Goliath Resources (TSXV: GOT; FRA: B4IF) is exceeding expectations: After 13 successful drill holes into the Surebet Zone polymetallic quartz-sulphide vein system at the Golddigger Project in British Columbia, the company today presented assay results from the first three holes. The most spectacular hole is the third drill hole (GD21-003).
Assay results returned an impressive 35.72 meters of quartz-sulphide breccias and surrounding quartz-sulphide stockwork with a weighted average of 6.37 g/t gold equivalent (AuEq) or 4.46 g/t Au and 122.13 g/t Ag. Particularly outstanding are higher grade intercepts 31.88 g/t AuEq over 4.52 meters or 24.97 g/t Au and 458.10 g/t Ag.
Figure 1: Schematic view of the Surebet Zone showing fan drilling from the Cliff drilling platform. The portion of the Surebet known to date has a vertical relief of 500 meters and a dipping extent of 1,000 meters. Geologists believe that the mineralization is trapped down-dip in the mountain like a thick sandwich. This well-defined, structurally-bound form of mineralization greatly facilitates exploration. Therefore, all 13 drill holes have intersected the mineralized horizon at varying lengths ranging from 23 to 67.1 meters. The determination of the true width is still pending.
Results from the first three holes of the first Surebet Zone drilling campaign confirm a significant gold-silver envelope surrounding the high-grade quartz-sulphide vein system. Higher grades are found within the envelope in the quartz-sulfide breccia.
Step-back drilling planned into the heart of the system
Goliath currently has two drill rigs active on the project. Drilling is targeting the extension of Surebet mineralization along strike and to depth. Based on drilling success, Goliath has increased the planned drill program from ~5,000 to ~6,000 meters. In particular, so-called step-back drilling from the Cloud 9 drilling platform is planned. This is based on a recent airborne geophysical survey and a 3D magnetic model that shows a magnetic high to the west and below the Surebet zone. Geologists suggest that it may be an intrusive body that could have served as the source for this extensive system of high-grade gold-silver mineralization.
Figure 2: Step-back drilling from the Cloud 9 rig is designed to test whether mineralization continues to depth. Ideally, the drilling would intersect the Surebet Zone 1,800 meters down dip along strike. Based on recent geophysical measurements, geologists suspect that the step-back drilling, which is approximately 800 meters deep, may eventually strike the root of the system. The steeply dipping Real Deal and Cloud 9 structures have similar mineralization to the Surebet zone. Geological observations at surface and in drill core indicate that the structures are concentrated along the Surebet Zone and its shallower dipping geometry.
Dr. Quinton Hennigh, advisor to Goliath's strategic shareholder, Crescat Capital, said, "The initial assay results from the Cliff Zone, the southernmost drill station along the Surebet Zone, confirm that we are dealing with a broad, strongly mineralized structure hosting one or more high-grade gold-silver-quartz-sulfide vein breccias within a broader envelope of polymetallic mineralization. Hole GD21-003 provided a notable start to the first Surebet drilling program. As the Company continues to drill more holes, it continues to encounter similar length intercepts of mineralization, which is a very positive sign. We are excited by these initial results and are pleased with the Company's decision to increase the meterage and continue to drill down dip. We eagerly await further positive results."
Roger Rosmus, founder and CEO, said, "The initial assay results have far exceeded our expectations. The drilling confirms our model, while the known geometry of the Surebet system continues to grow."
Bottom line: based on recent results, Goliath is more than just a good story. The company has delivered hard drill data for the first time and should continue to do so regularly from here on out. The outstanding assay results combined with the structurally defined shape of the Surebet Zone foreshadow the potential for a new multi-million ounce gold discovery in British Columbia's Golden Triangle for the first time. The Company now intends to test the root of the mineralization with bold step-back drilling. Drilling success from these holes could increase the strike length of the Surebet Zone to 1,800 meters. In vertical profile, the zone would then extend for about 1,000 meters. Anyone with a piece of paper and a pencil can calculate for themselves what that would mean in terms of the volume of mineralization that might be contained if the Surebet Zone were only 25 meters thick on average. That quickly adds up to millions and millions of tons. In our own beer mat calculation, we came up with well over 50 million tons. Not only investors, but also the big gold companies will therefore follow the further drilling results of Goliath closely. We stay tuned and are happy about the success.
According to §34b WpHG i.V.m. FinAnV (Germany) and according to section 48f paragraph 5 BörseG (Austria) we would like to point out that principals, partners, authors and employees of GOLDINVEST Consulting GmbH hold or may hold shares of Goliath Resources and therefore a possible conflict of interest exists. We also cannot rule out that other stock letters, media or research firms discuss the stocks we recommend during the same period. Therefore, symmetrical information and opinion generation may occur during this period. Furthermore, there is consulting or other service contract between Goliath Resources and GOLDINVEST Consulting GmbH, which means that a conflict of interest exists.