Goliath Drilling Confirms 100% Of The First 8 Holes Of 2024 Hit Significant Mineralization, 75% Of The Holes Contain Abundant Visible Gold Up To 1.3mm In Size, Surebet Discovery, Golden Triangle B.C.

Drill Highlights From 2024 Drilling Season:

• 100% of the first 8 holes drilled to date during the 2024 drill season have intercepted continuous strong mineralization in the targeted veins. Including mineralization that suggests the drilling has tapped into the heat engine source of the gold mineralizing system at the Surebet Discovery.
• Abundant Visible Gold up to 1.30 mm in size has been identified in multiple intervals in 6 out of the first 8 holes of 2024, corresponding to 75% of the holes drilled thus far. The majority being hosted further downhole within the volcanics, and gold mineralization remains open in all directions.
• Mineralization consists of abundant visible gold, galena, sphalerite, chalcopyrite, and other sulphides hosted in breccia, stockwork and/or veins. This system remains wide open for further discoveries.
• To date, 10 mineralized veins have been delineated within the Hazelton Sedimentary unit and underlaying Hazelton volcanics, with additional (or continued) mineralization being discovered at downhole depth along trend deeper in the mountain. Promising results from 2024 drilling campaign has intercepted a new zone that could potentially be the top of the heat engine source.
• An impressive vertical trend of visible gold has been noticed in the drill core. Highest in the gold zones, it is fine grained sporadic visible gold. In the deeper downhole zones, there is a transition to abundant visible gold including coarse grained visible gold.
• Drill hole GD-24-244 (in progress) intersected visible gold within an interval of strong quartz-sulphide mineralization at 700 meters downhole hosted within the volcanics. This is the deepest downhole occurrence of visible gold and sulphide-mineralization recorded to date on the Surebet Discovery, confirming the tremendous additional discovery potential at depth below the valley floor where the system remains wide open (see image below).
  
  • An accompanying infographic is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/f17283b1-5dfd-41e7-a468-1bf5321c912a
    

• GD-24-242 collared from Golden Gate pad intersected multiple intervals of mineralization consisting of quartz-sulphide veining and stockwork cumulatively adding up to 90.15 meters, within which 4 occurrences of visible gold were identified and remains open.
  

• It is important to note that the gold zones start at the top of the mountain where there is an extremely large outcrop with 700 meters of vertical relief. It goes down 1 kilometer on the south slope and 1.1 kilometer down the north slope, then appears to have the potential to extend down to the valley floor and beyond. The gold zones could be easily accessed through a series of portals and underground workings to precisely target the gold zones in a potential mining scenario.
  
• Drilling has barely started to scratch the surface, with excellent potential for additional discovery as we venture deeper down into and past the valley floor. Because of the topography of the Surebet discovery and the majority of drilling being carried out on the slope of the mountain, none of the drill holes completed to date have drilled deeper than the valley floor, where the Surebet system remains open.
• The increase in coarser visible gold and base metal components observed with depth, indicates stronger mineralization in deeper parts of the system as drilling ventures past the valley floor. This suggests that drilling is closing in on the heat engine responsible for the precious and base metals mineralization observed at Surebet (see image below).
  
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/a46cc828-bfec-4d38-9e09-f78b4c4af76d

• The expanded 2024 drill plan will focus on building continuity on the 10 known mineralized veins, including Surebet, Bonanza, Eldorado and Golden Gate as well as expanding them in all directions, which will allow the Company to better understand the size and grade distribution of this system that remains wide open.
  

