Goliath Resources drills up to 226.12 g/t gold at its Bonanza zone!

The Bonanza Zone, part of Goliath Resources’ (WKN A2P063 / TSXV GOT) Golddigger property lives up to its name! Because the current drill results that the company is reporting from its 2024 field season have it all. The highlight: 226.12 g/t gold equivalent over 1 meter within an interval of 5.95 meters with 45.60 g/t gold equivalent!

It took some time for CEO Roger Rosmus’ company to present these outstanding results. This is because Goliath had observed visible gold in no less than 92% of the drill holes in 2024 (2023: 32%) and therefore switched to photon analysis as an assay method. In contrast to fire assaying, the entire core sample is used and the total gold content is determined using highly sensitive X-rays. This makes it particularly suitable for determining the content in gold discoveries with considerable amounts of gold – even if the analysis takes a little longer.

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

The results compiled and interpreted to date have already resulted in an overall increase in the size of the high-grade gold mineralization within the Bonanza zone. It has almost 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 of newly discovered mineralization consisting of visible gold, molybdenum and bismuth in a series of porphyritic rocks returned up to 10.50 g/t gold equivalent (10.41 g/t gold and 7.15 g/t silver) over 7.00 metres. This is reminiscent of an extensive Reduced Intrusion Related Gold (RIRG) system at Surebet and clearly indicates that the source of the known gold mineralization is close.

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

The Bonanza high-grade gold zone in detail

As mentioned, the area of high-grade gold mineralization within the Bonanza Zone has been significantly expanded during the three-month drill season, almost doubling in size to a rectangular area measuring 835 x 685 x 612 x 410 metres. And, as already mentioned, this area is far from being fully delineated. As Goliath points out, all 64 holes drilled in 2024 encountered significant mineralization, with 92% of the holes (or 62 of 64 holes) containing showings of visible gold. This once again highlights 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; and 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 extended, thick and high-grade gold horizon through drilling, with GD-23-197, for example, returning 34.03 g/t gold equivalent over a width of 9 meters (see press release dated October 17, 2023) and GD-24-235 then returning 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 surface 200 meters above the valley floor at an elevation of 900 meters above sea level.

More Bonanza highlights

Other highlights of 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 hosted in thick intercepts of quartz breccias and veins.

– Hole GD-24-260 intersected the Bonanza zone over 13.10 meters which contains the highest concentration of visible gold to date with a vein-hosted band of semi-massive pyrrhotite similar in appearance to GD-23-197 which returned 34.03 g/t gold equivalent over 9 meters (~true width)

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

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

Potential at depth too

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

Newly discovered gold-bearing porphyry veins (Reduced Intrusion Related Gold)

The newly discovered gold-bearing porphyry veins 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 past years, veins and plutons on Golddigger were considered late, unmineralized intrusions and therefore never focused on and sampled. Detailed core assays (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 intervals from 2021 to 2024.

As a result, more than 800 samples of previously omitted intrusive material were collected 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 porphyry dyke material for which the Company has received results and all contain significant amounts of gold!

– 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.

Re-logged hole 2023 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.

-Newly logged hole 2023 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

Similar mineralization has also been observed by Goliath at 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 may be spatially associated with Surebet as an uplifted part of the potential feeder source. Assays from surface samples collected at Blue Origin are currently pending.

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

Results incorporated into new model of the mineralization system

Goliath expects the extensive results from the 2024 activities, which are expected to be available in the near future, to improve the understanding of the geometry and control of mineralization through additional modelling. As highlighted, the discovery of RIRG mineralization clearly indicates proximity to the source of the extensive mineralized system. Drilling in 2025 will then focus on extending the mineralization in all directions, including at depth towards the potential source of the fluids responsible for the extensive high-grade gold-silver mineralization within the Surebet discovery.

Conclusion: As we said some time ago, Goliath Resources is likely to have completed its most successful drilling season to date at Golddigger in 2024. This is supported not only by the freshly received drill results but also by the high rate (92%) of visible gold in this year’s drilling. In addition, the gold grades of the RIRG system (Reduced Intrusion Related Gold) are impressive in our opinion, as this opens up a new type of gold mineralization at Surebet, which could also be closer to the source of the entire gold mineralization system. We are now extremely excited about the remaining results from the 2024 drilling campaign!