Goliath ups Golden Triangle financing to $14.6 million

Goliath ups Golden Triangle financing to $14.6 million
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VANCOUVER – Goliath Resources Ltd. [GOT-TSXV, GOTRF-OTCQB, B41F-FSE] has announced another increase in the amount it expects to raise from an offering of flow-through units priced at $1.19 each. The company said it now expects to raise $14.6 million from the units sale. That’s up from earlier targets of $11 million and $13.8 million announced on February 11, 2022, and February 22, 2022 respectively.

These additional proceeds will enable Goliath to significantly expand the 2022 drill campaign at the newly discovered Surebet Zone on its Golddigger property, which is located in British Columbia’s Golden Triangle region. Goliath has an option to acquire a 100% interest in the Golddigger project, which covers an area of 23,859 hectares and is located on tide water, 30 kilometres southeast of Stewart, B.C.

The Homestake Ridge Deposit (Fury Gold Mines Ltd. [FURY-TSX, NYSE American]), Dolly Varden Silver Mine (Dolly Varden Silver Corp. [DV-TSXV, DOLLF-OTCBB]), and KInskuch Project (Hecla Mining [HL-NYSE]) are all in close proximity.

The company has discovered a new high-grade polymetallic gold-silver shear zone known as the Surebet Zone at Golddigger. Surebet is characterized by a series of northwest-southeast-trending structures that occur within a package of Hazelton Group sediments underlain by Hazelton volcanics.

LIDAR imagery, drone imagery, and field observations have identified several additional paralleling structures.

Goliath  completed a 5,332-metre maiden drill campaign in 2021, where 100% of all 24 holes intercepted significant mineralization over 1.0 kilometre of strike and 1.1 kilometres of down dip extension of the Surebet discovery.

The average grade and width from the best hole from each seven widely spaced drill pads assayed 9.42 g/t gold equivalent (6.66 g/t gold and 172.66 g/t silver over 6.43 metres respectively. The company said these positive results confirm the continuity and scale of an extensive high-grade gold-silver polymetallic system that remains open.

“Goliath Resources’ execution of a first phase drill program at Surebet has generated a major new gold-silver discovey in the Golden Triangle,’’ said Dr. Quinton Hennigh, an advisor and director of Crescat Capital LLC, which has agreed to acquire up to 19.9% of Goliath post-financing.

Crescat will have an option to participate in future financings of the company to maintain its interest as long as it holds greater than 3.0% of the issued and outstanding common shares.

Planned drilling at the Surebet zone this year will include drill testing the outer extremities of the zone to determine the potential size of the system as well as the newly discovered adjacent Extension target to the southeast.

Goliath Resources is an explorer of precious metals projects in the Golden Triangle as well as the Abitibi greenstone belt of Quebec.

On March 4, 2022, Goliath shares jumped 15.6% or 13 cents to 96 cents on volume of 229,900. The shares are currently trading in a 52-week range of $1.62 and 51 cents.

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