DRILL HIGHLIGHTS:
- Goliath has successfully completed 100 % of its planned drill holes for the 2022 season expanded from 24,000 meters to 26,321 meters. Assays and results will be reported once received compiled and interpreted.
Classic Surebet Zone mineralization consisting of galena, sphalerite and pyrrhotite in semi-massive to massive veins, stringers, interstitial within brecciated zones and/or as stringers throughout the core have been confirmed in a total of 92 holes drilled from 20 widely spaced pads over an area of 1.6 square kilometers in the Hazelton Sedimentary and Volcanic rocks. The mineralization remains open in all directions (see map below).
An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6b6edb57-7a65-46bb-82ca-0c3d1d6ac244
- 100 % of all 68 holes drilled within the 1.6 square kilometer
Surebet Zone in 2022 intersected significant broad intervals containing galena, sphalerite and pyrrhotite, including visible gold previously reported in two holes 300 meters apart. These drill intercepts visually mirror with the large majority and greatly exceed the visual intercepts from the 24 holes drilled during 2021 which contained the same mineralization (galena, sphalerite, pyrrhotite) and textures (quartz breccia/stockwork/vein) and assayed on average 6.29 gpt AuEq (4.35 gpt Au and 104.94 gpt Ag) over 5.87 meters* (see map above).
- The drill holes from the 2022 campaign have intersected significantly broader visual intervals of classic
Surebet Zone style of mineralization averaging 14.37 meters* wide compared to an average of 5.87 meters* wide in 2021.
- To date, 48 % of 92 drill holes (or 44) within the 1.6 square kilometer
Surebet Zone area intercepted intervals >10 meters* containing galena, sphalerite and pyrrhotite. In 2021, 25 % of drill holes (or 6 out of 24) intercepted intervals > 10 meters* of galena, sphalerite and pyrrhotite, whereas in 2022, 56 % of drill holes (or 38 out of 68) intercepted intervals > 10 meters* of galena, sphalerite and pyrrhotite.
- The broadest intercept to date within the 1.6 square kilometer
Surebet Zone is 194.43 meters* from Pad 10 which contained much higher concentrations of galena, sphalerite and pyrrhotite compared to the 2021 drill holes.
- Multiple drill holes also intersected a number of surprise mineralized zones containing significant concentrations of galena, sphalerite and pyrrhotite. This strongly indicates that classic Surebet mineralization is not solely limited to the
Surebet Zone that occurs above and/or below the main mineralized zone that outcrops on surface for 1 kilometer on strike and has been intercepted up to 1.3 kilometers down-dip to the West at pad 5. These stacked surprise zones are blind as they do not present themselves on surface and all remain open.
- Hole GD-22-100 collared from Pad 13 intersected a 46.89 meter* mineralized interval consisting of quartz-sulphide breccia and stockwork with semi-massive to massive, interstitial and stringers of galena (up to 30 %), sphalerite (up to 10 %), chalcopyrite (up to 3 %) and pyrrhotite (up to 20 %) (see image below).
An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a948eb4c-6cc5-4611-ae8c-1cb0e1f1cad2
- Hole GD-22-108 collared from West of Northeast Fault Pad located in the East Extension zone intersected a 16.05 meter* mineralized interval consisting of quartz-sulphide breccia and stockwork with semi-massive, interstitial and stringers of pyrrhotite (up to 10 %), sphalerite (up to 5 %) and galena (up to 1 %). The zone remains open to the South (see image below).
An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb83738b-ec00-4861-85f0-31249fe934e1
- Hole GD-22-101 collared from Pad G located in the East Extension zone intersected a 76.01 meter* mineralized interval consisting of a series of pyrrhotite, galena and sphalerite-rich veins, and stringers and semi-massive to massive fine-grained sulphides. The East Extension zone remains open to the South and East (see image below).
An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/7a94d454-7d97-4734-8e45-c678c96f59d7
- Goliath worked closely with independent advisors and consultants including Dr.
Quinton Hennigh , Dr.Simon Dominy ,Colorado School of Mines andSRK Consulting (Canada) Inc. in the early planning and designing of the 2022 drill program focussed on infill drilling pierce points that could be used for a future maiden inferred resource estimate within the 1.6 square kilometer mineralized area of theSurebet Zone contingent on assay results.
METALLURGICAL STUDY:
- Multiple drill core samples collected during the 2022 drill campaign (24 samples from 16 widely spaced holes) have been submitted to
Process Mineralogical Consulting Ltd. (PMC) to expand on last year’s metallurgical testing of theSurebet Zone and multiple Surebet surprise zones.
- PMC’s metallurgical study performed on a composite sample of combined core from 16 diamond drill holes completed in 2021 demonstrated that a grinding mesh of 150 microns would recover 98.2 % of the gold without the need of acid leaching making for environmentally friendly and amenable for low-cost mining methods.
