.28 g/t AuEq (7.25 g/t Au and 51.81 g/t Ag) over 2.70 meters* within 3.77 g/t AuEq (3.32 g/t Au and 23.07 g/t Ag) over 6.70 meters* within 2.93 g/t AuEq (2.56 g/t Au and 18.64 g/t Ag) over 8.85 meters* and within 1.05 g/t AuEq (0.89 g/t Au and 8.21 g/t Ag) over 29.85 meters*.
  • Assays are pending on a 26.59 meter* interval from the lower high grade Bonanza Shear consisting of abundant stockwork, stringer and massive galena, sphalerite and pyrrhotite.
  • Mineralization in the gold-rich intercepts consists of stockwork to stringer and massive sulphides with up to 1% sphalerite, 1% galena and 10% pyrrhotite, and includes one occurrence of Visible Gold at a depth of 143.85 meters (Surebet Zone).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/d513fa3f-243a-4e09-aa37-8dffe2d6481d

• GD-23-135 intercepted Visible Gold and quartz-sulphide mineralization in 3 significant mineralized intervals:
  • The main interval corresponds to the Bonanza Shear and consists of 5.00 meters* of 4.06 g/t AuEq (3.97 g/t Au and 2.08 g/t Ag) within 9.00 meters* of 2.87 g/t AuEq (2.81 g/t Au and 1.70 g/t Ag) and within 19.02 meters* of 1.75 g/t AuEq (1.70 g/t Au and 1.21 g/t Ag).
  • A second interval corresponds to the Surebet Zone and consists of 1.17 meters* of 6.33 g/t AuEq (5.75 g/t Au and 32.50 g/t Ag) within 3.17 meters* of 3.31 g/t AuEq (2.82 g/t Au and 25.59 g/t Ag).
  • The last interval is most likely a splay off the Surebet Zone and consists of 2.00 meters* of 4.41 g/t AuEq (2.76 g/t Au and 76.70 g/t Ag) within 4.76 meters* of 2.09 g/t AuEq (1.22 g/t Au and 39.16 g/t Ag).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/ddba0137-792e-49e7-b3a1-7bd23a396b07
    
• All the occurrences of Visible Gold to date have been consistently identified within quartz-breccia and veins in contact with or in close proximity to pyrrhotite, sphalerite and/or galena mineralization.
• Based on 2021 and 2022 drill assay results, the Bonanza Shear and Surebet Zone are currently modeled to be >13,000,000 m³ (Avg. 5.31 meters* @ 2.7 AuEq) and 5,500,000 m³ (Avg. 6.88 meters* @ 6.31 g/t AuEq) respectively (see model below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/8d1a6287-6396-464b-b3be-b664f35ded90

TORONTO, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report assay results for drill holes GD-23-173, GD-23-116, GD-23-151, and GD-23-135 from the Golden Gate Feeder Zone at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. All four holes intersected broad intervals of significant quartz-sulphide mineralization and widespread Visible Gold occurrences.

Hole GD-23-173 intersected Visible Gold and abundant sulphide mineralization hosted in quartz stockwork and quartz breccia veins in 2 intervals comprising the Surebet Zone from 45.11 to 72 meters (a 26.89 meter interval – approx. true width) and the Bonanza Shear from 446 to 455.27 meters (9.27 meter* interval). The main mineralized intercept (corresponding to the Surebet Zone) consists of 33.02 g/t AuEq (10.97 g/t Au and 1817.34 g/t Ag) over 9.60 meters* within 23.89 g/t AuEq (9.40 g/t Au and 1176.14 g/t Ag) over 15.49 meters* within 14.68 g/t AuEq (5.81 g/t Au and 719.13 g/t Ag) over 26.89 meters*. The shallower intercept (Surebet Zone) is hosted in sedimentary units composed of mudstones and siltstones and shows the presence of mineralized stockwork to quartz breccia veins. Mineralization is observed as semi-massive to stringer pyrrhotite (up to 5%), sphalerite (up to 2%), disseminated to patchy galena (<1% but consistent throughout the interval) and minor chalcopyrite (<1%). Seven occurrences of Visible Gold were observed through the Surebet Zone intercept, reaching sizes up to 0.7 mm. Assays are currently pending for the deeper intersect that corresponds to the Bonanza Shear. The Bonanza Shear intercept is hosted in sheared mudstones and mineralization consists of disseminated to semi-massive pyrrhotite (1%) and galena, sphalerite and chalcopyrite that show 1% abundance over the interval length but are concentrated in local quartz veins. Visible Gold was identified at 447.4 meters depth associated with sulphides.

