TORONTO, Nov. 06, 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 of up to 110 grams per ton gold (3.21 ounces per ton) from the Big Show Zone Vein system, measuring 2 km by 1 km. It remains open in all directions containing multiple large en-echelon gold-bearing mineralized quartz veins. The Big Show Zone is located on the Gold Standard property, four kilometres north of Bella Coola, British Columbia. Goliath Resources Limited owns a 10% interest in the DSM Syndicate, a private precious metals project generator in British Columbia that owns 100% of six properties, inclusive of the Gold Standard property.

2018 Highlights Include:

  • Extensive new bedrock discovery in an area of recent snowpack and glacial abatement with no historic work recorded.

  • Discovery of the Big Show Zone, a large zone of prolific quartz veining that contains multiple large en-echelon quartz veins that outcrop within a 2 km by 1 km zone that remains open in all directions (link to video).

    • Seven large shear zone hosted mineralized vein systems containing consistent high-grade gold mineralization have been discovered to date.

    • Vein Highlights include:
      1. Vein system 1 (Kraken) assays up to:
        • 71.8 g/t Au (2.1 oz/t), 64.4 g/t Ag, 72.6 g/t AuEq (0.5 Chip Sample)
        • link to image
      1. Vein system 2 (Goldzilla) assays up to:
        • 110 g/t Au (3.21 oz/t), 934 g/t Ag, 121.8 g/t AuEq (Grab Sample)
        • 10.8 g/t Au, 85.5 g/t Ag, 11.85 g/t AuEq (2m Chip Sample)
        • link to image
      1. Vein system 3 (Leviathan) assays up to:
        • 96.8 g/t Au (2.8 oz/t), 429 g/t Ag, 106.7 g/t AuEq (Grab Sample)
        • 26.9 g/t Au, 70.4 g/t Ag, 27.79 g/t AuEq (1.5 m Chip Sample)
        • link to image

    • Multiple other large veins were also discovered have yet to be sampled providing for excellent additional gold potential.

  • The Big Show Zone is situated within a large regional high strain zone, a corridor of brittle and ductile deformation.

    • A channel sample grab of chlorite-schist from within a 15-metre-wide shear zone returned 0.28 g/t Au over 0.15 meters (link to image).
  • The geological setting and style of mineralization; large gold-bearing mineralized veins and shear zones are consistent with a mesothermal/orogenic system. These systems are often deep rooted and are mined to depths of 1 to 3 kilometres or more (link to image).

  • Approximately 67 % of Canadian gold production comes from this world class geologic setting, with examples including the nearby Bralorne Pioneer Camp in British Columbia (4.17 Moz) and many regions within the Canadian shield including Kirkland Lake (>40 Moz), Timmins (>70 Moz), Val d’Or/Noranda (>69 Moz) and Red Lake camps (>29 Moz) (link to image).

  • Based on the discovery of multiple new gold mineralized veins the claim block was recently expanded from 690 Ha to 1774 Ha.

    • The Gold Standard property is an original discovery located in a World Class Geological setting that remains largely unexplored, providing for tremendous untapped gold potential.

The Property was generated and staked by the DSM Syndicate in 2017 following positive results from a brief reconnaissance exploration program.  A limited follow-up program in 2018 was carried out to expand on the 2017 mineralized zones and systematically prospect the other unexplored regions of the claim block. This resulted in the discovery of seven new shear-zone hosted en-echelon large quartz vein systems, which remain open, confirming the tremendous untapped gold potential of the largely unexplored Gold Standard property.  

This mineralized system is part of a regional high strain zone, a brittle and ductile, sub-vertical shear zone system. Localization of high strain zones within the system are associated with sheeted, oxidized, sulphide-bearing quartz veins that have been identified in outcrop within a 2 km by 1 km zone, which remains open in all directions. Discrete quartz veins trend up to 350 meters in length and are up to 5 meters thick.  They host variable amounts of oxidized pyrite and disseminated pyrite with chalcopyrite. Additionally, the shear zones are typically demarked by chlorite schist of up to 15 metres wide, where a channel grab from a chlorite within a shear zone assayed 0.28 g/t Au over 0.15 meters.  To date on the Big Show, all seven large vein systems identified and sampled contain gold mineralization

During the brief program, a total of 15.2 metres of channel sampling was completed. Highlights are reported in Table 1 and include a 0.5 metre channel sample containing 32.00 g/t AuEq (31.00 g/t Au, 83.90 g/t Ag). Additionally, thirty chip samples were taken with highlights including a 0.5 metre chip sample of 72.57 g/t AuEq (71.80 g/t Au, 64.40 g/t Ag) with six samples assaying over 10 g/t Au. Fifty-two grab samples were collected with highlights including 121.84 g/t AuEq (110.00 g/t Au, 934.00 g/t Ag) and 106.68 g/t AuEq (96.80 g/t Au, 429.00 g/t Ag).