• GD-24-235 collared from Golden Gate pad, and previously reported, intercepted abundant visible gold up to 1.30 mm in size and sulphide mineralization in shear zones hosted in both the sedimentary and volcanic units. This hole assayed 15.86 g/t AuEq (15.40 g/t Au and 17.11 g/t Ag) over 11.9 meters ~true width, including 35.04 g/t AuEq (34.16 g/t Au and 34.15 g/t Ag) over 5.24 meters ~true width (updated interval) and corresponds to the Bonanza Shear (444.3 – 452.9 meters downhole):
  • Assays are pending on a 24.4 meter intercept of a porphyritic intrusion with abundant visible gold, molybdenite up to 2 mm in size, and bismuth between 529.29 - 553.67 meters downhole interpreted as Mothership Feeder Zone;
  • The newly discovered mineralized porphyritic intrusion intercepted at depth strongly indicates close proximity to the feeder source responsible for the widespread high-grade mineralization confirmed at Surebet; and
  • Assays are also pending on a 10 meter interval between 550 and 650 meters downhole that is hosted within the andesite with abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite interpreted as the Golden Gate Zone.
    • An accompanying infographic is available at:
      https://www.globenewswire.com/NewsRoom/AttachmentNg/7066fac7-9aef-4fb7-bffd-4220125f80f4

• GD-24-236 collared from Go-For-Gold pad, as previously reported, intercepted high-grade gold mineralization containing 4.14 g/t AuEq (3.02 g/t Au and 63.55 g/t Ag) over 6.0 meters, including 6.79 g/t AuEq (4.96 g/t Au and 78.03 g/t Ag) over 3.04 meters interpreted to correspond with the Surebet Upper Zone.
  
• GD-24-242 collared from Golden Gate pad intersected multiple intervals of mineralization consisting of quartz-sulphide veining and stockwork cumulatively adding up to 90.15 meters, within which 4 occurrences of visible gold were identified. Within the sedimentary rocks a high-density vein interval was identified between 190.00 and 498.15 meters, including 47.07 meters of quartz-sulphide stockwork containing pyrrhotite, chalcopyrite and sphalerite from 190.00 meters to 237.07 meters, and 21.02 meters of high-density quartz veining containing pyrrhotite, chalcopyrite and sphalerite from 474.50 meters to 495.52 meters. The Bonanza Shear was intercepted at the contact between sedimentary and volcanic rocks from 583.70 meters to 585.49 meters and is characterized by semi-massive to massive pyrrhotite (up to 50 %), sphalerite (up to 8%) and galena (up to 3%).
  
• GD-24-242 has the longest intercept of consistent and widespread quartz-sulphide mineralization of the holes completed so far in 2024 (assays pending).
• GD-24-240 collared from Goldsmith pad intercepted multiple quartz-sulphide veins and stockwork sections including visible gold hosted in the sedimentary rocks between 204.20 meters and 379.47 meters, which includes a 9.68 meter interval corresponding to the Bonanza Shear from 369.80 meters to 379.47 meters characterized by semi-massive sphalerite, chalcopyrite and pyrrhotite (assays pending).
• GD-24-241 collared from Golden Gate pad intercepted an extensive 51.33 meter interval consisting of sheared quartz-stockwork with high density of veins containing chalcopyrite (up to 1%), pyrrhotite (up to 1%) and pyrite (up to 1%) from 442.71 meters to 494.04 meters. Visible gold was intercepted in 3 separate veins hosted in the volcanic rocks between 553.72 meters and 568.89 meters (assays pending).
• GD-24-238 collared from Go-for-Gold pad intersected 2.59 meter interval of quartz-sulphide breccia and stockwork containing up to 5% pyrite, 1% galena, 1% chalcopyrite and minor sphalerite from 281.07 meters to 283.66 meters hosted within a 12.13 meter section of sedimentary rocks characterized by pervasive quartz-sulphide veining from 274.78 meters to 286.91 meters (assays pending).
• GD-24-237 collared from Golden Gate pad intercepted 1.61 meter interval of quartz-sulphide stockwork and veining at the contact between sedimentary and volcanic rocks corresponding to the Bonanza Shear from 449.69 meters to 451.30 meters with pyrite (up to 1%), minor galena, sphalerite and pyrrhotite. The sedimentary rocks above this interval contain significant quartz veining with trace sulphide from 425.00 meters to 449.69 meters. A second interval of quartz-sulphide veining containing visible gold is 0.75 meters long and was identified from 569.29 meters to 570.04 meters and is hosted in volcanic rocks containing veinlets of pyrrhotite and pyrite throughout from 451.30 meters to 833.73 meters (assays pending).

