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press release

Sept. 23, 2021, 8:01 a.m. EDT

Goliath Drills 21.72 Meters* of Quartz-Sulphides Veining and Brecciation 1,000 Meters Down Dip From the Northeast Showing at Surebet Zone, Golden Triangle B.C.

  • All 24 completed drill holes drilled intersected significant widths of quartz-sulphides veining demonstrating the robust nature of the Surebet Polymetallic Gold-Silver Zone ("Surebet") that remains open both along strike and to depth.

  • GD-21-24 (421 meters @ 100�/-50�, UTMs: 457018E-6162588N) from the Real Deal Showing intersected 3 separate quartz-sulphide intervals:

  • GD-21-23 (172 meters @ 40�/-62�, UTMs: 457556E-6163166N) from the West Central Showing

  • Drill core from the 24 holes have been sent for analysis; assays from GD21-001 to -003 have been reported and results from 21 holes are still pending. [* The stated mineralized lengths in meters are downhole core lengths and not true widths. True widths will be calculated once all the drilling is completed, and the exact geometry of the quartz-sulphide system can be determined with confidence.]

TORONTO, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Goliath Resources Limited /zigman2/quotes/207152631/delayed CA:GOT 0.00% (otcqb:GOTRF) /zigman2/quotes/208131966/delayed DE:B4IF +5.43% (the "Company" or "Goliath") is pleased to report a 21.72 meter* intercept in drill hole GD-21-24 from the Real Deal Showing containing extensive veining and brecciation with up to 10% sulphides similar to the Surebet Polymetallic Gold-Silver Zone ("Surebet") seen in other intercepts.

All 24 drill holes (100%) in the 2021 maiden drilling campaign have intersected significant widths of quartz-sulphides veining along the 1,000 meters of strike length and 1,000 meters down dip extent demonstrates the extent and robust nature of Surebet. Surebet remains open both along strike and to depth. Assays are pending on 21 additional holes.

The Company drilled a total of 5,332 meters during its 2021 maiden diamond drill campaign at its 100% owned Golddigger Property. The program is now completed and is in the process of demobilizing for the season.

The 2021 drill campaign was designed to trace the high-grade gold-silver mineralization at Surebet along 1,000 meters of strike and down dip. From extensive channel cuts taken in 2020, the Surebet Zone averaged 9.84 meters wide grading 7.59 g/t Au with 500 meters of vertical relief and 1,000 meters of inferred down dip extent seen on the north side of the mountain. The Golddigger Property is located in a mining friendly jurisdiction in a world class geological setting near Stewart, B.C. in the Golden Triangle of British Columbia. The Homestake Ridge Deposit (Fury Resources Inc.), Dolly Varden Silver Mine (Dolly Varden Silver Corp.), and the Kinskuch Project (Hecla Mining Company) are in close proximity.

* The stated mineralized lengths in meters are downhole core lengths are not true widths. True widths will be calculated once all the drilling is completed, and the exact geometry of the quartz-sulphide system can be determined with confidence.

QA-QC Protocols

Oriented HQ-diameter diamond drill core from the Surebet drill campaign is placed in core boxes by the drill crew contracted by Goliath. Core boxes are transported by helicopter over a 15-kilometer distance to the Kitsault staging area, and then transported by truck approximately 500 meters to the Goliath core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labeled, 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 2019 and 2020 exploration campaigns, the 2021 airborne Mag and VLF-EM geophysical survey, and an in-house lineament study incorporating observed folds, axial planes, geologic contacts, dykes swarms, cleavages, and all significant lineaments/structures.

Drill core containing quartz, sulphides, 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 for future reference and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and pulp duplicates were added in the sample stream at a rate of 10%. Samples are transported in rice bags sealed with numbered security tags. Goliath personnel drives samples from Kitsault to Terrace and a transport company takes them from there to the ALS lab facilities in North Vancouver (or MSA lab facilities in Langley). At ALS (or MSA), samples are processed, dried, crushed, and pulverized before analysis using the ME-ICP61 and Au-ICP21 (ICP-130, ICA-5Ag, and FAS-124) methods. Overlimits are re-analyzed using the ME-ICP61, Au-ICP21, and Ag-GRA21 (FAS-428, ICA-6Ag, and FAS-425) methods. If Gold is higher than 5 g/t, the lab will re-analyze using Metallic Screening Au-SCR24C (MSC-150) method.

Golddigger Property

The Property covers an area of 23,859 hectares (for 59,646 acres or 239 square-kilometers) and is in the world class geological setting of the Golden Triangle area on tide water 30 kilometers southeast of Stewart, B.C. The Homestake Ridge Deposit (Fury Resources Inc.), Dolly Varden Silver Mine (Dolly Varden Silver Corp.), and the Kinskuch Project (Hecla Mining Company) are in close proximity.

Surebet is characterized by a series of NW-SE trending structures that occur within a package of Hazelton group sediments underlain by Hazelton volcanics and are within 2 km of the Red Line. Lidar imagery, drone imagery, and field observations have identified several additional paralleling structures within a 4 square-kilometers area. Geochemical analyses have confirmed high-grade gold-silver polymetallic mineralization within these structures.

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 Limited 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 Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887 x222
roger@goliathresources.com www.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.



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