Goliath Resources (TSXV:GOT) has announced the discovery of a new mineralized zone at its Golddigger Property in British Columbia’s Golden Triangle. The company reported finding visible gold and strong sulphide mineralization in the first drill hole of its 2024 exploration program.

Dr. Quinton Hennigh, Technical and Geologic Director of strategic shareholder, Crescat Capital, commented in a press release: “Just recently, I explained why I think this is going to be a summer of discovery for Goliath. The Company rightly persists to test new ideas and targets that have consistently generated better and better results from Surebet and other targets across the Golddigger Project. And here we are, just one week into the program, with what appears to be a major new discovery of a gold-rich zone, possibly a root feeder to the Surebet and related structures. The abundant particles of visible gold observed in this new zone give reason for a lot of excitement, especially given that mineralization is spatially associated with what might prove to be a causative intrusion. Other indicators support this magmatic association including the presence of molybdenum and bismuth-rich minerals in the sulfide assemblage of the vein breccia. I think the team at Goliath has done a remarkable job of identifying this target using sound science, and they should be congratulated for this remarkable discovery.”

Drill hole GD-24-235, collared from the Golden Gate Pad, intersected multiple mineralized veins containing visible gold, galena, sphalerite, pyrrhotite, and pyrite. The hole, drilled to a depth of 696 meters at an azimuth of 180 degrees and dip of 81 degrees, passed through a sedimentary sequence of mudrocks, an intermediate intrusive unit, multiple intermediate dykes, and andesite.

A significant interval of 22.4 meters containing a porphyritic intrusion with veins showing visible gold, molybdenum, and bismuth mineralization was reported. The company states this increases their confidence in the proximity of the feeder source for the Surebet system, which remains open for further exploration.

The drill hole was designed to intercept the Bonanza shear and test below an area where a previous hole (GD-23-197) intersected 9 meters grading 34.03 g/t gold equivalent in 2023. Goliath Resources reports that mineralization observed in the new hole is similar to what was seen in the 2023 drill hole, suggesting comparable gold grades may be expected.

Several mineralized intervals were highlighted in the company’s announcement:

– A 12-meter interval of high vein density from 445-457 meters downhole
– A quartz vein with significant mineralization from 445.4-447.39 meters
– Another quartz vein from 450.17-450.64 meters with visible gold
– Multiple quartz-sulphide veins observed between 550 and 650 meters downhole
– A 24.4-meter porphyritic intrusive unit from 529.29-553.67 meters

The 2024 drill program at the Golddigger Property is planned for 15,000 meters across 62 drill holes from 22 pad locations. Two drill rigs are currently operating on site. The program will focus on testing the potential feeder source at depth, discovering new veins, expanding the known vein footprint, and increasing vein continuity.

Goliath Resources controls 66,608 hectares at the Golddigger Property, which is located within the Eskay Rift geological setting of British Columbia’s Golden Triangle. The property is situated near other significant mining projects in the region and is reported to have good access to infrastructure, including proximity to tide water and road connections.

The company reports that previous metallurgical work on the Surebet discovery at Golddigger showed gold recoveries of 92.2%, including 48.8% free gold from gravity separation alone, with no cyanide required for gold recovery.

Highlights from the results are as follows:

• Discovery of a new deep zone, the “Mothership Feeder Zone” containing abundant visible gold and strong sulphide mineralization in quartz breccia at 648 meters downhole and 125 meters in elevation above the valley floor from GD-24-235, the first drill hole of 2024 (see image below).
• Discovery of a new 24.4 meter porphyritic intrusion between 529.29 – 553.67 meters downhole containing veins with abundant visible gold, molybdenite up to 2 mm in size and bismuth indicates increased confidence in the proximity of the feeder source of the Surebet system that remains wide open. (see image below).
  • An accompanying infographic is available here

• Results from this first drill hole confirms the strong potential for additional discovery during the 2024 drill program that has just began.
• Follow up on this newly discovered zone is underway with several deeper drill holes planned testing to greater depth inclusive of a 900 meter hole that is being drilled now.
• GD-24-235 is the first drill hole of 2024 which has intersected multiple strongly mineralized veins containing visible gold, galena, sphalerite, pyrrhotite and pyrite mineralization in both the sedimentary and volcanic units.
• GD-24-235 intersected a 12 meter interval of high vein density between 445 – 457 meters downhole, with multiple large quartz-sulphide veins at the contact between sedimentary and volcanic units containing abundant visible gold, up to 2 % sphalerite, 1 % galena, 1 % chalcopyrite, 2 % pyrrhotite, and 3 % pyrite.
• Within the andesite unit of GD-24-235, a 10 meter interval hosting a series of closely spaced quartz-sulphide veins have being observed between 550 and 650 meters downhole with abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite (see image below).
  • An accompanying infographic is available here
• Drill hole GD-24-235 was designed to intercept the Bonanza shear and volcanics below where drill hole GD-23-197 from 2023 intersected 9 meters of 34.03 g/t AuEq or 1.09 oz/t AuEq (32.55 g/t Au and 65.71 g/t Ag) in 2023.
• The mineralization observed in hole GD-24-235 from the 445.4 – 447.39 meter downhole interval is reminiscent of what was observed from 449.37 – 458.40 meters in GD-23-197, suggesting that similar gold grades can be expected from this interval; assays pending (see comparison image below).
  • An accompanying infographic is available here

• The drill program on Surebet is focused on testing its potential feeder source at depth above and below the valley floor, discovering new additional veins/shears, expansion of the known 10 vein footprint, and increased continuity of veins/shears.

Surebet Highlights:

• Colorado School of Mines study confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet, this provides excellent potential for additional upside drill discovery and expansion at depth (see About CASERM below).
• Several lines of evidence, including metals content and geochemical trace elements hot spots, zonation, type, origin of fluids and age of the mineralization strongly suggest vectoring in on a possible Porphyry Feeder Source.
• Exceptional continuity and excellent metallurgical recoveries of 92.2% Gold from gravity & flotation, inclusive of 48.8% Free Gold from gravity alone at a 327 micron crush; no deleterious minerals or cyanide required.
• The Golddigger property is fully permitted until 2029 for 199 drill pads.
• 66,930 meters have been drilled to date at the Golddigger property (2021 – 2023).
• 44 holes (or 35%) of 124 holes drilled in 2023 contained Visible Gold with nuggets up to 11 mm in size.
• 11 holes to date are greater than 100 and up to 513 gm AuEq.
• Best hole drilled to date is GD-23-180 assaying 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters, including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters.
• Mineralization is exposed at surface for 1.0 kilometers of strike and 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity.
• 10 mineralized vein horizons have been identified to date and remain open.
• The mineralized footprint of the Surebet discovery corresponds to 1.8 km², the equivalent in size to >336 NFL football fields.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.