Surebet Highlights:                               

• Exceptional continuity of the gold mineralization that is predictable with our geological team has a strong understanding of the system. The gold mineralization has excellent metallurgical recoveries of 92.2% Gold from gravity and flotation, including 48.8% free gold from gravity alone at a 327 micron crush; no deleterious minerals or cyanide required.
• Located in a mining friendly jurisdiction within a world class geological setting of the Golden Triangle, B.C.
• Next door to the old Kitsault Mine, a permitted brownfield mine site that is located on the BC Hydro grid with road access to the Nass Valley and tidewater access to Prince Rupert.
• 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.
• 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 can be seen at surface for 1.0 kilometers of strike and 1.1 kilometers down-dip extent appears to continue below the valley floor with 700 meters of vertical relief that has exceptional continuity.
• 10 gold 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.

TORONTO, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is very pleased to report the discovery of strong sulphide mineralization in quartz breccia, stockwork and veining in 100% of the first 8 holes to date during the 2024 drill season with 6 (75%) containing abundant visible gold at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.

Drill hole GD-24-244 (in progress) intersected visible gold within an interval of strong quartz-sulphide mineralization at 700 meters downhole hosted within the volcanics. This is the deepest downhole occurrence of visible gold and sulphide-mineralization recorded to date on the Surebet Discovery, confirming the tremendous additional discovery potential at depth below the valley floor where the system remains wide open. This increases the Company’s confidence in the proximity of the feeder source of the Surebet system.

Description Of Drill Holes From 2024 Drilling Campaign

Hole GD-24-235 (180Az/-81.5 Dip, EOH 696.00 meters) was collared from Golden Gate Pad and drilled into the Bonanza Shear Zone and the newly discovered Mothership Feeder Zone. This hole assayed 15.86 g/t AuEq (15.40 g/t Au and 17.11 g/t Ag) over 11.9 meters ~true width, including 35.04 g/t AuEq (34.16 g/t Au and 34.15 g/t Ag) over 5.24 meters ~true width (updated interval) and corresponds to the Bonanza Vein (444.3 – 452.9 meters downhole). It is hosted within the Lower Hazelton volcanics containing abundant visible gold and strong sulphide mineralization in quartz breccia. The hole intercepted a porphyritic intermediate intrusive dyke containing veins with abundant visible gold, molybdenum up to 2 mm and bismuth mineralization. The host rock consists of intervals of interbedded mudstone and siltstone, in the deeper portion of the hole calc-silicate-altered andesite. Several mineralized quartz veins with abundant visible gold have been intersected within the andesite.

Assays are pending from GD-24-235 on a 24.4 meter intercept of a porphyritic intrusion with abundant visible gold, molybdenite up to 2 mm in size, and bismuth between 529.29 - 553.67 meters downhole interpreted as the Mothership Feeder Zone. Assays are also pending on a 10 meter interval between 550 and 650 meters downhole that is hosted within the andesite with abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite interpreted as the Golden Gate Zone. The newly discovered mineralized porphyritic intrusion is interpreted as the distal expression of the feeder intrusion responsible for the mineralization seen at Surebet.

Hole GD-24-236 (200 Az/-45 Dip, EOH 351.00 meters) collared from Go-For-Gold Pad above the main Surebet Zone intercepted high-grade gold mineralization containing 4.14 g/t AuEq (3.02 g/t Au and 63.55 g/t Ag) over 6.0 meters including 6.79 g/t AuEq (4.96 g/t Au and 78.03 g/t Ag) over 3.04 meters interpreted to be the Surebet Upper Zone. The hole drilled through a sedimentary sequence of mudstones that contained interbedded siltstones and sandstones in the upper portion of the hole. The lower part of the hole consists of interbedded mudstones and pyritic limestone (1 – 2% disseminated pyrite). Mineralization in this interval consists of strongly carbonate-altered sedimentary rocks with massive pyrrhotite (2%) and sphalerite (1%), semi-massive galena (<1%) and pyrite (<1%), as well as trace chalcopyrite. Sulphide was observed in host rock margins near quartz breccia.

