Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) is a junior resource exploration company of precious metal projects in the prolific Golden Triangle and northewestern areas of British Columbia
The Company is on track with a new discovery of a large high-grade gold system at its Golddigger property that was never drilled before in the Golden Triangle of B.C.; it remains open. The Surebet discovery was never explored or drilled before due to previous glacier and permanent snowpack covering it. The project is located in a world-class geological setting and mining friendly jurisdiction. The Golddigger property sits on tidewater and has excellent infrastructure with a permitted mill site in Kitsault nearby.
Significant shareholders include Crescat Capital, Mr. Eric Sprott and Mr. Rob McEwen; Dr. Quinton Hennigh is a technical advisor.
The newly discovered Surebet is a very robust and structurally controlled series of 10 high-grade gold veins/shears with superior continuity and predictability hosted within the Hazelton Sediments and Volcanics over a 1.8 square kilometer area. It has 2.1 kilometers of exposed mineralization at surface (1 kilometer of mineralization along strike and 1.1 kilometer of mineralized downdip extent) with 700 meters of vertical relief.
During the 2023 drilling season our exploration endeavors have significantly broadened the resource potential of the Golddigger property. The unveiling of ten newly discovered prominent mineralized zones within Hazelton Sediments and Volcanics showing the potential for a world-class Tier 1 gold deposit by tonnage and high-grade gold.
Select assay results from 2023 drill core: GD-23-180 assayed 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters, including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters, GD-23-157 assayed 21.08 g/t AuEq (18.95 g/t Au and 95.31 g/t Ag) over 23 meters and GD-23-173 assayed 14.68 g/t AuEq (5.81 g/t Au and 719.13 g/t Ag) over 26.89 meters.
The 2023 drilling campaign resulted in 33,641 meters drilled spanning 134 holes successfully intercepting mineralization of which >35% contained visible gold up to 11 mm nuggets in size. The extent and width of the Surebet discovery has been determined to have gold mineraization over an area 1.8 square kilometers; it remains open. A total of 66,930 meters have been drilled to date at the Golddigger property.
All major mineralized intercepts from the Golddigger property are characterized by galena, sphalerite and pyrrhotite in massive and stockwork occurrences with ancillary presence of pyrite and chalcopyrite. The mineralized bodies are hosted within shear zones in hydrothermal quartz breccia veins associated with visible gold.
Process Mineralogical Consulting Ltd. (PMC) was engaged for initial metallurgical using drill core that returned exceptional metallurgical recoveries of 92.2% Gold; inclusive of 48.8% free gold from simple gravity alone and balance in a Pb-Zn concentrate from flotation. This was all achieved with a grinding mesh of only 327 microns. There are no deleterious elements and no cyanide is required for gold recovery.
Goliath has partnered with domain experts like Dr. Quinton Hennigh and Dr. Thomas Monecke from the Colorado School of Mines. Consulting firms have been engaged including SRK Consulting, OTS, Archer, Cathro & Associates and Motherlode Consultanting to analyze an extensive array of geological datasets spanning geochemistry, drilling, mapping, drone photogrammetry and remote sensing data interpreting the presence of an intrusion-related mesothermal gold deposit.
A petrography study completed by the Colorado School of Mines confirms Surebet’s source of mineralization is consistent with magmatic hydrothermal fluids being derived from a porphyry intrusion.
In 2023, Goliath also discovered 2 brand new extensive mineralized zones up to 550 x 450 meters for drilling in 2024 that consist of sulphide-rich breccia, stockwork and veins in shear zones on the Golddigger’s Cambria Icefields claim blocks 19 km and 30 km respectively to the north of the Surebet discovery. These new discoveries include Full Contact (Proximal to Homestake Ridge) and Treasure Island (~6m east of Porter Idaho past producing mine); both remain open. This clearly demonstrate the enormous untapped discovery potential on the Golddigger property that covers 56 km of the Red Line. Detailed mapping, extensive channel cuts and sampling has been completed. Samples returned up to 101.13 g/t AuEq (3.25 oz/t) (101.00 g/t Au and 10 g/t Ag).
Its is in an excellent location close in proximity to the communities of Alice Arm and Kitsault where there is 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 with supplies.
Goliath Resources Limited is committed to working shoulder to shoulder with its stakeholders to achieve responsible development of its projects, and to contribute to the sustainable development of the communities in which we work. Our work programs are all carefully planned to achieve high levels of environmental and social performance.
* The stated mineralized lengths in meters are downhole core lengths are estimated to be 80-90% true widths. AuEq metal values are calculated using: Au 1792.60 USD/oz, Ag 23.13 USD/oz, Cu 4.37 USD/lbs, Pb 1.05 USD/lbs and Zn 1.52 USD/lbs on November 28, 2021. 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.