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Goliath Resources Increases Volume and Average Grade of the Multi-Layered High-Grade Surebet Gold System – Modeled At 22.9 Million Cubic Meters at 7.74 g/t AuEq Average Grade

Drill Highlights:

  • SUREBET ZONE HIGHLIGHTS
    • The mineralization model has been updated with the latest assay results, increasing the average grade by 43%, and a 24 % increase in volume, from 5,500,000 m3 volume at 6.31 gpt AuEq (previously reported) to a volume of the Surebet Zone to 6,800,000 m3 with an average grade of 9.04 gpt AuEq, which remains open.
    • The Surebet Zone, hosted in the Hazelton Sediments, has been intersected in 106 drill holes to date with broad intervals of quartz-sulphide mineralization, 92% of which have intersected gold mineralization.
    • GD-23-220 intersected the Surebet Zone and assayed 13.24 gpt AuEq (10.05 gpt Au and 154.71 gpt Ag) over 5.10 meters, including 21.74 gpt AuEq (16.51 gpt Au and 253.41 gpt Ag) over 3.10 meters.

      • GD-23-221 intersected the Surebet Zone and assayed 7.91 gpt AuEq (7.44 gpt Au and 22.40 gpt Ag) over 7.15 meters within 4.43 gpt AuEq (4.16 gpt Au and 12.87 gpt Ag) over 13.00 meters.

      • GD-23-130 intersected the Surebet Zone and assayed 4.66 gpt AuEq (3.53 gpt Au and 55.29 gpt Ag) over 5.70 meters, including 6.25 gpt AuEq (5.12 gpt Au and 55.36 gpt Ag) over 3.70 meters.
      • Multiple drill holes (previously reported) with high-grade gold-silver mineralization intersected the Surebet Zone including GD-23-157 assaying 21.08 g/t AuEq (18.95 g/t Au and 95.31 g/t Ag) over 23.00 meters; and GD-23-173 assaying 14.68 g/t AuEq (5.81 g/t Au and 719.13 g/t Ag) over 26.89 meters.
  • BONANZA SHEAR HIGHLIGHTS
    • The mineralization model has been updated with the latest assay results and the calculated potential volume of the Bonanza Shear is >15,000,000 m3 with an average grade of 8.14 gpt AuEq and remains open, corresponding to a 200 % increase in grade and a 15% increase in volume (from 13,000,000 m3 at 2.71 gpt AuEq).
  • The Bonanza Shear, hosted at the contact between the Hazelton Sediments and Volcanics has been intersected in 104 drill holes to date with broad intervals of quartz-sulphide  mineralization, 84% have intersected gold mineralization.
  • GD-23-113 intersected the Bonanza Shear and assayed 10.94 gpt AuEq (10.80 gpt Au and 6.24 gpt Ag) over 9.70 meters, including 17.63 gpt AuEq (17.42 gpt Au and 9.51 gpt Ag) over 6.00 meters and 34.85 gpt AuEq (34.47 gpt Au and 17.48 gpt Ag) over 3.00 meters.

  • GD-23-217 intersected the Bonanza Shear and assayed 11.55 gpt AuEq (11.47 gpt Au and 5.77 gpt Ag) over 5.00 meters, including 57.41 gpt AuEq (57.10 gpt Au and 24.80 gpt Ag) over 1.00 meters.

  • GD-23-119 intersected the Bonanza Shear and assayed 13.82 gpt AuEq (13.70 gpt Au and 9.77 gpt Ag) over 4.00 meters, including 16.67 gpt AuEq (16.53 gpt Au and 11.38 gpt Ag) over 3.00 meters.

  • GD-23-140 intersected the Bonanza Shear and assayed 7.30 gpt AuEq (7.20 gpt Au and 5.74 gpt Ag) over 7.20 meters, within 4.04 gpt AuEq (3.97 gpt Au and 3.46 gpt Ag) over 11.00 meters.

