Honey Badger Silver Inc press release

Goliath Resources Concludes Successful 2024 Drill Season At New Bonanza High-Grade Gold Triangle, Deep Zone, Reduced Intrusive Related Gold (RIRG), and Treasure Island For A Total Of 38,125 Meters Drilled On Its Golddigger Property, Golden Triangle, B.C.

2024-10-10

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2024 Season Highlights:

In total, assays are pending on 105 holes that include: 62 holes (out of 64) drilled this year, 17 previous holes relogged with RIRG style mineralization in dykes and 14 other separate holes relogged that were drilled between 2021 – 2023 at Surebet. Assays are pending for 12 holes drilled at Treasure Island this year as well. 59 drill holes from this year contained visible gold representing 92% of the holes in 2024, of which 19 (or 32%) had abundant visible gold (more than 4 recorded occurrences). Bonanza High-Grade Gold Triangle The new Bonanza High-Grade Gold Triangle delineates a zone of substantial gold and sulphide mineralization within a triangle measuring 720 x 612 x 410 meters with intervals over 9 meters and assaying over 31.1 g/t Au, demonstrating the high-grade gold potential of this excellent mineralized core zone that remains open. An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb0599ed-9a16-4deb-9dba-d7b8a949f835

The new Bonanza Gold Triangle continuity of the thick high-grade gold horizon has been drill tested with 19 holes where previously announced GD-24-197 assayed 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters ~true width and GD-24-235 assayed 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters ~true width. The new Bonanza Gold Triangle is located at the structural intersection of the Surebet Zone with the Bonanza Zone and outcrops on the surface 200 meters above the valley bottom at an elevation of 900 meters above sea level. An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0f773fb9-07cf-4c27-9c8e-753b346bbddd

Assays for 17 holes (out of 19) from the new Bonanza Gold Triangle are pending.

New Deep Zone The new Deep Zone discovered at 1239 meters below surface contains multiple quartz-sulphide veins and breccias with visible gold, chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open in every direction including at depth. An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/334c62e3-f6a4-469f-b8d2-e1307cbd52e8

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 visible gold, significant amounts of chalcopyrite, galena and sphalerite and remains wide open. Assays for all that intersected the new Deep Zone are pending.

Reduced Intrusion Related Gold Significant amounts of visible gold, bismuth mineralization, and molybdenite have been identified in veins hosted in intermediate porphyritic dykes in multiple drill holes. An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/314ea20b-abf5-4efc-9cf8-46c0cf866703

Relogging and sampling of the dykes in drill core from 2021-2023 included 17 holes for a total of >800 samples submitted to be assayed.

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 4.5 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 km 2 area that remains open. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7d99b12a-4627-4b05-910d-9b074c6fb09d

Based on the newly discovered visible gold, bismuth minerals, and 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.

Assays for all 24 holes containing mineralized dykes as well as all the surface samples from Blue Origin are pending. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d1e5790e-ed08-4811-8a42-bc90fce10ed7

Jackpot

The Jackpot showing is located 1.4 km to the east of Surebet and similarly to the Bonanza Gold Triangle it lies at the intersection between the highly prolific Bonanza Shear and a southwest dipping sulphide mineralized shear zone where multiple samples assayed >5 g/t AuEq and remains open.

A sample with a 7 mm nugget of visible gold was collected on the jackpot showing from the same vein where sample ST116183 assayed 21.5 oz/t AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1690.00 gpt Ag, 7.96 % Cu, 2.22 % Pb). A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4fa7c34d-bcaf-4b05-8992-331feb3f2c88

Assays are pending on all 6 drill holes from the Jackpot showing.

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 m of strike that remains open in all directions with 2938 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-sulph ide breccia over 450 m strike extent that remains open.

| | | Treasure Island Mineralized Interval | Including moderate, semi-massive and massive sulphide | | | | | | | | | | | | Hole ID | Pad ID | From | | To | | Interval | | From | | To | | Interval | | | TI-24-01 | Pad 1 | 376.64 | | 415.29 | | 38.65 | | 376.64 | | 386.44 | | 9.80 | | | TI-24-05 | Pad 2 | 23.40 | | 71.75 | | 48.35 | | 23.40 | | 29.60 | | 6.20 | | | TI-24-08 | Pad 3 | 53.00 | | 65.70 | | 12.70 | | 59.30 | | 65.70 | | 6.40 | | | TI-24-12 | Pad 4 | 120.50 | | 140.75 | | 20.25 | | 136.00 | | 140.75 | | 4.75 | | | Average | | | | | | 29.99 | | | | | | 6.79 | |

Treasure Island (cont.) The strong sulphide mineralization encountered in drill holes 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. An inforgraphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/24c42290-5da2-4745-a3a0-35fa9ca83238

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.

Assays are pending for all 12 holes drilled on Treasure Island.

