Goliath Resources Ltd. (TSX-V: GOT) is currently conducting one of the most ambitious exploration programs in the entire Golden Triangle – and on a tight schedule. Nine drill rigs, four helicopters, and a fully equipped 120-person camp in Kitsault enable the company to extract approximately 60,000 meters of drill core from the Golddigger project within just 90 days. During a recent site visit, investors and analysts gained an impressive insight into how tightly scheduled the work is here: Within just one week, geologists recorded 15 occurrences of visible gold (VG-NE).
These results are already reflected in two clearly defined main zones. “Surebet” extends over an area of approximately 1.2 × 1.1 kilometers, while “Bonanza” covers an area of about 650 × 900 meters. Particularly spectacular drilling results were found in the Bonanza Zone – the so-called “Jewelry Box” (approx. 300 × 300 × 25 m) yielded average grades of 5–7 g/t Au and even reached 34.52 g/t AuEq over 39 meters in drill hole GD-24-260, including eight meters at 166.04 g/t AuEq. Upon completion of drilling in 2025, the total drilled meters will be 150,000 meters, with a total budget to date of CAD 90 million – a remarkably low value for discovery costs.
Efficient Drilling Campaign in the Heart of the Golden Triangle
The exploration business model is based on adding new ounces, and according to our calculations, the Golden Triangle is among the regions with the highest discovery rates in Canada. By the end of 2026, management could aim for the publication of an initial Mineral Resource Estimate (MRE) and states they would be disappointed if it did not contain at least five million gold equivalent ounces or more. If successful, discovery costs would be merely CAD 22 per ounce. For comparison: New Found Gold required more than three times this amount for its 2-million-ounce discovery. On the stock market, ounces in comparable projects or recent M&A transactions in the Golden Triangle are currently valued at an average of over CAD 200 – indicating that Goliath is undervalued and offers significant upside potential.
The Stifel analyst cites further advantages of the project: The deposit is located just seven kilometers from the nearest fjord and 15 kilometers from Kitsault, a former mining settlement where the exploration team is currently stationed. While other projects in the Golden Triangle first had to build long access roads through glacial areas, heavy equipment for Goliath can be landed directly by barge. Low development costs increase the intrinsic value of each discovered ounce – an advantage that has not yet been reflected in the market.
Clean Capital Structure – 60% of Shares in Strong Hands
According to Stifel’s analysis, an extremely “clean” capital structure is another factor. There are 163 million shares outstanding, of which management itself holds 20% on a partially diluted basis; another 40% are held by long-term institutional investors such as Crescat Capital, Waratah, McEwen Mining, and Eric Sprott. Favorable warrants expire at the end of the year, so dilution remains manageable, and approximately CAD 10 million is expected to remain in cash after this year’s season.
According to the Stifel analyst, Goliath Resources is currently one of the most interesting opportunities in the Golden Triangle – for anyone looking for projects with high news flow, above-average drilling efficiency, and clear infrastructure advantages.
