| Toronto, Ontario – January 29, 2025 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce that an agreement has been made for McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) to make a strategic investment into Goliath Resources. Strategic Investment Highlights ● Post transaction, McEwen Mining will own 3.76% of the issued and outstanding shares of Goliath Resources. ● McEwen Mining will pay in McEwen Mining shares worth C$10 million based on the closing price of McEwen Mining and Goliath Resources on January 28, 2025. ● McEwen Mining will receive a half warrant, exercisable at C$2.50 for 12 months. ● Goliath Resources will own 868,056 shares of McEwen Mining. Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are delighted to have McEwen Mining make a strategic investment into Goliath Resources. Rob McEwen recognized the potential of our Surebet high-grade gold discovery in 2023, and has made three personal investments through private placements since then. Our 2024 drilling campaign was a major breakthrough season for the Surebet high-grade gold discovery in the Golden Triangle of British Columbia. The discovery is noted for having a series of stacked gently dipping veins with widespread high-grade gold. It is fortunate to have a remarkable content of visible gold which is in all the rock units (sediments, contact of the sediments and volcanics, and in the volcanics, as well as in the intrusion related dykes) with abundant fine-grained visible gold, including coarse-grained visible gold. In our 2023 drilling, we found visible gold in 32% of the drill holes and in 2024 that increased to 92%. Our recently reported drill hole intersection was our best to date returning 10 meters of 132.93 g/t gold equivalent (plus several high-grade holes with multiple intercepts, system remains wide open) making for a gram/meter intersection that puts it in the top percentile of all intersections throughout the world in the past 20 years. Each season we have seen the discovery get better and saw several pleasant surprises in 2024, including the high percentage of visible gold in our deeper drilling into the system, and our remarkable recently reported intersection. We still have 89 pending holes from the 2024 drilling season to report and think we may have made a second important discovery, this one a volcanogenic massive sulphide (VMS) 35 km to the north of Surebet. Rob McEwen is a member of the Order of Canada and a Canadian Mining Hall of Fame member due to his record of philanthropy and the tremendous success he had building Goldcorp from a small gold miner to a success story when Goldcorp mined its bonanza-zone at their Red Lake Mine, making it one of the lowest cost miners of high-grade gold in the gold mining sector. His recognition of the success of the Surebet discovery in 2023 has been greatly appreciated and we are pleased to have McEwen Mining join our shareholder roster with this strategic investment. We are also very pleased that Goliath Resources will be a significant shareholder of McEwen Mining due to their combination of being a gold miner, their extensive drilling on their gold projects and their world-class copper asset that is in the top 10 undeveloped copper projects ranking in the lowest cost quartile as well.” Rob McEwen, Chairman and Chief Owner of McEwen Mining, states: “The Goliath Resources team has done a terrific job advancing their Surebet high-grade gold discovery in the Golden Triangle of British Columbia and McEwen Mining is thrilled to make a strategic investment into Goliath Resources. What initially caught my attention was the high-grade gold they discovered, and that it was a grassroots discovery in the Golden Triangle which is a prolific gold mining jurisdiction, one of the most important in Canada. Worldwide, grassroots discoveries of high-grade gold in a mining-friendly jurisdiction well-known for high-grade gold mines are exceedingly rare. They were able to make the grassroots discovery due to it until fairly recently being covered by glaciers and permanent snowpack that have receded to expose a large area of outcropping rock that has now been significantly advanced over the past few drilling seasons. McEwen Mining is committed to gold mining, our gold mines are benefitting from the record high prices of gold in 2024 and we have an updated resource coming out in the first quarter of 2025 on our Fox Complex, where we also have a 69,500 meter (budgeted for $9.7 million) drilling campaign underway. We are also moving our Los Azules copper development project toward a feasibility study in the first half of 2025 and are contemplating taking McEwen Copper public after the feasibility study is published (McEwen Mining owns 46.4% of McEwen Copper, Stellantis owns 18.3%, Nuton is a Rio Tinto venture that owns 17.2% and Rob McEwen owns 12.7% of McEwen Copper). I believe strongly that the future is very bright for both copper and gold, and that McEwen Mining is well positioned for significant growth potential in those metals with our assets. We look forward to seeing the pending assays from Goliath Resources’ Surebet discovery and their new VMS discovery and we are pleased to be enthusiastic shareholders of Goliath with this strategic investment.” |
| Link To Complete News Release January 29, 2025 – McEwen Mining To Make Strategic Investment Into Goliath Resources (Click Here. Link To Presentations: Click Here |
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