Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) is on track with a new discovery of a large high-grade gold-silver system that remains open. It was never explored or drilled before due to previous glacier and permanent snowpack cover in the Golden Triangle of northwestern British Columbia, Canada. It is located in a world-class geological setting and mining friendly jurisdiction.
Significant shareholders include Crescat Capital, Mr. Eric Sprott and Mr. Rob McEwen; Dr. Quinton Hennigh is a technical advisor.
The newly discovered Surebet Zone is a very robust and structurally controlled high-grade gold-silver shear zone with superior continuity and predictability hosted within the Hazelton Sediments. It has 2.1 kilometers of exposed mineralization at surface (1 kilometer of mineralization along strike and 1.1 kilometer of mineralized downdip extent) and 700 meters of vertical relief.
During the 2023 drilling season our exploration endeavors have significantly broadened the resource potential of the Golddigger property. The unveiling of two newly discovered prominent mineralized zones termed the Bonanza Shear and Golden Gate, integrated with the earlier established Surebet Zone, delineates the potential for a world-class gold deposit by tonnage and high-grade. Assay results from 2023 drill core obtained to date include 21.08 g/t AuEq (18.95 g/t Au and 95.31 g/t Ag) over 23 meters in hole GD-23-157 and 14.68 g/t AuEq (5.81 g/t Au and 719.13 g/t Ag) over 26.89 meters in hole GD-23-173.
The 2023 drilling campaign resulted in 33,641 meters drilled spanning 134 holes successfully intercepting either the Surebet Zone, Bonanza Shear or Golden Gate Zone (or combinations thereof) of which 42% contained visible gold up to 4mm nuggets. The extent and width of the Surebet Zone (Hazelton sediment-hosted) and Bonanza Shear (Hazelton sed/volcanic contact) have been determined over an area 1.8 km2 wide and remain open in all directions. A total of ~65,000 meters have been drilled to date.
As of spring 2022, modelling projections defined the geological architecture of the mineralized envelopes resulting in volumetric estimates of 5,500,000 m3 for the Surebet Zone with average grade of 6.31 g/t AuEq over 6.88 meters and more than 13,000,000 m3 for the Bonanza Shear with average grade of 2.7 g/t AuEq over 5.31 meters; SG is 2.903.
Based on initial results from the 2023 season we strongly believe that the widths and grades of the Surebet Zone and Bonanza Shear will increase. Preliminary investigations into the newly discovered Golden Gate Zone (Hazelton volcanic hosted) have revealed the presence of visible gold across widths of 19 meters (~true width) and reaching local concentrations up to 1% of the bulk rock volume.
All major mineralized intercepts from the Golddigger property are characterized by galena, sphalerite and pyrrhotite in massive and stockwork occurrences with ancillary presence of pyrite and chalcopyrite. The mineralized bodies are hosted within shear zones in hydrothermal quartz breccia veins associated with visible gold that reaches sizes up to 4mm nuggets in size. The hydrothermal veins infiltrate shear zones located in Hazelton sediments (Surebet Zone), at the contact between Hazelton sediments and underlying volcanics (Bonanza Shear) and within Hazelton volcanics (Golden Gate), creating multiple mineralized vein stacks across 700 meters of vertical relief.
Process Mineralogical Consulting Ltd. (PMC) was engaged for initial metallurgical using drill core that returned exceptional metallurgical recoveries of 92.2% Gold; inclusive of 48.8% free gold from gravity alone and balance in a Pb-Zn concentrate from flotation. This was all achieved with a grinding mesh of 327 microns. There are no deleterious elements and no cyanide is required for gold recovery.
Goliath has partnered with domain experts like Dr. Quinton Hennigh and Dr. Thomas Monecke from the Colorado School of Mines. Consulting firms have been engaged including SRK Consulting, OTS, and Archer, Cathro & Associates to analyze an extensive array of geological datasets spanning drilling, mapping, drone photogrammetry and remote sensing data and interpret the presence of an intrusion-related mesothermal gold deposit.
Petrography highlights from the Colorado School of Mines has confirmed the Surebet Zone’s source of mineralization is consistent with the magmatic hydrothermal fluids being derived from a porphyry intrusion and originated at a depth of 5-7 km below the paleo-surface.
In 2023, Goliath also discovered 3 brand new extensive mineralized zones up to 500 x 400 meters consisting of sulphide-rich breccia, stockwork and veins in shear zones on the Golddigger’s Icefields claim blocks ~30km to the north of the Surebet discovery. These new discoveries include Treasure Island (~6m east of Porter Idaho past producing mine), Metallica (proximal to Ascot’s Red Mountain), and Full Contact (Proximal to Homestake Ridge) all of which remain open. These clearly demonstrate the enormous untapped discovery potential on the Golddigger property. Detailed mapping was completed and extensive channel cut samples were taken in preparation for potential 2024 drill targets.
Crescat Capital – (P/D) ~18%
Eric Sprott ~4%
Rob McEwen (P/D) ~2.5%
Management Ownership (P/D) ~ 19%
Exposure and market support
POSITIVE 2023 ANNOUNCEMENTS:
– Oct 2, 2023, Rob McEwen makes a strategic investment in Goliath.
– Sept 7, 2023, Goliath drills 19.15 meters (~true width) of abundant visible gold with nuggets up to 4mm in size within newly discovered Golden Gate Zone proximal to feeder source.
– Sept 14, 2023, Goliath drills 26.89 meters (~80-90% true width) of 14.68 g/t AuEq; a 395 g*m AuEq intercept.
– August 15, 2023, Goliath drills 23 meters (~80-90% true width) of 21.08 g/t AuEq; a 485 g*m AuEq intercept
PETROGRAPHY HIGHLIGHTS FROM THE COLORADO SCHOOL OF MINES REPORT:
– The Surebet Zone’s source of mineralization is consistent with the magmatic hydrothermal fluids being derived from a porphyry intrusion.
– The fluids responsible for the high-grade gold-silver mineralization in the Surebet Zone are of magmatic origin and originate at a depth of 5-7 km below the paleo-surface.
– Geological relationships and the examination of petrographic thin sections indicate that the magmatic-hydrothermal fluids that formed the gold mineralization were derived from one of the 50-55 Ma Alice Arm intrusive complexes.
– The study identified a paragenetic sequence for the fluid pulses in the Surebet Zone comprising early quartz, followed by late quartz, followed by sulphides.
– The high CO2 content of the fluid inclusions provides unequivocal evidence that entrapment of the fluid inclusions occurred at high pressures, corresponding to a depth of 5-7 km below the paleo-surface.
Receive, compile and interpret 2023 exploration and drlling assay results. Complete exploration and drilling plans for the 2024 season.
Initiate the planned 2024 drill campaign. The focus most likely will be on expanding the newly discovered Golden Gate Zone in search of the Feeder Source as well as drill testing the Icefield’s discoveries to the north end of the Goldddigger property.
Complete 2024 exploration and drill program.
Undervalued based on our new discovery and potential size if compared to some companies with MCaps >$150M and Goliath at <$80M MCap. It is extremely rare that 100% of all holes drilled in 2023 intersected mineralization over a 1.8 square kilometer area, were 42% of 89 holes encountered visible gold and several intercepted abundant visible gold up to 1% in diamond drill core and nuggets up to 4mm in size.