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 of British Columbia and Abitibi Greenstone Belt of Quebec.
Both BC properties have returned widespread mineralization of high-grade Gold, Silver and/or Copper numbers from exposed bedrock in situ at surface. These new discoveries are the result of glacial recession and snowpack melting in geological settings where world class deposits have been found within the Golden Triangle and surrounding area.
The Company has discovered the “Surebet Zone”, an extensive new high-grade polymetallic gold-silver shear zone that remains open on its 100% controlled Golddigger property located just southeast of Stewart, British Columbia.
Goliath is underway with an aggressive 2022 follow up drill campaign totaling 27,000+ meters (85 holes from 24 drill pads) designed for infill drilling as well as testing the outer extremities to depth at the newly discovered Surebet Zone. Drilling will also include the New Extension Target that provides tremendous potential to significantly expand the footprint by 1.2 km to the southeast. All holes drilled to date (2021 & 2022) have a 100% hit rate confirming mineralization over a 5.25 sqkm area with mineralized intercepts of up to 360 meters (Assays pending for 2022 drilling).
In 2021, Goliath successfully completed a 5,332 meter maiden drill campaign on the Surebet Zone where 100% of all 24 holes intercepted significant mineralization over 1 km of strike and 1.1 km of down dip extension on the Surebet discovery. The average grade and width from the best hole from each 7 widely spaced drill pads assayed 9.42 gpt AuEq (6.66 gpt Au and 172.66 gpt Ag) over 6.43 meters* respectively. These positive results confirm the continuity and scale of an extensive high-grade gold-silver polymetallic system that remains open.
2021 Maiden Drilling Campaign & Exploration Highlights:
- 100% of all 24 holes drilled during the 2021 maiden campaign totalling 5332 meters intersected significant high-grade gold-silver mineralization over 1 km of strike and 1.1 km of down dip extent.
- This successful maiden drill campaign confirms the continuity and extensive scale of a high-grade gold-silver polymetallic system that remains open.
- GD-21-03 intersected 6.37 gpt AuEq (4.46 gpt Au and 122.13 gpt Ag) over 35.72 meters*.
- GD-21-05 intersected 12.6 gpt AuEq (8.06 gpt Au and 313.66 gpt Ag) over 6.38 meters*.
- The average grade and width from the best hole from each 7 widely spaced drill pads assayed 9.42 gpt AuEq (6.66 gpt Au and 172.66 gpt Ag) over 6.43 meters*.
- The average grade and width from all 24 holes assayed 6.29 gpt AuEq (4.35 gpt Au and 104.94 gpt Ag) over 5.87 meters*.
- A newly discovered “Extension Target” of widespread high-grade gold-silver polymetallic mineralization outcrop was found 500 meters southeast of the Surebet Zone that is 1200 meters by 400 meters.
- The Extension Target samples are mineralogically, geochemically and texturally similar to the surface and in drill core seen on the Surebet Zone; grabs assayed up to 75.04 gpt AuEq and a channel cut assayed 14.76 gpt AuEq over 0.58 meters.
- The initial metallurgy shows exceptional results of 98.2% Gold recovery using traditional gravity and flotation crushed to 150 microns; inclusive of 38.1% free gold from gravity (see February 10, 2022 press release) that would provide a relatively low capital and operating costs.
Responsible Mineral Development
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 and may not be 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.