GoGold Resources Inc. press release

Goliath Drills Remarkable Hole Assaying 34.52 g/t AuEq (1.11 oz/T AuEq) Over 39.00 Meters, Including 132.93 g/t AuEq (4.27 oz/T AuEq) Over 10.00 Meters, Plus Several High-Grade Holes With Multiple Intercepts, System Remains Wide Open, Golden Triangle, B.C. Assays Pending For 89 Out Of 105 Drill Holes

2025-01-13

TSX - Toronto Stock Exchange · Silver · Gold · Copper · Zinc · Lead · Canada

Drilling Highlights – Golddigger Property:

GD-24-260 intercepted the highest concentration of visible gold and its best high-grade gold drill hole to date at the Surebet Discovery from the Bonanza High-Grade Gold Zone that sits ~200 meters above the valley floor level. Mineralization is within a vein-hosted band of semi-massive pyrrhotite, where the gold occurs in alloys with silver, bismuth and tellurium. Mineralization was also intercepted in the Surebet Zone that sits above Bonanza; both remain wide open: Bonanza Zo ne: 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters. Surebet Zone: 5.51 g/t AuEq (5.39 g/t Au and 9.82 g/t Ag) over 3.40 meters within 2.96 g/t AuEq (2.89 g/t Au and 5.46 g/t Ag) over 6.35 meters.

An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/eb38ca1d-43bd-4fc2-8f50-7b6c704e35c9

GD-24-275 intercepted two separate stacked veins of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia; both remain wide open:

Surebet Zone: 5.00 g/t AuEq (4.88 g/t Au and 9.94 g/t Ag) over 6.00 meters, including 6.67 g/t AuEq (6.60 g/t Au and 13.07 g/t Ag) over 4.42 meters. Bonanza Zone: 12.01 g/t AuEq (11.70 g/t Au and 25.66 g/t Ag) over 11.00 meters including 16.48 g/t AuEq (16.05 g/t Au and 35.03 g/t Ag) over 8.00 meters.

An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/12bcd537-981a-44e9-abdd-f186337f73eb

GD-24-252 intercepted two separate stacked veins of high-grade gold, silver and base metals corresponding to the Bonanza and Golden Gate Zones characterized by sulphide rich quartz breccia; both zones remain open: Bonanza Zone: 5.25 g/t AuEq (5.13 g/t Au and 9.46 g/t Ag) over 10.97 m, including 5.74 g/t AuEq (5.61 g/t Au and 10.23 g/t Ag) over 8.95 meters. Golden Gate: 3.99 g/t AuEq (3.94 g/t Au and 4.46 g/t Ag) over 5.00 meters.

An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/51d59aa0-2888-4b67-9e54-f712c96052ad

GD-24-242 intercepted three separate stacked veins of high-grade gold, silver and base metals corresponding to the Surebet and Golden Gate Zones characterized by sulphide rich quartz breccia; all three zones remain open: Surebet Zone: 5.08 g/t AuEq (4.99 g/t Au and 7.29 g/t Ag) over 10.85 meters, including 8.41 g/t AuEq (8.26 g/t Au and 12.35 g/t Ag) over 5.46 meters. Bonanza Zone: 2.11 g/t AuEq (2.09 g/t Au and 1.71 g/t Ag) over 2.19 meters, within 1.11 g/t AuEq (1.10 g/t Au and 1.21 g/t Ag) over 5 meters. Golden Gate: 5.56 g/t AuEq (5.26 g/t Au and 24.61 g/t Ag) over 4.11 meters. An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d698cd93-3d8a-42f1-8d5c-a74f33684108

With only 3 months of drilling in 2024 and the strong gold mineralization observed in multiple drill holes the size of the known Bonanza High-Grade Gold Zone has been nearly doubled from an area 180,000 m 2 (720 x 612 x 410 meter triangular area) to 341,000 m 2 (835 x 685 x 612 x 410 meter polygon area) that remains wide open.

An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/a4be8477-eeab-4c21-ad24-2a7bdb0f46d5 An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/a51748bf-69f5-4ffb-b6d2-b425973b92fa

100 % of 243 holes drilled at the Surebet Discovery intersected the targeted mineralized zones, of which 106 intersected visible gold and/or abundant visible gold including coarse-grained visible gold. This includes 64 holes drilled in 2024 which intercepted significant mineralization with 92% of the holes (or 59 out of 64 holes) containing visible gold and/or abundant visible gold including coarse-grained visible gold, demonstrating the excellent continuity and predictability of this extensive high-grade world class gold discovery that remains wide open.

