NEW HIGH-GRADE GOLD-SILVER JACKPOT ZONE HIGHLIGHTS:
- The Geological team used the same method to find Jackpot as was used to make the initial
Surebet Zone discovery that has 2.1 kilometers of mineralization exposed at surface with 700 meters of vertical relief; focusing on structures previously covered by glaciers that allowed the team to test outcrops exposed due to receding glaciers. - Sample ST116183 assayed 21.5 oz/t AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1,690.00 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 shear comprised of strongly silicified Porphyritic Andesite within the Hazelton Volcanics (see image below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/c2d53f5a-9c18-4ac2-87d2-b1bf7dfdaf5e
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/c2d53f5a-9c18-4ac2-87d2-b1bf7dfdaf5e
- The sample is part of the new high-grade Jackpot discovery consisting of at least 10 shear hosted quartz-sulphide veins within a 15 meter wide stockwork that extends for 50 meters along strike before being covered by overburden on either side and remains open.
- The stockwork of veins are near vertical and strike north-south hosted within a broader shear zone that can be traced for more than 500 meters with 400 meters of vertical relief, it remains open.
- The newly discovered Jackpot outcrop has never been drill tested; located 1 km to the east southeast and 300 meters vertically below Pad A, and 60 meters north above Pad J (see map below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/022bc4e1-073d-4013-9fab-1ce5b2f85c90
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/022bc4e1-073d-4013-9fab-1ce5b2f85c90
- The newly discovered Jackpot outcrop contains bonanza grades with similar textures, mineralogy, and geochemistry to those observed in the Surebet, Bonanza and Golden Gate Zones that are located 1 km to the west-northwest. It also consists of veins, stockwork and breccia with abundant galena, pyrrhotite, pyrite and chalcopyrite, strongly indicating that it is part of the same mineralizing feeder source as the Surebet discovery.
- During the last few exploration campaigns, multiple high-grade gold samples have been collected within 150 meters of the new Jackpot outcrop and are believed to be related to Jackpot, including
Y607977 that assayed 44.40 gpt Au, 1,629.00 gpt Ag, 5.22 % Cu, 2.24% Pb,Y607989 that assayed 13.50 gpt Au, 32.10 gpt Ag, 0.09 % Cu, 0.42 % Pb and ST112903 that assayed 8.43 gpt Au, 694.00 gpt Ag, 0.39% Cu, 0.47 % Pb (see image below). - The mineralization is in the volcanics, approximately 250 meters from the southwestern modeled edge of the
Bonanza Shear Zone . It is important to note that some of the highest grades drilled in theBonanza Shear Zone are at the contact between the sediments and volcanics. It appears theJackpot Zone could be an extension of theBonanza Zone or a possible feeder zone in the volcanics below theBonanza Zone (see images below).- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/324fa007-065f-4ceb-aa54-da8f5dbc7c4c
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/324fa007-065f-4ceb-aa54-da8f5dbc7c4c
- The newly discovered
Jackpot Zone is drill ready and will be tested during the 2024 drill campaign with excellent potential to quickly evolve into another material discovery on the Golddigger property (see image above). - The new
Jackpot Zone demonstrates the strong untapped potential for additional discoveries on surface and at depth on the Golddigger property. Surebet, Bonanza, Golden Gate and Jackpot are believed to be directly related to the same mineralizing feeder source on the property.
GOLDDIGGER ROPERTY HIGHLIGHTS:
- Golddigger has gone from an extensive outcrop at the
Surebet Zone , to drilling 106 holes into it to establish a modeled zone with 6,800,000 m3 with an average grade of 9.04 gpt AuEq. This zone is in the Hazelton Sediments; it remains open. - Following on the success at the
Surebet Zone , theBonanza Shear Zone was discovered in 2022, first modeled based on 30 drill holes; after the 2023 drilling season 104 holes have been drilled. The modeled zone has grown to >15,000,000 m3 with an average grade of 8.14 gpt AuEq. The gold mineralization is at the contact between the Hazelton Sediments and Hazelton Volcanics; it remains open. - The newest zone drilled into is the
Golden Gate Zone . Only minimal drilling has been done in 2023 and we look forward to additional 2024 drilling. It is a tremendously exciting discovery because the gold mineralization is within the Hazelton Volcanics; it remains open.- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/f988c9fa-2256-4d90-8b4f-fcd482aae33d
- Based on 222 drill holes into the current models from the work done internally and by independent engineering firm Archer Cathro, the Surebet, Bonanza and Golden Gate zones are estimated at an aggregate of >22,900,000 m3 averaging 7.74 g/t AuEq. It is important to note that several drill holes hit mineralization outside the current models that are currently being added.
- Drill results and surface sampling demonstrates the existence of multiple extensive stacked bonanza-grade veins, providing for excellent additional discovery potential at depth.
- Several lines of evidence, including metals and geochemical zonation of trace elements, type and origin of fluids, and age of the mineralization suggest a Porphyry Feeder Source at depth as reported by the
Colorado School of Mines . - A study in collaboration with the
Colorado School of Mines has also confirmed that the mineralization was formed at 4-5 km below the paleo-surface, confirming the excellent additional discovery potential at depth with only 650 meters tested thus far with tremendous success. Note that the depth of this target can potentially be significantly closer to the surface due to erosion and glaciation. - To put this into perspective: there is potential for up to 5-10 times the number of stacked veins below the already discovered system, corresponding to 10 times the height of the
CN Tower from top to bottom. - From initial metallurgical work that has not been fully optimized as yet, the discovery is modeled to be amenable to underground mining, with no deleterious minerals present, environmentally friendly cost-effective mining with exceptional metallurgy; gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone at a 327-micrometer crush (no cyanide required for gold recovery).
- With only an aggregate of 12 months boots on the ground, Surebet is clearly demonstrating to be a world class discovery, and we are likely only seeing the tip of the iceberg.
- Excellent infrastructure 7 km to road, 300-man camp on private property, deep water barge access only 190 km to international container port and rail, 25 km to high tension power.
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
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.
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 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
Additional infrastructure in the area includes the
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 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
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 1924.79 USD/oz, Ag
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.
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