New type of gold mineralization discovered on Surebet!

The Bonanza Zone, part of the Golddigger property of Goliath Resources (WKN A2P063 / TSXV GOT), lives up to its name! The first drill results the company reports from there from its 2024 field season are impressive. The highlight: 226.12 g/t gold equivalent over 1 meter within an interval of 5.95 meters grading 45.60 g/t gold equivalent!

It took some time for CEO Roger Rosmus’s company to present these outstanding results. This is because Goliath observed visible gold in an incredible 92% of the drill holes in 2024 (2023: 32%) and therefore switched to photon analysis as the examination method. In contrast to the fire assay, this method uses the entire core sample and determines the total gold content using highly sensitive X-rays. This makes it particularly well-suited for determining grades in gold discoveries with considerable gold amounts – even if the examination takes a bit longer.

Bonanza Zone significantly expanded and evidence of nearby source of gold system discovered

The results compiled and interpreted so far have already led to an expansion of the high-grade gold mineralization within the Bonanza Zone. It has nearly doubled from 720 x 612 x 410 meters to 835 x 685 x 612 x 410 meters – and remains wide open for additional expansion.

In parallel, drilling in newly discovered mineralization, consisting of visible gold, molybdenum, and bismuth in a series of porphyritic rock layers, yielded up to 10.50 g/t gold equivalent (10.41 g/t gold and 7.15 g/t silver) over 7.00 meters. This is reminiscent of an extensive Reduced Intrusion Related Gold (RIRG) system on Surebet and clearly indicates that the source of the known gold mineralization is nearby.

Goliath expects results shortly from a total of 101 (out of 105) additional drill holes, 22 (out of 24) newly logged drill holes, and 92 surface samples from the Surebet discovery, which will provide significantly more insight into the conditions.

The high-grade Bonanza gold zone in detail

As mentioned, the area of high-grade gold mineralization within the Bonanza Zone was significantly expanded during the three-month drilling season, nearly doubling the area to a rectangular zone measuring 835 x 685 x 612 x 410 meters. And this area is, as stated, far from being definitively delineated. As Goliath emphasizes, all 64 drill holes drilled in 2024 encountered significant mineralization, with 92% of the drill holes (or 62 out of 64 holes) containing occurrences of visible gold. This once again underscores the excellent continuity of this extensive high-grade gold system.

Selected results:

– Hole GD-24-249 intersected 226.12 g/t gold equivalent (225.03 g/t Au and 88.90 g/t Ag) over 1 meter within 45.60 g/t gold equivalent (45.36 g/t Au and 19.45 g/t Ag) over 5.95 meters.

– Hole GD-24-237 intersected 1.33 g/t gold equivalent (1.14 g/t Au and 6.30 g/t Ag) over 37.00 meters including 4.69 g/t gold equivalent (3.64 g/t Au and 32.55 g/t Ag) over 3.39 meters, including 5.94 g/t gold equivalent (4.57 g/t Au and 42.46 g/t Ag) over 2.54 meters; as well as 2.80 g/t gold equivalent (2.65 g/t Au and 5.51 g/t Ag) over 6.00 meters.

The company had previously demonstrated the continuity of this newly expanded, thick, and high-grade gold horizon through drilling, with GD-23-197 yielding 34.03 g/t gold equivalent over a width of 9 meters (see press release dated October 17, 2023) and GD-24-235 then yielding 35.04 g/t gold equivalent over a width of 5.25 meters (see press release dated July 30, 2024). The new high-grade Bonanza Zone is located at the structural intersection of the Surebet Zone with the Bonanza Zone and outcrops at the surface 200 meters above the valley floor at an elevation of 900 meters above sea level.

Additional Bonanza Highlights

Other highlights from the expanded Bonanza Zone, according to Goliath, include drill holes GD-24-260, GD-24-272, and GD-23-273, all of which contained significant amounts of visible gold as well as substantial galena, sphalerite, and chalcopyrite mineralization occurring in thick sections of quartz breccias and veins.

– Drill hole GD-24-260 intersected the Bonanza Zone over 13.10 meters, containing the highest concentration of visible gold observed to date with a vein-hosted band of semi-massive pyrrhotite, similar in appearance to GD-23-197, which yielded 34.03 g/t Gold Equivalent over 9 meters (~true width)

– Drill hole GD-24-272 intersected the Bonanza Zone over 7.49 meters, containing brecciated sections with semi-massive to massive pyrrhotite, sphalerite, galena, and chalcopyrite. Visible gold was observed in a 1 m long section of the quartz-sulfide vein at the beginning of the mineralized interval.

