Latest news with #GoliathResources
Associated Press
07-07-2025
- Business
- Associated Press
Goliath Intersects 8.31 g/t Au Over 23 Meters, Including 15.69 g/t Au Over 11 Meters, Including 37.45 g/t Au Or 1.20 Oz/T Over 4 Meters In Third Distinct Rock Package Within The High-Grade Gold Bonanza Zone At Surebet, Golddigger Property, Golden Triangle, B.C.
TORONTO, July 07, 2025 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the 'Company' or 'Goliath') is very pleased to announce positive assay results from the re-logging and sampling of drill hole GD-24-280 which returned in an intercept of 8.31 g/t Au over 23.00 meters, including 15.69 g/t Au over 11 meters, including 37.45 g/t Au (or 1.20 oz/T) over 4 meters in a third rock package within the Bonanza Zone. It is characterized by a broad interval of strongly calc-silicate altered breccia with multiple occurrences of visible gold seen with a naked eye that had not been sampled before and remains wide open at Surebet on the 100% controlled Golddigger Property (the 'Property'), Golden Triangle, British Columbia. These assays reflect gold only (AuEq value in interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received). GD-24-280 is interpreted to be a ~500 meter step-out to the east from other high-grade drill holes previously reported from the Bonanza Zone, that include: The Bonanza Zone is also host to drill hole GD-24-260 that assayed 4.52 g/t AuEq (1.11 oz/T AuEq) over 39.00 meters, including 132.93 g/t AuEq (4.27 oz/T AuEq) over 10.00 meters (see news January 13, 2025). The discovery of a new style of high-grade gold at the Bonanza Zone consisting of strongly calc-silicate altered breccia at the Surebet Discovery clearly demonstrates the additional discovery potential remaining for expansion. High-grade gold mineralization has been confirmed in three distinct rock packages at the Surebet Discovery, which include: gently-dipping gold-rich mineralized stacked veins; gold-rich intermediate to felsic Eocene-aged RIRG dykes that crosscut the veins; and the newly discovered broad zones of calc-silicate altered breccia. All three rock packages contain substantial amounts of VG-NE and remain wide open, which strongly indicates the presence of a Motherlode magmatic causative source at depth responsible for the widespread high-grade gold mineralization at the Surebet Discovery. Dr. Quinton Hennigh, Geologic & Technical Advisor to Crescat Capital, a strategic investor in Goliath, states: 'It is remarkable to watch the Surebet gold system reveal its secrets. Five years ago, the initial target was the low-angle, thick Surebet gold-quartz-sulfide lode. After a couple seasons of drilling, other similar flat gold-quartz-sulfide lodes were discovered stacked beneath Surebet including the remarkable high-grade Bonanza gold-quartz-sulfide lode. In just the past year, recognition of a swarm of near vertical reduced intrusive dikes has added a new twist to the story because these appear to host significant volumes of stockwork gold-quartz-sulfide mineralization, and importantly, point to a direct connection of the Surebet system to an intrusive gold source. Today, the revelation that significant high-grade gold mineralization is hosted by calc-silicate rocks that form the thermal aureole around a deep intrusion adds fuel to that fire. It will be interesting to see where this natural progression of discovery leads us.' Mr. Roger Rosmus, Founder & CEO of Goliath states: 'We are delighted with the exceptional assay results from drill hole GD-24-280 within a newly identified calc-silicate altered high-grade gold breccia, with visible gold to the naked eye. This gives us a new discovery of high-grade gold, this time in a third distinct rock package at the Surebet high-grade gold discovery. We have high-grade gold in stacked gently-dipping veins stretching over 1.2 kilometers, vertical RIRG dykes that crosscut the veins which we are now referring to Goldilocks zones as they have high-grade gold in two temperature regimes. There are multiple locations where the gently-dipping veins and vertical RIRG dykes crosscut, which gives us the potential to have several Goldilocks zones. Now, we can add a new discovery of high-grade gold in a third distinct rock package at Surebet. Another important target for our 2025 drilling campaign has emerged from the detailed geological study done at the Colorado School of Mines, which is a magmatic gold source we call Motherlode, responsible for the gold mineralization in the three distinct rock packages. To assist in our targeting of the magmatic source, we are using a combination of the depth extent of the RIRG dykes and our past geophysical survey. This clearly underscores the immense and untapped additional discovery potential at the Surebet Discovery. Our geological team has hit the ground running in our 2025 drilling campaign, with the goal of drilling 60,000 meters. Currently, we have eight drill rigs working and one more will be arriving shortly. We have plenty of people to thank for the success at the