Visible Gold in 83 Drill Holes Signals Major High-Grade Discovery in BC

1. Goliath Resources is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) released new drill results from its 2025 campaign at the Surebet Discovery in British Columbia's Golden Triangle. Highlights included 7.28 g/t gold over 8.00 meters in a visible gold-bearing RIRG dyke, and visible gold in 83 of 110 holes drilled to date across a growing 1.8 km² mineralized system.One of the most notable results came from drill hole GD-25-383, which intersected 7.28 grams per tonne (g/t) gold over 8.00 meters, including 12.75 g/t over 4.02 meters, within a wider interval of 5.85 g/t gold over 10.00 meters. This mineralization occurred in an Eocene-aged Reduced Intrusion Related Gold (RIRG) dyke, a host rock increasingly linked with strong gold values at the project. The company reported multiple occurrences of visible gold in this hole, which remains open for follow-up.

Drilling also extended the Bonanza Zone — comprised of stacked gold-bearing veins — with continuity now outlined over 1.25 kilometers east-west and 580 meters northwest. New intercepts included 15.13 g/t gold over 3.00 meters (GD-25-311) and 9.24 g/t over 3.05 meters (GD-25-370), both from distinct quartz-sulphide veins and breccia packages.

Out of 110 drill holes completed so far in 2025, 83 contained visible gold. Goliath noted that 70 assays are still pending, and 55 of those holes contain up to 12 visible gold showings each. The system remains open in multiple directions.

The Surebet Discovery now spans approximately 1.8 square kilometers, with confirmed high-grade gold mineralization across three distinct geological settings: gently dipping quartz-sulphide breccias and veins, Eocene RIRG dykes, and calc-silicate altered breccias. All zones returned intervals containing visible gold and remain unbounded at depth and laterally.

Dr. Quinton Hennigh, Geologic and Technical Advisor to Crescat Capital, called the results part of "a remarkable quartz-sulfide lode system," noting that every new gold intercept "continually enhances" the consistency and scale of the discovery.

Gold's Role Expands Amid Liquidity Pressures and Currency Concerns

According to Reuters, gold hit a six-week high on December 1, supported by increased expectations for interest rate cuts and a weaker dollar. Spot gold reached US$4,241.27 per ounce, while February futures settled at US$4,274.80. David Meger of High Ridge Futures attributed the trend to "inflationary pressure still above the Fed target" and a broader shift in market sentiment toward gold and silver.

Matthew Piepenburg of Von Greyerz underscored gold's value as a store of wealth amid mounting global debt and banking stress. "This is not a bull market in precious metals. It is a bear market in paper money," he said. He pointed to widening spreads in the repo markets as signs of tightening credit, warning that "those are shark fins in a market sustained by debt."

He added that such instability often leads to "mouseclick money," referring to liquidity injections that historically have supported gold prices. Piepenburg described gold as a monetary asset — not a typical commodity — and said retail investors were only beginning to realize its role as protection against debasement and systemic risk.

Stewart Thomson described the current price range — just US$200 off recent highs — as an attractive level to book profits. He also emphasized strong technical indicators in mining equities and renewed buy signals in junior gold stocks.

High-Grade Results and Infrastructure Proximity Attract Positive Analyst Commentary

On November 3, Stifel initiated coverage with a Buy rating and CA$5.00 target price. They cited Surebet as "one of the most compelling high-grade gold prospects" in the Golden Triangle and compared the intercepts favorably with Great Bear's Dixie project. A preliminary exploration target of 4.3 million ounces at 5.8 g/t was outlined, with potential mine planning around 205,000 ounces annually at an AISC of US$1,258 per ounce.

The firm estimated an NPV5% of CA$2.07 billion at a US$3,000 gold price and said Goliath's valuation—at 0.30x P/NAV—remained materially below peers. "We think the Surebet discovery is in its early innings," they wrote.

On December 2, Stifel GMP analyst Cole McGill reiterated the Buy rating on Goliath Resources Ltd. (CA$2.64), calling the latest batch of drill results from the 2025 Surebet campaign a "slight positive."

Stifel followed up with a November 17 flash note, highlighting a "slight positive" based on results from hole GD-25-377 (7.02 meters at 10.25 g/t gold). The new intercepts averaged 7.14 g/t over 6.7 meters, about 20% above the system average. The firm pointed to a potential starter pack around Bonanza BZ2 and upside in the Goldzilla vein. They concluded that Goliath's "misunderstood ounce quality" and low valuation left room for a re-rating.

