Toronto, Ontario – August 8, 2024 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report it has received a lead order from its strategic investor, Crescat Capital LLC, the Company’s single largest shareholder. Goliath intends to raise up to $3,000,000 through a non-brokered private placement.
Based on exceptional assay results and the abundance of visible gold in a majority of the holes drilled thus far, the Company will be expanding the drill program at the Surebet Discovery.
100% of the first 8 holes drilled to date during the 2024 drill season have intercepted continuous strong mineralization in the targeted veins. Including mineralization that suggests the drilling has tapped into the heat engine source of the gold mineralizing system at the Surebet Discovery. Abundant visible gold up to 1.30 mm in size has been identified in multiple intervals in 6 out of the first 8 holes of 2024, corresponding to 75% of the holes drilled thus far. A majority of the gold seen is hosted further downhole within the volcanics above the valley floor, and gold mineralization remains open in all directions for further new discoveries.
Goliath’s largest shareholder, Crescat Capital, who currently owns ~18% (P/D) of the issued and outstanding common shares of the Company, will be participating in this placement pursuant to a pre-emptive right granted to them by the Goliath.
Goliath intends to raise up to $3,000,000 through a non-brokered private placement in a combination of: (i) Non-Flow-Through shares (NFT) to be sold at a price of $1.11 each and Flow-Through shares (FT) to be sold at a price of $1.28 that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).
The Company intends to use the proceeds for general operating expenses and exploration related programs on its properties located in and around the Golden Triangle of northwestern British Columbia.
The proceeds from the FT offering will be used for Canadian exploration expenses as such term is defined in paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the tax act, flow-through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through mining expenditures, and B.C. flow-through mining expenditures as defined in Subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2025, and renounced with an effective date no later than Dec. 31, 2024. British Columbia Super Flow – the B.C. mining flow-through share (B.C. MFTS) tax credit allows BC Residents who invest in flow-through shares to claim a provincial non-refundable tax credit of 20% of their B.C. flow-through mining expenditures. B.C. flow-through mining expenditures are specific exploration expenses incurred by a PBC and renounced by a corporation issuing the flow-through shares.
Goliath may pay finders’ fees composed of cash and warrants on certain orders in connection with the placement, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders’ fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
About Crescat Capital LLC
Crescat is a global macro asset management firm headquartered in Denver, Colorado. Crescat’s mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat’s goal is industry leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. Crescat’s investment process involves a mix of asset classes and strategies to assist with each client’s unique needs and objectives and includes Global Macro, Long/Short and Precious Metals funds.
Crescat is advised by Dr. Quinton Hennigh, its geologic and technical director on investments in gold and silver resource companies. Dr. Hennigh became an economic geologist after obtaining his PhD in Geology/Geochemistry from the Colorado School of Mines. He has more than 30 years of exploration experience with major gold mining firms that include Homestake Mining, Newcrest Mining and Newmont Mining. Recently, Dr. Hennigh founded Novo Resources Corp., and is currently serving as Co-Chairman. Among his notable project involvements are First Mining Gold’s Springpole gold deposit in Ontario, Kirkland Lake Gold’s acquisition of the Fosterville gold mine in Australia, the Rattlesnake Hills gold deposit in Wyoming, and Lion One’s Tuvatu gold project on Fiji, among many others.
Golddigger Property
The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.
The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% including 48.8% free gold from gravity alone, at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).
It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, high-tension power and infrastructure capable of housing at least 300 people.
Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport.
Consulting Advisory Agreement
The Corporation is pleased to announce it has entered into a consulting agreement dated August 8, 2024 (the “Consulting Agreement”) with Mezzo Consulting Services S.A. (the “Consultant”) for the provision of advisory services relating to prospective mergers and acquisitions, fundraising opportunities in Europe and local business practices, culture and customs (collectively, the “Services”). The Consulting Agreement shall have an initial term of 24 months, after which it shall renew for one month terms on the first day of each calendar month until terminated by either the Corporation or the Consultant.
As compensation for the provision of the Services, the Corporation has agreed to issue the Consultant, on a one time basis, an aggregate of 240,000 restricted share units of the Corporation (“RSUs”) pursuant to the Corporation’s Omnibus Equity Incentive Plan (the “Omnibus Plan”). The RSUs shall vest one year following their issuance and shall otherwise be governed by the terms of the Omnibus Plan. The issuance of the RSUs remains subject to the prior approval of the TSX Venture Exchange.
Qualified Person
Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.
About Goliath Resources Limited
Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
roger@goliathresources.com
www.goliathresourcesltd.com