Surebet high-grade gold discovery, including our shareholders, our geological team, the excellent research by the Colorado School of Mines, our drillers and others. We have never come into a drilling season with as much geological data in hand which puts us in a great position for our best season of drilling ever at Surebet. ' Recent re-logging of core from holes drilled between 2021 and 2024 has provided an interval in drill hole GD-22-64, consisting of a RIRG dyke containing visible gold to the naked eye. This dyke is believed to be directly related to the Motherlode magmatic source which assayed 6.31 g/t AuEq over 14.35 meters, including 11.36 g/t AuEq over 7.85 meters (see news release dated June 23, 2025). Additionally, re-logging identified visible gold to the naked eye in several other drill holes (assays pending) associated with RIRG dykes, calc-silicate altered breccias, and known gently-dipping stacked veins. Drill hole GD-24-277 confirmed gold visible to the naked eye within a newly identified calc-silicate altered breccia, within 36 meters of mineralization that is now awaiting assay results. 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 to the naked eye have been identified and sampled in GD-24-254 (Bonanza and Golden Gate Zones) and GD-24-267 (Bonanza Zone). Holes GD-21-09 and GD-24-244 also yielded visible gold to the naked eye within near vertical RIRG dykes, strikingly similar to an interval in GD-22-58 which previously assayed up to 12.03 g/t AuEq over 10 meters (see news release March 13, 2025), further supporting the potential for extensive high-grade gold mineralization linked to the causative intrusion (Motherlode Magmatic Source). The balance of the newly sampled intervals from the early season re-logging initiative are currently pending assay results, which are expected to further define the significant potential of these discoveries. Based on these compelling results, Goliath has significantly increased its 2025 planned drill campaign from 40,000 meters to 60,000 meters. The 2025 planned drill campaign is designed to be a systematic approach, focused entirely on Surebet to expand the geometry and extent of this discovery both laterally and to depth. The comprehensive drill plan will consist of testing for the Motherlode magmatic source of high-grade gold mineralization that could significantly increase the overall size of the Surebet high-grade gold discovery; evaluating an additional 13 potential Eocene-aged dykes observed on surface that have yet to be drill tested for RIRG mineralization; executing infill drilling with the goal of significantly increasing pierce point density in all known stacked veins, with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domains; testing zones where the RIRG dykes and gently dipping veins cross cut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; expanding the known mineralized veins laterally and to depth; and expand on newly discovered high-grade gold in strongly altered calc-silicate breccia. All three distinct rock packages remain wide open, where they currently remain open, offering substantial exploration upside. Surebet Discovery Highlights About Golddigger Property The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada's greatest gold 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 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 (see news release dated March 1, 2023). 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 of British Columbia 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 a high level of research to be performed on the Surebet Discovery. 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. Mr. Turna is an Independent Director of the Company. About Goliath Resources Limited Goliath Resources is an explorer of precious metals projects in the highly prospective 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, a Global Commodity Group (Singapore), McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Mr. Rob McEwen, Mr. Eric Sprott and Mr. Larry Childress. For more information please contact: Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887 [email protected] 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 2017-2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is 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. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain visible gold or high-grade sulphide mineralization. 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 are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%. All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssayTM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where 'xx' denotes the target metal). This method employs 4-acid digestion followed by 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.
Associated Press
23-06-2025
- Business
- Associated Press
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.
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: +1.416.488.2887 [email protected] 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.