TORONTO, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath” ) is pleased to give a summary of the successful 2024 field season at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. Highlights of the 2024 season include the delineation of the new high-grade Bonanza Gold Triangle, the visible gold in and strong sulphide mineralization observed in the new Deep Zone, the Reduced Intrusion Related Gold mineralization and textures observed within porphyritic dykes and plutons in drill hole and outcrop, and the successful inaugural drill program at Treasure Island. Assays are pending for 62 holes (out of 64) drilled this year at Surebet, as well as 17 holes with RIRG style mineralization in dykes and 14 separate holes relogged that were drilled between 2021 – 2023. In addition, assays are pending for the 12 holes drilled at Treasure Island in 2024.

Roger Rosmus, Founder and CEO of Goliath Resources, states: “ We are excited about the drilling program for 2024 which we believe is our most successful to date at the Golddigger project. Of particular note, is the high percentage of visible gold and/or abundant visible gold in our drill core this year plus intercepting the high-grade area modeled where Bonanza Shear Zone and the Surebet Zone look to meet. Based on the two different dip directions for Surebet and Bonanza, it appears to be high-grade gold mineralizing zones, with exceptional amounts of visible gold, over a large area that we are now calling the Bonanza High-Grade Gold Triangle. Our drilling and geological team did a fantastic job completing 38,125m with 9 drill rigs running at the peak of the 2024 drilling season. In addition, advancement in the series of stacked zones at the Surebet discovery with impressive continuity, predictability and widespread distribution of visible gold, we were also able to drill at several of our regional exploration targets. Our deepest drilling to date, below the Surebet discovery shows that the visible gold mineralization continues to 1239 meters below surface into what we are calling the Deep Zone. We are delighted to have discovered a RIRG style of mineralization on our Golddigger project that could provide additional value to our shareholders. So far, we have made multiple discoveries of a series of different styles of mineralization at Golddigger that impresses us as they are all in close proximity which suggests a dynamic, long lived, powerful, multiple event mineralizing system at depth that remains open; hence, the more we drill the system gets bigger with ever season”.

Bonanza Gold Triangle

The new Bonanza High-Grade Gold Triangle delineates a zone of substantial gold and sulphide mineralization within a triangle measuring 720 x 612 x 410 meters, demonstrating the high-grade gold potential of this excellent mineralized system that remains open. The continuity of this thick high-grade gold horizon has been drill tested with 19 holes where GD-24-197 assayed 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters ~true width and GD-24-235 assayed 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters ~true width. The new Bonanza Gold Triangle is located at the structural intersection of the Surebet Zone with the Bonanza Zone and outcrops on the surface 200 meters above the valley bottom at an elevation of 900 meters above sea level. Assays for 17 holes (out of 19) from the new Bonanza Gold Triangle are pending.

Deep Zone

The new Deep Zone discovered at 1239 m below surface 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 deepest downhole mineralized interval intercepted to date comes from 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. Assays for the drill hole that intersected the new Deep Zone are pending.

Reduced Intrusion Related Gold

Significant amounts of Visible Gold, bismuth mineralization, and molybdenite have been identified in veins hosted in intermediate porphyritic dykes in multiple drill holes. Relogging and sampling of the same type of material in dykes from drill core from 2021-2023 included 17 holes for a total of >850 800 samples. Similar mineralization was also observed on the surface at the newly discovered Blue Origin zone. This 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. Based on the newly discovered Visible Gold, bismuth minerals, and molybdenite 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. Assays for all 24 holes containing mineralized dykes as well as all the surface samples from Blue Origin are pending.

Jackpot

The Jackpot showing is located 1.4 km to the east of Surebet and similarly to the Bonanza Gold Triangle it lies at the intersection between the highly prolific Bonanza Shear and a southwest dipping sulphide mineralized shear zone where multiple samples assayed >5 g/t AuEq. A sample with a 1 cm nugget of visible gold was collected on the jackpot showing from the same vein where sample ST116183 assayed 21.5 oz/t AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1690.00 gpt Ag, 7.96 % Cu, 2.22 % Pb). The target remains open in all directions due to overburden and vegetation cover and was tested with 6 drill holes this season. All assays from this area are currently pending.

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 m of strike that remains open in all directions with 2938 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 m strike extent that remains open. The strong sulphide mineralization encountered in drill holes 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. 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. Assays are pending for all holes drilled on Treasure Island.

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.

RSU Grant

The Company has granted an aggregate of 2,875,000 restricted share units to officers and directors of the Company, which will vest equally over three years, with first vesting occurring after one year. The grant of the restricted share units are subject to the Company's omnibus equity incentive plan.

Other

Pursuant to the Company’s private placement of common shares completed on September 10, 2024, Crescat Capital LLC (“Crescat”), an insider of the Company, subscribed for 900,901 common shares at a price of $1.11 per share. The insider private placement was exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“) by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company which were issued to Crescat did not exceed 25% of its market capitalization.

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 intrusive 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 and Mr. Eric Sprott.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887 roger@goliathresources.com www.goliathresourcesltd.com

Disclaimer

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%.