Junior Miner Discovers High-Grade Gold in Golden Triangle

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Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) Limited has increased its 2025 drill program at the Golddigger Property in British Columbia’s Golden Triangle from 40,000 to 60,000 meters following significant new discoveries of visible gold in re-logged drill core. The expanded campaign, which is fully funded and will utilize nine drill rigs, focuses entirely on the Surebet high-grade gold discovery.

The decision to expand drilling was driven by re-logging results from core drilled between 2021 and 2024, which revealed widespread visible gold in reduced intrusion-related gold (RIRG) dykes and calc-silicate altered breccias. A notable example is drill hole GD-22-64, which intersected 6.31 g/t gold equivalent (AuEq) over 14.35 meters, including 11.36 g/t AuEq over 7.85 meters. Additional assays from seven more holes containing visible gold are pending.

This program is supported by the company’s financial position as of March 31, 2025, and a recently closed charity flow-through financing of US$27,000,000 at US$3.17 per share. CEO Roger Rosmus noted in a company news release that “the incredible results from our re-logging initiative, particularly the widespread visible gold and the strong assays from the RIRG feeder dykes, compelled us to significantly upsize our drill program.”

The Surebet system has demonstrated high-grade gold continuity across multiple mineralization styles, including stacked gently dipping shear veins and steeply dipping RIRG dykes. Prior to 2024, these Eocene-aged dykes were considered unmineralized. However, work by the Colorado School of Mines has helped redefine this interpretation by confirming a common magmatic source for both mineralization styles.

To date, Goliath has completed 92,000 meters of drilling across the Golddigger Property with over 400 pierce points, outlining a 1.8 km² mineralized footprint that remains open in all directions. Drill hole GD-24-260 from the Bonanza Zone yielded one of the strongest assays to date with 34.52 g/t AuEq over 39 meters, including 132.93 g/t AuEq over 10 meters and 166.04 g/t AuEq over 8 meters.

Metallurgical testing has returned gold recoveries of 92.2% using flotation and gravity, with nearly half of the gold recoverable via gravity alone, eliminating the need for cyanide. The Golddigger Property benefits from tidewater access, proximity to the town of Kitsault, and available infrastructure including power and a permitted mill site.

Gold Sector: Safe-Haven Surge Drives 2025’s Top-Performing Asset

In a June 20 article for Stockhead, Josh Chiat detailed gold’s climb from under US$2,000 per ounce in late 2023 to above US$3,350 by mid-2025, including a brief spike past US$3,500 in April. Chiat highlighted sustained sovereign demand, noting that central banks had been purchasing roughly 1,000 tonnes of gold annually for three consecutive years. Citing the World Gold Council’s latest survey, he wrote that “95% of central bank buyers expect central banks to increase their gold reserves this year,” a significant rise from 81% the year prior. Shaokai Fan of the WGC added, “Nearly half of the central bank respondents intend to increase their own gold holdings in the coming year… especially considering how many record-high prices we’ve hit so far in 2025.”

A June 23 article from Ahead of the Herd further emphasized gold’s safe-haven status amid global instability, noting that the metal had gained approximately 27% year to date. The article linked the gains to global conflict, inflation anxiety, and diminishing confidence in U.S. financial leadership. It cited updated World Gold Council data showing that “43% of central bank reserve managers said they plan to increase their gold holdings this year,” up from 29% in 2024. The article also pointed to a declining reliance on U.S. Treasuries, with New York Fed data showing custody holdings for foreign central banks had fallen to US$3.22 trillion—the lowest level since 2017. Bank of America strategist Meghan Swiber explained, “This flow likely reflects official sector diversification away from dollar holdings.”

On June 26, Yahoo Finance reported that gold futures opened at US$3,347.50 per ounce, a 0.6% increase from the previous day’s close, though still below the record highs seen earlier in June. While gold is up 45.1% year-over-year, the article noted a more subdued performance in recent weeks, as optimism in equity markets and geopolitical developments influenced investor behavior. S&P 500 futures rose 3.4% following President Donald Trump's announcement of a ceasefire between Israel and Iran. Additionally, Trump's comments about possibly replacing Federal Reserve Chair Jerome Powell raised speculation about faster interest rate cuts, which could shift investor interest toward equities and away from gold in the short term.

Despite these temporary headwinds, the long-term narrative remains favorable. Yahoo Finance highlighted a Goldman Sachs Research projection that gold could reach US$3,700 per ounce by year-end 2025, driven by strong central bank demand and ongoing economic uncertainty. As of June 26, gold had maintained a steady climb, underlining its role as both a hedge against volatility and a strategic reserve asset in times of global transition.