Hole GD-23-116 intersected sulphide mineralization present as massive to stockwork galena, sphalerite, pyrrhotite, chalcopyrite and pyrite in 3 distinct intervals. The shallowest intercept observed between 38 and 42 meters is interpreted as the Surebet Zone and consists of 11.86 g/t AuEq (8.92 g/t Au and 147.53 g/t Ag) over 3.00 meters* within 8.94 g/t AuEq (6.75 g/t Au and 73.10 g/t Ag) over 4.00 meters*. The second mineralized interval interpreted as a splay of the main Surebet Zone was found from 104 to 107 meters and consists of 5.11 g/t AuEq (2.39 g/t Au and 219.00 g/t Ag) over 3.00 meters*. The deepest intercept interpreted as Bonanza Shear was intersected between 513 and 516/64 meters and consists of 5.77 g/t AuEq (4.70 g/t Au and 29.93 g/t Ag) over 3.64 meters*. The Surebet Zone intercept is hosted in siltstone massive to semi-massive and stockwork galena (2%), sphalerite (5%), pyrrhotite (10%) and pyrite (2%). The Surebet splay is hosted in sandstone and shows the presence of galena (<1%) and pyrrhotite (<1%) disseminated through the unit and reaching higher local concentrations along quartz-chlorite veins and veinlets. The Bonanza Shear intercept was observed from 513 and 516.64 meters is hosted in siltstones and contains massive to stockwork galena (2%), sphalerite (2%), pyrrhotite (5%), pyrite (5%) with minor amounts of chalcopyrite.

Hole GD-23-151 intercepted quartz-sulphide mineralization in 3 mineralized intervals (corresponding from top to bottom to a Surebet splay, Surebet Zone and Bonanza Shear). The first interval corresponds to a splay of the Surebet zone and consists of 2.36 g/t AuEq (1.40 g/t Au and 48.12 g/t Ag) over 2.70 meters* within 1.32 g/t AuEq (0.78 g/t Au and 26.98 g/t Ag) over 5.00 meters*. The second (and main) intercept corresponds to the Surebet Zone and consists of 8.28 g/t AuEq (7.25 g/t Au and 51.81 g/t Ag) over 2.70 meters* within 3.77 g/t AuEq (3.32 g/t Au and 23.07 g/t Ag) over 6.70 meters* within 2.93 g/t AuEq (2.56 g/t Au and 18.64 g/t Ag) over 8.85 meters* and within 1.05 g/t AuEq (0.89 g/t Au and 8.21 g/t Ag) over 29.85 meters*. A third interval corresponds to the Bonanza Shear and assays are currently pending. A 0.5-millimeter-wide flake of visible gold was identified at a depth of 143.85 m, hosted in a quartz breccia vein associated with pyrrhotite and sphalerite mineralization. Sulphide-rich quartz breccia and veins interpreted as part of the Surebet Zone were intersected starting from 79.15 to 81.85 meters (Surebet splay) and continued in an extensive interval from 99.15 to 168.38 meters hosted in siltstones interbedded with mudstones (Surebet Zone). The observed mineralization ranges from stringers to stockwork and massive pyrrhotite (up to 10 %), sphalerite (up to 1 %) and galena (up to 1 %) with minor concentrations of chalcopyrite. One prominently mineralized interval interpreted to be part of the Bonanza Shear was recovered from a depth of 475.41 to 502 meters. Mineralization in this interval is expressed by disseminated to massive pyrrhotite, pyrite and sphalerite. Assays for the deepest interval are pending and will be reported once received.

Hole GD-23-135 intercepted Visible Gold and quartz-sulphide mineralization in three significant intervals. The main interval corresponds to the Bonanza Shear and consists of 5.00 meters* of 4.06 g/t AuEq (3.97 g/t Au and 2.08 g/t Ag) within 9.00 meters* of 2.87 g/t AuEq (2.81 g/t Au and 1.70 g/t Ag) and within 19.02 meters* of 1.75 g/t AuEq (1.70 g/t Au and 1.21 g/t Ag). A second interval corresponds to the Surebet Zone and consists of 1.17 meters* of 6.33 g/t AuEq (5.75 g/t Au and 32.50 g/t Ag) within 3.17 meters* of 3.31 g/t AuEq (2.82 g/t Au and 25.59 g/t Ag). The last interval is most likely a splay off the Surebet Zone and consists of 2.00 meters* of 4.41 g/t AuEq (2.76 g/t Au and 76.70 g/t Ag) within 4.76 meters* of 2.09 g/t AuEq (1.22 g/t Au and 39.16 g/t Ag). The hole intersected a series of interlayered sedimentary units consisting of mudstone, siltstone, and sandstone with minor volcanic tuff. Visible gold was found at 61.00 meters. Quartz-sulphide breccia intervals were intersected between 54 and 61 meters (Surebet splay), 102 and 106 meters (Surebet Zone) and between 387 and 406.00 meters (Bonanza Shear). Mineralization consists of stringers and aggregations of sphalerite (up to 1 %), galena (up to 1 %), chalcopyrite (up to 1 %) and pyrrhotite (up to 2 %).

Table 1: Selected 2023 Golddigger drill hole assay results.

Table 2: Collar information for the drill hole reported in this news release.

Golddigger Property

The Golddigger Property is 100 % controlled covering an area of 59,089 hectares (146,012 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. Its is in an excellent location close in proximity to the communities of Alice Arm and Kitsault where there is 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

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.

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^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.

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: +1-416-488-2887
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 1644.08 USD/oz, Ag 19.23 USD/oz, Cu 3.47 USD/lbs, Pb 1870.50 USD/ton and Zn 2882.50 USD/ton on October 28, 2022. 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.

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