GD-24-242 collared from Golden Gate pad intersected multiple intervals of mineralization consisting of quartz-sulphide veining and stockwork cumulatively adding up to 90.15 meters, within which 4 occurrences of visible gold were identified. Within the sedimentary rocks a high-density vein interval was identified between 190.00 and 498.15 meters, including 47.07 meters of quartz-sulphide stockwork containing pyrrhotite, chalcopyrite and sphalerite from 190.00 meters to 237.07 meters, and 21.02 meters of high-density quartz veining containing pyrrhotite, chalcopyrite and sphalerite from 474.50 meters to 495.52 meters. The Bonanza Shear was intercepted at the contact between sedimentary and volcanic rocks from 583.70 meters to 585.49 meters and is characterized by semi-massive to massive pyrrhotite (up to 50 %), sphalerite (up to 8%) and galena (up to 3%). GD-24-242 has the longest intercept of consistent and widespread quartz-sulphide mineralization of the holes completed so far in 2024 (see image below).

An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/2c46d24d-33aa-40a5-a86d-b6aaba7b9983

Drill hole GD-24-240 (068 Az/65 Dip, EOH 819.00 meters) collared from Goldsmith pad intercepted multiple quartz-sulphide veins and stockwork sections including visible gold hosted in the sedimentary rocks between 204.20 meters and 379.47 meters, which includes a 9.68 meter interval corresponding to the Bonanza Shear from 369.80 meters to 379.47 meters characterized by semi-massive sphalerite, chalcopyrite and pyrrhotite.

Drill hole GD-24-241 (140 Az/60 Dip, EOH 738.00 meters) collared from Golden Gate pad intercepted an extensive 51.33 meter interval consisting of sheared quartz-stockwork with high density of veins containing chalcopyrite (up to 1%), pyrrhotite (up to 1%) and pyrite (up to 1%) from 442.71 meters to 494.04 meters. Visible gold was intercepted in 3 separate veins hosted in the volcanic rocks between 553.72 meters and 568.89 meters.

Drill hole GD-24-238 (240 Az/50 Dip, EOH 380.00 meters) collared from Go-for-Gold pad intersected 2.59 meter interval of quartz-sulphide breccia and stockwork containing up to 5% pyrite, 1% galena, 1% chalcopyrite and minor sphalerite from 281.07 meters to 283.66 meters hosted within a 12.13 meter section of sedimentary rocks characterized by pervasive quartz-sulphide veining from 274.78 meters to 286.91 meters.

GD-24-237 collared from Golden Gate pad intercepted 1.61 meter interval of quartz-sulphide stockwork and veining at the contact between sedimentary and volcanic rocks corresponding to the Bonanza Shear from 449.69 meters to 451.30 meters with pyrite (up to 1%), minor galena, sphalerite and pyrrhotite. The sedimentary rocks above this interval contain significant quartz veining with trace sulphide from 425.00 meters to 449.69 meters. A second interval of quartz-sulphide veining containing visible gold is 0.75 meters long and was identified from 569.29 meters to 570.04 meters and is hosted in volcanic rocks containing veinlets of pyrrhotite and pyrite throughout from 451.30 meters to 833.73 meters.

Summary Of Drilling

The increase in coarser gold and base metal components observed with depth, indicates stronger mineralization in deeper parts of the system as drilling ventures past the valley floor. This suggests that drilling is closing in on the heat engine responsible for the precious and base metals mineralization observed at Surebet.

Drilling has barely started to scratch the surface, with excellent potential for additional discovery as we venture deeper down past the valley floor. Because of the topography of the Surebet discovery and the majority of drilling being carried out on the slope of the mountain, none of the drill holes completed to date have drilled deeper than the valley floor. The expanded 2024 drill plan will focus on building continuity on the 10 known mineralized veins, including Surebet, Bonanza, Eldorado and Golden Gate as well as expanding them in all directions, which will allow the Company to better understand the size and grade distribution of this system that remains wide open.

The Surebet Discovery will see the bulk of meters planned with the balance testing a new strongly mineralized gold-copper outcropping target: Treasure Island (see location map below).

An accompanying infographic is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/20616150-6dd5-4d28-9d3c-215bbf9ca0b0

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) 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 has 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% including 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, high-tension power and infrastructure capable of housing at least 300 people.

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 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 porphyry 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 Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. 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 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

Other

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%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

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