NEW
- In addition to advancing our Surebet, Bonanza and Golden Gate Zones with diamond drilling during the 2023 field season, our team also successfully carried out regional exploration across the broader Golddigger Property. These three existing mineralized zones which have seen 222 diamond drillholes, are undergoing meticulous 3D modelling which is revealing what shows to be world-class discoveries.
- The Surebet, Bonanza and Golden Gate Zones were discovered by the Goliath Resources Geological team by initial widespread boots-on-the ground prospecting that identified mineralized outcrops, followed by detailed prospecting, grab and channel sampling. This target-grooming then allowed us to successfully drill and define these mineralized zones.
- The Goliath regional exploration team adopted these same strategies to develop new targets across the Golddigger property, with particular focus on the Cambria Icefields, where melting and subsequent icefield recession has exposed new, previously ‘unseen-to-human-eyes’ outcrops.
- During the 2023 exploration season, their exceptional work has led to an exciting new discovery,
Treasure Island , which we report on in this release. This discovery is in addition to theJackpot Zone that was described in a previous release. Treasure Island is located on the Cambria Icefields, 36 km north of the Surebet discovery, 6 km east of, and on trend with, the Porter Idaho mine, which between 1922 and 1950 produced 27,000 tons of ore averaging 0.97 gpt Au and 2,700 gpt Ag.- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/3d8a0b6d-6234-4688-a1d2-f1592f3aa203
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/3d8a0b6d-6234-4688-a1d2-f1592f3aa203
- The new
Treasure Island high-grade copper-silver-gold discovery consists of multiple shear-hosted, polymetallic zones covering an area of approximately 550 by 450 meters and is NW-SE trending. The extent of mineralization is currently open in all directions.- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/55732f11-80c9-4916-bd32-4c36c0a849fd
- Broad high-grade mineralized zones are up to 20 meters wide with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.
- The
Treasure Island is unique amongst other prospects on the Golddigger property due to the presence of High-Grade Copper in the metal suite. - Channel samples collected assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) over 0.85 meters; and 3.54 gpt AuEq (0.13 gpt Au, 23.96 gpt Ag and 2.34 % Cu).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/c0cb00d1-6206-49b0-8ffa-0f52c9d9e226
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/c0cb00d1-6206-49b0-8ffa-0f52c9d9e226
- Widespread grab and chip samples collected on
Treasure Island assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15 % Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43 % Cu).- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/9f40f37c-a8fb-4b7e-a962-72fdad0a55c0
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/99f09d56-a2e6-431f-b056-b43a0a72d7ea
- A noteworthy 13 out of 19 grab and chip samples (68%) taken on
Treasure Island over a wide area assayed >1.00 gpt AuEq. - An exceptional 15 out of 16 channel cuts (94%) assayed >1.00 gpt.
- The new
Treasure Island target demonstrates the excellent untapped potential for additional discoveries across the large Golddigger property, which encompasses 56 km of the “Red Line”, which is the name we use to describe a key geological contact between two regional stratigraphic packages. - In
the Golden Triangle the most important discoveries and mines are on either side of “Red Line” and within a few thousand meters of it. We consider this a critical exploration vector and the Golddigger project is within the sweet spot of the “Red Line.” - The new
Treasure Island target is drill ready and will be tested for the first time during the maiden 2024 drill campaign with at least 2,000 meters of drilling from 5 pads and could quickly evolve into a significant high-grade discovery.- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/cd4d8da4-2a91-4864-9cf5-dedb3cd1769e
ADDITIONAL HIGHLIGHTS FROM THE CAMBRIA ICEFIELDS:
- Multiple additional high-grade gold-silver-base-metals showings were discovered on the Cambria Icefields claims as a result of the regional exploration team assessing the “Red Line” mineral potential. These showings will be further explored during the 2024 field season in preparation for future drilling.
- Newly discovered Metallica Showing.
- Grab sample ST112904 assayed 6.26 AuEq (2.00 gpt Au, 73.70 gpt Ag, 0.24 % Cu, 2.62 % Pb and 5.43 % Zn);
- Grab sample ST115896 assayed 1.41 gpt AuEq (0.10 gpt Au, 8.71 gpt Ag, 0.55 % Cu, 1.15 % Zn); and
- The Metallica Showing is located 19 km east of
Treasure Island and consists of strongly altered quartz-sulphide stockwork and veins up to 30 cm wide hosted in intermediate volcanic rocks, with 2 % pyrite, 1 % chalcopyrite and 1 % galena. Follow up mapping is planned in preparation for drilling.
