Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report it has fast
tracked its 49% ownership interest in the Golddigger Property (the
“
Property”), located in the “Golden Triangle”,
British Columbia based on positive results to date. The Company has
made all payments required to the vendor under its option agreement
dated April 18, 2017 (the “
Option Agreement”). It
has exceeded the minimum exploration expenditures of $14,000,000 to
ultimately earn a 100% interest in the Property. Goliath will earn
the remaining 51% interest in the Property by issuing a National
Instrument 43-101 (“
NI 43-101”) resource estimate
showing a minimum of 2,000,000 AuEq ounces on or before June 1,
2027.
Key points to the amendment provide for
Goliath’s immediate 49% ownership in the Property upon the issuance
of 10,000,000 common shares issued prior to May 15, 2024 to the
Property vendors. To earn the remaining 51% interest and therefore
an outright 100% ownership in the Property, issue a NI 43-101
maiden resource report outlining a minimum of 2,000,000 AuEq ounces
(M&I, Indicated and/or Inferred) on or before June 1, 2027.
Roger Rosmus, Founder and CEO of Goliath
Resources, states: “We are very pleased to have fast
tracked our initial 49% interest in the Golddigger Property and
look forward to acquiring the remaining 51% interest. The property
already is a remarkable gold discovery, showing multiple zones that
transition from the sediments, into the contact of the sediments
and volcanics then into the volcanics. We feel confident that with
further drilling into the volcanics, we will continue to discover
multiple zones that lead us to the heat engine that caused the
widespread gold mineralization. New grassroots gold discoveries are
very rare in the gold mining sector. The gold mineralization has
excellent continuity and is very predictable as can be seen from
the high percentage of gold mineralization in our drill holes, and
equally as exciting is the high percentage of visible gold in the
drill holes. It also has exceptional gold recoveries of 92.2% at a
327 micron crush with 48.8% being free gold from gravity alone; the
cheapest cost of producing doré. Jackpot is yet another discovery
of outcropping high-grade gold-silver-copper with multiple
mineralized veins within a broader shear zone that can be traced
for >500 meters with 400 meters of vertical relief which we
believe has excellent upside potential for our shareholders. This
clearly demonstrates the strong possibility for many more
discoveries of material size mineralized shear zones/veins directly
related to the Surebet system that remains open. The newly
discovered Jackpot outcrop assayed one of the highest-grade samples
collected on the Property to date returning 21.5 oz/t AuEq or
667.40 gpt AuEq. Of important note, it is hosted in a shear
composed of strongly silicified porphyritic andesite within the
Hazelton Volcanics that could quickly evolve into our next material
grade and/or porphyry drill discovery on the Golddigger property in
2024. We also are looking forward to announcing results from our
inaugural exploration program on Golddigger’s Cambria Icefield new
discoveries at Treasure Island and Full Contact as well the
inaugural drill program at our untested porphyry target at our Luck
Strike property this year.”
Golddigger Property
The Golddigger Property is 100% controlled
covering an area of 66,023 hectares (163,146 acres) and is located
in the world class geological setting of the Eskay Rift within the
Golden Triangle of British Columbia and within 3 kilometers of the
‘Red Line’ that is host to multiple world class deposits.
The Surebet discovery has exceptional metallurgy
with gold recoveries of 92.2% inclusive of 48.8% free gold from
gravity alone at a 327-micrometer crush (no deleterious elements
and no cyanide required to recover the gold based on metallurgical
work completed to date).
It 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 with
supplies.
About Goliath Resources
Limited
Goliath Resources Limited is an explorer of
precious metals projects in the prolific Golden Triangle area of
northwestern British Columbia and Abitibi Greenstone Belt of
Quebec. All of its projects are in world class geological settings
and geopolitical safe jurisdictions amenable to mining in Canada.
The Company currently has ample funds in its treasury to initiate a
significant 2024 drill program. Goliath has key strategic
cornerstone shareholders that include Crescat Capital, Mr. Rob
McEwen and Mr. Eric Sprott.
Other
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 and are 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 alterations 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 are
collected by foot with helicopter assistance. Prospective areas
included, but are 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 are 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 are flagged
with biodegradable flagging tape and marked with the sample number.
All sample sites are 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 are 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, standards, 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. A transport company takes them from
the core shack to the ALS labs facilities in North Vancouver. ALS
is either certified to ISO 9001:2008 or accredited to ISO
17025:2005 in all of its locations. At ALS, samples are processed,
dried, crushed, and pulverized before analysis using the ME-MS61
and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is
digested with perchloric, nitric, hydrofluoric, and hydrochloric
acids. The residue is topped up with dilute hydrochloric acid and
analyzed by inductively coupled plasma atomic emission
spectrometry. Overlimits are re-analyzed using the ME-OG62 and
Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume
of sample is needed (typically 1-3kg). The sample is crushed and
screened (usually to -106 micron) to separate coarse gold particles
from fine material. After screening, two aliquots of the fine
fraction are analysed using the traditional fire assay method. The
fine fraction is expected to be reasonably homogenous and well
represented by the duplicate analyses. The entire coarse fraction
is assayed to determine the contribution of the coarse gold.
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.
Qualified Person
Rein Turna P. Geo are the qualified persons as
defined by NI 43-101, for Goliath Resource Limited projects, and
supervised the preparation of, and has reviewed and approved, the
technical information in this release.
For more information please
contact: Goliath Resources Limited Mr. Roger
Rosmus Founder and CEO Tel:
+1.416.488.2887roger@goliathresources.com
www.goliathresourcesltd.com
Widths are reported in drill core lengths and
the true widths are estimated to be 80-90% and AuEq metal values
are calculated using: AuEq metal values are calculated using: Au
1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75
USD/ton and Zn 2468.50 USD/ton on December 23, 2023. 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.
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.
Goliath Resources (TSXV:GOT)
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