Analyst Upgrades and Strategic Support Reinforce Goliath’s Market Momentum

On May 1, Red Cloud Securities mining analyst Taylor Combaluzier raised his target price for Goliath Resources Ltd. to CA$2.90 per share, representing an 81 percent increase. The revised valuation was based on 2024 drill results from the company’s Golddigger Property, which supported an estimated 4 to 6 million gold-equivalent ounces at an average grade of 6.62 grams per tonne. Combaluzier noted that the 2024 program “likely significantly expanded gold mineralization” and added that the 2025 drill season could further grow the resource base. He emphasized that strong new results “could help close the gap” between Goliath’s valuation and that of its peer group. Red Cloud maintained a Buy rating with a projected return of 65 percent at the time of the report.

On May 18, George Billman of Resourceful Insights highlighted Goliath’s growing presence in the southern Golden Triangle as a key driver of its rising valuation and land position. He reported that the company’s market capitalization had grown by US$146 million since the end of 2023, an increase of nearly 150 percent. Billman linked the momentum to “mounting evidence of expansive Reduced Intrusion-related Gold System (RIRGS)” mineralization and noted the consistent visibility of stacked veins and feeder dykes across the property. He also pointed out that insider ownership had increased to 51.5 percent, calling the shareholder base “strong-handed” and aligned for long-term value creation.

In his June 25 analysis published by Struthers Resource Stock Report, newsletter writer Ron Struthers reiterated a Buy opinion on Goliath Resources Ltd., emphasizing the company’s active and fully funded drill program at its Surebet high-grade gold discovery. Struthers highlighted the decision to increase the 2025 drill campaign from 40,000 meters to 60,000 meters, citing widespread visible gold found in multiple reduced intrusion-related gold (RIRG) dykes and calc-silicate altered breccia. He noted that 59 out of 64 holes drilled in 2024 contained gold visible to the naked eye, including standout hole GD-24-260, which assayed 34.52 g/t AuEq over 39 meters.

Struthers pointed to the company’s solid financial position, supported by a recently completed CA$27 million charity flow-through financing, and outlined the strategic intent of the drill campaign: to test the Motherlode causative intrusive source, explore 13 untested surface dykes, conduct infill drilling in high-grade zones, and expand mineralized zones laterally and at depth. According to Struthers, “the stock is in an uptrend and has made higher highs,” and he projected a near-term target of CA$2.70. He also stated, “I believe it is nowhere near pricing in the world-class gold discovery they are revealing,” and expressed continued confidence in the stock’s upward potential as additional drill results are expected to be released throughout the 2025 season.

Looking Deeper: Expansion Strategy and Exploration Milestones

Goliath’s 2025 campaign represents a deliberate expansion phase driven by exploration success and new geological insights. According to its investor presentation, the company has drilled 92,000 meters between 2021 and 2024 with a reported 100 percent mineralization hit rate and 92 percent visible gold in 2024 drill holes. The updated geological model, which incorporates research from the Colorado School of Mines, suggests a syngenetic relationship between the RIRG dykes and the stacked veins, both linked to a deeper “Motherlode” magmatic source.

This year’s drill plan includes testing 13 untested RIRG dykes observed on surface, infill drilling in high-grade vein intersections, and targeting the so-called “Goldilocks zones” where crosscutting mineralization styles intersect. The company also aims to follow the RIRG dykes to greater depths in pursuit of the magmatic source believed to drive gold mineralization across the system.

The broader Golddigger land package has grown by 28 percent to 91,518 hectares, controlling 56 kilometers of the Red Line—an important regional geological boundary. The company’s ability to secure additional land and raise US$68 million over three years without significant dilution is underpinned by support from strategic shareholders including Crescat Capital, McEwen Mining, Eric Sprott, and Global Commodity Group.

These developments place Goliath Resources in a position to continue delineating a potentially tier-one gold discovery, leveraging a fully funded drill campaign, new mineralogical insights, and proximity to critical infrastructure.

Ownership and Share Structure

According to Goliath Resources, management and insiders own 20% of its shares on a partially diluted basis. 

Strategic and institutional investors collectively own 32.5%, with notable holdings including Crescat Capital LLC at 12.2%, Global Commodity Group (Singapore) at 5%, McEwen Mining at 4.8%, Waratah Capital Advisors 4.3%, Rob McEwen at 3.2%, Eric Sprott at 2% and Larry Childress at 1%. 

The remaining shares are held by other institutional funds and retail investors. 

Post this current round of financing,  Goliath has 161.7  million issued and outstanding shares and 141.86M free float traded shares. Its market cap is C$347.63  Its 52-week range is C$0.90  – C$2.87 per share.