- Newly Discovered Big One Showing
- Grab sample ST116395 assayed 19.25 gpt AuEq (15.00 gpt Au, 351 gpt Ag, 0.15 % Zn);
- Grab sample ST116178 assayed 2.00 gpt AuEq (1.93 gpt Au, 3.01 gpt Ag);
- Grab sample ST116033 assayed 2.44 gpt AuEq (2.42 gpt Au and 0.94 gpt Ag); and
- The Big One Showing is located 23 km southeast of
Treasure Island and comprises several quartz calcite veins up to 10 cm wide hosted in sedimentary rocks, with up to 5 % pyrrhotite, and minor pyrite, arsenopyrite and chalcopyrite. Follow up mapping is planned in preparation for drilling.
- Newly Discovered Honey Pot Showing
- Grab sample ST116363 assayed 2.75 gpt AuEq (2.44 gpt Au and 24.40 gpt Ag); and
- The Honey Pot showing is located 15 km south of
Treasure Island and consists of quartz veins up to 30 cm wide hosted in a diorite, with aggregations of pyrite. Follow up mapping is planned in preparation for drilling.
- Multiple other showings have been discovered on the Cambria Icefields and more prospecting, sampling, and work is required in order to assess and expand on their mineral potential.
A total 15 out of 16 channel cuts assayed > 1.00 gpt AuEq, which corresponds to 94 % of channel cuts collected on
The new high-grade gold-copper
The new Treasure Island Showing is located on the Cambria Icefields, 6 km east of, and on trend with, the Porter Idaho mine, which between 1922 and 1950 produced 27,000 tons of ore averaging 0.97 gpt Au and 2,700 gpt Ag. The outcrop has only recently been exposed as a result of glacial retreat and permanent snowpack abatement and it demonstrates the strong untapped potential for additional discoveries on the Golddigger property, which encompasses 56 km of the Red Line. The new target is drill ready and will be tested for the first time during the maiden 2024 drill campaign with at least 2,000 meters of drilling from 5 pads and could quickly evolve into a significant high-grade discovery.
Table 1: 2023 grab and chip samples from
Sample ID | Au (gpt) | Ag (gpt) | Cu (%) | Pb (%) | Zn (%) | AuEq (gpt) |
ST115881 | 0.04 | 126.00 | 7.15 | 0.00 | 0.02 | 11.08 |
ST115879 | 0.04 | 89.30 | 5.61 | 0.00 | 0.02 | 8.59 |
ST116045 | 5.85 | 20.70 | 1.43 | 0.00 | 0.00 | 8.00 |
ST116174 | 0.43 | 66.70 | 4.85 | 0.00 | 0.01 | 7.70 |
ST116398 | 3.72 | 38.60 | 1.76 | 0.00 | 0.00 | 6.52 |
ST116388 | 0.37 | 56.80 | 4.11 | 0.00 | 0.00 | 6.52 |
ST115874 | 2.04 | 47.30 | 2.73 | 0.00 | 0.01 | 6.24 |
ST116038 | 0.34 | 47.70 | 2.47 | 0.00 | 0.00 | 4.20 |
ST116397 | 0.44 | 28.10 | 1.99 | 0.00 | 0.01 | 3.43 |
ST116399 | 0.60 | 25.20 | 1.58 | 0.00 | 0.00 | 3.00 |
ST116044 | 0.02 | 27.00 | 1.41 | 0.00 | 0.01 | 2.22 |
ST113101 | 0.91 | 14.15 | 0.80 | 0.00 | 0.00 | 2.14 |
ST115884 | 0.05 | 6.07 | 0.81 | 0.00 | 0.00 | 1.20 |
ST116391 | 0.03 | 10.95 | 0.56 | 0.00 | 0.01 | 0.90 |
ST115882 | 0.04 | 5.46 | 0.34 | 0.00 | 0.01 | 0.55 |
ST115872 | 0.02 | 5.12 | 0.29 | 0.00 | 0.00 | 0.47 |
ST115883 | 0.28 | 0.72 | 0.03 | 0.00 | 0.00 | 0.33 |
ST115873 | 0.01 | 2.56 | 0.21 | 0.00 | 0.00 | 0.33 |
ST115885 | 0.02 | 0.17 | 0.00 | 0.00 | 0.00 | 0.03 |
Table 2: 2023 channel samples from
Channel ID | Length (m) | Au (gpt) | Ag (gpt) | Cu (%) | Pb (%) | Zn (%) | AuEq (gpt) | |
Treasure_RP_2 | Interval | 2.48 | 0.13 | 23.96 | 2.34 | 0.00 | 0.01 | 3.54 |
Including | 1.44 | 0.13 | 37.76 | 3.97 | 0.00 | 0.01 | 5.87 | |
Including | 0.33 | 0.20 | 126.00 | 14.45 | 0.00 | 0.02 | 20.98 | |
GD_CHA_15_JS | Interval | 2.20 | 0.55 | 14.09 | 1.25 | 0.00 | 0.00 | 2.39 |
Including | 1.00 | 0.78 | 24.30 | 2.24 | 0.00 | 0.00 | 4.06 | |
GD_CHA_16_JS | Interval | 1.50 | 0.59 | 17.57 | 1.51 | 0.00 | 0.01 | 2.83 |
Including | 0.70 | 1.11 | 33.10 | 3.20 | 0.00 | 0.02 | 5.78 | |
