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    GOT   CA38171A2092


Delayed Bourse de Toronto  -  03:59 2022-11-25 pm EST
1.280 CAD   -5.19%
11/15Goliath Grants Options
11/07Goliath Resources Reports Assay Results from 2022 Drill Campaign at Golddigger Property
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Goliath Resources Intersects 67.59 Meters of Sulphide Mineralization, Quartz Veining and Breccia on Surebet, Golden Triangle, BC

08/23/2022 | 10:29am EST

TORONTO - Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the 'Company' or 'Goliath') is pleased to report a 67.59 meter interval of sulphide mineralization from the South Cliff Stepout Pad, and two mineralized intercepts up to 7.60 meters from Pad 16 on the Surebet discovery at its 100% controlled Golddigger Property, Golden Triangle, B.C.

All holes drilled to date during the 2022 drill campaign on Surebet have intersected significant intervals of sulphide mineralization consisting of a combination of pyrrhotite, galena, sphalerite, chalcopyrite and pyrite in semi-massive to massive veins, stringers, interstitial within brecciated zones and/or disseminated throughout the rock. The extensive mineralized systems footprint on Surebet has been confirmed over an area of 5.25 square kilometers; 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. Hole GD-22-58 collared from South Cliff Stepout Pad (330 meters step-out to the East from Surebet Main) intersected a 67.59 meter interval from 326.92 meters to 394.51 meters consisting of quartz veining, stockwork and breccia. A section of quartz-breccia with strong localized interstitial pyrrhotite (locally up to 10 %), sphalerite (locally up to 5 %) and galena (locally up to 2 %) occurs between 352.42 meters and 357.82 meters. The mineralized shear zone intersected in hole GD-22-53 has an envelope of silica alteration that extends for up to 40 meters on either side of the mineralized zone into strongly folded siltstone and sandstone host rock layers. Hole GD-22-53 also collared from the South Cliff Step-out Pad intersected a 15.11 meter interval from 379.53 meters to 394.64 meters containing similar mineralization, textures and lithologies to GD-22-58. In this hole, mineralization in quartz veining, stockwork and breccia consists of semi-massive and interstitial pyrrhotite (locally up to 15 %), sphalerite (locally up to 20 %) and galena (locally up to 15 %) with a silica alteration halo reaching up to 30 m into the folded siltstone and sandstone host-rock units.

Hole GD-22-64 collared from Pad 16 (460 meters step-out to the Southwest from Surebet Main) intersected two mineralized intervals from 97.50 meters to 98.50 meters (1.0 meter interval) and from 222.00 meters to 229.60 meters (7.60 meter interval) consisting of quartz veining, stockwork and breccia with strong localized interstitial-stockwork pyrrhotite (locally up to 15 %), sphalerite (locally up to 10 %) and galena (locally up to 10 %) with a silica alteration halo extending up to 15 meters into the folded siltstone and sandstone units surrounding the mineralized zone.

2022 drill campaign

During the 2022 drill campaign, Goliath plans to test the Surebet mineralized system at depth over an extensive area reaching as far as Lake Pad to the West (940 m SW of Real Deal) and New Gold to the North (1 km north of North Rubble) focused on delineating a mineralized area of 2.1 km East-West by 2.5 km North-South. Several drill locations are planned up to 600 meters West of Real Deal to target the Surebet mineralized system at depth based on the projected model generated from the 2022 drill logs, 2021 drill logs and results, and 2020 channel sample results. Multiple surface channel, chip and grab samples collected from Real Deal and Cloud 9 secondary structures believed to be associated with the Surebet Zone returned significant gold and silver values, further confirming the presence of a large gold-silver rich mineralizing system at depth. These secondary structures are interpreted to be acting as conduits for fluids to the surface.

Roger Rosmus, Founder and CEO of Goliath Resources, states: 'Seeing exceptional intervals of strong sulphide mineralization over significant width in core from the infill drilling is very exciting and again indicates that the mineralized zone continues without interruptions from North Rubble Pad in the Northeast all the way to Lake Pad in the Southwest over a distance of more than 2 kilometers. The observations from the 2022 drilling so far show that a very large mineralizing system is in place covering over 5.25 square kilometers and remains open in all directions. This coupled with the results from the 2021 drill campaign give us confidence that Surebet has the strong potential to be one of biggest new gold-silver discoveries in the Golden Triangle all in close proximity to excellent infrastructure. We are looking forward to announcing the first set of assay results once received, compiled, and interpreted.'

