DRILL HIGHLIGHTS:
- Multiple flakes and/or grains of visible gold have been identified within intercepts on both sides of the Northeast fault from Pad A and South Cliff Stepout Pad independently confirmed by the
Colorado School of Mines . The occurrence of visible gold strongly indicates a potential for very high-grade intervals and theClassic Surebet Zone mineralization has now been confirmed over a 1.6 squared kilometre area (see map below).
- Hole GD-22-49 has several flakes and/or grains of visible gold in the upper 8.14 meter* interval collared from Pad A on the
East side of the Northeast Fault. It intersected a total of two separate mineralized intervals of 8.14 and 0.13 meters* in the Hazelton Sediments and ending with a 3.50 meter* mineralized interval in Hazelton Volcanics. The intervals consist of quartz veining, stockwork and breccia with strong localized interstitial-stockwork pyrrhotite (locally up to 20 %), sphalerite (locally up to 15 %) and galena (locally up to 10 %).
- Hole GD-22-58 has flakes and/or grains of visible gold in a 15.11 meter* interval collared from South Cliff Step-out Pad on the
West side of the Northeast Fault. The interval consists of quartz veining, stockwork and breccia with strong localized interstitial-stockwork pyrrhotite (locally up to 20 %), sphalerite (locally up to 15 %) and galena (locally up to 10 %).
- Hole GD-22-86 collared from Pad 10 intersected a 194.43 meter* interval consisting of quartz-sulphide breccia and stockwork with semi-massive, interstitial and stringers of sphalerite (up to 5 %) pyrrhotite (up to 15 %) and galena (up to 3 %).
- Hole GD-22-91 collared from Pad 13 intersected three separate mineralized intervals including a 20.58, 19.28 and 9.80 meter* interval consisting of quartz veining, stockwork and breccia with stringers and interstitial-stockwork sphalerite (locally up to 5 %), pyrrhotite (locally up to 5 %) and galena (locally up to 10 %).
- Hole GD-22-84 collared from Real Deal Pad intersected three mineralized intervals including a 2.70, 23.29 and 14.94 meter* interval consisting of quartz-sulphide breccia and stockwork with semi-massive, interstitial and stringers of pyrrhotite (up to 20 %), sphalerite (up to 10 %) and galena (up to 1 %).
- Hole GD-22-93 collared from Pad 5 intersected a 5.44 meter* interval consisting of quartz-breccia and stockwork with aggregates and interstitial sphalerite, pyrrhotite, galena and chalcopyrite.
- Hole GD-22-92 collared from West of Northeast Fault Pad intersected a series of mineralized veins up to 25 centimeters* wide within both the sedimentary units as well as the volcanic units underneath. These veins commonly contain semi-massive to massive pyrrhotite, galena and sphalerite.
- Hole GD-22-101 collared from Pad G intersected an 82.60 meter* interval consisting of a series of pyrrhotite and sphalerite rich veins, including stringers and semi-massive to massive sulphides.
Classic Surebet Zone mineralization consisting of a combination of galena, sphalerite and pyrrhotite in semi-massive to massive veins, stringers, interstitial within brecciated zones and/or as stringers throughout the core has been confirmed in 72 holes drilled from 20 pads over an area of 1.6 square kilometers in theHazelton Sedimentary and Volcanics Group that remains open in all directions (see map above).
INDICATED PORPHYRY FEEDER SOURCE AT DEPTH:
- Strong potassic alteration, the presence of K-feldspar in combination with sulphides in the deeper parts of several drill holes from 2021/2022 and the elevated molybdenum numbers assayed in a number of drill holes from 2021 strongly indicate the presence of a porphyry core feeder source beneath the east-central part of the
Surebet Zone providing for excellent additional discovery potential.
GOLDSWARM DISCOVERY:
- Goliath’s crew together with an independent geologist (PhD,
P. Geo ) found compelling evidence that the steeply dipping high-grade gold bearing quartz brecciaGoldswarm Zone is directly related to Surebet and might be part of the same mineralizing system, including similar mineralization, textures and structures. Its located ~4 kilometers along-strike to the North of theSurebet Zone . Grab samples assayed up to 54.30 gpt Au and channel samples assayed up to 29.7 gpt Au and 14.30 gpt Ag over 0.55 meters. The geologic team strongly recommends drilling this high-grade gold target in 2023 (see images on pages below).
METALLURGICAL STUDY:
- The metallurgical study performed on a composite sample of combined core from 16 diamond drill holes completed in 2021 has demonstrated at a 150 micron crush, 98.2 % of the gold is recoverable without the need of acid leaching making for a relatively low-cost and environmentally friendly mining scenario.
- Gravity recovery alone captures an impressive 38.1 % of gold and 10.5 % of silver. This indicates that a processing scheme employing early gravity recovery should produce considerable gold in the form of doré bars. Gravity recovery is generally the most cost-efficient means of gold recovery in the mining industry.
- The current modelled geometry of the
Surebet Zone indicates that it could possibly be mined underground using gravity to patriate the gold and silver.
