Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) is 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.
The Company is on track with a new discovery “Surebet”, a large high-grade gold system at its 100% controlled 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.
The newly discovered Surebet is a very robust and structurally controlled series of 12 high-grade gold veins/shears with superior and predictable continuity 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.
59 out of 64 holes (or 92%) drilled in 2024 contained Visible Gold; all visible to the naked eye and without the need for a hand-lens or microscope that all assayed for high-grade gold including the largest piece drilled to date being 11.5 mm (7/16 inches).
The best hole drilled to date in the shear zones is GD-24-260 previously reported from the Bonanza Zone assayed 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters (~true width), including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters.
Prior to the mid-2024 exploration season, Goliath was solely focused on the high grade shear zones at Surebet and not focused on the Eocene age (~52 Ma) dykes. These dykes were considered to be barren of any gold mineralization based on the common knowledge narrative from the British Columbia Geological Survey (BCGS), as well as current and past explorers in the Golden Triangle. Goliath is the first ever explorer to discover and document gold mineralization within these types of dykes and this has changed the old school narrative. The Company has drilled into high-grade gold with mineable widths in these dykes and this is a significant new breakthrough discovery and a game changer for Surebet and others exploring in the Golden Triangle. We have been delighted with the interest shown by other companies in the region about the potential for gold mineralization in the Eocene aged dykes. Work done at the Colorado School of Mines included age dating of the veins, dykes as well as the Hyder Pluton to the west which are all very close in age and the time of their emplacement. This suggests a significant possibility for a common magmatic intrusion source near the veins and dykes, which management believes has a good chance of also having high-grade gold mineralization similar to the dykes.
The best hole drilled to date in the Eocene intrusive granitoid feeder dykes is from GD-22-58 previously reported has two separate mineralized intervals within the dyke assaying up to 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 (~true width). Microscopic analysis of the hosted gold mineralization in the Eocene intrusive granitoid feeder dykes demonstrates that the gold occurs as native gold and as composite grains with bismuth-telluride phases. Sulfides are only observed very rarely in the dykes, indicating the high-gold grade indicated by assays is likely due to be the result of higher amounts of free gold in this part of the Surebet system.
Process Mineralogical Consulting Ltd. (PMC) was engaged for initial metallurgical using drill core that returned 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 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 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.
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.
* 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.