Potential keeps growing
The market welcomed the news that gold explorer Goliath Resources (WKN A2P063 / TSXV GOT) has kicked off the next drilling season on its huge Golddigger project with a significant gain and the highest trading volume in a long time!
The 2024 drilling campaign will once again focus on the spectacular Surebet discovery, which accounts for the majority of the 62 drill holes with a total length of 15,000 meters. In addition, this time Goliath will also drill test the three new, strongly mineralized gold and copper targets Jackpot, Treasure Island and Full Contact that are outcropping at surface. This means potential for the confirmation of three new discoveries – and thus the opportunity for further value creation for shareholders, according to Goliath!
How big is it and where is the source of the high-grade Surebet discovery?
At Surebet, CEO Roger Rosmus’ company intends to focus this year on finding the potential source of the high-grade mineralization that is prevalent in the area. It will be interesting to see whether Goliath will discover further new veins or shear zones – so far the counter stands at ten! Proving the continuity of mineralization is also a goal of this year’s work at Surebet.
The fact that Goliath is focusing on exploration is logical when you consider what has already been achieved or proven there. Among other things, 44 of 124 holes (35%) drilled last year contained visible gold with nuggets up to 11 millimeters in size. The best hole – to date – returned 65.00 g/t gold equivalent (consisting of 64.88 g/t gold and 8.03 g/t silver) over 7.90 meters. It also includes an intercept of 86.99 g/t gold equivalent (86.84 g/t gold and 6.52 g/t silver) over 5.90 meters. And – as Goliath also points out – 11 drill holes to date show more than 100 and up to 513 gm gold equivalent (gram meters)!
Concept of mineralization veins on Golddigger; Source: Goliath Resources
The company was also extremely successful at Surebet in 2023, for example discovering six new vein horizons that remain open and, according to Goliath, have the potential to increase the volume of economic mineralization at Surebet. In addition, the extent of the discovery has been increased to 1.8 square kilometers, which, according to the company, is equivalent to the area of more than 336 football fields. In addition, the mineralization at surface is strike length of 1.0 kilometers and extends 1.1 kilometers down dip with a vertical relief of 700 metres.
In searching for the source of the high-grade mineralization, the Company is following several leads that include hotspots for metals and trace geochemical elements, zonation, type, fluid origin and age of mineralization. These strongly suggest that the mineralization is aligned with a possible porphyry feeder source.
Drill sites 2024 on Golddigger; Source: Goliath Resources
Three chances to confirm new discoveries!
In addition to the work at Surebet, Goliath also plans to drill test the new Treasure Island target, located 36 kilometers north of Surebet in the Cambria Icefields (Golddigger). This is a high-grade copper, silver and gold discovery consisting of numerous polymetallic shear zones covering an area of approximately 550 by 450 meters and trending NW-SE. Here the company has collected both high-grade channel samples (up to 28.08 g/t gold equivalent and 14.4 % copper) and grab and chip samples (11.08 g/t gold equivalent and 8.4 % copper).
Also on the list is the new Jackpot drill target, recently discovered and believed by Goliath to be associated with the Surebet as it contains nearby bonanza grades with similar texture, mineralogy and geochemistry, all hosted in volcanic rocks. This high-grade copper and gold discovery, according to the company, consists of at least ten shear-hosted quartz sulphide veins in a 15-meter thick stockwork that extends 50 meters along strike and remains open. Interestingly, within 150 meters of the new jackpot outcrop, the Goliath teams were able to collect numerous high-grade gold and copper samples at surface, including 44.40 g/t gold, 1,629.00 g/t silver, 5.22% copper and 2.24% lead. These are believed to be associated with Jackpot.
The third new target that Goliath plans to drill this year is called Full Contact and, like Treasure Island, is located in the Cambria Icefields 19 kilometers north of Surebet. It consists of a 1.4 kilometer trend along what is known as the Red Line, a regional structure near which – within a few thousand meters on either side – lie some of the most important discoveries and mines of British Columbia’s famous Gold Triangle.
One of the exciting things here is that Full Contact has the same geological features and alteration as the Bonanza shear zone, which is part of the Surebet discovery. The mineralization forms around the contact of the volcanic-sedimentary units. Samples here have returned up to 101.13 g/t gold equivalent and 1% copper and mineralization remains open.
Conclusion: Investors obviously welcome the fact that Goliath Resources is preparing to embark on another aggressive drilling campaign at the Golddigger project. Probably also because the company had taken the time to do extensive analysis and modeling in the wake of the successful 2023 drill campaign at Golddigger. According to CEO Rosmus, this additional data has significantly increased Surebet's geologists' understanding and allows them to get closer to the suspected source of the high-grade mineralization. If Goliath is successful in this regard, it could be the catalyst for the stock to reach a new level. We also believe that the new targets, which have not yet been tested with drilling, have outstanding potential. We are delighted for the stock market that Goliath is now getting started and will of course be following this exciting story!
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