Goliath Resources – Recapping The 2024 Drill Program Pre-Assay Release And Solid Financial Position
Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the 38,125 meter drill program that has now completed at the Surebet Discovery, Jackpot Target, And Treasure Island target at the Golddigger Property, located in the #GoldenTriangle, British Columbia.
Roger outlines that in total, assays are pending on 105 holes that include: 62 holes (out of 64) drilled this year, 17 previous holes relogged with RIRG style mineralization in dykes testing reduced intrusion mineralization and 14 other separate holes relogged that were drilled between 2021 – 2023 at Surebet. Assays are pending for 12 holes drilled at Treasure Island this year as well. 59 drill holes from this year’s exploration program contained visible #gold representing 92% of the holes in 2024, of which 19 (or 32%) had abundant visible gold (more than 4 recorded occurrences).
The new Bonanza High-Grade Gold Triangle, within the Surebet Discovery, delineates a zone of substantial gold and sulphide mineralization within a triangle measuring 720 x 612 x 410 meters with intervals over 9 meters and assaying over 31.1 g/t Au. Assays for 17 holes (out of 19) from the new Bonanza Gold Triangle are pending.
The new Deep Zone discovered at 1239 meters below surface contains multiple quartz-sulphide veins and breccias with visible gold, chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system for #preciousmetals and #copper that remains wide open in every direction including at depth.
We then discussed the new style of Reduced Intrusion Related mineralization reinterpreted in this year’s exploration program, where significant amounts of visible gold, bismuth mineralization, and #molybdenite have been identified in veins hosted in intermediate porphyritic dykes in multiple drill holes. Relogging and sampling of the dykes in drill core from 2021-2023 included 17 holes for a total of 800 samples submitted to be assayed.
There was also the new Blue Origin discovery comprised of similar reduced intrusion style mineralization with a series of veins containing bismuth minerals, molybdenite and chalcopyrite, located 4.5 kilometers to the south of the Surebet discovery. This intrusion could be spatially related to Surebet as an uplifted part of the potential feeder source below the 1.8 km2 area that remains open.
The Jackpot showing is located 1.4 km to the east of Surebet and it lies at the intersection between the highly prolific Bonanza Shear and a southwest dipping sulphide mineralized shear zone where multiple samples assayed greater than 5 g/t AuEq and remains open. Assays are pending on all 6 drill holes from the Jackpot showing.
Up at the Cambria Ice Fields, extensive high-grade quartz-sulphide mineralization was targeted at the Treasure Island discovery for 450 m of strike that remains open in all directions with 2,938 meters in 12 holes were drilled from 4 pads. The mineralized intervals average 29.99 meters wide and on average include 6.79 meters of moderate, semi-massive and massive sulphide mineralization in quartz-sulphide breccia, and assays are still pending.
Wrapping up we have Roger outline for us through the capital management and financial health of the company, announcing on October 3rd the closing of the final tranche of its previously announced non-brokered flow through financing for an aggregate $16,120,500 raised from the first and final tranches. In addition, earlier on September 4th, the Company announced $7,366,750 by way of a non-brokered charity flow through private placement at a price of $1.975 per share (no warrant). This gives the company over $23Million in funds raised which allowed for the expansion of the drill program for 2024, and still provides plenty of runway to kick things off the beginning of the next drill season. Roger mentioned that there are also over $9Million of in-the-money warrants priced between $0.15-$0.92 that start to expire in April/May of next year and finish expiring by year-end 2025. The company saw strategic investors like Crescat Capital and Rob McEwen increase their stakes, while also bringing in new cornerstone investors like a Singapore based Global Commodity Group and Larry Childress.*
*In full disclosure, Shad is a shareholder of Goliath Resources at the time of this recording.
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