On December 2, Stifel GMP analyst Cole McGill reiterated the Buy rating on Goliath Resources Ltd. (CA$2.64), calling the latest batch of drill results from the 2025 Surebet campaign a "slight positive." In a flash note to clients, McGill highlighted hole GD-25-383, which intersected 15 meters grading 4.05 g/t gold, including 4.02 meters at 12.75 g/t, as well as the broader significance of two developments: a 150-meter eastern extension of the Bonanza Zone and the confirmation of high-grade gold mineralization in the project's feeder dykes.

McGill noted that the Bonanza Zone now extends 1.25 kilometers and represents 50% of Stifel's 4.2-million-ounce exploration target for Surebet. He emphasized that the BN2 vein system — estimated at 3.1 million tonnes at 7.17 g/t gold — is located near surface and could serve as a "starter pack" for early payback during initial production years. The analyst also pointed out that the new high-grade intercept in the Eocene granitoid feeder dyke — 7.28 g/t gold over 8 meters in GD-25-383 — is not currently included in Stifel's resource model, suggesting upside potential as confidence in the dyke mineralization grows.

"Surebet drilling continues to yield solid grades over minable widths," McGill wrote, noting that the ten holes released in December averaged 5.5 meters at 4.11 g/t gold. He argued that Goliath remains undervalued, trading at a grade-adjusted US$12 per ounce versus comparables such as GTWO and GBR at US$101/oz and US$98/oz, respectively. Stifel drew parallels between the early drill results at Surebet and Great Bear Resources' LP Zone — acquired by Kinross in 2022 for US$1.45 billion — with Surebet's first 150 holes averaging 124 gram-meters, just 4% below Dixie's early-stage results.

Jay Taylor argued in his October 31 issue of J Taylor's Gold, Energy & Tech Stocks that gold remained undervalued even at US$4,000. He cited macroeconomic imbalances, Federal Reserve commentary, and historical ratios to support long-term upside.

Chen Lin also expressed optimism in his October 29 What Is Chen Buying? What Is Chen Selling? newsletter. He followed up on November 18, writing, "This is going to be one of the biggest discoveries of high-grade gold in recent years."

Zacks Small-Cap Research analyst Ron Wortel reiterated a bullish view on October 22, noting a 100% intersection rate of quartz-sulfide mineralization. He highlighted standout results, including 132.93 g/t gold equivalent over 10 meters in the Bonanza Zone and confirmed 92.2% gold recovery in metallurgical testing. Zacks raised its fair value estimate to US$4.90 per share.

Ron Struthers of Struthers Resource Stock Report maintained a "Hold, Buy" outlook on Goliath on September 9, citing consistent high-grade intercepts at Surebet and visible gold in 90% of completed holes. He described the deposit as "a nice high-grade deposit" and suggested ounces could be valued at US$200 to US$300 in the ground under better market conditions.

Widespread Visible Gold and Expansion Potential Drive Continued Interest

Goliath's 2025 drill campaign totaled 64,364 meters using nine rigs and aimed to expand known veins, test for deeper magmatic sources, and model intersecting mineralizing systems. The company reported 100% hit rates for quartz-sulphide mineralization and visible gold in 92% of holes.

3D modeling is underway with support from the Colorado School of Mines, aiming to clarify relationships between breccia zones, stacked veins, and RIRG dykes. Goliath expanded its land package to 91,518 hectares and now controls 56 kilometers of the highly prospective Red Line contact.

Near tidewater and infrastructure, the Golddigger Property offers logistical advantages for development. With over 600 drill pierce points, metallurgical recoveries above 90%, and continued assays pending, Goliath is working to define what it describes as a large-scale gold-bearing system.

Ownership and Share Structure¹

Management and insiders own 20% of its shares on a partially diluted basis. Strategic and institutional investors collectively own 37.0%, with notable holdings including Strategic/Institution at 9.9%, Crescat Capital LLC at 8.4%, Global Commodity Group (Singapore) at 3.4%, McEwen Inc. at 4.5%, Waratah Capital Advisors at 4.7%, Rob McEwen at 3.1%, Eric Sprott at 2% and Larry Childress at 1%. 

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

Goliath has 171 million shares issued and outstanding. Its market cap is CA$477 (US$339) million with a 52-week range of CA$0.95 and CA$3.54 per share.