PROPERTY HIGHLIGHTS: KEY INFRASTRUCTURE
The Surebet Zone is in an excellent location close to tide water in close proximity toPrince Rupert international seaport and in close proximity to other key infrastructure including theDolly Varden Silver Mine Access Road (8 kilometers to the East), the Alice Arm tide water barge landing (20 kilometers to the South) and high-tension power (25 kilometers to the East).- The drilling and data continue to demonstrate the presence of an extensive mineralizing system drilled and confirmed over and area of 5.25 square kilometers that remains open in all directions. Assays are pending and will be released once received, compiled, and interpreted.
- The extensive mineralizing system has been confirmed over 2.5 km North-South (between Pad J and New Gold located 1 km North of North Rubble) and 2.1 km East-West (between
Lake Pad and Pad J located in the Extension Target) The system remains open in all directions (see map above). - The 2022 drill program is focused on resource level infill drilling and expanding the known parameters of the Surebet high-grade gold-silver discovery with up to 27,000 meters of drilling. There are 86 holes planned from 25 pad locations using 5 drill rigs, of which, over 22,000 meters have been completed to date. The program is also designed to outline the large mineralized system over an area of 2.1 km East-West by 2.5 km North-South (5.25 square kilometers).
- 100% of all 24 holes drilled during the 2021 maiden campaign totalling 5,332 meters intersected significant high-grade gold-silver mineralization over 1 km of strike and 1.1 km of down dip extent. GD-21-03 intersected 6.37 gpt AuEq (4.46 gpt Au and 122.13 gpt Ag) over 35.72 meters*. The average grade and width from all 24 holes assayed 6.29 gpt AuEq (4.35 gpt Au and 104.94 gpt Ag) over 5.87 meters* respectively, demonstrating excellent continuity of the
Surebet Zone and grades.
Visible Gold
Visible gold has been identified in quartz-sulphide veins and breccias in multiple drill holes, including GD-22-49 collared from Pad A on the Southeast side of the Northeast Fault and GD-22-58 collared from South Cliff Stepout Pad on the Northwest side of the Northeast Fault. All the occurrences of visible gold to date have been identified within quartz breccia and veins in contact with or in close proximity to galena and sphalerite, hosted within the Hazelton sedimentary unit. The Hazelton volcanic unit contains Surebet textures, sphalerite and galena providing excellent untapped additional discovery potential in the volcanics below. The occurrence of visible gold has been independently confirmed by the
The presence of visible gold in the mineralized intercepts at Surebet is further confirmation of the exceptional results obtained from the metallurgical study performed on a composite sample of combined core from 16 diamond drill holes completed in 2021 that has demonstrated that at a 150 micron crush, 98.2 % of the gold is recoverable without the need of acid leaching making for a relatively low-cost and an environmentally friendly mining scenario. Gravity recovery alone captures an impressive 38.1 % of gold and 10.5 % of silver. This indicates that a processing scheme employing early gravity recovery should produce considerable gold in the form of doré bars. Gravity recovery is generally accepted to be the most cost-effective means of gold recovery in the mining industry.
Drill highlights
Sixty-nine (69) drill holes targeting the
Highlights include drillhole GD-22-86 collared from Pad 10 (600 meters step-out to the West from Surebet Main), which intersected a 194.43 meter* interval from 283.72 meters* to 478.15 meters* consisting of quartz-sulphide breccia and stockwork with semi-massive, interstitial and stringers of sphalerite (up to 5 %) pyrrhotite (up to 15 %) and galena (up to 3 %); and drillhole GD-22-91 collared from Pad 13 (650 meters West of Surebet Main), which intersected multiple mineralized intervals including a 20.58 meter* interval from 222.66 meters* to 243.24 meters*, a 19.28 meter* interval from 248.80 meters* to 268.08 meters* and a 9.80 meters* interval from 273.84 meters* to 283.64 meters* consisting of quartz veining, stockwork and breccia with stringers and interstitial-stockwork sphalerite (locally up to 5 %), pyrrhotite (locally up to 5 %) and galena (locally up to 10 %). Several additional holes, including GD-22-93 (from Pad 5), and GD-22-84 and GD-22-88 (from Real Deal Pad) have intersected multiple zones characterized by classic
Three (3) out of eight (8) planned holes collared from the West of Northeast Fault Pad (GD-22-92, GD-22-95, GD-22-99) have intersected classic
Hole GD-22-101 is the first of a series of holes collared from Pad G and intersected an 82.60 meter* mineralized zone from 54.50 m to 137.10 m consisting of a series of pyrrhotite and sphalerite rich veins, including stringers and semi-massive to massive sulphides. Intersecting classic
Table 1: Drill highlights. Assays are pending on all 2022 drill holes and will be reported once received compiled and interpreted.
