Co. 'We Have A New Beast In The Golden Triangle' & 'On The Right Track' with Exploration Work," Geologist Says

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Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) is "starting to get a feel for where the center of gravity is for the overall [mineralized] system" at its Golddigger gold-silver project in British Columbia's Golden Triangle, Economic Geologist Dr. Quinton Hennigh said in an April 23 and an April 25 interview. 

The Canadian explorer has identified the likely causative intrusion, generally found with a lode-type gold system, and has discovered the place where the intrusion arises and the likely pathways of the associated gold fluids, Hennigh told Jay Taylor of Hotline and Gold, Energy & Tech Stocks as well as Crescat’s Live Market Call Commentary. The intrusion and the mineralized feeder dykes extending from it are drill targets themselves.

"This is important because now this year, when they go out and drill, they can sharpshoot the higher grade part of the system," Hennigh said about Goliath.

He is confident that junior mining company will encounter more high grades in its "aggressive" upcoming 2025 drill campaign, he noted.

"When you start hitting multi-ounce stuff, and especially in fairly continuous fat ledge lodes like this, you can build up ounces quick," Hennigh added. "So I think the company's on the right track. It's going to be an exciting year."

Indeed, a study by the Colorado School of Mines confirmed that Goliath's flagship discovery, the Surebet zone, is part of a large-scale, reduced intrusion-related gold (RIRG) system at the company's 91,518-hectare Golddigger property, according to a related news release.

In addition, recently Goliath discovered RIRG high-grade feeder dykes that returned up to 12.03 grams per ton of gold equivalent (12.03 g/t of Au eq) over 10 meters (10m), Founder and Chief Executive Officer (CEO) Roger Rosmus told Streetwise Reports. These structures are up to 25m wide and exposed along strike at surface for up to 1,500m. They remain open, strongly indicating they are close to a gold-rich motherlode RIRG source.

Mining Equities Still Undervalued

"There has never been a more bullish time than now for gold mining stocks," wrote Jay Taylor in Hotline on April 18.

Brien Lundin of Gold Newsletter pointed out on April 24 that mining equities are outperforming, meaning Western investors increasingly are placing their bets on these still undervalued companies. The trend began with the major producers and in recent weeks has extended to the junior companies, or explorers, like Goliath Resources.

"Now that the money is flowing, results are also starting to flow in," Lundin wrote. "That's why I think this may be the best opportunity we've seen in the history of gold as an investible asset. The hard part, getting the gold price up, has already been done for us. Now all we have to do is make sure we're positioned in the best leveraged juniors."

According to Technical Analyst AG Thorson, gold right now is deeply overbought. After a year-long upleg, the gold price is shifting to a warranted consolidation period.

Red Cloud Securities Analyst Taylor Combaluzier wrote that assays from Golddigger "have continued to impress." Recent results showed high grades in known zones and confirmed the presence of gold mineralization in new targets.

"We now expect a sharp, multi-month decline of at least 20%, a move that could be swift and jarring," he wrote in an April 25 FXEmpire article. "Our work supports a multi-month decline back to the US$2,800 per ounce (US$2,800/oz) region."

Some analysts, such as those at Red Cloud Securities, recently increased their gold price forecasts. According to its Q2/25 Commodity Price Update, Red Cloud's new estimate for 2024 is US$3,000/oz, up from US$2,500. For 2026 and 2027, the firm now predicts US$2,750/oz, up from US$2,500 for 2026 and US$2,400 for 2027 previously. For further out, Red Cloud expects a gold price around US$2,500/oz, up from US$2,400.

In the longer term, certain factors support gold price stability, wrote John Zadeh in an April 28 DiscoveryAlert article. Despite renewable energy and tech sectors using 12% of global gold supply, production remains stuck at 3,500 tons per year.

"Bernstein & Co. projects a 7% annualized return through 2030, citing dedollarization trends and climate-driven industrial demand," Zadeh added.

Growth is forecasted for the global gold market through at least 2030 at a 5.1% compound annual growth rate, according to Research and Markets. By then, the market's size is projected to reach 6,300 tons (6.3 Kt), up from 4.7 Kt in 2024.

The Catalysts: Unearthing of More Project Data

Upcoming events for Goliath, according to Rosmus, include completion of an NI 43-101 compliant technical report on Golddigger. The purpose is to consolidate all existing sampling and drill data and geological analyses into a single place. The CEO clarified that this will not be a maiden resource estimate.

The company intends to relog and assay about 46 historical RIRG drill holes that intersected porphyritic feeder dykes and represent about 1,400m of core. These results could be ready by June.

Goliath is targeting the second week in June to start its summer drill program. Three rigs will be mobilized to the site in May.

"Highly Compelling Investment"

Red Cloud Securities Analyst Taylor Combaluzier wrote in an April 24 research report that assays from Golddigger "have continued to impress." Recent results showed high grades in known zones and confirmed the presence of gold mineralization in new targets.

In the Surebet zone, some new standout intercepts are 4.34 g/t Au eq over 8m and 6.91 g/t Au eq over 5m. The Bonanza zone showed 7.33 g/t Au eq over 13.1m and 5.91 g/t Au eq over 5m. These two zones alone, according to Red Cloud estimates, contain about 4,000,000–6,000,000 ounces of 6.62 g/t Au eq. Plus the property offers exploration potential at targets like Jackpot and Treasure Island.

Combaluzier also pointed out that McEwen Mining Inc. (MUX:TSX; MUX:NYSE) recently made a CA$10 million (CA$10M) strategic investment in Goliath and is now a roughly 5.4% shareholder, "an important endorsement for the company."

The analyst has a Buy rating on the junior miner and a target price implying a 71% return.

Goliath's story is "just amazing, and it keeps getting better, it seems," according to Jay Taylor. At Golddigger, "there would appear to be the potential to discover a very large-scale intrusive gold system like Snowline Gold Corp.'s (SGD:TSX.V; SNWGF:OTCQB) Valley intrusive deposit at depth," he wrote in his April 25 Hotline newsletter.

According to Zacks Small-Cap Research Analyst Ronald Wortel, "Goliath Resources provides investors with exposure to gold, silver and copper resource exploration and leverage to an increasing in-ground inventory with discovery upside during a gold price market that reached new all-time highs." Wortel's valuation on the company, which he described as "a highly compelling investment in the gold exploration market," suggests a potential return of 190% from its current share price.

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.