TORONTO, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IE) (the “Company” or “Goliath”) is pleased to report channel, chip, and grab sample assay results from the Gold Star property at: 1) the newly discovered 190 metre long Goldilocks quartz vein stockwork zone and 2) the Yellow Brick Road vein discovered in 2017 that has been expanded from 90 to 170 meters long, both zones remain open in all directions. Samples assayed up to 24.55 grams per tonne gold equivalent (20.6 g/t Au, 329 g/t Ag, 0.02 % Pb) and 40.5 grams per tonne gold equivalent (29.6 g/t Au, 845 g/t Ag, 0.3 % Cu, and 0.55 % Pb) from each zone respectively. The DSM syndicate owns 100% of The Gold Star property covering 793 hectares that it generated and staked. DSM is a private project generator that holds a total of six B.C. properties of which Goliath Resources Ltd. owns a 10% interest.

2018 Highlights Include:

  • Two new high-grade quartz vein and stockwork zones, no previous work recorded in the area
    — Goldstar property – large areas that remain to be explored with excellent gold potential
  • Yellow Brick Road Zone
    — The Yellow Brick Road Zone has been extended based on high-grade gold mineralized samples from 90 meters to 170 metres in length and remains open in all directions (link to video)
    — Channel samples over 0.3 metre assay up to 28.7 g/t Au, 410 g/t Ag, 1.4 % Cu, and 6 % Pb (link to image)
  • Goldilocks Zone
    — Quartz vein and stockwork zone samples define an area of 190 metres by 20 meters with highlights including 24.55 g/t AuEq (20.6 g/t Au and 329 g/t Ag) from a 1 meter chip sample and 13.65 g/t AuEq (9.34 g/t Au and 353 g/t Ag) from a 1.5 meter chip sample, and the zone remains open in all directions (link to map)
  • The high-grade gold and silver mineralization confirmed on surface at these two discovery zones located 500 meters apart provides strong drill targets to test for a large gold mineralizing system at depth

The Gold Star Property is situated 23 kilometers south of Bella Coola, BC and is located approximately 5.5 kilometers from logging access roads and lies within 4.5 kilometers of South Bentick Arm and tidewater (link to video). The Gold Star Property is an original discovery with no previous recorded work in the area. The prospect was generated and staked by the DSM Syndicate following positive results from a reconnaissance prospecting program in 2017 and followed up with a short program in 2018 that involved channel sampling, prospecting, and drone imagery.

Rapid glacial and snow pack recession has exposed extensive areas of bedrock with additional strong potential to host gold mineralization.

Host rock is variably altered with zones of pervasive chloritization, oxidized pyritization, and local clay alteration. The Yellow Brick Road Zone is pyrite-chalcopyrite-galena bearing, vuggy quartz veins are up to 1 meter wide with an encompassing pyritic and quartz-sericite-pyrite alteration envelope that is up to 30 cm wide. Off-shoot veinlets form local breccia and stock work in the altered wall rock. Sulphides occur as coarse seams and dissemination within quartz vein material.

A total of 17 rock samples were taken at the newly discovered Goldilocks Zone (see Table 1), fourteen of which returned greater than 1 g/t Au and up to 20.6 g/t Au and 329 g/t Ag from a 1 metre chip sample (link to map). The mineralized grab samples define an area approximately 190 by 20 metres, in an area of recent glacial and snowpack recession.

Five grab samples and four channel grab samples were taken at the Yellow Brick Road Zone this season, expanding on the high-grade mineralization discovered last year. The grab samples ranged from 2.5 to 29.6 g/t Au and 49 to 845 g/t Ag. Similarly, channel grab samples returned up to 28.7 g/t Au, 410 g/t Ag, 1.4 % Cu, and 6 % Pb, see Table 1.

