Goliath Resources reports highest concentration of visible gold to date from Surebet Discovery!

The success reports from Goliath Resources’ (WKN A2P063 / TSXV GOT) Golddigger property continue. Today, for example, the company is reporting the highest concentration of visible gold ever drilled on the Surebet discovery. But this is not the only reason why Goliath has massively expanded its drilling program this year and is now active with eight (!) drill rigs!

At a depth of 533.90 to 547.00 meters, Goliath has once again encountered the still open Bonanza Zone with drill hole GD-24-260, one of numerous mineralized horizons that are now part of the Surebet discovery. The highest concentration of visible gold ever seen at Surebet was observed, with a band of semi-massive pyrrhotite, sphalerite and minor galena. This, according to Goliath, suggests that this structure is a major conduit for gold-accreting fluids, and thus is likely near the center that feeds the still open gold system! As the company also notes, the mineralization observed here is similar to that of drill hole GD-23-197, which contained 34.03 g/t gold equivalent over 9 meters (~true width)!

So far, Goliath has discovered visible gold in 22 of 33 drill holes (66%) during the 2024 drilling campaign and at the same time achieved a drill hit rate of 100%, with promising base metal mineralization identified in all drill holes, too. In view of this, it has been decided to massively expand the current drilling program and to drill 36,000 meters instead of the previously planned 15,000 meters, with eight drill rigs already in operation!

As a result, the continuity of the thick, high-grade gold horizon of the Bonanza Zone is being tested with 21 new holes in the area where hole GD-24-197 returned 34.03 g/t gold equivalent over 9 meters and hole GD-24-235 returned 35.04 g/t gold equivalent over 5.25 meters.

New discovery Deep Zone

In addition, Goliath has made a new discovery called the Deep Zone at a depth of 1,239 meters below the surface (890 meters drill hole depth). Here, numerous quartz veins with chalcopyrite, galena and sphalerite were discovered, which, as Goliath emphasizes, shows the enormous, as yet untapped discovery potential of the Surebet system, which is still wide open for further discoveries. The company is still waiting for the analytical results for the new 1.75 meter mineralized section.

Drilling the Deep Zone; Source Goliath Resources

In addition, Goliath has identified significant amounts of visible gold as well as bismuth mineralization, molybdenite and chalcopyrite in several veins in drill holes GD-24-237 and GD-24-240, which are hosted in intermediate porphyritic rocks. The investigation of mineralization in these veins is ongoing.

Visible gold, bismuth mineralization, molybdenite and chalcopyrite have also been identified at the surface of the new Blue Origin discovery, located approximately 4 kilometers south of Surebet. There, a series of veins up to 20 cm wide can be found in a felsic intrusion with similar characteristics to the veins observed at Surebet. This intrusion may be spatially related to Surebet as it is an uplifted part of the potential feeder source below the 1.8 km2 area that remains open.

Given these discoveries at and around Surebet, which strongly resemble a Reduced Intrusion-Related Gold system, Goliath has further expanded the Company’s 100% controlled area by 28% from 66,000 ha to 91,518 ha to include ground that is prospective for this style of mineralization.

The tip of the iceberg

The 2024 drills have only been turning on Golddigger for two months and yet Goliath has quadrupled the depth of the known mineralization from 300 metres to more than 1.2 kilometers – and the end is still a long way off. On the contrary, the company believes that it is only just scratching the tip of the iceberg. Accordingly, deep drilling is continuing with the aim of making new discoveries, including that of the source that feeds the huge, high-grade gold system.

Additional drilling will test a surface outcrop of a quartz-sulfide vein with 500 meters of strike that returned 21.5 oz gold equivalent or 667.40 gpt gold equivalent (636.00 gpt Au, 1,690.00 gpt Ag, 7.96% Cu, 2.22% Pb) on the Jackpot outcrop 1 km southeast of Surebet.

Treasure Island discovery

36 kilometers north of the Surebet discovery is the Treasure Island target area. Here, Goliath was able to trace extensive, high-grade quartz sulphide mineralization that had been identified with channel sampling and grab samples (28.08 g/t and 11.08 g/t gold equivalent, respectively). The four holes drilled were able to show this mineralization 450 meters along strike. The mineralized intervals drilled average 29.99 metres wide and contain an average of 6.79 metres of moderate, semi-massive and massive sulphide mineralization in quartz sulphide breccias. Hole TI-24-01 encountered an interval of 9.8 metres of strong sulphide mineralization that strongly resembled the channel sample that assayed 28.08 g/t gold equivalent!

Goliath is still waiting for the laboratory results of the drilling but is already planning further work such as a geophysical survey to outline the extent and geometry of the mineralization horizons at depth. Further drilling is to follow in 2025.

The potential of the Golddigger property is growing and growing and it is becoming increasingly apparent that Goliath could be onto something big here. Dr. Quinton Hennigh, Technical and Geological Director of Goliath’s strategic shareholder Crescat Capital has a similar view and summarizes the latest developments:

 ” This is proving to be a summer of discovery at Golddigger. The recently discovered Bonanza Zone has delivered a succession of core intercepts displaying visible gold, the most recent of which, hole GD-24-260, appears to be notably rich in gold particles. This might indicate that the Bonanza structure was a main fluid conduit at the time of gold deposition. Also very encouraging, more veins have been discovered at depth, a very promising sign. The mineralogy of these veins is nearly identical to Surebet and other shallower veins, a clear sign they are of the same origin. Recent intercepts of intrusive dykes displaying quartz veinlets, some with visible gold, provide the first conclusive evidence of an intrusive association with mineralization. This association is further confirmed by the discovery of mineralized veins at Blue Origin just a few km south of Surebet. All of this evidence points to a very large, perhaps reduced intrusion-related gold system at Golddigger.”