VISIBLE GOLD IN GOLIATH’S FIRST DRILL HOLE OF 2023 AT GOLDEN GATE FEEDER ZONE, SUREBET EXTENSION - REMAINS WIDE OPEN - GOLDEN TRIANGLE, B.C.
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Toronto, Ontario – June 19, 2023 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the presence of visible gold in the first hole of the 2023 season from its Golden Gate Feeder Zone on the Surebet discovery at its 100 % controlled Golddigger property covering 59,089 hectares, (the “Property”), Golden Triangle, British Columbia.
The first hole of the season, GD-23-111, collared from Pad TS-1 and ~250 meters step out from Pad A in 2022, intersected multiple flakes of visible gold in sulphide-bearing quartz veins hosted in strongly folded siltstonedominant sedimentary units at 33.13 meters. A 36.98 meter* interval of sulphide mineralization characterized by veins, stringers and patches of semi-massive pyrrhotite (up to 2 %) with minor sphalerite (up to 1 %) in quartz stockwork and breccia with intense epidote-chlorite alteration and silicification occurs from 92.70 to 129.68 meters within the sedimentary units. This interval is followed by a second interval of 44.32 meters* of altered andesite from 129.68 to 174.00 meters which contains stringers and semi-massive patches of sulphides (mainly pyrrhotite up to 1 % and pyrite up to 1 %). The main mineralized interval is interpreted to be the northeast extension of the Bonanza Shear that defines the contact between the sedimentary units and the underlying volcanic units. Localized skarn-style alteration containing garnet has been observed at 126.90 meters further suggesting the presence of a potential porphyry feeder source at depth.
All the occurrences of visible gold to date have been identified within quartz breccia and veins in contact with or in close proximity to sphalerite and galena mineralization, hosted within the sedimentary units.
The occurrence of visible gold has previously been independently confirmed in GD-22-49 and GD-22-58 drilled in 2022 by the Colorado School of Mines whom the Company is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at Surebet. The presence of visible gold in the mineralized intercepts at Surebet, is further confirmation of the exceptional results obtained from the metallurgical study performed on composite samples of combined core completed in 2021 and 2022 that have demonstrated overall recoveries through gravity and floatation of 92.2 % gold, 86.5 % silver, 94.2% lead and 96.9% zinc into a concentrate weighing just 11.9% of the original sample mass. Gravity recovery alone captured 48.8 % of gold and 10.3 % of silver in a product weighing just 1.47% of the original sample mass. This indicates that a processing scheme employing early gravity recovery should produce considerable gold in the form of doré bars. Gravity recovery is generally accepted to be the most cost-effective means of gold recovery in the mining industry.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are off to an exciting 2023 drill season, where visible gold and substantial intervals of Surebet-style sulphide mineralization has been confirmed in the first exploratory hole of the year. It is a ~250 meter step out expanding upon a previously unknown area of mineralization to the northeast of Pad A where GD-22-49 also contained visible gold. Mineralization confirmed in GD-23-111 strongly indicates the presence of a large mineralizing system and potential feeder source in the Golden Gate Feeder Zone. The planned ~18,000 meter drill program is designed to expand the footprint of the Surebet Zone and Bonanza Shear in all directions and includes a maiden drill program at the newly discovered high-grade gold-silver Goldswarm Zone, located 4 km on strike to the north of Surebet that is believed to part of the same mineralizing system feeding Surebet. Surebet is shaping up to become the next big high-grade gold-silver discovery in the Golden Triangle, B.C. We look forward to reporting assay results with much anticipation.”