Assays are still pending on 89 of 105 holes (85%): 50 drilled in 2024 (42 have visible and/or abundant visible gold including coarse-grained visible gold), 13 drilled into the Reduced Intrusive Dykes 2021-2023 (6 have visible and/or abundant visible gold), 14 relogged shoulders 2021 – 2023 (3 have visible and/or abundant visible gold) and 12 drilled into volcanogenic massive sulphide (VMS) style mineralization at our newly discovered Treasure Island, 40 km to the north of the Surebet system.

An extensive trend of abundant visible gold distribution has been observed in multiple stacked veins in the sediments, at the contact of the sediments and volcanics, as well as in the volcanics. High in the system the visible gold is sporadic and fine-grained, then there is a transition to fine-grained abundant visible gold and coarse-grained visible gold as drilling has gone deeper into the gold mineralizing system. Visible gold is hosted within quartz-veins and quartz-breccias observed in all the rock packages, including the reduced intrusion related zones.

Metallurgical testing has shown exceptional gold recoveries of 92.2% from gravity and floatation requiring only a 327 micrometer crush, with 48.8% occurring as free gold; no deleterious elements detected, and no cyanide required to recover the gold.

TORONTO, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath” ) is pleased to report additional drill results for 5 drill holes from its successful 2024 field season at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. Excellent results from drill holes GD-24-260, GD-24-275, GD-24-252, and GD-24-242 clearly confirm the increase of mineralization within the Bonanza High-Grade Gold Zone which was expanded from 180,000 m 2 (720 x 612 x 410 meter triangular area) to 341,000 m 2 (835 x 685 x 612 x 410 meter polygon area) and remains wide open. High-grade gold mineralization with excellent continuity and predictability has also been confirmed in the Surebet and Golden Gate Zones, all of which remain wide open. Assays are still pending for a total of 89 out of 105 drill holes that are expected to be released in the immediate future once received, compiled and interpreted.

Dr. Quinton Hennigh, Technical Advisor of Goliath Resources, states: “ Drill intercepts from the Bonanza Shear Zone continue to generate remarkable gold values that strongly indicate this important structural zone is a likely feeder to the overall Surebet gold system. While other larger structures such as the Surebet Shear and the Golden Gate Zone are important, and should in no way be discounted, the Bonanza Shear is living up to its namesake. Not only are exceptional gold grades present, but the Bonanza lode, a relatively flat-oriented structure, displays robust thicknesses. Given the numerous drill intercepts that have penetrated this lode to date, it is clearly expansive, too, measuring at least 800 meters along strike and 600 meters down dip. Many assays from these holes will be returning over the coming weeks, but already, it is clear that Goliath needs to carry out a systematic drill campaign in 2025 to test this entire area as well as for extensions of the system as it remains open. We now have supporting evidence that gold in the Surebet system is likely fed by a gold-rich reduced intrusion. Goliath now needs to fully explore the Bonanza Zone, as well as each and every gold-bearing structure that is encountered in order to determine where all the fluids that emanated from this intrusion carried and deposited high-grade gold. Goliath is clearly on the right track.”

Roger Rosmus, Founder and CEO of Goliath Resources, states: “The more we drill, the bigger and higher grade the Surebet system gets. This has been clearly demonstrated by 100% of the holes drilled intercepting targeted zones or multiple stacked veins of mineralization, of which 92% contained visible gold and or abundant visible gold including coarse-grained visible gold as seen in GD-24-260 drilled this year. It’s our best ever Bonanza grade drill hole to date that reminds of the original drill holes from Eskay Creek & Aurelian Resources with our exceptional 39.00 meter intercept of 34.52 g/t AuEq (1.11 oz/T AuEq). We look forward to outlining the full extent of this world-class discovery with future drilling as it remains wide open in all directions. We firmly believe what has been found to date is only a tip of the iceberg. The feeder-source to this extensive high-grade system is indicated to be a reduced intrusion which would be a significant material addition to the potential scale and geometry of the Surebet Discovery. This new gold system continues to exceed our expectations based on the shear size and area containing multiple stacked high-grade veins like a layer cake, including the newly discovered mineralized veins containing visible gold 480 meters below the valley floor level that remains wide open. The system continues to deliver exceptional results consistent with the characteristics of a district scale Tier 1 high-grade gold asset. We are also very keen to report assays from our maiden drill program from the high-grade Treasure Island volcanogenic massive sulphide (VMS) style discovery included in the 89 remaining holes as they become available in the near future.”

During the 3 months drill season in 2024, the area of high-grade gold mineralization within the known Bonanza Zone (formerly described as the Bonanza High-Grade Gold Triangle) has been expanded and nearly doubled from a triangular area measuring 720 x 612 x 410 meters to a polygon area measuring 835 x 685 x 612 x 410 meters that remains wide open. All 64 holes drilled in 2024 have intercepted significant mineralization with 92% of the holes (or 59 out of 64 holes) containing occurrences of visible gold and/or abundant visible gold including coarse-grained visible gold, demonstrating the excellent continuity and predictability of this extensive high-grade gold system that remains wide open in all directions.