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 the Golden Triangle of British Columbia and within 2 km of the 'Red Line' that is host to multiple world class deposits. The property is on tide water 30 kilometers southeast of Stewart, British Columbia.

Surebet is characterized by a series of NW-SE trending structures that occur within a package of Hazelton Group sediments underlain by Hazelton volcanics and are within a few kilometers of the Red Line. All 24 diamond drill holes completed in 2021 intersected significant intervals of Au-Ag polymetallic mineralization over 1 km of strike, 1.1 km down-dip and 600 meters of vertical relief. Drill hole GD-21-03 intersected 6.37 gpt AuEq (4.46 gpt Au and 122.13 gpt Ag) over 35.72 meters and drill hole GD-21-05 intersected 12.6 gpt AuEq (8.06 gpt Au and 313.66 gpt Ag) over 6.38 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.

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 Extension Zone, display similar mineralization, geochemistry and textures to the Surebet Zone. Geologic observations at surface and within drill core show structural strain concentrating in the Surebet Zone along its shallower-dipping geometry. Real Deal and Cloud 9 are believed to be en-echelon structures that connect with Surebet at depth. The mineralized Surebet Zone remains open in all directions.


All rock, channel and talus fine samples were crushed and pulverized at MSALABS's laboratory in Terrace, BC. MSALABS is either Certified to ISO 9001:2008 or Accredited to ISO 17025:2005 in all of its locations. The resulting sample pulps were analyzed for gold by fire assay and metallic screen fire assay in Langley, BC. The pulps were also assayed using multi-element aqua regia digestion at MSALABS's laboratory in Langley, BC. The coarse reject portions of the rock samples, as well as the pulps, were shipped to Goliath Resources Ltd.'s storage facility in Terrace, BC. All samples were analyzed using MSALABS's assay procedure ICP-130, a 1:1:1 aqua regia digestion with inductively-coupled plasma atomic emission spectrometry (ICP-AES) or inductively-coupled plasma mass spectrometry (ICP-MS) finish for 35 elements as well as the FAS-121 lead collection fire assay fusion procedure with atomic absorption spectroscopy (AAS) finish. Any results greater than 100 ppm for silver or 10,000 ppm copper, lead and zinc were additionally assayed using MSALABS's ICA-6xx method particular to each element. This method used an HNO3-HCl digestion followed by ICP-AES (or titrimetric and gravimetric analysis). Gold values of greater than 10 ppm Au were assayed by the FAS-425 method which includes a fire-assay fusion procedure with a gravimetric finish. Samples with Au greater than 5 ppm were additionally analyzed using metallic screen fire assay with MSALABS's MSC-150 or MSC-350 method. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence.

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.


Mr. Roger Rosmus

Tel: +1-416-488-2887

Email: roger@goliathresources.com

Web: www.goliathresourcesltd.com

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.

In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.

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.

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
EAST WEST HOLDINGS LIMITED 0.58% 5.16 End-of-day quote.-51.96%
GOLIATH RESOURCES LIMITED -5.19% 1.28 Delayed Quote.30.61%
NEW GOLD INC. 0.67% 1.5 Delayed Quote.-20.63%
11/15Goliath Grants Options
11/07Goliath Resources Reports Assay Results from 2022 Drill Campaign at Golddigger Property
11/07Goliath Reports High-Grade Gold Mineralization in 96% Of First Batch Drill Hole Assays ..
11/07Goliath Reports High-Grade Gold Mineralization in 96% Of First Batch Drill Hole Assays ..
10/28Goliath Resources Limited Reports Earnings Results for the Full Year Ended June 30, 202..
10/19Goliath intercepts classic surebet zone mineralization in 92 holes containing broad int..
10/18Goliath Resources Intercepts 'Classic Surebet Zone Mineralization' in 92 Holes Containi..
10/18Goliath Intercepts Classic Surebet Zone Mineralization in 92 Holes Containing Broad Int..
10/18Goliath Resources Limited Reports Completion of 2022 Drill Campaign on Surebet Discover..
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Sales 2022 - - -
Net income 2022 -13,5 M -10,1 M -10,1 M
Net cash 2022 13,5 M 10,1 M 10,1 M
P/E ratio 2022 -4,05x
Yield 2022 -
Capitalization 91,2 M 68,2 M 68,2 M
EV / Sales 2021 -
EV / Sales 2022 -
Nbr of Employees -
Free-Float 87,9%
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Roger Rosmus President, Chief Executive Officer & Director
Graham Charles Warren Chief Financial Officer, Secretary & Director
Wayne Vance Isaacs Independent Director
Jean P. Lafleur Independent Director
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