Newly Discovered Treasure Island 550 x 450 Meters VMS Type Target – Drill Hole Highlights:

An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/5fe254e7-e654-405b-b1b2-6a87d7ec3984

• TI-24-01, Pad 1: A 9.8 meter interval of mineralization containing quartz stockwork and breccia hosting massive chalcopyrite (up to 8%) and pyrite (up to 10%); the zone remains open, and assays are pending (see image below).
  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/0401a20b-0975-4bf9-a23d-2d08962cbd4f

• TI-24-04, Pad 1: The 5.46 meter interval of mineralization contains stockwork, quartz breccia hosting semi-massive to massive pyrite (2%) and trace chalcopyrite (<1%), together with subordinate malachite, the zone remains open; assays are pending (see image below).
  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/6aadd45c-3228-449d-bb39-550bdc127282

• TI-24-02, Pad 1: The 2.74 meter interval of mineralization contains quartz-carbonate breccia, consisting of blebs of pyrite (2%) and trace chalcopyrite (<1%), the zone remains open; assays are pending (see image below).
  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/704101c6-001b-4456-a79b-082c80a1dd12

• TI-24-03, Pad 1: The 1.77 meter interval of mineralization contains quartz-carbonate breccia with small blebs to semi massive pyrite (1%) and minor chalcopyrite (<1%), the zone remains open; assays are pending (see image below).
  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d5256854-8965-45d7-9c14-8346e5192e84
    

• The planned 2024 program at Treasure Island includes 11 holes from 4 drill pad locations with one diamond drill rig for 1,600 meters; additional drill holes will be designed based on mineralized intercepts (see image below).
  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/be6f7fb8-b190-4656-90d7-b697a5529cad

• Treasure Island is located on Golddigger’s Cambria Icefields District claim blocks, 36 km north of the Surebet gold discovery, and has only recently been exposed due to the result of glacial retreat and permanent snowpack abatement (see map below).
  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/b05ff15a-8c37-49f5-aa43-db41cb36ad8d
    
• It is located 6 km east of, and on trend with, the Porter Idaho mine classified as a polymetallic vein deposit and/or possible VMS deposit that was operational in the early 1900’s. (see map below).
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• The new Treasure Island discovery consists of multiple shear-hosted, VMS-style polymetallic zones covering an area of approximately 550 by 450 meters and is NW-SE trending. The extent of mineralization is currently open in all directions.
  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e62e277c-84eb-4481-83f3-a4abb9b19efe
    
• Broad high-grade mineralized zones are up to 20 meters wide with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.
  
• Channel samples collected over 20.60 meters included the previously reported results of 0.85 meters of 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) (see images below).
  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8d7dcafc-c20d-4daa-acc3-589dee24561f

• Widespread grab and chip samples previously reported assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15 % Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43 % Cu) (see images below).
  • Accompanying infographics are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/c794a67c-8e29-4572-a3b3-399e643a9a6c
    https://www.globenewswire.com/NewsRoom/AttachmentNg/6e0b9d58-d8bb-462d-b7be-87831d10d390

• A noteworthy 13 out of 19 grab and chip samples (68%) taken on Treasure Island over a wide area assayed >1.00 gpt AuEq.
• An exceptional 15 out of 16 channel cuts (94%) assayed >1.00 gpt AuEq.
• The new Treasure Island target demonstrates the excellent untapped potential for additional discoveries across the large Golddigger property, which encompasses 56 km of the “Red Line”, which is the name Goliath Resources uses to describe a key geological contact between two regional stratigraphic packages (read more below – About Golddigger Property).
• In the Golden Triangle the most important discoveries and mines are on either side of the “Red Line” and within 3 kilometers meters of either side. We consider this a critical exploration vector and the Golddigger project is within the sweet spot of the “Red Line.”

TORONTO, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the maiden diamond drill program is underway at its newly discovered VMS type targets with high-grade gold-copper at the Treasure Island outcrop.

The first four holes have all hit abundant mineralization up to 9.8 meters containing quartz stockwork and breccia hosting massive chalcopyrite (up to 8%) and pyrite (up to 10%); the zone remains open, and assays are pending. The outcropping mineralized targets remain wide open. Treasure Island is located on the Cambria Icefields at its 100% controlled Golddigger Property 36 km north of the Surebet Discovery, Golden Triangle, British Columbia.

Roger Rosmus, Founder and CEO of Goliath Resources, states: “While most of our drilling is focused on the Surebet gold discovery, part of our plans include regional exploration on other areas of our Golddigger Project (66,608 hectares in size) which was until recently covered by glaciers and permanent snowpack. Our maiden drilling at our Treasure Island target is off to a great start and showing signs that it could be a second important discovery. Our team of geologists and drillers are doing a fantastic job completing drill holes and we are delighted with our early results and look forward to an expanded drill campaign.”

