Goliath Resources Ltd. [GOT-TSXV, GOTRF-OTCQB, B41F-FSE] shares rallied strongly after the company said it has drilled 19.15 metres of abundant visible gold in the newly discovered outcropping Golden Gate Zone, proximal to the feeder source at its Golddigger property in British Columbia’s Golden Triangle region.
Goliath shares rose 8.6% or $0.055 to 69.5 cents on volume of 340,480. The shares are currently trading in a 52-week range of $1.74 and 53 cents.
Goliath holds a 100% interest in the Golddigger project, which covers an area of 61,685 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.
Back in November, 2022, Goliath said the first set of assay results of last year’s drill campaign confirmed that a high-grade gold-silver discovery known as the Surebet zone at the Golddigger project covers at least 1.6 square kilometres.
On Thursday the shares rose after Goliath reported the discovery of multiple occurrences of Visible gold up to 1.0% in a new outcropping sulphide-rich mineralized zone named the Golden Gate Zone. Golden Gate is located in Hazelton Volcanics only 20 metres below the Bonanza Shear at Golddigger.
Driil hole GD-23-197 intersected 19.15 metres of veins, stockwork and breccia with Visible Gold up to 1.0% and massive sulphides, including sphalerite up to 10%, galena up to 10%, chalcopyrite up to 3.0% and pyrite up to 20%.
The Golden Gate Zone is believed to be the fluid pathway proximal to the Surebet Zone and Bonanza Shear based on the abundance of visible gold nuggets with equivalent spherical sizes up to 4.00 mm, elevated mineralization seen in core drilled to date including some of the largest concentrations of sphalerite, galena and chalcopyrite; suggests close proximity to the feeder source.
The company said 88 holes drilled on Surebet in 2023 have all intersected either the Surebet Zone and/or the Bonanza Shear representing a 98% hit rate. It said the footprint of the Surebet Zone/Bonanza Shear has been exponentially expanded with the discovery of seven additional strongly mineralized zones, including Golden Gate, Outpost, Full House, Humdinger, Kahuna, Lower Surebet and Treasure Island Zones.
Meanwhile, investor Eric Sprott has announced changes to his holdings in the company.
On September 6, 2023, 3.63 million Goliath common share purchase warrants held by an Ontario numbered company owned by Sprott, expired unexercised, representing a decrease in holdings of approximately 11.1% of Goliath’s outstanding shares on a partially diluted basis.
As a result of the expiry, Sprott now controls 3.63 million shares, representing approximately 4.1% of the outstanding shares on a non-diluted basis. Sprott and his numbered company have ceased to be insiders of Goliath.