- Simple gravity recovery alone captured 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 known to be the most cost-efficient means of gold recovery in the mining industry
- The geochemistry of the system is void of arsenic, mercury, and other problematic/deleterious elements, making it an extremely environmentally friendly system.
- The current modelled geometry of the high-grade
Surebet Zone that is exposed at surface along strike for over 1 kilometer on the South Slope and down dip for 1.1 kilometer on the North Slope indicates that it may be mined underground using simple gravity to patriate the high-grade gold-silver zone. This method is typically very low impact with a minimal footprint and is known to be extremely desirable and cost effective.
PROPERTY HIGHLIGHTS:
The Surebet Zone is in an excellent location close to the communities ofAlice Arm and Kitsault situated on tide water with direct barge access toPrince Rupert . The town of Kitsault is capable of housing at least 300 people that has high-tension power accessible by road as well as a barge landing, dock, and other infrastructure. Additional infrastructure in the area includes theDolly Varden Silver Mine Road and the city ofTerrace , providing access to railway, major highways, supplies and airport (see images below).
Accompanying infographics are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d2e361f7-b697-4884-bc64-4a6fdc151ca5
https://www.globenewswire.com/NewsRoom/AttachmentNg/2954c7a1-6228-4a03-87f4-40f7fdd665ab
- 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.
- 100% of all 24 holes drilled during the 2021 maiden campaign totalling 5,332 meters intersected significant high-grade gold-silver mineralization over 1 kilometer of strike and 1.1 kilometer 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.
Drill highlights
Ninety-two (92) drill holes inclusive of the 2021 holes (24) targeting the
Recent drilling highlights include hole GD-22-100 collared from Pad 13 (650 meters West of Surebet Main), which intersected a 46.89 meter* interval consisting of quartz-sulphide breccia and stockwork with semi-massive to massive, interstitial and stringers of galena (up to 30 %), sphalerite (up to 10 %), chalcopyrite (up to 3 %) and pyrrhotite (up to 20 %); hole GD-22-108 collared from West of Northeast Fault Pad (780 meters South of Surebet Main), which intersected a 16.05 meter* mineralized interval from 32.34 meter* to 48.39 meter* consisting of quartz-sulphide breccia and stockwork with semi-massive, interstitial and stringers of pyrrhotite (up to 10 %), sphalerite (up to 5 %) and galena (up to 1 %); and hole GD-22-101 collared from Pad G (960 meters Southwest of Surebet Main), which intersected a 76.01 meter* mineralized interval from 61.08 meters* to 137.09 meters * consisting of a series of pyrrhotite, galena, and sphalerite-rich veins, and stringers and semi-massive to massive fine-grained sulphides hosted in both, the sedimentary and volcanic rock package. Several additional holes, including GD-22-102 (from W of NE Fault Pad), and GD-22-105 and GD-22-110 (from Pad 13) have intersected multiple surprise zones characterized by classic Surebet-style mineralization and textures including galena and sphalerite, suggesting the presence of multiple stacked mineralized shear zones part of the same mineralizing system. The mineralized
Table 1: Drill highlights. Assays are pending on all 2022 drill holes and will be reported once received compiled and interpreted.
Pad ID | Hole ID | From (m) | To (m) | Interval (m) | Host Lithology | Description |
W of NE Fault | GD-22-99 | 32.43 | 44.87 | 12.44 | Sediments | Quartz stockwork with aggregates and interstitial pyrrhotite |
GD-22-102 | 33.6 | 41.66 | 8.06 | Sediments | Quartz stockwork with aggregates and interstitial pyrrhotite | |
159.5 | 161.83 | 2.33 | Volcanics | Quartz stockwork with aggregates and interstitial pyrrhotite | ||
GD-22-104 | 37.8 | 40.85 | 3.05 | Sediments | Quartz-sulphide breccia with stringers and aggregates of pyrrhotite, sphalerite and galena | |
