Explorer Discovers Hidden Gold Conduits Beneath Canadas Hottest Drill Site

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Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) confirmed it is looking to complete and file a  NI 43-101 technical report in the coming months, consolidating all of its exploration data from its Golddigger Property in British Columbia's Golden Triangle. In a call with Streetwise Reports, CEO Roger Rosmus said the document will unify the company's drill results, sampling data, and geologic interpretations into a single source. "It's going to be one document that has all of the drilling, all the sampling, everything about the property," Rosmus noted. He clarified that the filing is not a maiden resource estimate and emphasized that additional drilling is needed to support a compliant mineral resource. "We have no intention of a maiden resource at this particular juncture until we know the full scale and size of the system that currently remains open," he added, citing the need for more pierce points to define the system's true scale in addition to further understanding the full extent of mineralization of the newly discovered reduced intrusive related gold that associated to a Motherlode RIRG source at depth and/or laterally. 

The Surebet Zone, Goliath's flagship discovery, has yielded consistent mineralization over a 1.8-square-kilometer area, with all 2024 drill holes intercepting gold-bearing structures. Notable results included 34.52 grams per ton (g/t) gold equivalent (AuEq) over 39 meters, with visible gold found in 92% of core samples drilled in 2024. Gold recoveries reached 92.2%, including 48.8% free gold at a minimal grind of only 327 microns, extracted using gravity alone and recovered without cyanide; no deleterious elements. "We're in what I'm calling a low-risk expansion phase," Rosmus explained. "Part of the drilling this year will also include adding tighter pierce points in our high-grade Bonanza Zone to increase the confidence level that will further demonstrate its predictability and continuity. We still do not know how big the Surebet discovery is; each year we drill the bigger the mineralized system gets." 

Rosmus described the discovery of gold-bearing feeder dykes as a turning point. Initially believed to be barren due high-grade gold never being reported until now within the Eocene aged granodiorite rocks of the Golden Triangle. In addition to the study by Colorado School of Mines confirms a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and confirms a common causative Reduced Intrusion Related Gold (RIRG) Motherlode source with tremendous untapped discovery potential. "Where there's a finger, there's a hand, and where there's a hand, there's an arm and a body," Rosmus said. According to the Colorado School of Mines recent report, the geochronology of the dykes (52.0 ± 1.5 Ma) aligns closely with that of the surrounding mineralized shear zones (50.7 ± 1.0 Ma), supporting a syngenetic origin. Rosmus noted that roughly 46  historical drill holes from 2021-2024 intersecting RIRG style of mineralization in  dykes have been flagged in the off season that are scheduled to be  re-logged and assayed for the first time ahead of the 2025 drilling season, saying, "Last year we re-logged and assayed 13 RIRG holes for the first time from 2021 to 2023; seven of the holes had visible gold that could be seen with a naked eye and 54% of them assayed for high-grade gold up to 12.03 g/t AuEq over 10.00 meters (~true width)." 

Gold market volatility was also addressed. While Rosmus downplayed the immediate impact of spot prices on pre-resource explorers, he acknowledged the broader benefits. "The euphoria and excitement [around gold] brings the sector into the spotlight," he said. "Gold is now making headlines in major U.S. newspapers, bringing it to the forefront where it had been kind of an orphan child for years." He added that gold's newfound visibility may benefit junior explorers indirectly, noting, "There's still a pretty big disconnect between the price of gold and where the explorers are trading." 

Rosmus also touched on the metal composition of Goliath's mineralized zones. "Typically, our gold equivalency is about 90-95% gold, some silver, and the rest is copper, lead, and zinc," he said, reinforcing that gold remains the primary value driver at Surebet. 

Gold Exploration and the Broader Precious Metals Market

The recent performance of the gold sector has underscored a major shift in market dynamics, with analysts and institutions identifying both structural and cyclical factors driving heightened valuations. In an April 21 update, Technical Analyst Clive Maund described the sector as entering a new phase of rapid price escalation. He stated, "Gold is in meltup mode due to an unprecedented confluence of economic and geopolitical factors," referencing record overbought signals on the MACD indicator. Maund pointed to debt saturation, global power realignments, and weakening confidence in the U.S. dollar as catalysts for continued upside. He added that precious metals stocks "should soar," and highlighted that the historically low silver-to-gold ratio suggests the current bull market remains in its early stages.

According to a report from Kitco published April 22, gold futures reached an intraday record of US$3,509.90 before retreating to US$3,392.00, maintaining gains of over 10% for the month. Kitco noted that gold's strength came in spite of a surging U.S. dollar and equities rally, both of which typically dampen demand for non-yielding assets. Gary Wagner wrote that "despite establishing a new intraday record, gold futures failed to sustain yesterday's record closing price," though the metal still posted "exceptional performance" overall.