  • GD-23-155 intersected the Bonanza Shear and assayed 5.32 gpt AuEq (5.24 gpt Au and 2.84 gpt Ag) over 8.00 meters, including 10.37 gpt AuEq (10.26 gpt Au and 4.80 gpt Ag) over 4 meters.
  • GD-23-127 intersected the Bonanza Shear and assayed 4.82 gpt AuEq (4.57 gpt Au and 5.44 gpt Ag) over 8.00 meters, including 6.81 gpt AuEq (6.49 gpt Au and 6.95 gpt Ag) over 5.00 meters.
  • Multiple drill holes (previously reported) with high-grade gold-silver mineralization intersected the Bonanza Shear including GD-23-180 assaying 65.00 gpt AuEq (64.88 gpt Au and 8.03 gpt Ag) over 7.90 meters; and GD-23-170 assaying 9.40 gpt AuEq (9.33 gpt Au and 3.98 gpt Ag) over 7.00 meters.
  • GOLDEN GATE ZONE HIGHLIGHTS
    • The mineralization model has been updated with the latest assay results and the calculated potential volume of the Golden Gate Zone is >1,100,000 m3 with and average grade of 3.94 gpt AuEq and remains open.
  • The newly discovered Golden Gate Zone, hosted within the Hazelton Volcanics and 20 meters below the Bonanza Shear has been intersected in 12 drill holes with broad intervals of quartz-sulphide mineralization, all or 100% have intersected gold mineralization.
  • GD-23-133 intersected the Golden Gate Zone and assayed 4.96 gpt AuEq (4.76 gpt Au and 5.76 gpt Ag) over 7.85 meters, including 9.89 gpt AuEq (9.53 gpt Au and 10.80 gpt Ag) over 3.85 meters.
  • GD-23-183 intersected the Golden Gate Zone and assayed 4.61 gpt AuEq (4.51 gpt Au and 3.35 gpt Ag) over 3.50 meters and 6.55 gpt AuEq (6.26 gpt Au and 8.67 gpt Ag) over 3.00 meters.
  • GD-23-140 intersected the Golden Gate Zone and assayed 6.15 gpt AuEq (6.00 gpt Au and 4.72 gpt Ag) over 3.00 meters.
  • GD-23-197 (previously reported) intersected the Golden Gate Zone and assayed 11.60 gpt AuEq (11.07 gpt Au and 23 gpt Ag) over 27 meters, including 14.83 gpt AuEq (14.17 gpt Au and 29.13 gpt Ag) over 21.00 meters and 34.03 gpt AuEq or 1.09 oz/t AuEq (32.55 gpt Au and 65.71 gpt Ag) over 9 meters.

PROPERTY HIGHLIGHTS

Updated Model

Cross Section

Surebet – 2023 Completed Drilling

  • To date, a total of 11 holes are >100 up to 513 gm AuEq (5% of all holes drilled), 18 holes are >75 up to 99 gm AuEq (8% of all holes drilled), 30 holes are >50 up to 74 gm AuEq (13% of all holes drilled), 66 holes are >25 up to 44 gm AuEq (28% of all holes drilled), and 139 holes are >10 up to 24 gm AuEq (59% of all holes drilled).
  • 44 holes out of 124 holes drilled in 2023 on the Golddigger Property contain visible gold corresponding to 35 % of the holes drilled.
  • Footprint of the Surebet discovery has been expanded to 1.8 km2, the equivalent in size to >336 NFL football fields that contain multiple extensive stacked bonanza-grade veins within 650 meters from surface that have been tested to date. It remains wide open with excellent additional discovery potential with only an aggregate of 12 months boots on the ground to date.
  • Several lines of evidence, including metals and geochemical trace elements, zonation, type, origin of fluids and age of the mineralization strongly suggest a Porphyry Feeder Source at play.
  • A study in collaboration with the Colorado School of Mines has confirmed that the mineralization formed at 4-5 km below the paleo-surface and extensive Porphyry Feeder source that provides excellent additional discovery potential at depth.
  • To put this into perspective; there is potential for up to 5-10 times the number of stacked veins below the already discovered system corresponding to 10 times the height of the CN Tower from top to bottom.
  • This original discovery has gone from target generation to where it is today modeled at >22,900,000 m3 of rock averaging 7.74 gpt AuEq with only 12 months of boots on the ground, clearly demonstrating Surebet is a world class discovery, and we are likely only seeing the tip of the iceberg.
  • Excellent infrastructure 7 km to road, 300-man camp on private property, deep water barge access only 190 km to international container port and rail, 25 km to high tension power.
  • The discovery is modelled to be amiable to underground mining, no detrimental minerals present, environmentally friendly cost-effective mining, with 92.2% gold recovery at a 327 micron crush including 48.8 % free gold recoverable using simple gravity, balance recovered using flotation with no cyanide leaching required.
  • Assays are still pending for the exploration surface samples taken from Golddigger’s Cambria Ice Fields claim blocks.

