The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - August 9, 2024
Goliath Resources Ltd. Aug. 8 reported that Crescat Capital LLC, the company's largest shareholder, is leading a C$3 million (US$2.2 million) financing to expand upon a 2024 drill program that has cut abundant visible gold at Surebet, a roughly 1,800-meter-long corridor at the southern end of the 66,608-hectare (164,592 acres) Golddigger property in Northern British Columbia.
According to a 2023 geological model, three interrelated zones within the Surebet Corridor – Surebet, Bonanza Shear, and Golden Gate – host an estimated 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.
More than 34,000 meters of drilling completed last year significantly expanded the Surebet zones and identified six new vein horizons connected to the previously identified zones.
Testing for a porphyritic intrusion that is believed to be the feeder to the strong gold mineralization outlined so far in the zones at Surebet is the primary objective of the 15,000-meter drill program originally slated for Golddigger this year.
In mid-July, Goliath reported that GD-24-235, the first drill hole of 2024, encountered an abundance of visible gold, along with bismuth and up to 2-millimeter chunks of molybdenite, that further confirms the deep porphyry feeder hypothesis.
While the assays remain pending from this "Mothership Feeder" zone intercept encountered at a depth of 529 meters, at the end of July, Goliath reported that the same hole cut 6.34 meters averaging 34.16 g/t (1.1 ounces per metric ton) gold and 34.15 g/t silver from a depth 444.3 meters. This intercept corresponds with the Bonanza Shear zone.
Core from the 6.4-meter intercept in hole GD-24-235 averaging 34.16 g/t gold and 34.15 g/t silver.
"The abundant particles of visible gold observed in this new zone give reason for a lot of excitement, especially given that mineralization is spatially associated with what might prove to be a causative intrusion," said Quinton Hennigh, the technical and geologic director at Crescat Capital, which owns an 18.4% stake in Goliath. "Other indicators support this magmatic association including the presence of molybdenum and bismuth-rich minerals in the sulfide assemblage of the vein breccia."
All eight holes drilled so far this year have encountered strong gold mineralization in targeted veins, including multiple intervals of visible gold, including mineralization that suggests the drilling has tapped into the heat engine source of the gold mineralizing system at Surebet.
Given the abundance of visible gold both in the already known zones and the potential feeder zone, Crescat has put in a lead order for a C$3 million financing to allow Goliath to expand its drill program at Golddigger.
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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