Table 1 – Gold Standard Property Highlights

Sample #Channel/Chip/Grab1Length (metres)2Gold (g/t)Silver (g/t)Copper %Gold Eq3 (g/t)Vein System NumberVein System Name
W388888Grab 110.00934.000.42121.842Goldzilla
W496703Grab 96.80429.002.97106.683Leviathan
W495957Chip0.5071.8064.400.0072.571Kraken
W496900Grab 40.50117.000.7043.023Leviathan
W496949Chip0.5039.00300.000.2442.962Goldzilla
W496702Grab 31.90112.000.7234.392Goldzilla
W497438Channel0.5031.0083.900.0032.002Goldzilla
W386026Chip 26.9070.400.0327.793Leviathan
W495976Grab 21.8096.500.0723.073Leviathan
W494953Chip0.5019.1549.100.0219.772Goldzilla
W386031Grab 17.4075.400.6619.363Leviathan
W495987Channel0.2516.1572.200.3717.613Leviathan
W496948Chip0.5015.85118.000.1117.442Goldzilla
W495975Grab 13.35195.008.9730.023Leviathan
W386024Chip2.0010.8085.500.0211.852Goldzilla
W496898Grab 9.2031.200.009.572Goldzilla
W500355Grab 8.3320.000.008.572Goldzilla
W497436Channel0.226.8748.700.107.612Goldzilla
W495959Chip0.505.3827.100.005.701Kraken
W495955Chip0.504.946.200.015.031Kraken
W386028Float 4.2021.000.074.563Leviathan
W495958Chip0.504.198.400.004.291Kraken
W386027Float 3.6828.600.705.143Leviathan
W495983Channel0.403.4622.400.003.733Leviathan
W496701Grab 3.3018.500.594.463Leviathan
W495954Chip0.503.2414.200.013.432Goldzilla
W497437Channel0.242.978.400.003.072Goldzilla
W495979Channel0.502.9311.600.303.553Leviathan
W495981Channel0.302.9014.000.013.083Leviathan
W495984Channel0.502.5112.900.032.713Leviathan
W495952Chip0.502.3812.100.002.522Goldzilla
W500354Grab 2.389.400.002.492Goldzilla
W497446-7Channel0.442.226.240.022.332Goldzilla
W495966Chip1.002.1440.800.853.994Titanoboa
W495968Chip0.502.1211.900.583.194Titanoboa
W495963Grab 1.9542.100.673.524Titanoboa
W497444Channel0.221.895.000.001.952Goldzilla
W495985-6Channel1.501.8822.150.893.573Leviathan
W496994Grab 1.755.500.001.825Hydra
W495988Channel1.001.7123.801.704.714Titanoboa
W496893Grab 1.6914.304.228.602Goldzilla
W491657Grab 1.653.800.001.702Goldzilla
W497440Channel0.931.614.700.061.762Goldzilla
W496894Grab 1.467.200.712.682Goldzilla
W496950Chip0.501.439.100.121.732Goldzilla
W491656Grab 1.395.000.001.452Goldzilla
W497439Channel0.501.324.400.011.392Goldzilla
W497435Channel0.441.314.600.001.372Goldzilla
W497443Channel0.221.123.100.001.162Goldzilla
W497433Channel0.461.11215.000.003.682Goldzilla
W500353Grab 1.0314.700.141.432Goldzilla
W495977-8Channel1.500.862.600.071.003Leviathan

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 and
3AuEq metal values are calculated using: Au $1222.9/oz, Ag $14.63/oz, Cu $2.8499/lb       

Gold Standard is situated within a regional corridor of brittle and ductile deformation that is proximal to the boundary between the Intermontane and Insular superterranes, demarked by the Coast Shear Zone. Prolonged faulting and shearing focused within this structural corridor that transects the Gold Standard Property provided extensive conduits for mineralizing fluids and favourable sites for mineralization (link to image). These mesothermal/orogenic characteristics are consistent with a gold-bearing mineralized veins and shear zones. Deposits of this nature are found at the Bralorne Pioneer Mining Camp in British Columbia (4.17 Moz) and many regions within the Canadian Shield including the Timmins, Val d’Or/Noranda, and Red Lake camps.  Typical deep-rooted mines in these camps extend to depths in excess of 1 to 3 kilometers (link to image).

Based on very positive results on the Gold Standard property, a follow-up exploration program consisting of comprehensive prospecting, mapping, and systematic reconnaissance geochemical sampling, ground magnetics, and drone mapping is recommended. This surface program is in preparation for an inaugural drill program to test this extensive high-grade gold system both along strike and to depth. The property is in an alpine area with abundant bedrock exposure due to recent glacial and snowpack abatement and is located only four kilometres from Bella Coola, BC, 1 km to tidewater and logging roads providing for excellent proximity to infrastructure for cost effective exploration.

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

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