Toronto, Ontario – January 9, 2024 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is excited to report assay results for the remaining 99 new drill holes from the Surebet Discovery at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia. The vast majority of reported holes intersected broad intervals of significant quartz-sulphide mineralization and widespread gold-silver mineralization expanding the volume and average grade of the Surebet Zone, Bonanza Shear and Golden Gate Zone, all of which remain open.  Highlights for the Surebet Zone include drill hole GD-23-220, which assayed 13.24 gpt AuEq (10.05 gpt Au and 154.71 gpt Ag) over 5.10 meters, including 21.74 gpt AuEq (16.51 gpt Au and 253.41 gpt Ag) over 3.10 meters. Highlights for the Bonanza Shear include drill hole GD-23-113, which intersected 10.94 gpt AuEq (10.80 gpt Au and 6.24 gpt Ag) over 9.70 meters, including 17.63 gpt AuEq (17.42 gpt Au and 9.51 gpt Ag) over 6.00 meters and 34.85 gpt AuEq (34.47 gpt Au and 17.48 gpt Ag) over 3.00 meters. Highlights for the Golden Gate include drill hole GD-23-133, which intersected 4.96 gpt AuEq (4.76 gpt Au and 5.76 gpt Ag) over 7.85 meters, including 9.89 gpt AuEq (9.53 gpt Au and 10.80 gpt Ag) over 3.85 meters. A complete list of results for all reported holes can be found in Table 1 and 2 below. This news release includes all not-yet reported assay results from drill core for the 2023 drill season.

The Bonanza Shear, hosted at the contact between the Hazelton Sediments and Volcanics was intersected in 104 drill holes with broad intervals of quartz-sulphide mineralization, 87 of which (84 %) intersected gold mineralization. The volume and grade of the Bonanza Shear have been increased substantially to >15,000,000 m3 at 8.14 gpt AuEq (from 13,000,000 m3 at 2.71 gpt AuEq reported previously), demonstrating the increased importance of the Bonanza Shear as an economic mineralized horizon of the Surebet system. The Surebet Zone, hosted in the Hazelton Sediments was intersected in 106 drill holes with broad intervals of quartz-sulphide mineralization, 98 of which (92 %) intersected gold mineralization. The volume and average grade of the Surebet Zone have been increased substantially to 6,800,000 m3 at 9.04 gpt AuEq (from 5,500,000 m3 at 6.31 gpt AuEq reported previously). The newly discovered Golden Gate Zone, hosted within the Hazelton Volcanics below the Bonanza Shear was intersected in 12 drill holes with broad intervals of quartz-sulphide      mineralization, all of which (100 %) intersected gold mineralization and is modelled to comprise >1,100,000 m3 with an average grade of 3.94 gpt AuEq and remains open, demonstrating the enormous additional discovery potential at depth.

SUREBET ZONE DRILL HIGHLIGHTS

Drillhole GD-23-220, collared from Wolverine Pad, intercepted numerous occurrences of Visible Gold, as well as sulphides mineralization in quartz-stockwork and veins corresponding with the Surebet Zone and assayed 13.24 gpt AuEq (10.05 gpt Au and 154.71 gpt Ag) over 5.10 meters, including 21.74 gpt AuEq (16.51 gpt Au and 253.41 gpt Ag) over 3.10 meters. Drill hole GD-23-221, collared from Bear Pad, also intercepted multiple occurrences of Visible Gold and significant quartz-sulphide mineralization in veins and stockwork of the Surebet Zone and assayed 4.43 gpt AuEq (4.16 gpt Au and 12.87 gpt Ag) over 13.00 meters, including 7.91 gpt AuEq (7.44 gpt Au and 22.40 gpt.  Drill hole GD-23-130, collared from Cliff Pad, intersected the Surebet Zone and assayed 4.66 gpt AuEq (3.53 gpt Au and 55.29 gpt Ag) over 5.70 meters, including 6.25 gpt AuEq (5.12 gpt Au and 55.36 gpt Ag) over 3.70 meters.

The mineralization in these holes is characterized by breccia, stockwork and veins of quartz, sphalerite (up to 10%), galena (up to 8%) and pyrrhotite (up to 15%) hosted in a shear zone within strongly silicified mudstone and siltstone associated with heavy chlorite alteration. Multiple grains of Visible Gold were identified within the reported mineralized intervals.

The Surebet Zone, hosted in the Hazelton Sediments was intersected in 106 drill holes with broad intervals of quartz-sulphide mineralization, 92% intersected gold mineralization. The mineralization model has been updated with the latest assay results and the calculated potential volume of the Surebet Zone is 6,800,000 m3 with an average grade of 9.04 gpt AuEq and remains open, which corresponds to an increase of 43% in grade from the previously reported 6.31 gpt AuEq and an increase of 24 % in volume from previously reported 5,500,000 m3.

