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Golddigger Property

Goliath has an option to acquire 100% of the Golddigger property that covers an area of 52,756 hectares and is in the world class geological setting of the Eskay Rift (Link to Map) within the Golden Triangle, British Columbia and within 2 km of the Red Line (Link to Map) that is host to multiple world class deposits. The property is on tide water 30 kilometers southeast of Stewart, British Columbia. The Homestake Ridge Deposit (Fury Gold Mines Limited), Dolly Varden Silver Mine (Dolly Varden Silver Corp.), and the Kinskuch Project (Hecla Mining Company) are in close proximity.

The Company has discovered a new high-grade polymetallic gold-silver shear zone, the “Surebet Zone” on the Golddigger property. Surebet is characterized by a series of NW-SE trending structures that occur within a package of Hazelton Group sediments underlain by Hazelton volcanics and are within 2 kilometers of the Red Line. LiDAR imagery, drone imagery, and field observations have identified several additional paralleling structures within a 4 square-kilometers area. Geochemical analyses have confirmed high-grade gold-silver polymetallic mineralization within these structures. The steeply dipping Real Deal and Cloud 9 structures, as well as the off shoot structures from the newly discovered Extension, display similar mineralization, geochemistry and textures to the Surebet Zone. Geologic observations at surface and within drill core show structural strain concentrating in the Surebet Zone along its shallower-dipping geometry. Real Deal and Cloud 9 are believed to be en-echelon structures that connect with Surebet at depth that remains open.

Mineralization within the Surebet Zone consists of structurally controlled massive, semi-massive, and disseminated sulphides containing Galena, Sphalerite, Pyrrhotite and Pyrite. These lenses occur within broad alteration halos of silica flooded sediments which also contain polymetallic mineralization up to 43.5 meters wide. The initial metallurgy shows exceptional results of 98.1% 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.

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 has completed an aggressive 2022 follow up drill campaign totaling 26,321 meters (86 holes from 20 drill pads) designed for resource level infill drilling as well as testing the outer extremities to depth at the newly discovered Surebet Zone. Drilling has confirmed the high-grade gold-silver at the Surebet Zone encompasses an area of 1.6 square kilometers and remains open.

96% (or 27 of 28) of widely spaced drill holes assayed this year from within the 1.6 square kilometer area on Surebet Zone intersected broad high-grade intervals of high-grade gold-silver mineralization demonstrating the continuity of this newly discovered large gold system. Assays are pending for 43 additional holes from pads 3, 5, 7, 8, 10, 13, 17, Midwest, West of NE Fault and G, all located within the Surebet Zone that remains open. Assays will be released once received, compiled, and interpreted (see map tab).

98% (or 51 of 52) of widely spaced drill holes assayed to date (24 in 2021 and 27 in 2022) within the 1.6 square kilometer Surebet Zone has intersected broad high-grade intervals of gold-silver mineralization.

2022 Drilling Campaign Highlights:

  • South Cliff Stepout Pad, GD-22-58 intersected high-grade gold mineralization containing 24.80 g/t AuEq (22.03 g/t Au and 127.62 g/t Ag) over 11 meters*.
  • A Pad, GD-22-49 intersected high-grade gold mineralization containing 21.30 g/t AuEq (20.46 g/t Au and 197.45 g/t Ag) over 7.77 meters*.
  • North Rubble Pad, GD-22-48* intersected high-grade gold mineralization containing 12.61 g/t AuEq (6.98 g/t Au and 441.59 g/t Ag) over 11 meters*.
  • North Rubble Pad, GD-22-46 intersected high-grade gold mineralization containing 8.91 gpt AuEq (5.63 gpt Au and 240.00 gpt Ag) over 9.10 meters* including 13.19 gpt AuEq (8.77 gpt Au and 322.59 gpt Ag) over 5.77 meters*.
  • South Cliff Stepout Pad, GD-22-53 intercepted multiple intervals of high-grade gold-mineralization consisting of 10.26 gpt AuEq (9.98 gpt Au and 10.34 gpt Ag) over 9.70 meters* including 15.29 gpt AuEq (14.89 gpt Au and 14.21 gpt Ag) over 6.48 meters* and 39.52 gpt AuEq (39.13 gpt Au and 17.26 gpt Ag) over 2.20 meters*. Additional gold-mineralized intervals above and below the main Surebet Zone include 13.12 gpt AuEq (11.70 gpt Au and 54.60 gpt Ag) over 1 meter and 8.23 gpt AuEq (7.52 gpt Au and 59.50 gpt Ag) over 1 meter*.
  • First Batch 2022 Drill Hole Assays - CLICK November 7, 2022 Press Release

