The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - April 19, 2024
Goliath's more than 34,000-meter 2023 drill program expanded Surebet and Bonanza Shear zones and tapped a new gold-silver zone that opens the potential for further discoveries at depth.
Goliath Resources Ltd. April 15 announced that it has fast-tracked the earning of a 49% interest in the compelling Golddigger property in British Columbia's Golden Triangle.
In 2017, Goliath entered into option agreements with prospect generator J2 Syndicate on four properties in B.C., including Golddigger.
Having already made all the required cash payments and invested more than C$14 million (US$10.2 million) in exploration, Goliath can now earn a 49% ownership in Golddigger by issuing 10 million shares to the property vendors by May 15. The company can gain full ownership of the Northern B.C. gold property by producing a National Instrument 43-101-compliant mineral resource estimate for Golddigger with at least 2 million ounces of gold by June 1, 2027.
"We are very pleased to have fast tracked our initial 49% interest in the Golddigger property and look forward to acquiring the remaining 51% interest," said Goliath Resource CEO Roger Rosmos. "The property already is a remarkable gold discovery, showing multiple zones that transition from the sediments, into the contact of the sediments and volcanics then into the volcanics."
Large drill programs carried out by Goliath over the past three years, including more than 34,000 meters in 2023, have outlined three high-grade gold zones – Surebet, Bonanza Shear, and Golden Gate – along the roughly 1,800-meter-long Surebet corridor on the Golddigger property.
The company had previously reported that these three interrelated zones host a combined 22.9 million cubic meters of mineralized rock averaging 7.74 grams per metric ton gold-equivalent, which accounts for the value of both the gold and silver.
According to a 2023 geological model, the Surebet, Bonanza Shear, and Golden Gate zones host an estimated 22.9 million cubic meters of mineralized rock averaging 7.74 g/t gold-equivalent.
While it is impossible to calculate an accurate resource without rock density and other data, a back-of-the-envelope calculation (based on a conservative 2.5 metric tons of rock per cubic meter) estimates that these areas alone likely host more than 14 million oz gold-equivalent.
A new model that integrates all the current drill data, however, has identified six new zones within this corridor and suggests that the volume of mineralized material could range somewhere between 78 to 97 million metric tons.
Goliath continues to discover new gold zones at Golddigger, both proximal to Surebet and across the wider 66,023-hectare (163,146 acres) property, that could expand the inventory of gold mineralized rock outlined so far.
The exploration targets identified last year include Jackpot, a discovery about 1,000 meters southeast of the currently outlined Surebet corridor.
High-grade gold, silver, and copper found on surface at Jackpot underscores the resource expansion potential around Surebet.
One sample collected from a shear zone identified at Jackpot last year averaged 636 g/t gold, 1,690 g/t silver, and 7.96% copper.
"Jackpot is yet another discovery of outcropping high-grade gold-silver-copper with multiple mineralized veins within a broader shear zone that can be traced for (greater than) 500 meters, with 400 meters of vertical relief, which we believe has excellent upside potential for our shareholders," said Rosmos. "This clearly demonstrates the strong possibility for many more discoveries of material size mineralized shear zones/veins directly related to the Surebet system that remains open."
The Treasure Island discovery in the Cambria Icefields toward the north end of Golddigger underscores the wider property potential.
Goliath geologists have discovered multiple polymetallic zones over a 450- by 550-meter area at Treasure Island that remains open under the ice cap around its edges.
High-grade copper, gold, and silver identified at the Treasure Island discovery in the Cambria Icefields about 22 miles north of Surebet highlight the property-wide potential at Golddigger.
Highlights from channel samples collected from the recently exposed rock at Treasure Island include: 20.6 g/t gold, 63.6 g/t silver, and 5.04% copper over 0.85 meters; and 3.54 meters averaging 0.13 g/t gold, 23.96 g/t silver, and 2.34% copper over 2.48 meters.
The 2024 program at Golddigger is expected to include significant drilling to delineate the full extent of gold mineralization within the Surebet corridor, as well as expand the potential tonnage within the identified zones and vector in on a potential feeder to the mineralized zones identified so far.
In addition, Goliath plans to carry out a reconnaissance drill program on the Treasure Island and Full Contact targets on the Cambria Icefield claims to the north.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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