Goliath Intersects 6.31 g/t AuEq Over 14.35 Meters In RIRG Feeder Dyke, The First Of Multiple Relogged Holes Containing Abundant Visible Gold Substantially Expanding High-Grade Gold Potential On The Surebet Discovery That Remains Wide Open, Golddigger Property, Golden Triangle, B.C.

Associated Press

23-06-2025

Eocene Mineralized Dyke Discovery
Surebet Discovery Highlights
TORONTO, June 23, 2025 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the 'Company' or 'Goliath') is pleased to report the first set of results from its re-logging program at Surebet where a gold-rich intrusive feeder dyke assayed 6.31 g/t AuEq over 14.35 meters, including 11.36 g/t AuEq over 7.85 meters at its 100% controlled Golddigger Property (the 'Property'), Golden Triangle, British Columbia. The gold-rich dyke intersected in GD-22-64 is interpreted as one of many Reduced Intrusion Related Gold (RIRG) feeder dykes believed to be directly related to the causative intrusion responsible for the extensive high-grade gold mineralization confirmed at the Surebet Discovery. This gold-rich interval is the first of multiple drill holes containing gold visible to the naked eye over broad intervals identified in 2025. Multiple broad intervals containing abundant gold visible to the naked eye have been identified during the re-logging initiative of holes drilled between 2021 – 2024 that greatly expand the area for high-grade gold potential on the Surebet Discovery that remains wide open. Recent relogging and new sampling have confirmed gold visible to the naked eye in 7 additional previously un-assayed drill holes. This exciting development comes as the Company has started its largest drill program to date, a 40,000 meter campaign focused entirely on expanding the high-grade Surebet Discovery by testing for the Motherlode Causative Intrusive Gold Source, testing additional Eocene intrusive granitoid dykes, infill drilling with the goal of increasing pierce points density in all known stacked veins, and expanding the known mineralized veins laterally and to depth where they currently remain open.
Dr. Quinton Hennigh, Geologic & Technical Advisor to Crescat Capital, a strategic investor in Goliath, states: ' The Surebet gold system continues to reveal its remarkable character, one that now points to a direct genetic link to a gold-rich intrusive source. While the numerous stacked low-angle gold lodes remain a principal focus of exploration for Goliath, the more recent revelation that significant gold mineralization is hosted by subtle quartz stockwork veins hosted within a series of near vertical dikes is quickly taking shape. Recently, the Company has been diligently relogging and assaying previously unanalyzed intervals of core from holes drilled within the past few years with a focus on zones of quartz veining occurring within such dykes. Hole GD-22-64, which now reports 6.31 g/t AuEq over 14.35 meters including 11.36 g/t AuEq over 7.85 meters, is a prime example of how important this style of mineralization is becoming at the Surebet Discovery. Many more such dike-hosted mineralized zones are being recognized in relogging of older drill holes as well as newly drilled holes completed this season. Goliath is a great story that keeps getting better with each exploration season.'
Mr. Roger Rosmus, Founder & CEO of Goliath states: 'These latest results from Surebet are incredibly exciting and further validates our geological model for a robust, district-scale mineralizing system. The discovery of new high-grade intercepts within the feeder dykes, coupled with the widespread visible gold in our re-logging program and the identification of new mineralized host rocks like the calc-silicate breccia, confirms the excellent additional discovery potential of gold mineralization. We are particularly encouraged by the consistent presence of visible gold across multiple campaigns and its direct correlation with high-grade assays. Our aggressive 2025 drill campaign is designed to unlock the full potential of this exceptional project, aiming to identify the Motherlode gold source and continue expanding the known mineralization both laterally and at depth.'
Table 1: Assay highlights for hole reported in this news release
Expanding on the promising results from GD-22-64, the Company's ongoing relogging program of historical drill core from 2021 to 2024 has unveiled multiple additional instances of visible gold seen with the naked eye across 7 previously unsampled holes, with more potential discoveries anticipated as the program continues. Notably, hole GD-24-280 revealed 7 separate occurrences of visible gold over 11.86 meters within a newly identified, strongly calc-silicate altered breccia, an interval of 55.37 meters has now been sampled, indicating significant potential for wide, high-grade gold mineralization. Similarly, GD-24-277 confirmed visible gold within the same novel host rock, with a 36-meter interval now awaiting assay results. Further re-logging has identified gold visible to the naked eye in other key zones, including multiple occurrences in GD-22-102 within the Bonanza Zone and Golden Gate Zones, often associated with pyrrhotite and sphalerite in calc-silicate veins. Additional single occurrences of visible gold have been identified and sampled in GD-24-254 (Bonanza and Golden Gate Zones) and GD-24-267 (Bonanza Zone). GD-21-09 and GD-24-244 also yielded visible gold within intrusive dykes, strikingly similar to an interval in GD-22-58 which previously assayed up to 12.03 g/t AuEq over 10 meters, further supporting the potential for extensive high-grade gold mineralization linked to the causative intrusion (Motherlode Source). All newly sampled intervals are currently pending assay results, which are expected to further define the significant potential of these discoveries.
