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Study Confirms the Surebet High-Grade Gold-Silver Discovery is Part of a Deep-Rooted Intrusion-Related Precious Metals System With Excellent Expansion Potential

31.03.2022  |  GlobeNewswire

TORONTO, March 31, 2022 - Goliath Resources Ltd. (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the "Company or "Goliath") is pleased to announce findings from a study of mineralized specimens from the Surebet Zone conducted by Dr. Thomas Monecke and T. James Reynolds of the Colorado School of Mines. The Surebet Zone is part of Goliath's 100% controlled Golddigger Property in the Golden Triangle, British Columbia.

Summary of Findings:

  • A petrographic and fluid inclusion study of mineralized specimens from the Surebet Zone conducted by Dr. Thomas Monecke and T. James Reynolds of the Colorado School of Mines concludes that this newly discovered mineralizing system is intrusion-related having formed at significant depth, over 5‒6 km, below paleosurface.
  • Recognition of Surebet's deep-rooted, intrusion-related formation points to significant exploration upside at Goliath's 100% controlled Golddigger project in the Golden Triangle of British Columbia. Because the causative intrusion is presumed to be well down-dip to the west of Surebet, it is considered likely that mineralization persists well beyond the current limits of drilling, approximately 1.1 km down dip from the outcropping Surebet Zone. It is also logical that faulted offsets of the Surebet Zone have yet to be discovered elsewhere on the property, the New Extension Target immediate southeast of Surebet being an example.
  • Two main types of hydrothermal vein quartz are present: 1) early quartz that formed under lithostatic conditions, and 2) a second quartz generation that formed under hydrostatic conditions and crosscuts earlier quartz. Fluid inclusion evidence unequivocally demonstrates that vein quartz formation occurred at the transition from ductile to brittle behavior, at high temperatures of ~350‒400⁰C, during a period related to overall cooling of the hydrothermal system. The change from ductile to brittle behavior of the wall rocks adjacent to the Surebet structure likely caused a change in pressure of the hydrothermal fluids as they flushed into an open network of newly formed brittle fractures.
  • Sulfides crosscut early-stage quartz and formed in association with, and/or after, second generation quartz. Mineralization formed under hydrostatic conditions when fluid flow occurred though a more open fracture network.

"This first ever study of the formational environment of the Surebet Zone provides strong support for significant upside potential at Surebet and elsewhere across the Golddigger property," commented Dr. Quinton Hennigh, Technical and Geologic Director of Crescat Capital, a strategic shareholder of Goliath Resources. "Surebet is a deep-rooted intrusion-related gold deposit, one that is likely expansive. The causative intrusion probably lies well down dip of Surebet to the west indicating we have lots more room to explore this strongly mineralized zone down dip. It is logical that lateral but down-faulted segments of the Surebet system will be discovered to the north and south. The New Extension Zone immediately southeast of Surebet is a likely example. With this intrusion-related model in hand, Goliath is very confident to step out boldly with future exploration efforts. This year, Goliath will undertake a three-pronged approach to explore Golddigger: 1) to drill as much as 24 km of diamond core at Surebet, some holes as far as 1.5 km down dip from where Surebet outcrops, 2) conduct inaugural drilling at the New Extension Zone to test whether this is indeed a major extension of Surebet, and 3) to aggressively pursue prospecting for new zones of intrusion-related mineralization across the property. Goliath is set to have a very productive 2022."

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resources Ltd. projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

About Goliath Resources Limited

Goliath Resources Ltd. is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and the Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada.

For more information please contact:
Goliath Resources Ltd.

Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
roger@goliathresources.com
https://goliathresourcesltd.com

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 news 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 news release contains forward-looking information relating to, among other things, the ability of Company to complete the 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 news 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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