Drill Intercept At The Golddigger Property

TORONTO - Goliath Resources Limited reported a 61.5 meters drill intercept of quartz-sulphide (galena, pyrrhotite, sphalerite, chalcopyrite) veining, brecciation and associated alteration from the sixth drill hole GD21-006 during the Company’s 2021 maiden diamond drill campaign at its 100% controlled Golddigger Property. Based on the initial observations of extensive polymetallic mineralization in the first five drill holes, a fully funded second drill rig has been added to the maiden 2021 drill program.

Both rigs will continue to trace the full extent of the Surebet Polymetallic Gold-Silver Zone (“Surebet”) along strike and at depth. The recently completed airborne geophysics survey (Magnetics, Electromagnetics) indicates more widespread magnetism at Surebet, likely related to the presence of pervasive magnetic pyrrhotite. The survey also defined the boundary of the major intrusive body to the west along with several offshoot dykes in the immediate area of the known Surebet mineralization, both of which are believed to be part of the driving force of the polymetallic mineralization.

Additional fan drilling is planned for the adjacent Lower and Upper Waterfall, Main, Central and North Pads at Surebet, testing the exposed at surface strike length of 1000 meters. The drill campaign has been modified focussing on step-back holes to test the mineralized structure to a down-dip extent of 500 meters. In addition, the Company plans on testing the Cloud 9 Gold Zone, and the projected mineralized vertical structure. Cloud 9 is located between ~900 meters west of the Surebet Zone. Here, drilling will test Cloud 9 at depth to confirm if it is a feeder system for the Surebet polymetallic mineralization. If successful, this would extend the down dip depth nearly 1000 meters. Surebet still remains open in all directions.

The recently completed helicopter airborne geophysical survey was flown in 50 meter spacings by Precision GeoSurveys using their exclusive 3 sensor triple boom high resolution instruments (Gradient magnetics, electromagnetics). The data was modeled by both our technical team and Precision GeoSurveys and indicates more widespread magnetism at Surebet, likely related to the presence of pervasive magnetic pyrrhotite body at depth. The survey and 3D modeling defined an intrusive body to the west and underlying both Surebet Zone and the entire surrounding area. The data collected also coincides with some of the documented dikes mapped on surface in the area of the Surebet and beyond. This data has provided valuable information to assist in modeling this newly identified system at depth while providing valuable information to what could be sources /drivers behind this extensive system of high-grade gold-silver mineralization. The planned drilling will test the newly developed models while focusing on expanding the Gold Silver mineralization both along strike and to depth. Our understanding of this system will continue to grow based on the hard data collected as the inaugural drill program moves forward.

GD21-006, first drill hole at the North Pad

GD21-006 is drilled directly below North pad area, where 2020 channel and grab samples yielded intercepts of 5.13 g/t AuEq over 12.3 meters, including 17.86 g/t AuEq over 3.1 meters, and 15.09 g/t AuEq over 5.3 meters including 17.01 g/t AuEq over 4.7 meters (Company news release dated November 10, 2020). It was projected to hit Main Vein quartz-sulphides mineralization ~120 meters* down-hole. However, the drill hole intersected significant veining starting at 73.0 meters to 120.0 meters downhole length. The full interval carried between 5 and 40% quartz-sulphides vein stockwork and breccia, with 100% veining in three local 1 meter intervals.

The seventh drill hole at Surebet, GD21-007 (at a targeted length of 300 meters, 030°/-62°), is being drilled to the northeast from the

The 2021 drill campaign is designed to trace the high-grade gold-silver zone exposed at surface along 1000 meters (1km) of strike and to a down dip depth over 500 meters at the Surebet Zone. Currently Surebet averages 9.84 meters wide grading 10.68 g/t AuEq (with 7.59 g/t Au) based on channel cut sampling taken in 2020. Surebet also has 500 meters of vertical relief and 1000 meters of inferred down dip extent.