GD-24-260 intercepted the highest concentration of visible gold and it is the best ever high-grade gold drill hole to date at the Surebet Discovery from the Bonanza High-Grade Gold Zone that sits ~200 meters above the valley floor level. Mineralization is within a vein-hosted band of semi-massive pyrrhotite, where the gold occurs in alloys with silver, bismuth and tellurium. Mineralization was also intercepted in the Surebet Zone that sits above Bonanza; both remain wide open:

Bonanza Zone: 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters.

Surebet Zone: 5.51 g/t AuEq (5.39 g/t Au and 9.82 g/t Ag) over 3.40 meters within 2.96 g/t AuEq (2.89 g/t Au and 5.46 g/t Ag) over 6.35 meters.

GD-24-275 intercepted two separate stacked veins of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia; both remain wide open:

Surebet Zone: 5.00 g/t AuEq (4.88 g/t Au and 9.94 g/t Ag) over 6.00 meters, including 6.67 g/t AuEq (6.60 g/t Au and 13.07 g/t Ag) over 4.42 meters.

Bonanza Zone: 12.01 g/t AuEq (11.70 g/t Au and 25.66 g/t Ag) over 11.00 meters including 16.48 g/t AuEq (16.05 g/t Au and 35.03 g/t Ag) over 8.00 meters.

GD-24-252 intercepted two separate stacked veins of high-grade gold, silver and base metals corresponding to the Bonanza and Golden Gate Zones characterized by sulphide rich quartz breccia; both zones remain wide open:

Bonanza Zone: 5.25 g/t AuEq (5.13 g/t Au and 9.46 g/t Ag) over 10.97 m, including 5.74 g/t AuEq (5.61 g/t Au and 10.23 g/t Ag) over 8.95 meters.

Golden Gate: 3.99 g/t AuEq (3.94 g/t Au and 4.46 g/t Ag) over 5.00 meters.

GD-24-242 intercepted three separate stacked veins of high-grade gold, silver and base metals corresponding to the Surebet and Golden Gate Zones characterized by sulphide rich quartz breccia; all three zones remain open:

Surebet Zone: 5.08 g/t AuEq (4.99 g/t Au and 7.29 g/t Ag) over 10.85 meters, including 8.41 g/t AuEq (8.26 g/t Au and 12.35 g/t Ag) over 5.46 meters.

Bonanza Zone: 2.11 g/t AuEq (2.09 g/t Au and 1.71 g/t Ag) over 2.19 meters, within 1.11 g/t AuEq (1.10 g/t Au and 1.21 g/t Ag) over 5 meters. Golden Gate: 5.56 g/t AuEq (5.26 g/t Au and 24.61 g/t Ag) over 4.11 meters.

Table 1: Highlights for drill holes reported in this news release.