Reuters reported on April 22 that spot gold briefly hit US$3,500.05 per ounce before dipping 1.5% on comments from U.S. Treasury Secretary Scott Bessent, who suggested a potential thaw in U.S.-China trade tensions. While this softened gold temporarily, the broader context remains bullish. Reuters highlighted that "spot gold, up 29% so far this year, notched its 28th record high on Tuesday." The report added that JPMorgan projected gold would exceed US$4,000 an ounce in 2026, citing ongoing recession risks, higher U.S. tariffs, and persistent trade tensions.

According to GoldFix on April 23, JPMorgan's latest research confirmed that the bank expects gold to average US$3,675 per ounce by the fourth quarter of 2025, reaching US$4,000 by the second quarter of 2026. The report emphasized systemic risks and central bank demand as core drivers. "This is not just about inflation," the report explained. "It's about systemic uncertainty, capital mobility constraints, and an increasingly fragmented global financial system." JPMorgan anticipated sustained net purchases of 710 tonnes per quarter from central banks and institutional investors, which it viewed as part of a longer-term reallocation of reserves.

Third-Party Analysts Highlight Expansion Potential and Undervalued Growth at Goliath Resources

According to a March 11 report by Red Cloud Securities, analyst Taylor Combaluzier provided a highly favorable assessment of Goliath Resources Ltd. following the release of final 2024 drill results from its 100%-controlled Golddigger property in British Columbia's Golden Triangle. Combaluzier stated, "We view the results positively as they continue to demonstrate continuity of high grades at known zones and confirmed Au mineralization at new targets." The report noted that Goliath drilled 38,125 meters in 2024 and significantly expanded gold mineralization, with potential for continued expansion through a major drill program in 2025.

The analyst also highlighted the company's ability to define a mineral inventory of approximately 4.0 to 6.0 million ounces of gold equivalent (AuEq) at an average grade of 6.62 g/t AuEq at the Surebet and Bonanza Zones, based on comprehensive data modeling and updated intercept analysis. Based on these findings, Red Cloud increased its target price for Goliath to C$2.90 per share, up from C$1.60, and maintained a "BUY (Speculative)" rating. The report cited a probability-weighted valuation methodology to derive this target, noting the base case scenario of 5.0 million ounces AuEq was considered the most likely outcome.

According to the valuation analysis, Red Cloud assumed an in-situ value of US$50 per ounce AuEq and used an 8% discount rate. The firm emphasized that "Goliath trades at a discount at an EV at CA$245.4M vs. peers at CA$378.7M — additional positive results could help close the gap." Red Cloud also acknowledged the significance of recent strategic investments, viewing these developments as "an important endorsement for the company."

The report concluded that Goliath's results support further resource growth and valuation upside, with upcoming 2025 exploration plans likely to act as additional catalysts.

Goliath Catalysts: "Layered Gold System Positioned for Expansion"

Goliath's 2025 plans center on expanding its reduced intrusion-related gold system (RIRG) model, as outlined in its April 2025 investor presentation. The company will relog and assay roughly 46 historical RIRG drill holes intersecting porphyritic feeder dykes. These intervals, representing roughly 1,400 meters of core, are expected to generate early assays by June potentially. Seven of the 13 previously re-logged RIRG holes assayed for gold with values up to 12.03 g/t AuEq over 10.00 meters. 

Mobilization for the summer drill program is scheduled for May, with three rigs planned to begin turning by the second week of June. Initial targets will step out from the 2024 discovery hole GD-24-260, which returned 34.52 g/t AuEq over 39 meters, including 132.93 g/t AuEq over 10 meters. Colorado School of Mines researchers described this intersection as containing both high-temperature and low-temperature gold, indicating potential proximity to a heat source. 

Goliath also confirmed expanded land holdings, growing its property package by 28% to 91,518 hectares. This strategic increase was designed to capture additional RIRG-style targets, including the newly identified Blue Origin zone, which lies 4.5 kilometers south of Surebet. Blue Origin shares similar mineral characteristics and structural settings.

The technical team's work continues in collaboration with partners such as Archer Cathro, SRK Consulting, Colorado School of Mines and Motherlode Consulting. According to Rosmus, these efforts aim to define the full scope of the system before initiating a resource estimate, likely still a few years away. 

Goliath has a market cap of CA$261 million (or US$173 million) as of April 28, 2025 and is well capitalized for another aggressive drill campaign in 2025. A 150-million-share count and the support of strategic shareholders, including Crescat Capital, Global Commodity Group (Singapore), McEwen Mining (NYSE: MUX), Rob McEwen and Eric Sprott, position the company for continued exploration momentum in a rising gold price environment. 

Ownership and Share Structure

According to company data, 19.0% of Goliath Resources is held by Management and Insiders. Strategic and Institutional investors collectively own 9.9%, with notable holdings including Crescat Capital LLC at 14.4%, McEwen Mining (MYSE: MUX Global Commodity Group (Singapore) at 5.2%,), Mr. Rob McEwen at 3.9%, Mr. Eric Sprott at 3.0%, and Mr. Larry Childress at 1.0%. The remaining shares are held by other institutional funds and retail investors. 

Goliath has 150,546,300 shares issued and outstanding. The 52-week range of Goliath is CA$0.81 to CA$2.87.