Pad | Hole | From (m) | To (m) | Interval (m) | Host Lithology | Mineralization |
Pad 10 | GD-22-86 | 283.72 | 478.15 | 194.43 | Sediments | Quartz-sulphide breccia and stockwork with semi-massive, interstitial and stringers of sphalerite, pyrrhotite and galena |
Pad 13 | GD-22-91 | 198.42 | 201.70 | 3.28 | Sediments | Quartz-sulphide breccia and veins with aggregates and stringers of pyrrhotite |
222.66 | 243.24 | 20.58 | Sediments | Quartz-sulphide breccia and veins with interstitial and stringers of sphalerite, pyrrhotite and galena | ||
248.80 | 268.08 | 19.28 | Sediments | Quartz-sulphide breccia with interstitial and stringers of sphalerite, pyrrhotite and galena | ||
273.84 | 283.64 | 9.80 | Sediments | Quartz-sulphide breccia with interstitial and stringers of sphalerite, pyrrhotite and galena | ||
GD-22-87 | 99.00 | 103.50 | 4.50 | Sediments | Quartz-sulphide breccia and veins with aggregates and stringers of pyrrhotite | |
267.50 | 272.40 | 4.90 | Sediments | Quartz-sulphide breccia and veins with aggregates and stringers of pyrrhotite, sphalerite, galena | ||
Pad 5 | GD-22-93 | 87.63 | 88.31 | 0.68 | Sediments | Quartz sulphide breccia with aggregates and interstitial pyrrhotite |
105.95 | 107.43 | 1.48 | Sediments | Quartz breccia and veining | ||
165.21 | 170.65 | 5.44 | Sediments | Quartz sulphide breccia with aggregates and interstitial pyrrhotite | ||
278.13 | 313.00 | 34.87 | Volcanics | Sparse veins with semi-massive pyrrhotite, sphalerite and minor galena, chalcopyrite | ||
GD-22-89 | 329.22 | 329.47 | 0.25 | Volcanics | Isolated vein with semi-massive pyrrhotite, galena, chalcopyrite | |
Real Deal | GD-22-84 | 77.30 | 80.00 | 2.70 | Sediments | Quartz-sulphide breccia and stockwork with semi-massive, interstitial and stringers of pyrrhotite, sphalerite and galena |
99.98 | 123.27 | 23.29 | Sediments | Quartz-sulphide breccia and stockwork with interstitial and stringers of pyrrhotite, sphalerite, chalcopyrite and galena | ||
137.80 | 152.74 | 14.94 | Sediments | Quartz-sulphide breccia and veins with stringers and aggregates of pyrrhotite, sphalerite and galena | ||
GD-22-88 | 106.43 | 109.94 | 3.51 | Sediments | Quartz-sulphide breccia with stringers and aggregates of pyrrhotite, sphalerite and galena | |
134.95 | 151.30 | 16.35 | Sediments | Quartz-sulphide breccia with aggregates of pyrrhotite and galena | ||
GD-22-90 | 140.96 | 150.05 | 9.09 | Sediments | Quartz stockwork with aggregates and interstitial pyrrhotite | |
West of NE Fault | GD-22-92 | 31.48 | 36.36 | 4.88 | Sediments | Quartz-sulphide breccia with stringers of pyrrhotite |
40.90 | 43.21 | 2.31 | Sediments | Quartz-sulphide breccia with stringers of pyrrhotite | ||
132.76 | 195.46 | 62.70 | Volcanics | Sporadic veins with semi-massive sphalerite, pyrrhotite, galena and chalcopyrite | ||
Pad G | GD-22-101 | 54.50 | 137.10 | 82.60 | Sediments | Veins and stringers of semi-massive to massive pyrrhotite and sphalerite |
Goliath is on track to complete the 2022 drill program with 3 holes remaining on Pad 13, including a deep 850 meter hole designed to intersect the
Potential porphyry feeder system
Strong potassic alteration and the presence of alteration related K-feldspar in combination with porphyry textures, galena, sphalerite and pyrrhotite in the deeper parts of drillholes GD-22-86, GD-22-77 and GD-22-89 suggest a magmatic origin for the mineralizing fluids. In addition, elevated molybdenum numbers up to 453 ppm from 2021 assay results of drill core from holes GD-21-01, GD-21-03 and GD-21-04 collared from Cliff Pad, and GD-21-10 collared from South Cliff Stepout Pad, are also conducive for a magmatic source, strongly indicating close proximity to a porphyry core feeder source beneath the east-central part of the
Goldswarm Discovery
Exploration conducted on the steeply dipping high-grade gold bearing quartz breccia
The Goldswarm is located ~4 kilometers along-strike to the North of the
Golddigger Property
The Golddigger Property is 100 % controlled covering an area of 23,859 hectares (59,646 acres or 239 square-kilometers) and is in the world class geological setting of the Eskay Rift within
Surebet is characterized by a series of NW-SE trending structures that occur within a package of
LiDAR imagery, drone imagery, and field observations have identified several additional paralleling structures within a 4 square-kilometers area. Geochemical analyses have confirmed high-grade gold-silver polymetallic mineralization within these structures. The steeply dipping Real Deal and Cloud 9 structures, as well as the off-shoot structures from the
Option Grant
The Company has issued a total of 290,000 options priced at
Qualified Person
Other
All rock, channel and talus fine samples were crushed and pulverized at MSALABS's laboratory 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 x222
roger@goliathresources.com
www.goliathresourcesltd.com
* Widths are reported in drill core lengths and the true widths are not known as yet and AuEq metal values are calculated using: Au
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 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.
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