Globe and Mail
16-06-2025
- Business
- Globe and Mail
Goliath Resources Announces Closing of LIFE Offering Including the Full Exercise of Underwriters' Option for Gross Proceeds of $23,003,105
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES TORONTO, June 16, 2025 (GLOBE NEWSWIRE) -- Further to its news releases dated May 29, 2025, June 2, 2025, and June 9, 2025, Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) (the ' Company ' or ' Goliath ') is pleased to announce that it has closed its 'bought deal' private placement of 7,256,500 common shares of the Company (the ' Charity Flow-Through Shares ') at a price of C$3.17 per Charity Flow-Through Share for aggregate gross proceeds of C$23,003,103, including the exercise in full of the over-allotment option granted to the Underwriters (as defined herein) (the ' Offering '). The Company's previously announced concurrent non-brokered private placement of up to 1,281,545 Charity Flow-Through Shares at a price of C$3.17 per Charity Flow-Through Share for aggregate gross proceeds of up to C$4,062,500 (the ' Concurrent Offering ') is expected to be completed shortly. The Charity Flow-Through Shares issued pursuant to the Concurrent Offering will be subject to a hold period expiring four months and one day from the date of issuance. The Offering was led by Stifel Nicolaus Canada Inc., in its capacity as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters that included CIBC World Markets Inc. and Cormark Securities Inc. (collectively, the ' Underwriters '). In consideration for services provided by the Underwriters in connection with the Offering, the Underwriters received compensation consisting of: (i) a cash commission equal to 6.0% of the gross proceeds raised under the Offering; and (ii) an aggregate 435,390 common share purchase warrants of the Company (the ' Broker Warrants '), representing 6% of the number of Charity Flow-Through Shares sold under the Offering. Each Broker Warrant is exercisable to acquire one common share of the Company at a price of C$2.12 per common share until June 16, 2027. For the avoidance of doubt, the cash commission was paid by the Company using existing cash on hand and not the gross proceeds of the Offering. As previously disclosed, the Company intends to use the gross proceeds of the Offering to advance the exploration of the Company's flagship Golddigger-Surebet Project. The proceeds from the sale of the Charity Flow-Through Shares will be used to incur exploration expenses that qualify as 'Canadian exploration expenses' as defined in subsection 66.1(6) of the Income Tax Act (Canada) (the ' Tax Act '), 'flow-through critical mineral mining expenditures' as defined in subsection 127(9) of the Tax Act for purposes of the critical mineral exploration tax credit, and for individual subscribers resident in British Columbia, 'BC flow-through mining expenditures' as defined in subsection 4.721(1) of the Income Tax Act (British Columbia). Such expenses will be incurred on or before December 31, 2026, and renounced to the subscribers with an effective date no later than December 31, 2025. The 'BC mining flow-through share tax credit' allows individual residents of British Columbia who invest in flow-through shares to claim a provincial non-refundable tax credit in an amount equal to 20% of such subscriber's 'BC flow-through mining expenditures'. All Charity Flow-Through Shares were issued pursuant to the 'listed issuer financing' exemption from the prospectus requirement under Part 5A of National Instrument 45-106 - Prospectus Exemptions and Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption of the Canadian Securities Administrators (the ' LIFE Exemption ') and are not subject to a statutory hold period in accordance with applicable Canadian securities laws. The Broker Warrants were issued pursuant to an exemption from the prospectus requirement other than the LIFE Exemption and, accordingly, the Broker Warrants (and the shares issuable upon exercise thereof) are subject to a statutory hold period in accordance with applicable Canadian securities laws expiring on October 17, 2025. The Offering remains subject to the final approval of the TSX Venture Exchange (the ' Exchange '). This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ' 1933 Act ') or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. About Goliath Resources Limited Goliath 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), 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: +1.416.488.2887 roger@ This press release contains statements that constitute 'forward-looking information' (' forward-looking information ') within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Offering (including the tax treatment of the Charity Flow-Through Shares), the use of proceeds of the Offering, the Concurrent Offering, and the ability to obtain the final approval of the Exchange. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company's business and results of operations; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
Globe and Mail
02-06-2025
- Business
- Globe and Mail
Goliath Resources Announces Concurrent Non-Brokered Private Placement of Charity Flow-Through Shares Following Previously Announced 'Bought Deal' Offering For Combined Gross Proceeds Total Up To C$24,065,200
