Goliath Intercepts The Highest Concentration Of Visible Gold To Date At Surebet Where 66% Of 2024 Drill Holes Contain Visible Gold, Discovers New Deep Mineralized Zone 1.2 Km Below Surface, Remains Open, And Significantly Expands Drilling To 36,000 Meters With 8 Rigs Turning

Surebet Drill Highlights:

• Drill hole GD-24-260 has the highest concentration of Visible Gold drilled to date at the Surebet Discovery. This intercept suggests this structure is a principal conduit for gold-depositing fluids and is likely close to the heat engine driving this system that remains open (see image below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/1f4beb71-875e-4345-854e-1542d0ad624b
• Drill hole GD-24-260 intercepted the Bonanza Zone between 533.90 – 547.00 meters (over 13.10 meters) and remains open which includes the highest concentration of visible gold to date with a vein-hosted band of semi-massive pyrrhotite that looks similar to GD-23-197 that assayed 34.03 g.t AuEq (1.09 oz/t AuEq) over 9 meters (~true with) (see image below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/b05dbcd0-0f76-4c71-a2c9-5058ca4b2548

• New Deep Zone discovered at 1,239 meters below surface containing multiple quartz veins with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open (assays pending). Drilling of the new Deep Zone is ongoing (see image below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/f49a528e-2d46-405e-9cfe-10bb42cc8d76

• The deepest downhole mineralized interval intercepted to date is from the new Deep Zone at a depth of 890 meters downhole (1.239 kilometers below the surface) and consists of a 1.75-meter interval from 890.90 – 892.65 meters with quartz veins containing significant amounts of chalcopyrite, galena and sphalerite and remains wide open.
• Based on 100 % hit rate as well as all the visible gold seen in 66% holes (22 out of 33 holes) drilled to date in 2024, Goliath has expanded the program from 15,000 to up to 36,000 meters with 8 drill rigs currently operating (see image below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/1d7cc305-ceee-489f-a966-c8e286509550

• Bonanza Zone continuity of the thick high-grade gold horizon being drill tested with 21 new holes where GD-24-197 returned 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters (~true width) and GD-24-235 returning 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters (~true width).
• Significant amounts of Visible Gold have been identified in multiple veins hosted in intermediate porphyritic dykes in drill holes GD-24-237 and GD-24-240. Investigation of the mineralization in the dykes is ongoing (see image below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/58fad56f-081d-4781-a4fb-a2e940825878

• The new Blue Origin discovery comprises a series of veins up to 20 cm wide containing bismuth minerals, molybdenite and chalcopyrite, hosted in a felsic intrusion located 4 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 (see image below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/89930104-011a-477f-8973-01104df3b54a

• Based on the newly discovered Visible Gold, bismuth minerals, molybdenite and chalcopyrite in the felsic to intermediate porphyritic dykes on Surebet as well as in the intrusions surrounding Surebet (i.e. Blue Origin) that strongly resemble a Reduced Intrusion-Related Gold system (RIRG), the Company has increased its 100 % controlled land package from 66,000 ha to 91,518 ha (28 % increase) to include open ground amenable to this type of mineralization (see map below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/189ef63d-b3b2-43a1-b171-7017b3e4cd01
• Currently the 100 % controlled Golddigger property encompasses 56 km of the Red Line in world class geologic terrane. This geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks is used as key marker when exploring for gold-copper-silver mineralization in the Golden Triangle.
• With only two months of drilling in the 2024 season Goliath Resources has already quadrupled the known depth extent of mineralization from 300 meters to over 1.2 km beneath the surface and remains wide open. This clearly demonstrates the tremendous discovery potential remaining and proves that we have barely begun to scratch the tip of the iceberg.
• Deep drilling is ongoing, focussed on discovery, including tapping into the feeder source of this extensive new high-grade gold system covering an area of over 1.8 km² and remains open.
• Additional drilling will target the Jackpot surface outcrop showing from a quartz-sulphide vein with 500 meters of strike that assayed 21.5 oz AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1,690.00 gpt Ag, 7.96 % Cu, 2.22 % Pb) on located 1 km southeast of Surebet and believed to be associated with the same mineralizing system as Surebet (see image below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/9bf7888e-1c37-40e5-9d3d-8949a5062096

Treasure Island Highlights:

• Extensive high-grade quartz-sulphide mineralization on the original Treasure Island discovery with channel samples that assayed up to 28.08 gpt AuEq and grab samples that assayed up to 11.08 gpt AuEq has been traced in drill holes for 450 meters of strike that remains open in all directions with 2,938 meters drilled from 4 pads (see image below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/80e41842-f9db-4804-8be2-2f83406d074e
• 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 over 450 meters of strike extent that remains open (see table below).

• Drill hole TI-24-01 intercepted a 9.8 meter interval of mineralization containing quartz stockwork and breccia hosting massive chalcopyrite (up to 8%) and pyrite (up to 10%) in a zone that remains open (assays pending).
• The strong sulphide mineralization encountered in drill hole TI-24-01 is comparable to what was observed in a surface channel cut, which assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) over 0.85 meters and confirms the continuity of the system at depth (see image below).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/1968124a-c4f5-426c-b5ee-c64a072c2d8a

• Pending assays, future work on Treasure Island will include a geophysical survey to identify the extent and geometry of the mineralized horizons at depth as well as additional drilling in 2025.