    Dr. Quinton Hennigh, Geologic/Technical Director of Crescat Capital, a strategic investor in Goliath Resources, states: "This first batch of assays from the Surebet Zone provides an early picture of where this story is headed. Many of these holes were drilled early in the season from drill pads lower in elevation that were accessible before snow melted at higher elevations. Therefore, these are predominantly located around the lower margins of the Surebet Zone. Given that virtually all of these holes have encountered significant
    mineralization across this important structure in line with results from holes drilled last season, predominantly along the upper outcropping margin of Surebet, we can now start to conjecture the Surebet Zone is continuous over a footprint of approximately 1.6 sq km. It is seldom one can become confident about such a vein target in such a short period of time. Results from holes still in the lab will soon give us a picture of continuity of mineralization within the interior of the Surebet Zone. Given visual indications from core discussed by Goliath in previous news releases, I am very hopeful that continuity of the structure will be strong. As for any vein system, grades will be higher and lower from place to place and high-grade shoots will inevitably take shape
    with more drilling, but we can already see Surebet is continuous, extensive, thick, and overall, high-grade.”

    Goliath successfully completed a 5,332 meter maiden drill campaign in 2021 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.

    "Goliath Resource's execution of a first phase drill program at Surebet has generated a major new gold-silver discovery in the Golden Triangle," commented Dr. Quinton Hennigh, Advisor and Director of Crescat Capital, a strategic shareholder of Goliath. "The fact that all twenty-four core holes successfully encountered mineralized intercepts across the Surebet Zone is remarkable, and even more so, these holes define a mineralized footprint of 1,000 m strike and 1,100 m down dip extent. The weighted average down hole length and grade of these twenty-four holes is 5.87 m and 6.29 gpt Au eq, respectively. While another robust round of drilling is needed to more fully assess the Surebet Zone, this is a fantastic start and provides an early indication this is a significant new discovery. On top of this stellar drill success, the Company also successfully sampled new areas of mineralization that may prove to be natural extensions of the Surebet mineralizing system, especially to the southeast. If so, this discovery could grow very quickly. We at Crescat are delighted to be a part of this exciting story and eagerly await a new season of aggressive drilling at Surebet."

    *  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.

*  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.

*  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.

Surebet Delivers Exceptional Metallurgical Recoveries of 98.2% Gold Inclusive of 38.1% Free Gold from Gravity.

Metallurgical Test Result Highlights:

  • Gravity + flotation tests demonstrate exceptional recoveries of Gold, Silver, Lead and Zinc using a combination of conventional gravity and flotation techniques.
  • Gold recovery reaches 98.2% and Silver 86.4% in combined gravity and bulk flotation test work.
  • Gravity recoverable Gold alone is an impressive 38.1% suggesting a considerable amount of Gold can be produced as doré bars on site.
  • Flotation tests indicate a precious metal-rich Lead-concentrate capturing an additional 52.5% of Gold and 62.6% of Silver as well as 75.4% of Lead can be collected into a low mass (7.7%, or 13-to-1, mass pull) product following gravity recovery.
  • Such a high-grade concentrate product, grading approximately 2 ounces per tonne Gold, 55 ounces per tonne Silver and 12.9% Lead in this test case, is likely saleable to a large number of smelters in Canada or elsewhere around the world.
  • Gravity plus Lead-flotation yields a strong 90.6% Gold and 73.1% Silver recovery.
  • These impressive results come from gravity and flotation tests in which material was ground to 150 microns, a somewhat coarse size indicating modest power consumption will be required during milling.
  • The Bond’s Work Index, a measure of the intensity of power needed to grind rock is a moderately low, 12.25 kw-hr/tonne, providing further indication that power consumption should be relatively low for the project.
  • These results suggest Goliath can potentially pursue non-cyanide (“CN”) means of precious metal recovery at Golddigger, an environmentally favorable outcome.
  • Given these exceptional results, Goliath sees a clear path toward developing a relatively low capital and operating cost milling scenario at Golddigger.

