Drill Campaign Results From Golddigger Property

TORONTO - Goliath Resources Limited reported on the first set of assay results of the 2023 drill campaign at its 100% controlled Golddigger Property, Golden Triangle, B.C. Hole GD-23-118 collared from Pad TS-1 (Quoll) within the Golden Gate Feeder Zone intercepted high-grade gold mineralization containing 14.85 g/t AuEq (14.66 g/t Au and 11.99 g/t Ag) over 6.00 meters*, including 17.78 g/t AuEq (17.56 g/t Au and 14.12 g/t Ag) over 5.00 meters* and 29.36 g/t AuEq (29.02 g/t Au and 22.58 g/t Ag) over 3 meters* interpreted to be the Bonanza Shear. The hole intersected multiple flakes of visible gold in sulphide-bearing quartz veins hosted in strongly folded siltstone dominant sedimentary units at 64.53 meters, 65.97 meters and 66.04 meters depth. The hole is characterized by interbedded mudstone and siltstone units in the upper part and altered andesite in the lower sections. Several mineralized quartz-breccia zones have been intersected, with the most prominent quartz-breccia interval extending for 16.80 meters* from 62.51 to 79.31 meters with a strongly mineralized transition zone from sediments to volcanic units. The mineralized interval contains stringers and semi-massive patches of sulphides (mainly pyrrhotite up to 3 %, galena up to 1% and sphalerite up to 1 %).

Hole GD-23-126 collared from Cliff Pad within the Golden Gate Feeder Zone intercepted high-grade gold mineralization containing 14.01 g/t AuEq (11.39 g/t Au and 148.91 g/t Ag) over 6.09 meters*, including 45.05 g/t AuEq (36.67 g/t Au and 476.75 g/t Ag) over 1.84 meters* and 79.61 g/t AuEq (64.90 g/t Au and 840.00 g/t Ag) over 1.03 meters* interpreted to be the Surebet Zone. The hole drilled through a sedimentary sequence dominated by siltstones at shallow depths, which become interbedded with sandstones below 81.55 m. The main mineralized intervals were identified from 33.91 to 57.72 m and 68.77 to 78.43 m depth, consisting of mineralized quartz breccias. Mineralization in these intervals consisted chiefly of pyrrhotite, with the shallower breccia containing significant sphalerite and galena. Between 36.31 and 37.34 m the core was especially mineralized, showing the presence of massive to stringer alternations of pyrrhotite (20%), sphalerite (5%), intergrown galena (2%) and minor chalcopyrite. Two lesser mineralized domains were recognized from 145.16 to 148.4 m and from 159.38 to 161.88 m. These consisted of sparsely mineralized quartz veins hosted dominantly in siltstones with interbedded mudstones. The quartz vein domains contained pyrrhotite mineralization (1%).

Hole GD-23-115 collared from Cliff Pad within the Golden Gate Feeder Zone intercepted high-grade gold mineralization containing 5.75 g/t AuEq (3.97 g/t Au and 84.36 g/t Ag) over 4.90 meters* including 17.07 g/t AuEq (12.01 g/t Au and 241.50 g/t Ag) over 1.60 meters* interpreted to be the Surebet Zone. The hole intercepted a quartz breccia from 47.85 meters* to 57.75 meters* that contained Surebet style massive to semi-massive sulfides inside of quartz veins hosted in heavily altered siltstone. Sulfides include pyrrhotite, sphalerite, galena, minor pyrite, and chalcopyrite. Overall, the interval abundance of sulfides is ~3%, with a localized interval from 48.40-50.00 meters* of >50% sulfides. The mineralization is hosted in a shear zone that cuts through a sequence of variably altered siltstone and mudstone units.

All the occurrences of Visible Gold to date have been identified within quartz-breccia and veins in contact with or in close proximity to sphalerite and/or galena mineralization. The occurrence of visible gold has previously been independently confirmed in 2022 by the Colorado School of Mines with whom the Company is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at Surebet.