NN1 | Interval | 0.85 | 20.60 | 63.60 | 5.04 | 0.00 | 0.01 | 28.08 |
NN2 | Interval | 0.97 | 4.06 | 22.20 | 0.78 | 0.00 | 0.01 | 5.37 |
NN3 | Interval | 1.00 | 0.58 | 44.40 | 2.58 | 0.00 | 0.01 | 4.55 |
GD_CHA_18_JS | Interval | 3.65 | 0.44 | 8.74 | 0.50 | 0.00 | 0.00 | 1.22 |
Including | 0.60 | 1.89 | 36.80 | 1.98 | 0.00 | 0.00 | 4.97 | |
GD_CHA_99_JS | Interval | 1.05 | 0.77 | 28.79 | 1.84 | 0.00 | 0.00 | 3.57 |
Including | 0.50 | 0.99 | 36.80 | 2.40 | 0.00 | 0.00 | 4.63 | |
Treasure_RP_3 | Interval | 1.05 | 0.11 | 24.73 | 1.58 | 0.00 | 0.01 | 2.52 |
Including | 0.58 | 0.12 | 31.40 | 2.31 | 0.00 | 0.01 | 3.58 | |
Treasure_RP_1 | Interval | 1.01 | 0.11 | 19.58 | 1.46 | 0.00 | 0.01 | 2.28 |
NN5 | Interval | 1.00 | 0.37 | 22.40 | 1.16 | 0.00 | 0.00 | 2.18 |
GD_CHA_17_JS | Interval | 0.80 | 0.66 | 15.60 | 1.26 | 0.00 | 0.00 | 2.53 |
NN4 | Interval | 0.52 | 3.47 | 3.12 | 0.05 | 0.00 | 0.00 | 3.58 |
Treasure_RP_4 | Interval | 0.64 | 0.23 | 26.70 | 1.72 | 0.00 | 0.00 | 2.84 |
Treasure_RP_5 | Interval | 0.44 | 0.42 | 37.00 | 2.07 | 0.00 | 0.01 | 3.62 |
Treasure_RP_99 | Interval | 0.81 | 0.17 | 0.44 | 0.01 | 0.00 | 0.01 | 0.19 |
Multiple additional high-grade gold-silver-base-metals showings have been identified on the Cambria Icefields claims. These showings will be further explored during the 2024 field season in preparation for future drilling and include the previously announced Metallica showing, as well as some new showings. The Metallica showing is located 19 km east of
Table 3: Selected 2023 samples from other showings on the Cambria Icefields.
Location | Sample ID` | Au (gpt) | Ag (gpt) | Cu (%) | Pb (%) | Zn (%) | AuEq (gpt) |
N/A | ST116361 | 101.00 | 10.00 | 0.01 | 0.01 | 0.00 | 101.13 |
Big One | ST116395 | 15.00 | 351.00 | 0.02 | 0.02 | 0.15 | 19.25 |
Metallica | ST112904 | 2.00 | 73.70 | 0.24 | 2.62 | 5.43 | 6.26 |
N/A | ST112804 | 1.17 | 340.00 | 0.28 | 0.64 | 0.19 | 5.86 |
Honey Pot | ST116363 | 2.44 | 24.40 | 0.01 | 0.00 | 0.00 | 2.75 |
Big One | ST116033 | 2.42 | 0.94 | 0.00 | 0.00 | 0.00 | 2.44 |
Big One | ST116178 | 1.93 | 3.01 | 0.02 | 0.00 | 0.01 | 2.00 |
Metallica | ST115896 | 0.10 | 8.71 | 0.55 | 0.04 | 1.15 | 1.41 |
Golddigger Property
The Golddigger Property is 100% controlled covering an area of 64,264 hectares (158,800 acres) and is in the world class geological setting of the Eskay Rift within
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
Additional infrastructure in the area includes the
Qualified Person
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 Deposit™. Drill holes were planned using Leapfrog Geo™ and QGIS™ software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration 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 were collected by foot with helicopter assistance. Prospective areas included, but were 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 were 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 were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were 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 were recorded on all-weather paper. Samples were 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 were 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
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.
About
Goliath Resources Limited is an explorer of precious metals projects in the prolific
For more information please contact:
Mr.
Founder and CEO
Tel: +1.416.488.2887
roger@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
Neither the
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 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
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