 

“Right on the heels of impressive drill results that indicate Surebet is a significant new discovery, the project has delivered very strong metallurgical results,” commented Dr. Quinton Hennigh, Technical and Geologic Director of Crescat Capital, a strategic shareholder of Goliath Resources. “This test work clearly indicates the potential for a low capital, low operating cost milling operation at the Golddigger Project. Importantly, the use of conventional gravity and flotation to recover precious and base metals means that the use of CN may not be required here, a potentially big environmental advantage. High gravity recoverable Au means the project should be capable of generating doré bars on site. Most remaining Au and Ag are captured in a low mass, precious metal-rich Pb-concentrate that should have strong marketability. In short, the Surebet project displays enviable metallurgical qualities seen rarely in precious metal mining.”

 

Toronto, Ontario – February 10, 2022 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce exceptional metallurgical recoveries from the Surebet Zone at its 100% controlled Golddigger Property in the Golden Triangle, British Columbia. These results come on the back of a positive news release issued by the Company on January 11, 2022. It reported a 100% hit rate on 24 holes drilled during from Surebet Zone’s 2021 maiden drill campaign that intersected significant high-grade gold-silver over 1 km of strike and 1.1 km down dip.

Test work was performed by Process Mineralogical Consulting Ltd. (“PMC”), a world-renowned Vancouver based metallurgical testing facility. A composite sample of combined core from 16 diamond drill holes completed at Surebet in 2021 was used. Therefore, these results are considered representative of the overall properties expected style of mineralization at Surebet. The sample was ground to a nominal 150-micron size then subjected to gravity recoverable gold (“GRG”) test work. Following GRG testing, the material was then subjected to Pb-flotation followed by Zn-flotation tests.

Gravity recovery alone captures an impressive 38.1% of Au and 10.5% of Ag. This indicates that a processing scheme employing early gravity recovery should produce considerable Au in the form of doré bars. Gravity recovery is generally the cheapest means of Au recovery in the mining industry.

Pb-flotation concentrate generated after gravity gold testing captures an additional 52.5% of Au and 62.6% of Ag bringing recovered Au to 90.6% and Ag to 73.1%. Importantly, the mass pull to generate this Pb concentrate is 7.7%, or 13-to-1, a favorable outcome. Also favorable, this Pb-concentrate product grades approximately 2 opt Au, 55 opt Ag and 12.9% Pb, a clear indication that precious metal-rich concentrates can be made from Surebet mineralization. Such precious metal-rich concentrates are considered marketable to a large audience of smelting operations in Canada and overseas.

Final testing to produce a Zn-flotation concentrate captures an additional 7.6% of Au bringing overall Au recovery to 98.2%. An additional 13.3% of Ag is recovered bringing total Ag recovery to 86.4%. The mass pull for the Zn concentrate, 18.2%, or 5.5-to-1, is significantly higher than that of the Pb concentrate, and resulting Au and Ag grades are significantly lower. More work is needed to determine if a lower mass pull, higher precious metal grade can be achieved in Zn-flotation or bulk flotation concentrates.

The Bond’s Work Index (“BWI”), a measure of energy needed to grind rock during milling, is a moderately low 12.25 kw-hr/tonne for Surebet mineralization. Many gold projects see a BWI significantly higher, +14 kw-hr/tonne. This bodes well for reduced power consumption and milling costs for the project. Results are presented in the table below.

Table of Metallurgical Data Presented in this News Release:

Gravity and flotation methodologies are standard in the mining industry. Capitalization and operational costs of a mill encompassing a combined gravity-flotation scheme are relatively low when compared to more complicated technologies used by many other precious metal operations. Eliminating the need for CN could result in environmental advantages for Surebet. Goliath is extremely pleased with these initial metallurgical results and anticipates conducting further metallurgical testing as Surebet progresses.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resources Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

About Goliath Resources Limited

Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and the Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada.

For more information please contact:

Goliath Resources Limited

Mr. Roger Rosmus

Founder and CEO

Tel: +1.416.488.2887

roger@goliathresources.com

https://goliathresourcesltd.com

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 news 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 news release contains forward-looking information relating to, among other things, the ability of Company to complete the 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 news 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. 

The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

*  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.

*  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.

 

*  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.

Golddigger Samples

*  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.