Table 1: Goldstar Property Highlights

Sample #ZoneChannel/Chip/Grab1Length
(metres)
Gold
(g/t)
Silver
(g/t)
Copper
%
Lead
%
Gold
Eq3 (g/t)
W496968Yellow Brick RoadGrab 29.60845.000.300.5540.47
W497407Yellow Brick RoadChannel0.3028.70410.001.406.0038.88
W496863GoldilocksChip1.0020.60329.000.000.0224.55
W496860GoldilocksGrab 11.70313.000.090.0315.60
W497406Yellow Brick RoadChannel0.3011.10260.001.971.2818.00
W496862GoldilocksChip1.509.34353.000.050.0213.65
W496970Yellow Brick Roadfloat 6.82141.000.540.059.40
W496969Yellow Brick RoadGrab 5.33113.000.200.527.27
W386012Yellow Brick RoadGrab 4.9074.100.050.466.10
W496920GoldilocksChip1.004.28133.000.000.005.87
W497408Yellow Brick RoadChannel0.273.9189.400.050.055.08
W496922GoldilocksGrab 2.99761.000.960.4213.84
W496861GoldilocksGrab 2.6552.000.000.033.29
W496865GoldilocksGrab 2.5544.300.010.023.11
W496971Yellow Brick RoadChip1.002.4548.500.250.033.44
W496921GoldilocksGrab 1.4232.500.000.091.85
W496924GoldilocksChip0.501.1527.000.000.001.47
W496919GoldilocksChip1.500.7719.100.000.000.99
W497409Yellow Brick RoadChannel0.750.262.700.010.010.31
W496864GoldilocksGrab 0.125.300.000.000.18
W3875154Yellow Brick RoadGrab 55.80795.001.7112.3074.28
W3875134Yellow Brick RoadGrab 21.40339.000.664.8528.97
W3875174Yellow Brick RoadGrab 16.70212.000.170.4019.71
W3875164Yellow Brick RoadGrab 16.20267.001.252.6222.71
W3875124Yellow Brick RoadGrab 0.672340.001.670.1131.39
W3875144Yellow Brick RoadGrab 9.28152.000.070.1311.28
1Grab 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
2True thickness of mineralized zone not known
3AuEq metal values are calculated using: Au $1222.9/oz, Ag $14.63/oz, Cu $2.8499/lb
42017 Sample Data
 

High-grade polymetallic veining has been sampled over ~1 km strike length indicating strong potential for a large mineralizing system at depth. Additionally, the Goldstar property lies in an area of prolonged intrusive activity in a geological setting favourable for gold and polymetallic mineralization.

Based on encouraging precious and base metals results from grab and channel samples resulting from two one-day programs, a systematic and comprehensive exploration program is strongly recommended in preparation for drilling. Upcoming planned work includes further prospecting and preliminary mapping, drone mapping on both the Yellow Brick Road and Goldilocks Zones, coupled with property-wide reconnaissance prospecting and geochemical sampling.

Extensive regions of snowpack and glacial recession provide large areas with strong gold potential that remain to be explored. Follow up work will focus on expanding the known extent of mineralization at the Yellow Brick Road and Goldilocks zones, which will lead to the understanding and modeling of this gold-rich mineralizing system. Follow-up prospecting of the vast unexplored regions of the Goldstar Property adds to future discovery potential. Close proximity to logging roads and tide water provides for good access to infrastructure.

Qualified Person

Stephen Roach P. Geo is the qualified person as defined by National Instrument 43- 101, for Goliath Resources projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

Other

All rock, channel and talus fine samples were crushed and pulverized at ALS Canada Ltd.'s lab in Vancouver, BC. ALS is either Certified to ISO 9001:2008 or Accredited to ISO 17025:2005 in all of its locations. The resulting sample pulps were analyzed for gold by fire assay in Vancouver, BC. The pulps were also assayed using multi-element aqua regia digestion at ALS Canada Ltd.'s lab in Vancouver, BC. The coarse reject portions of the rock samples, as well as the pulps, were shipped to DSM Syndicate's storage facility in Terrace, BC. All samples were analyzed using ALS Canada Ltd.'s assay procedure ME-ICP41, a 1:1:1 aqua regia digestion with inductively-coupled plasma atomic emission spectrometry (ICP-AES) or inductively-coupled plasma mass spectrometry (ICP-MS) finish for 35 elements as well as the Au-AA24 lead collection fire assay fusion procedure with atomic absorption spectroscopy (AAS) finish. Any results greater than 100 ppm for silver or 10,000 ppm copper, lead and zinc were additionally assayed using ALS's OG46 method particular to each element. This method used an HNO3-HCl digestion followed by ICP-AES (or titrimetric and gravimetric analysis). Gold values of greater than 10 ppm Au were assayed by the Au-GRA22 method which includes a fire-assay fusion procedure with a gravimetric finish. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence.

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.

For more information please contact:

Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1-416-488-2887 x222
roger@goliathresources.com
www.goliathresourcesltd.com

General Disclaimer

Goliath Resources Limited "Goliath" has taken all reasonable care in producing and publishing information contained in this news release and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Goliath assumes no responsibility. Goliath does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Goliath be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.

Forward-Looking Statements

This news release contains forward-looking statements, including but not limited to comments regarding predictions and projections. More particularly, this document contains statements concerning the benefits of the listing of the Company's shares on OTCQB. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. 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.