Goliath Resources Ltd. [GOT-TSXV, GOTRF-OTCQB, B41F-FSE] said the first set of assay results of the 2022 drill campaign has confirmed that a high-grade gold-silver discovery known as the Surebet zone at the company’s Golddigger project in British Columbia covers at least 1.6 square kilometres.
In early trading Monday, Goliath shares advanced on the news, rising 3.7% or $0.06 to $1.65 on volume of 310,320. The shares are currently trading in a 52-week range of $1.67 and 62 cents.
The company said 27 out of 28, or 96% of the holes assayed this year from the Surebet Zone intersected broad high-grade intervals of gold-silver mineralization, a scenario that is demonstrating the continuity of this newly-discovered large gold system.
Highlight assay results include 24.78 g/t gold equivalent (AuEq) over 11 metres. That included 38.70 g/t AuEq (34.42 g/t gold and 197.45 g/t silver) over 7.00 metres, and 44.47 g/t AuEq over 6.07 metres. Assays are still pending from 43 holes that will be released once they are compiled and interpreted.
Earlier this year, Goliath launched a diamond drilling campaign at the Golddigger project, which is located in British Columbia’s Golden Triangle region. Goliath planned for a drill campaign totaling 85 holes from 24 separate drill pads targeting the extensive high-grade silver structure discovery exposed at surface at the Surebet Zone, both along strike and at depth.
Drilling at the Surebet zone was expected to include drill testing the outer extremities of the zone to determine the potential size of the system as well as the newly discovered adjacent Extension target to the southeast.
“With just over 31,500 metres of drilling and roughly $20 million spent in the ground, our long-term shareholders have seen a significant ROI based on the results to date,’’ said Roger Rosmus, founder and CEO of Goliath Resources. “We are clearly onto a once in a lifetime large gold discovery,’’ he said. “The extensive new data acquired form our 2022 program shows enormous untapped gold potential for 2023. We look forward to reporting assays on the remaining 43 drill holes from the 2022 drill campaign with much anticipation.’’
Goliath has an option to acquire a 100% interest in the Golddigger project, which covers an area of 52,756 hectares and is located on tide water, 30 kilometres southeast of Stewart, B.C.
The Homestake Ridge Deposit (Fury Gold Mines Ltd. [FURY-TSX, NYSE American]), Dolly Varden Silver Mine (Dolly Varden Silver Corp. [DV-TSXV, DOLLF-OTCBB]), and KInskuch Project (Hecla Mining [HL-NYSE]) are all in close proximity.
The company has said Surebet is characterized by a series of northwest-southeast-trending structures that occur within a package of Hazelton Group sediments underlain by Hazelton volcanics.
Goliath completed a 5,332-metre maiden drill campaign in 2021, where 100% of all 24 holes intercepted significant mineralization over 1.0 kilometre of strike and 1.1 kilometres of down dip extension of the Surebet discovery.