Goliath samples 15.1 m of 13.05 g/t AuEq at Golddigger

Nov 25, 2020

2020-11-25 07:52 ET – News Release

Mr. Roger Rosmus reports

GOLIATH REPORTS 13.05 GPT AUEQ OVER 15.1 METERS, GOLDEN TRIANGLE B.C. – 1000M STRIKE X 500M VERTICAL RELIEF WITH 1000M INF. DOWN DIP EXTENSION

Goliath Resources Ltd. has received all outstanding assay results for the 2020 field program on the Surebet discovery zone on its 100-per-cent-controlled Golddigger property. It is located in the prolific Golden Triangle in British Columbia near Auryn’s Homestake Ridge high-grade gold-silver resource and only seven kilometres from the Dolly Varden mine access road.

All outstanding channel samples assays have now been received across the Main Waterfall zone and Upper Main Waterfall zone. These new results have increased the average true width and grade. The high-grade polymetallic gold-silver hosting shear zone is now 9.84 metres at 10.68 grams per tonne gold equivalent. It has 1,000 metres of strike at surface and 500 metres of vertical relief with 1,000 metres of inferred downdip extension (see news release dated Nov. 10, 2020):

Main Waterfall zone:

The grade and width have increased to 13.05 g/t AuEq and 15.1 m true width, respectively;
Including 22.35 g/t AuEq over 8.0 m;
Including 27.34 g/t AuEq over 6.0 m;
Drill ready and remains open in all directions.

Upper Main Waterfall zone:

The grade is 6.61 g/t AuEq over 3.0 m true width:
- It remains open in all directions.

This high-grade polymetallic gold-silver mineralization is contained within a broad alteration halo of strongly silicified Hazelton group sediments up to 43.5 metres wide containing mineralization assaying up to 0.40 g/t AuEq. The one km (1,000 metres) of inferred downdip extension ends were a 40.75 g/t AuEq grab sample taken from exposed bedrock. All sampling to date has confirmed minimal deleterious materials present.

The newly received assay results for the Surebet Waterfall zone are a strong confirmation of the untapped discovery potential remaining on the Surebet discovery. All outstanding assay results have now been received.

The successful 2020 program totalling only 12 days boots on the ground focused on tracing the full extent of the extensive high-grade gold-silver mineralized outcrops identified in 2019 in preparation for the inaugural drill program planned for 2021. The company identified multiple high-grade polymetallic gold-silver drill targets confirmed by extensive channel cuts in 2020. The extensive channel cutting program consisted of a series of systematic channel cuts on newly discovered gold-silver-mineralized outcrops within a four-square-kilometre area of glacial and snowpack abatement. The zones are up to 52.75 metres wide and have been traced on surface for up to 1,000 metres with 500 metres of vertical relief that remains open.

                                  CHANNEL SAMPLES HIGHLIGHTS
 
Location                 Sample type   Interval        Au       Ag      Cu      Pb       Zn      AuEq
                                            (m)     (g/t)    (g/t)     (%)     (%)      (%)     (g/t)
Waterfall zone
Main Waterfall               channel       15.1      7.64   382.00    0.04    0.83     0.52     13.05
including                    channel          8     13.82   614.15    0.06    1.11     0.62     22.35
including                    channel          6     17.96   676.53    0.07    1.20     0.64     27.34
Upper Main Waterfall         channel       3.00      2.84   263.62    0.03    0.41     0.57      6.61

(2) AuEq metal values are calculated using Au $1,831.40 (U.S.) per ounce, Ag $23.44 (U.S.) per ounce, 
Cu $3.25 (U.S.) per pound, Pb 90 U.S. cents per pound and Zn $1.236 (U.S.) per pound. All values are 
reported in U.S. dollars and do not consider metal recoveries.

This gold-rich polymetallic discovery is located in an extensive area of recent glacial and snowpack abatement in an alpine environment with excellent bedrock exposure, along an unexplored region in close proximity to the Red Line in British Columbia’s Golden Triangle. This world-class geologic setting and newly discovered widespread high-grade polymetallic gold-silver mineralization on the Golddigger property has several early indications of a significant new discovery.

The Surebet zone is characterized by a series of northwest-southeast-trending faults that occur within a package of highly folded and faulted Hazelton group sediments. Lidar imagery, drone imagery and field observations have identified multiple paralleling faults within close proximity to each other. Geochemical analyses confirmed high-grade gold-silver polymetallic mineralization in bedrock that were followed up in 2020. The program included systematic channel cutting and detailed mapping covering the Surebet zone and surrounding area.

The Golddigger property lies within the Stikine volcanic arc, including the Eskay Rift and Red Line. Structurally controlled, gold- and silver-bearing mineralization in these stratabound horizons is preferentially delineated in a northwest-southeast orientation. The Surebet zone is on the eastern side of the Golddigger property and is underlain by coarse clastic sedimentary rocks of the Stuhini group that are unconformably overlain by interfingered volcanics as well as sedimentary rocks of the Hazelton group. This contact is known as the Red Line and is thought to be a key marker in the Golden Triangle when exploring for significant mineralizing systems. Mineralization within the Surebet zone consists of structurally controlled massive, semi-massive and disseminated sulphides containing galena, sphalerite and pyrite.

Roger Rosmus, chief executive officer of Goliath, stated: “The 2020 results based on just 12 days boots on the ground with a five-man crew is a very strong testament to the untapped discovery potential remaining on the Golddigger property. The Surebet zone is located in a world-class geologic setting host to several multimillion-ounce gold deposits and clearly has excellent potential to quickly evolve into the next big discovery in the Golden Triangle. The interest from miners and institutions alike is a strong testament of the tremendous potential of the project. The company looks forward to the inaugural drill program with great anticipation.”

Qualified person

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

Other

All rock, channel and talus fine samples were crushed and pulverized at ALS Canada Ltd.’s lab in Vancouver, B.C. ALS is either certified to International Organization for Standardization 9001:2008 or accredited to ISO 17025:2005 in all of its locations. The resulting sample pulps were analyzed for gold by fire assay in Vancouver, B.C. The pulps were also assayed using multielement aqua regia digestion at ALS Canada Ltd.’s lab in Vancouver, B.C. The coarse reject portions of the rock samples, as well as the pulps, were shipped to DSM Syndicate’s storage facility in Terrace, B.C. All samples were analyzed using ALS Canada Ltd.’s assay procedure ME-ICP41, a 1:1:1 aqua regia digestion with inductively coupled plasma atomic emission spectrometry (ICP-AES) or inductively coupled plasma mass spectrometry (ICP-MS) finish for 35 elements as well as the Au-AA24 lead collection fire assay fusion procedure with atomic absorption spectroscopy (AAS) finish. Any results greater than 100 parts per million for silver or 10,000 ppm copper, lead and zinc were additionally assayed using ALS’s OG46 method particular to each element. This method used an HNO3-HCl (nitric acid-hydrochloric acid) digestion followed by ICP-AES (or titrimetric and gravimetric analysis). Gold values of greater than 10 ppm Au were assayed by the Au-GRA22 method, which includes a fire assay fusion procedure with a gravimetric finish. QA/QC samples including blanks, standards and duplicate samples were inserted regularly into the sample sequence.

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