GD-22-108 | 32.34 | 48.39 | 16.05 | Sediments | Quartz-sulphide breccia with stringers and aggregates of pyrrhotite, sphalerite and galena | |
Pad G | GD-22-101 | 61.08 | 137.09 | 76.01 | Sediments | Altered quartz-breccia with sulphides |
GD-22-103 | 100.4 | 122.28 | 21.88 | Sediments | Veins and stringers of semi-massive to massive pyrrhotite and sphalerite | |
GD-22-106 | 106.21 | 124.41 | 18.20 | Sediments | Veins and stringers of semi-massive to massive pyrrhotite and sphalerite | |
GD-22-107 | 12.62 | 52.34 | 39.72 | Sediments | Altered quartz-breccia with sulphides | |
Pad 13 | GD-22-100 | 347.64 | 394.53 | 46.89 | Sediments | Quartz-sulphide breccia and stockwork with stringers and aggregates of pyrrhotite, sphalerite and galena |
GD-22-105 | 82.05 | 95.2 | 13.15 | Sediments | Quartz-sulphide breccia and stockwork with stringers and aggregates of pyrrhotite, sphalerite and galena | |
271.1 | 285.83 | 14.73 | Sediments | Quartz-sulphide breccia and stockwork with stringers and aggregates of pyrrhotite, sphalerite and galena | ||
GD-22-109 | 267.31 | 288.57 | 21.26 | Sediments | Quartz-sulphide breccia and stockwork with stringers and aggregates of pyrrhotite, sphalerite and galena | |
GD-22-110 | 212.72 | 216.28 | 3.56 | Sediments | Quartz-sulphide breccia and stockwork with stringers and aggregates of pyrrhotite, sphalerite and galena | |
226.45 | 234.38 | 7.93 | Sediments | Quartz-sulphide breccia and stockwork with stringers and aggregates of pyrrhotite, sphalerite and galena |
All 68 holes drilled within the 1.6 square kilometer area during the 2022 drill campaign visually mirror or exceed the 24 holes drilled during the 2021 season which contained the same mineralization (galena, sphalerite, pyrrhotite) and textures (quartz breccia/stockwork/vein) and on average assayed 6.29 gpt AuEq (4.35 gpt Au and 104.94 gpt Ag) over 5.87 meters*. Overall, the drill holes from the 2022 campaign intersected broader intervals of classic
Table 2: Drill intervals > 10 m within 1.6 square kilometer mineralized area. Assays are pending on all 2022 drill holes and will be reported once received compiled and interpreted.
Pad ID | Hole ID | From (m) | To (m) | Interval (m) |
G-Spot | GD-22-101 | 61.08 | 137.09 | 76.01 |
GD-22-103 | 100.4 | 122.28 | 21.88 | |
GD-22-106 | 106.21 | 124.41 | 18.2 | |
GD-22-107 | 12.62 | 52.34 | 39.72 | |
Midwest | GD-22-63 | 283.9 | 294.03 | 10.13 |
North Rubble | GD-22-51 | 170.8 | 184.03 | 13.23 |
Northwest | GD-22-55 | 350 | 363 | 13 |
GD-22-57 | 213.89 | 229.53 | 15.64 | |
GD-22-62 | 250.7 | 262.35 | 11.65 | |
Pad 1 | GD-22-73 | 393.44 | 477.38 | 82.94 |
GD-22-79 | 337.86 | 384.1 | 46.24 | |
Pad 10 | GD-22-86 | 283.72 | 300.36 | 16.64 |
366.87 | 478.15 | 111.28 | ||
Pad 11 | GD-22-36 | 45 | 86 | 41 |
GD-22-38 | 43 | 81.7 | 38.7 | |
GD-22-44 | 176.9 | 195.6 | 18.7 | |
Pad 13 | GD-22-100 | 347.64 | 394.53 | 46.89 |
GD-22-105 | 82.05 | 95.2 | 13.15 | |
271.1 | 285.83 | 14.73 | ||
GD-22-109 | 267.31 | 288.57 | 21.26 | |
GD-22-91 | 222.66 | 243.24 | 20.58 | |
248.8 | 268.08 | 19.28 | ||
GD-22-96 | 308.4 | 328.22 | 19.82 | |
Pad 16 | GD-22-78 | 250.36 | 261.33 | 10.97 |
Pad 17 | GD-22-81 | 14.7 | 28.44 | 13.74 |
Pad 3 | GD-22-69 | 362.3 | 435.65 | 30 |
GD-22-80 | 349.75 | 378.7 | 28.95 | |
Pad 5 | GD-22-93 | 278.13 | 313 | 34.87 |
Pad 8 | GD-22-60 | 312 | 325 | 13 |
GD-22-76 | 318.08 | 329.85 | 11.77 | |
Pad A | GD-22-39 | 81.8 | 110 | 28.2 |
GD-22-42 | 80.19 | 97.5 | 17.31 | |
GD-22-50 | 64.27 | 75.62 | 11.35 | |
Real Deal | GD-22-84 | 121.4 | 148.52 | 27.12 |
GD-22-88 | 134.95 | 151.3 | 16.35 | |
South Cliff Stepout | GD-22-53 | 326.92 | 357.82 | 30.9 |
GD-22-58 | 379.53 | 394.64 | 15.11 | |
W of NE Fault | GD-22-108 | 32.34 | 48.39 | 16.05 |
GD-22-99 | 32.43 | 44.87 | 12.44 | |
GD-22-92 | 132.76 | 195.46 | 62.7 | |
GD-22-95 | 184.24 | 206.44 | 22.2 |
Metallurgy:
Additional drill core samples collected during the 2022 drill campaign (24 samples from 16 holes) have been submitted to
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
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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