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES TORONTO, June 02, 2025 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) (the " Company" or " Goliath") is pleased to announce that, in response to overwhelming institutional demand following the announcement of a proposed 'bought deal' private placement for gross proceeds of C$20,002,700 (see the news release of the Company dated May 29, 2025) (the ' Bought Deal Offering '), the Company intends to complete a concurrent non-brokered private placement on similar terms whereby it proposes to issue up to 1,281,545 common shares of the Company (the ' Charity Flow-Through Shares ') at a price of C$3.17 per Charity Flow-Through Share for gross proceeds of up to approximately C$4,062,500 (the ' Concurrent Offering '). The Charity Flow-Through Shares will qualify as 'flow-through shares' as defined in subsection 66(15) of the Income Tax Act (Canada) (the ' Tax Act '). The Concurrent Offering is intended to accommodate additional demand for the Charity Flow-Through Shares, and provides the Company with further flexibility in allocating Charity Flow-Through Shares to investors. In aggregate, the Company anticipates raising up to C$24,065,200 in total gross proceeds under the Bought Deal Offering and the Concurrent Offering. In consideration for the services provided to the Company in connection with the Concurrent Offering, certain finders will be entitled to receive a cash commission equal to 6.0% of the gross proceeds raised under the Concurrent Offering and such number of common share purchase warrants (' Finder's Warrants ') as is equal to 6.0% of the number of Charity Flow-Through Shares sold under the Concurrent Offering. Each Finder's Warrant will entitle the holder thereof to acquire one common share of the Company at a price of C$1.95 for a period of 24 months following the closing of the Concurrent Offering. The cash commission will not be paid from the gross proceeds of the Concurrent Offering and will be paid using the Company's existing cash on hand. The Concurrent Offering is expected to close on or about June 16, 2025 (the ' Closing Date '), and is subject to certain conditions including the receipt of all necessary approvals such as the approval of the TSX Venture Exchange (the " Exchange"). The Company will use the gross proceeds of the Concurrent Offering to incur Qualifying Expenditures (as defined here) on the Company's flagship Golddigger-Surebet Gold Project, located in British Columbia, Canada. The gross proceeds from the Charity Flow-Through Shares will be used to incur exploration expenses that qualify as "Canadian exploration expenses" as defined in subsection 66.1(6) of the Tax Act, "flow-through mining expenditures" as defined in subsection 127(9) of the Tax Act for purposes of the mineral exploration tax credit, and for individual subscribers resident in British Columbia, "BC flow-through mining expenditures" as defined in subsection 4.721(1) of the Income Tax Act (British Columbia) (the ' Qualifying Expenditures '). Such expenses will be incurred on or before December 31, 2026, and renounced to the subscribers with an effective date no later than December 31, 2025. The "BC mining flow-through share tax credit" allows individual residents of British Columbia who invest in flow-through shares to claim a provincial non-refundable tax credit in an amount equal to 20% of such subscriber's "BC flow-through mining expenditures." The Charity Flow-Through Shares, the Finder's Warrants and common shares that will be issuable upon the exercise of the Finder's Warrants (if any) will be issued pursuant to available exemptions under National Instrument 45-106 - Prospectus Exemptions, and will be subject to a hold period expiring four months and one day following the Closing Date. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " 1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. About Goliath Resources Limited Goliath 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), 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: +1.416.488.2887 roger@ This press release contains statements that constitute 'forward-looking information' (' forward-looking information ') within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Concurrent Offering (including the completion of the Concurrent Offering on the terms and timeline as announced or ats all, the tax treatment of the Charity Flow-Through Shares, the timing to incur and renounce all Qualifying Expenditures in favour of the subscribers, and the use of proceeds of the Concurrent Offering), and the Company's ability to obtain all regulatory approvals, including the approval of the Exchange. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company's business and results of operations; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
Globe and Mail
29-05-2025
- Business
- Globe and Mail
Goliath Resources Announces Bought Deal Private Placement of Charity Flow-Through Financing for Gross Proceeds of C$20,002,700
TORONTO , May 29, 2025 /CNW/ - Goliath Resources Limited (TSXV: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) (the " Company" or " Goliath") is pleased to announce that it has entered into an agreement with Stifel Nicolaus Canada Inc. to act as sole bookrunner and lead underwriter, together with a syndicate of underwriters (collectively, the " Underwriters"), in connection with a "bought deal" private placement offering by the Company of 6,310,000 common shares of the Company (the " Charity Flow-Through Shares") that will qualify as "flow-through shares" as defined in subsection 66(15) of the Income Tax Act ( Canada ) (the " Tax Act") at a price of C$3 .17 per Charity Flow-Through Share (the " Issue Price") for gross proceeds of C$20,002 ,700 (the " Offering"). The Company has granted the Underwriters an option to sell such number of additional