– Drill hole GD-24-273 intersected the Bonanza Zone over 10.62 meters and exhibits visible gold and massive sphalerite, pyrite, pyrrhotite with minor chalcopyrite and galena, enclosed in a quartz-sulfide breccia.

Potential at Depth as Well

The Bonanza Zone remains open in all directions, including towards the new Deep Zone, which was discovered at a depth of 1,239 meters below surface (only 480 meters below the valley floor). This zone contains multiple quartz-sulfide veins and breccias with chalcopyrite, galena, and sphalerite, demonstrating the enormous additional, yet untapped discovery potential of the Surebet system. The mineralized section intersected quartz veins containing significant amounts of chalcopyrite, galena, and sphalerite. However, assay results for all drill holes that intersected the new Deep Zone are still pending.

Newly Discovered Gold-Bearing Porphyritic Dikes (Reduced Intrusion Related Gold)

The newly discovered gold-bearing porphyritic dikes, containing veins with visible gold, molybdenum, and bismuth mineralization, strongly suggest the presence of a large Reduced Intrusion Related Gold (RIRG) system at Surebet. In previous years, dikes and plutons on Golddigger were considered late, non-mineralized intrusions and therefore never focused on or sampled. Detailed core examinations (and re-logging), conducted jointly with the CASERM team at the Colorado School of Mines, have revealed multiple occurrences of visible gold as well as molybdenum and bismuth mineralization in core sections from 2021 to 2024.

Subsequently, more than 800 samples of previously omitted intrusive material were taken from 24 drill holes and are currently being analyzed. Drill holes GD-24-237, GD-23-180, and GD-21-226 are the first holes with mineralized porphyritic dike material for which the company has received results, and they all contain significant amounts of gold!

– Drill hole GD-24-237 intersected 10.50 g/t Gold Equivalent (10.41 g/t Au and 7.15 g/t Ag) over 7.00 meters, including 14.68 g/t Gold Equivalent (14.55 g/t Au and 9.82 g/t Ag) over 5.00 meters and 24.42 g/t Gold Equivalent (24.22 g/t Au and 16.01 g/t Ag) over 3.00 meters.

– The re-logged 2023 drill hole GD-23-180 intersected 3.46 g/t Gold Equivalent (3.43 g/t Au and 2.68 g/t Ag) over 7.00 meters, including 4.49 g/t Gold Equivalent (4.44 g/t Au and 3.75 g/t Ag) over 5 meters.

– The newly logged 2023 drill hole GD-23-226 intersected 1.85 g/t Gold Equivalent (1.85 g/t Au and 0.00 g/t Ag) over 8 meters, including 6.03 g/t Gold Equivalent (6.03 g/t Au and 0.00 g/t Ag) over 2 meters.

Similar Mineralization Also in New Discovery Blue Origin

Goliath has also observed similar mineralization at the surface in the newly discovered Blue Origin zone. This discovery includes a series of veins up to 20 cm wide containing bismuth minerals, molybdenite, and chalcopyrite occurring in a felsic intrusion 4.5 km south of the Surebet discovery. This intrusion could be spatially connected to Surebet as an uplifted part of the potential feeder source. Analyses of surface samples taken from Blue Origin are currently pending.

Continued confirmation of high gold grades in this newly discovered RIRG system, characterized by significant amounts of visible gold, bismuth, and molybdenum mineralization in the felsic to intermediate porphyritic dikes at Surebet as well as in the intrusions surrounding Surebet (i.e., Blue Origin), could significantly increase the resource potential of the Surebet discovery!

Results Feed into New Model of the Mineralization System

Goliath expects that the extensive results of the 2024 activities, which are likely to be available in the near future, will particularly improve the understanding of the geometry and control of mineralization through additional modeling. As emphasized, the discovery of the RIRG mineralization clearly indicates proximity to the source of the extensive mineralization system. In 2025, drilling is then planned to focus on expanding the mineralization in all directions, including depth towards the potential source of fluids responsible for the extensive high-grade gold-silver mineralization within the Surebet discovery.

Conclusion: As we stated some time ago, Goliath Resources is likely to have completed its most successful drilling season on Golddigger in 2024. This is supported not only by the newly arrived drilling results but also by the high percentage (92%) of visible gold in this year’s drilling. Additionally, there are the impressive initial gold grades from the RIRG (Reduced Intrusion Related Gold) system, which opens up a new type of gold mineralization for Surebet that could also be closer to the source of the entire gold mineralization system. We are extremely eager to see the remaining results of the 2024 drilling campaign!