Based on the compelling discovery of the new calc-silicate altered breccia in drill holes GD-24-277 and GD-24-280, the Company expanded its re-logging program from 50 to 75 holes drilled during the 2021-2024 campaigns. Most of these additional holes have also intersected prospective Eocene intrusive granitoid RIRG feeder dykes. A total of 3,390 meters of core is currently being re-logged, with significant sections anticipated to be sent for assay over the next few weeks.
The 2024 drill campaign showcased remarkable consistency, with 59 out of 64 holes (or 92%) containing visible gold seen with the naked eye with some grains reaching sizes of up to 11.5 mm (7/16 inches). Importantly, all of these visible gold occurrences consistently correlated with high-grade gold assays. Further analysis of Eocene intrusive granitoid feeder dykes within the 2024 re-logging effort revealed visible gold in 6 out of 13 re-logged holes, with assays up to 12.03 g/t AuEq over 10 meters. This builds upon previously reported high-grade intercepts from intrusive dykes, including drill hole GD-24-237 which assayed 10.50 g/t AuEq over 7.00 meters, GD-23-180 with 3.46 g/t AuEq over 7.00 meters, and GD-23-226 with 6.03 g/t AuEq over 2 meters. Mineralization in these intrusive dykes occurs as quartz veins and veinlets, typically a few centimeters wide, containing visible gold, bismuth, bismuth-tellurides, and molybdenite. These are hosted within porphyritic felsic-intermediate ilmenite series granitoid dykes, whose composition is consistent with a causative intrusion in the geological setting where Surebet was formed. Gold in the mineralized dykes is often found included in composite grains with native bismuth and bismuth tellurides, a style of gold mineralization mirroring that observed in the high-grade, shear-hosted quartz veins at Surebet.
The 2025 planned drill program will include 40,000 meters of systematic drilling designed to outline in detail the full geometry and extent of the Surebet discovery laterally and to depth. Goliath is armed with much more drilling and geological data with 92,000 meters drilled to date (2021 – 2024) that encompasses over 400 pierce points which has greatly improved our understanding of the exceptional Surebet discovery mineralized system that remains open for expansion in all directions. 100% of the drilling this year will be focused on the Surebet discovery, where the Company has designed a detailed drill plan that will consist of testing for the Motherlode causative intrusion gold source, testing an additional 13 potential feeder dykes observed on surface that have never been drill tested for mineralization, infill drilling with the goal of increasing the pierce points density in all known veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain, as well as expanding the known mineralized veins laterally and to depth where they currently remain open.
Table 2: Critical element assay highlights for hole reported in this news release.
About Golddigger Property
The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada's greatest mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.
The Surebet discovery has predictable continuity and exceptional excellent metallurgy with gold recoveries from gravity and flotation at a 327-micrometer crush of 92.2% including 48.8% free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present such as mercury or arsenic.
The Property is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a 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.
About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)
Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world's largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources' membership in CASERM has allowed world-class research to be performed on the Surebet project part of the Golddigger Property in British Columbia, Canada.
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.
About Goliath Resources Limited
Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath's key strategic cornerstone shareholders include Crescat Capital, McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital, Mr. Rob McEwen, a Global Commodity Group based in Singapore, Mr. Eric Sprott and Mr. Larry Childress.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: [phone]
[email protected]
www.goliathresourcesltd.com
Disclaimer
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.
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 MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. Samples submitted to MSALABS receive gamma ray analysis of sample for gold using photon assay instrumentation at the Prince George lab location. During analysis, the entire sample dried and crushed, to approximately 70% passing 2 mm sieve. The entire crushed sample is riffle split and weighed into three jars, each containing between 300 and 500g of sample. These jars are then subjected to photon assay analysis (method CPA-Au1). Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, causing them to emit secondary gamma rays, which are measured to identify and quantify the metals present. The assays from all jars are combined on a weight-averaged basis. Multielement analysis was carried at MSALABS facilities at Surrey, BC. The samples were further processed by pulverizing 250 g to approximately 85% passing 75 μm before analysis using the ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by analysis using by inductively coupled plasma emission spectrometry for the concentrations of 48 elements. The samples that have over-limit results in Ag, Cu, Pb and Zn are subjected to ore-grade analytical methods of analysis- ICF-6xx, where xx denotes the specific metal. For that method, samples were digested using 4-acid digestion and analyzed using inductively coupled plasma emission spectrometry.
Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and Gold Equivalent (AuEq) metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. 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.
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.
This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. 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.