TORONTO, Sept. 03, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the highest concentration of Visible Gold to date drilled on the Surebet discovery at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. The intercept from drill hole GD-24-260 intersected the Bonanza Zone between 533.90 – 547.00 meters that remains open which includes the highest concentration of visible gold to date with a vein-hosted band of semi-massive pyrrhotite, sphalerite and minor galena and suggests this structure is a principal conduit for gold-depositing fluids and is likely close to the heat engine driving this system that remains open. In addition, the new Deep Zone discovered at 1,239 meters below surface contains multiple quartz veins with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open. Assays are pending.

Dr. Quinton Hennigh, Technical and Geologic Director of strategic shareholder, Crescat Capital, commented: “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.”

Visible Gold has been observed in 22 out of 33 holes (66 % of holes) drilled during the ongoing 2024 drill campaign as well as 100 % hit rate with compelling base metals mineralization observed in all drill holes. As a result of the continued success of the drilling in 2024, the program has been expanded from 15,000 to 36,000 meters with 8 drill rigs currently operating. The continuity of the thick high-grade gold horizon pertaining to the Bonanza Zone is currently being drill tested with 21 new holes in an area where GD-24-197 returned 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters (~true width) and GD-24-235 returning 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters (~true width).

Significant amounts of Visible Gold as well as bismuth mineralization, molybdenite and chalcopyrite have been identified in multiple veins hosted in intermediate porphyritic dykes in drill holes GD-24-237 and GD-24-240. Investigation of the mineralization in the dykes is ongoing. Visible Gold, bismuth mineralization, molybdenite and chalcopyrite mineralization has also been observed on surface on the new Blue Origin discovery located 4 km to the south of Surebet where a series of veins up to 20 cm wide are hosted in a felsic intrusion and display similar characteristics to the dykes observed on Surebet. 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. Based on the newly discovered Visible Gold, bismuth mineralization, molybdenite and chalcopyrite mineralization in the felsic to intermediate porphyritic dykes on Surebet as well as in the intrusions surrounding Surebet (i.e. Blue Origin) that strongly resemble a Reduced Intrusion-Related Gold system (RIRG), the Company has increased its 100 % controlled land package from 66,000 ha to 91,518 ha (28 % increase) to include open ground amenable to this type of mineralization.

Table 1: Visible gold identified in drill holes from 2024

With only two months of drilling in the 2024 season Goliath Resources has already quadrupled the known depth extent of mineralization from 300 meters to over 1.2 km beneath the surface and remains wide open. This clearly demonstrates the tremendous discovery potential remaining and proves that we have barely begun to scratch the tip of the iceberg. Deep drilling is ongoing, focussed on discovery, including tapping into the feeder source of this extensive new high-grade gold system covering an area of over 1.6 km² and remains open. Additional drilling will target a surface outcrop from a quartz-sulphide vein with 500 meters of strike that assayed 21.5 oz AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1,690.00 gpt Ag, 7.96 % Cu, 2.22 % Pb) on the Jackpot showing located 1 km southeast of Surebet.

Treasure Island

Extensive high-grade quartz-sulphide mineralization on the original Treasure Island discovery with channel samples that assayed up to 28.08 gpt AuEq and grab samples that assayed up to 11.08 gpt AuEq has been traced in drill holes for 450 meters of strike that remains open in all directions with 2,938 meters 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 over 450 meters of strike extent that remains open.

Drill hole TI-24-01 intercepted a 9.8 meter interval of mineralization containing quartz stockwork and breccia hosting massive chalcopyrite (up to 8%) and pyrite (up to 10%) in a zone that remains open. The strong sulphide mineralization encountered in drill hole TI-24-01 is comparable to what was observed in a surface channel cut, which assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) over 0.85 meters and confirms the continuity of the system at depth.

Pending assays, future work on Treasure Island will include a geophysical survey to identify the extent and geometry of the mineralized horizons at depth as well as additional drilling in 2025.

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 91,518 ha hectares and is in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone, at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport with supplies.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

Goliath is a paying member and active supporter of CASERM, an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data are used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface       resources continuing through mine operation as well as closure and environmental remediation. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization that confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is also a director of the Company.

About Goliath Resources Limited
Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen, Mr. Eric Sprott and a Global Commodity Group based in Singapore.

For more information please contact:

Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
[email protected]
www.goliathresourcesltd.com

Other

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Portable XRF (X-Ray Fluorescence) readings are semi-quantitative measurements and calibrations of the equipment in the field not always allow to compare results to certified reference materials but are used as guideline to augment the understanding of the mineralization observed. These measurements are not intended to be representative of the geochemical composition of the material measured. XRF readings are carried out using a handheld device and could be influenced by external factors.

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX Deposit^TM. Drill holes were planned using Leapfrog Geo^TM and QGIS^TM software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: Au 2398.13 USD/oz, Ag 28.118 USD/oz, Cu 4.10 USD/lbs, Pb 2067.5 USD/ton and Zn 2669 USD/ton on July 28th, 2024. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment.  In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

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