Description Of Maiden Drill Holes At Treasure Island Target

TI-24-01, Pad 1: The 9.8 meter interval of mineralization intersection is from 376.64 to 386.44 meters. Quartz stockwork in mudrocks. Frequent, chaotic quartz wollastonite veins range from <1 - 37cm wide with calc-silicate alteration. That becomes slightly quartz brecciated at 381.21 meters leading towards the main mineralized zone. Brecciated and slightly sheared from 385.5 - 386.44 meters. Vein contacts in the middle of the zone are rubbly and have some gouge. Massive chalcopyrite (8%) and pyrite (10%) from 381.63 - 382.22 meters hosted in chaotic quartz veins and extending to the host rock. 11cm quartz vein at 382.91 meters with massive pyrite. Disseminated and small blebs of chalcopyrite and pyrite throughout, assays are pending.

TI-24-04, Pad 1: The 5.46 meter interval of mineralization is white to dark grey quartz breccia intersected from 48.6 to 54.12 meters. It contains semi-massive to massive pyrite (2%) and trace chalcopyrite (<1%), together with subordinate malachite. Carbonate is a minor phase. Iron oxides present on fracture planes and through the breccia material. It appears very fractured locally. It includes an intermediate dyke crosscut by barren milky white quartz veins from 52.1 to 53 meters, assays are pending.

TI-24-02, Pad 1: The 2.74 meter interval of mineralized quartz-carbonate breccia intersection is from 77.4 to 80.14 meters. Dark grey, quartz carbonate breccia hosted in mudrocks, associated with some wollastonite. Most of the mineralization is observed from 78.63 to 79.59 meters. The rest of the interval shows a lesser degree of brecciation. It appears very fractured at the start of the mineralized interval and includes some gouge. Mineralization consists of blebs of pyrite (2%) and trace chalcopyrite (<1%), assays are pending.

TI-24-03, Pad 1: The 1.77 meter interval of mineralized quartz-carbonate breccia associated with some wollastonite intersection is from 259.86 to 261.63 meters, entraining clasts of both host mudrocks and intermediate dyke. The latter becomes prevalent towards the unit's lower contact, showing weak chlorite alteration. The mineralization consists of small blebs to semi massive pyrite (1%) and minor chalcopyrite (<1%), assays are pending.

The Treasure Island outcropping mineralized target is 36 km north of the Surebet discovery, 6 km to the east of, and on trend with, the Porter Idaho mine and 9 km east of Stewart, British Columbia. The target has recently been exposed as a result of glacial abatement and is being drill tested for the first time during the 2024 field season.

A total 15 out of 16 channel cuts previously reported assayed > 1.00 gpt AuEq, which corresponds to 94% of channel cuts collected on Treasure Island to date. In addition, 13 out of 19 grab and chip samples assayed > 1.00 gpt AuEq, which corresponds to 68 % of chip and grab samples collected on Treasure Island to date. Channel samples collected on Treasure Island assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04% Cu) over 0.85 meters; and 3.54 gpt AuEq (0.13 gpt Au, 23.96 gpt Ag and 2.34% Cu). Grab and chip samples collected on Treasure Island assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15% Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43% Cu). See Table 1 and 2 below for complete assay results.

The high-grade gold-copper Treasure Island target consists of new mineralized bedrock outcrops that have been exposed by glacial melt. This newly discovered mineralized area shows multiple shear-hosted, VMS type polymetallic zones over a 550 meter by 450 meter NW-SE trending area that remains open in all directions. Mineralized domains are up to 20 meters wide with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.

Table 1: 2023 grab and chip samples from Treasure Island (previously reported).

Table 2: 2023 channel samples from Treasure Island (previously reported).

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world-class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone, at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport with supplies.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

Goliath is a paying member and active supporter of CASERM, an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data are used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization that confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is also a director of the Company.

About Goliath Resources Limited
Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.

For more information please contact:

Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
roger@goliathresources.com
www.goliathresourcesltd.com

Other

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.

Portable XRF (X-Ray Fluorescence) readings are semi-quantitative measurements and calibrations of the equipment in the field not always allow to compare results to certified reference materials but are used as guideline to augment the understanding of the mineralization observed. These measurements are not intended to be representative of the geochemical composition of the material measured. XRF readings are carried out using a handheld device and could be influenced by external factors.

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX Deposit^TM. Drill holes were planned using Leapfrog Geo^TM and QGIS^TM software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

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.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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