BONANZA SHEAR DRILL HIGHLIGHTS

Drillhole GD-23-113, collared from Quoll Pad intercepted multiple occurrences of Visible Gold and quartz-sulphide mineralization corresponding to the Bonanza Shear and assayed 10.94 gpt AuEq (10.80 gpt Au and 6.24 gpt Ag) over 9.70 meters, including 17.63 gpt AuEq (17.42 gpt Au and 9.51 gpt Ag) over 6.00 meters and 34.85 gpt AuEq (34.47 gpt Au and 17.48 gpt Ag) over 3.00 meters. Multiple additional holes intercepted significant quartz-sulphide breccia, stockwork and veining of the Bonanza Shear, including GD-23-217 which assayed 11.55 gpt AuEq (11.47 gpt Au and 5.77 gpt Ag) over 5.00 meters, including 57.41 gpt AuEq (57.10 gpt Au and 24.80 gpt Ag) over 1.00 meters; GD-23-119 which assayed 13.82 gpt AuEq (13.70 gpt Au and 9.77 gpt Ag) over 4.00 meters, including 16.67 gpt AuEq (16.53 gpt Au and 11.38 gpt Ag) over 3.00 meters; GD-23-140 which assayed 4.04 gpt AuEq (3.97 gpt Au and 3.46 gpt Ag) over 11.00 meters, including 7.30 gpt AuEq (7.20 gpt Au and 5.74 gpt Ag) over 7.20 meters; GD-23-155 which assayed 5.32 gpt AuEq (5.24 gpt Au and 2.84 gpt Ag) over 8.00 meters, including 10.37 gpt AuEq (10.26 gpt Au and 4.80 gpt Ag) over 4 meters; GD-23-133 which assayed 4.96 gpt AuEq (4.76 gpt Au and 5.76 gpt Ag) over 7.85 meters, including 9.89 gpt AuEq (9.53 gpt Au and 10.80 gpt Ag) over 3.85 meters; and GD-23-127 which assayed 4.82 gpt AuEq (4.57 gpt Au and 5.44 gpt Ag) over 8.00 meters, including 6.81 gpt AuEq (6.49 gpt Au and 6.95 gpt Ag) over 5.00 meters.

The mineralization of the intercepts of the Bonanza Shear are similar to what is observed in the Surebet Zone and are characterized by breccia, stockwork and veins of quartz, sphalerite (up to 8 %), galena (up to 10%), chalcopyrite (up to 1%) and pyrrhotite (up to 10%) hosted in a shear zone generally located at or in close proximity to the contact of strongly silicified mudstone and siltstone associated with heavy chlorite alteration and chloritized volcanic rocks. Multiple grains of Visible Gold were identified within the reported mineralized intervals.

The Bonanza Shear, hosted at the contact between the Hazelton Sediments and Volcanics was intersected in 104 drill holes with broad intervals of quartz-sulphide mineralization, 84% intersected gold mineralization. The mineralization model has been updated with the latest assay results and the calculated potential volume of the Bonanza Shear is >15,000,000 m3 with an average grade of 8.14 gpt AuEq and remains open. The volume has been increased by 15% from previously reported 13,000,000 m3. The average grade has been increased by 200% from previously reported 2.71 gpt AuEq. This clearly demonstrates the increased importance of the Bonanza Shear as a significant mineralized horizon of the Surebet system.

GOLDEN GATE DRILL HIGHLIGHTS

All drill holes that intersected the Golden Gate Zone intercepted stacks of 1-5 m wide shears with broad quartz-sulphide mineralization. Drill hole GD-23-133 intersected 4.96 gpt AuEq (4.76 gpt Au and 5.76 gpt Ag) over 7.85 meters, including 9.89 gpt AuEq (9.53 gpt Au and 10.80 gpt Ag) over 3.85 meters; GD-23-183 intersected 4.61 gpt AuEq (4.51 gpt Au and 3.35 gpt Ag) over 3.50 meters and 6.55 gpt AuEq (6.26 gpt Au and 8.67 gpt Ag) over 3.00 meters; and GD-23-140 intersected 6.15 gpt AuEq (6.00 gpt Au and 4.72 gpt Ag) over 3.00 meters.

The mineralization observed in intercepts of the Golden Gate Zone is similar to what is observed in the Surebet Zone and the Bonanza Shear, comprising shear hosted veins with stringers, aggregations and in some instances breccia, with galena (up to 3%), sphalerite (up to 10%), chalcopyrite (up to 1%) and pyrrhotite (up to 10%). The host rock for the Golden Gate mineralization is a strongly chloritized andesite.