Charity Flow-Through Shares as is equal to 15% of the number of Charity Flow-Through Shares sold under the Offering at the Issue Price (the " Underwriters' Option"). The Underwriters' Option will be exercisable, in whole or in part, at any time up until 48 hours prior to the closing date of the Offering (the " Closing Date"). In consideration for the services provided to the Company in connection with the Offering, the Underwriters will be entitled to receive a cash commission equal to 6.0% of the gross proceeds raised under the Offering (the " Cash Commission") and such number of broker warrants (" Broker Warrants") as is equal to the number of Charity Flow-Through Shares sold under the Offering. Each Broker Warrant will entitle the holder thereof to acquire one common share of the Company at a price of C$1.95 for a period of 24 months following the closing date of the Offering. For the avoidance of doubt, the Cash Commission will be paid from the Company's cash on hand and not from the gross proceeds received by the Company under the Offering. The Offering is expected to close on or about June 16, 2025 , and is subject to certain conditions including the receipt of all necessary approvals such as the approval of the TSX Venture Exchange (the " Exchange"). The Company will use the gross proceeds of the Offering to incur Qualifying Expenditures (as defined here) on the Company's flagship Golddigger-Surebet Gold Project, located in British Columbia, Canada . The gross proceeds from the Charity Flow-Through Shares will be used to incur exploration expenses that qualify as "Canadian exploration expenses" as defined in subsection 66.1(6) of the Tax Act, "flow-through mining expenditures" as defined in subsection 127(9) of the Tax Act for purposes of the mineral exploration tax credit, and for individual subscribers resident in British Columbia , "BC flow-through mining expenditures" as defined in subsection 4.721(1) of the Income Tax Act ( British Columbia ) (the " Qualifying Expenditures"). Such expenses will be incurred on or before December 31, 2026 , and renounced to the subscribers with an effective date no later than December 31, 2025 . The "BC mining flow-through share tax credit" allows individual residents of British Columbia who invest in flow-through shares to claim a provincial non-refundable tax credit in an amount equal to 20% of such subscriber's "BC flow-through mining expenditures". In connection with the Offering, certain purchasers of Charity Flow-Through Shares intend to subsequently (i) donate some or all of such Charity Flow-Through Shares to registered charities, who may sell such Charity Flow-Through Shares to purchasers arranged by the Underwriters, and/or (ii) sell some or all of such Charity Flow-Through Shares to purchasers arranged by the Underwriters, in each case on the Closing Date (such Charity Flow-Through Shares described in (i) and (ii), being the " Re-Offer Shares"), and at a price of C$1.95 per Re-Offer Share. Sales of Re-Offer Shares may be made to purchasers located in (i) each of the provinces of Canada , other than Québec, pursuant to the Listed Issuer Financing Exemption, (ii) the United States pursuant to available exemptions from the registration requirements of applicable United States securities laws, and (iii) such other jurisdictions provided it is understood that no prospectus filing or comparable obligation, ongoing reporting requirement or requisite regulatory or governmental approval arises in such other jurisdictions Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions (" NI 45-106"), the Charity Flow-Through Shares will be offered for sale to purchasers resident in Canada , except Quebec , and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the " Listed Issuer Financing Exemption"). As the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Charity Flow-Through Shares issued pursuant to the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws. There is an offering document related to the Offering that can be accessed under the Company's issuer profile on SEDAR+ at and on the Company's website at Prospective investors should read the offering document before making an investment decision. The Broker Warrants and shares that will be issuable upon the exercise thereof (if any) will be issued pursuant to available exemptions under NI 45-106 other than the Listed Issuer Financing Exemption and, accordingly, will be subject to a hold period expiring four months and one day following the closing date of the Offering. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States . The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " 1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. About Goliath Resources Limited Goliath 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), Mr. Rob McEwen , a Global Commodity Group based in Singapore , Mr. Eric Sprott and Mr. Larry Childress . This press release contains statements that constitute "forward-looking information" (" forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Offering (including the completion of the Offering on the terms and timeline as announced or ats all, the tax treatment of the Charity Flow-Through Shares, the timing to incur and renounce all Qualifying Expenditures in favour of the subscribers, and the use of proceeds of the Offering), and the Company's ability to obtain all regulatory approvals, including the approval of the Exchange. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company's business and results of operations; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