| Hole ID | Zone | | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | AuEq (g/t) | | GD-24-260 | Surebet | Interval | 434.00 | 440.35 | 6.35 | 2.89 | 5.46 | 0.01 | 0.14 | 0.06 | 2.96 | | Including | 435.86 | 439.26 | 3.40 | 5.39 | 9.82 | 0.02 | 0.25 | 0.11 | 5.51 | | | | Including | 435.86 | 438.25 | 2.39 | 7.60 | 13.29 | 0.02 | 0.35 | 0.14 | 7.76 | | | | Including | 437.32 | 438.25 | 0.93 | 17.42 | 23.07 | 0.02 | 0.61 | 0.31 | 17.71 | | | | Bonanza | Interval | 517.00 | 556.00 | 39.00 | 34.47 | 3.96 | 0.00 | 0.02 | 0.04 | 34.52 | | | Including | 534.00 | 544.00 | 10.00 | 132.78 | 12.98 | 0.00 | 0.04 | 0.11 | 132.94 | | | | Including | 535.00 | 543.00 | 8.00 | 165.84 | 16.07 | 0.01 | 0.05 | 0.13 | 166.04 | | | | GD-24-275 | Surebet | Interval | 288.00 | 294.00 | 6.00 | 4.88 | 9.94 | 0.01 | 0.02 | 0.34 | 5.00 | | Including | 289.58 | 294.00 | 4.42 | 6.60 | 13.07 | 0.01 | 0.03 | 0.44 | 6.76 | | | | Including | 289.58 | 293.00 | 3.42 | 8.50 | 16.71 | 0.02 | 0.04 | 0.56 | 8.71 | | | | Bonanza | Interval | 428.00 | 439.00 | 11.00 | 11.70 | 25.66 | 0.05 | 0.69 | 0.63 | 12.01 | | | Including | 430.00 | 438.00 | 8.00 | 16.05 | 35.03 | 0.07 | 0.94 | 0.87 | 16.48 | | | | Including | 431.00 | 436.90 | 5.90 | 21.60 | 46.86 | 0.09 | 1.27 | 1.15 | 22.18 | | | | GD-24-252 | Bonanza | Interval | 433.92 | 452.10 | 18.18 | 3.26 | 8.56 | 0.02 | 0.17 | 0.29 | 3.36 | | Including | 435.95 | 451.10 | 15.15 | 3.89 | 10.13 | 0.03 | 0.20 | 0.34 | 4.01 | | | | Including | 440.13 | 451.10 | 10.97 | 5.13 | 9.46 | 0.02 | 0.20 | 0.28 | 5.25 | | | | Including | 442.15 | 451.10 | 8.95 | 5.61 | 10.23 | 0.02 | 0.23 | 0.32 | 5.74 | | | | Golden Gate | Interval | 530.04 | 538.00 | 7.96 | 2.48 | 2.97 | 0.01 | 0.02 | 0.36 | 2.51 | | | Including | 532.00 | 537.00 | 5.00 | 3.94 | 4.46 | 0.01 | 0.04 | 0.57 | 3.99 | | | | GD-24-242 | Surebet | Interval | 328.00 | 342.00 | 14.00 | 4.03 | 7.22 | 0.01 | 0.06 | 0.11 | 4.12 | | Including | 331.15 | 342.00 | 10.85 | 4.99 | 7.29 | 0.01 | 0.07 | 0.13 | 5.08 | | | | Including | 331.15 | 336.61 | 5.46 | 8.26 | 12.35 | 0.01 | 0.13 | 0.17 | 8.41 | | | | Bonanza | Interval | 443.00 | 448.00 | 5.00 | 1.10 | 1.21 | 0.01 | 0.01 | 0.09 | 1.11 | | | Golden Gate | Interval | 582.00 | 586.11 | 4.11 | 5.26 | 24.61 | 0.03 | 0.20 | 2.38 | 5.56 | | | GD-24-280 | Bonanza | Interval | 148.00 | 151.00 | 3.00 | 0.91 | 0.72 | 0.00 | 0.00 | 0.01 | 0.92 | | | | | | | | | | | | | |

The continuity and predictability of this newly expanded thick high-grade gold horizon has previously been drill tested where GD-23-197 assayed 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters (released October 17, 2023), GD-24-235 assayed 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters (released July 30, 2024), GD-24-249 assayed 30.55 g/t AuEq (0.98 oz/t AuEq) over 8.95 meters (released December 12, 2024) and GD-24-262 assayed 13.90 g/t AuEq (13.85 g/t Au and 3.59 g/t Ag) over 7.60 meters (released January 7, 2025). The new Bonanza High-Grade Gold Zone outcrops on the surface 200 meters above the valley floor level at an elevation of 900 meters above sea level.

The Bonanza High-Grade Gold Zone remains open in all directions, including to depth, where the new Deep Zone was discovered at 1,239 meters downhole from the Bang On Pad and only 480 meters below the valley floor level. This zone contains multiple quartz-sulphide veins and breccias with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open. The mineralized zones contain significant amounts of chalcopyrite, galena and sphalerite and remains wide open. Assays for all holes that intersected the new Deep Zone are pending.

The Company looks forward to continuing to expand the mineralization at Surebet and increase the understanding of the geometry and controls of the mineralization with additional modelling as results become available in the immediate future. The discovery of the RIRG mineralization (released December 12, 2024) clearly indicates proximity to the source of this extensive mineralizing system. Drilling in 2025 will focus on expanding the mineralization in all directions, including to depth towards the potential source for the fluids responsible for the extensive high-grade gold-silver mineralization on the Surebet discovery.

Table 2: Collar information for drill holes reported in this news release.

| Hole number | CRS | Easting (m) | Northing (m) | Elevation (m) | Azimuth (deg) | Dip (deg) | Length (m) | | GD-24-280 | NAD83 / UTM zone 9N | 457881 | 6162621 | 1175 | 200 | 55 | 281 | | GD-24-275 | NAD83 / UTM zone 9N | 457365 | 6162758 | 1509 | 135 | 75 | 687 | | GD-24-260 | NAD83 / UTM zone 9N | 457364 | 6162753 | 1503 | 165 | 55 | 619 | | GD-24-252 | NAD83 / UTM zone 9N | 457444 | 6162778 | 1512 | 110 | 80 | 671 | | GD-24-242 | NAD83 / UTM zone 9N | 457447 | 6162776 | 1512 | 120 | 63 | 862 | | | | | | | | | |

Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares 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 has hosted some of Canada’s greatest mines including 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% with 48.8% of it as free gold from gravity alone at a 327-micrometer crush (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present.

The Property 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.

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 is 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. The study confirmed an extensive intrusive feeder source at depth for the high-grade gold mineralising fluids at Surebet.