The newly discovered Golden Gate Zone, hosted within the Hazelton Volcanics and 20 meters below the Bonanza Shear was intersected in 12 drill holes with broad intervals of quartz-sulphide mineralization, 100% intersected gold mineralization. The mineralization model has been updated with the latest assay results and the calculated potential volume of the Golden Gate Zone is >1,100,000 m3 with an average grade of 3.94 gpt AuEq and remains open.

One hole drilled in 2023, GD-23-197 intersected the Golden Gate Zone and assayed 11.60 gpt AuEq (11.07 gpt Au and 23 gpt Ag) over 27 meters, including 14.83 gpt AuEq (14.17 gpt Au and 29.13 gpt Ag) over 21.00 meters and 34.03 gpt AuEq or 1.09 oz/t AuEq (32.55 gpt Au and 65.71 gpt Ag) over 9 meters.

Additional holes reported in this news release are summarized in Table 1 and 2 below.

The footprint of the Surebet Zone has been expanded to 1.8 km2, the equivalent of >336 NFL football fields. The results reported in this news release, coupled with intervals reported and modelled in the course of the project, demonstrates the existence of multiple extensive stacked bonanza-grade veins within 650 meters of the surface that have been tested to date. A study in collaboration with the Colorado School of Mines has confirmed that the mineralization formed at 4-5 km below the paleo-surface, confirming the excellent additional discovery potential at depth. To put this into perspective: there is potential for up to 5-10 times the number of stacked veins below the already discovered system corresponding to 10 times the height of the CN tower from top to bottom.

This original discovery has gone from idea to where it is today (22,900,000 m3 of rock) with only 12 months of boots on the ground, clearly demonstrating Surebet is a world class discovery, and we are likely only seeing the tip of the iceberg.

Roger Rosmus, Founder and CEO of Goliath Resources, states:I would like to congratulate our team on an exceptional 2023 drilling season and thank our shareholders for their ongoing support. After only 3 drilling seasons and only 12 months in aggregate of boots on the ground, our Golddigger project is clearly evolving as a new World-Class discovery in the prolific Golden Triangle region of British Columbia. With our aggressive drilling campaign in 2023, we were able to dramatically increase the volume of rock in our current model of the Surebet, Bonanza and Golden Gate Zones totalling 22,900,000 m3 with an average grade of 7.74 g/t AuEq, that remains open. Our geological team continues to be impressed with the widespread gold mineralization with excellent continuity and predictability in the Surebet and Bonanza Zones. We were also delighted with the high-grade gold hits in the Golden Gate Zone, a game changer event for the project because until this season all the drilling was in the sediments and contact between the volcanics. The Golden Gate Zone is our newest discovery and is very exciting as it is in the Hazelton volcanics immediately below the sediments. To see the gold mineralization continue beyond the sediments into the volcanics is extremely positive as we look forward to continuing to expand on this discovery in 2024. Making the new discovery in the volcanics gives us a clear path to chase the high-grade gold potential at depth to continue exploring for the heat engine (porphyry?) that caused the gold mineralization at Surebet, Bonanza and the Golden Gate zones. We strongly believe that our Golddigger project is emerging as one of the most important gold discoveries in the Golden Triangle. To think that until recently this project was covered by glaciers and due to them receding our team was the first to ever see the mineralization, then follow it up with exceptional drilling results is very rewarding as high-grade grassroots gold discoveries are a rare event in gold exploration”. Mr. Rosmus further stated: “Management is currently considering all options to unlock the full value of the extensive new land package of the Golddigger property comprising 25 km of the Red Line containing multiple new discoveries, as well as the 100% controlled Bullseye Au-Cu porphyry target on the Luckystrike property, by potentially spinning-off these assets into a new 100% owned company by Goliath to add additional value to our stakeholders. We believe 2024 will be the best year to date for Goliath.

Table 1: Selected 2023 Golddigger drill hole assay results for the Surebet Zone, Bonanza Shear, and Golden Gate Zone.

Click for complete list of drill hole assay results.

Table 3: Collar information for the drill hole reported in this news release.

Click for complete list of drill hole assay results.

Golddigger Property

The Golddigger Property is 100 % controlled covering an area of an area of 61,685 hectares (152,427 acres) and is 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).

Its is in an excellent location close in proximity to the communities of Alice Arm and Kitsault where there is 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.

Qualified Person

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

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 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 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 North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were 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 were 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.

About Goliath Resources Limited

Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle 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.

For more information please contact:

Goliath Resources Limited

Mr. Roger Rosmus

Founder and CEO

Tel: +1.416.488.2887

[email protected]

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.

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.

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