48,443 Meters, 97 Holes, 100% Hit Rate: Gold Discovery Keeps Expanding

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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:OTCQX; B4IF:FSE) completed its 2026 drill program at the Surebet Discovery on its 100%-owned Golddigger Property in British Columbia's Golden Triangle, drilling 48,443 meters in 97 holes over 94 days.

The program used seven drill rigs operating 24 hours a day. According to the company, 100% of the holes completed at Surebet to date have intersected quartz-sulphide mineralization. Of the 483 holes drilled to date, 412, or 85%, contained visible gold to the naked eye, or VG-NE. Assays remained pending for 83 holes drilled during the 2026 program.

More than 200,000 meters have now been drilled at Surebet. The discovery's total footprint increased to 2.01 square kilometers, a 12% increase from the 1.8 square kilometers defined before the 2026 drilling season.

The 2026 program expanded the Bonanza Zone from 1.27 square kilometers to 1.51 square kilometers. Mineralization was intersected in multiple step-out holes, extending the zone by 750 meters to the southwest, 100 meters to the west, 100 meters to the north, and 160 meters to the northeast. The zone remains open for expansion.

The Golden Gate Zone was expanded from 0.85 square kilometers to 1.17 square kilometers. Step-out drilling intersected mineralization that extended the zone by 480 meters on the northeastern side and 540 meters on the southwestern side of the Surebet system.

Drilling also identified the newBig Bulk Zone between the Bonanza and Golden Gate zones near their juncture. The newly identified mineralized area contained VG-NE, with its central zone extending up to 310 meters in length and 110 meters vertically. The zone consisted of numerous mineralized veinlets stacked for up to 58 meters and hosted in volcanic rocks.

The company reported that high-grade gold had been identified in three distinct rock types at Surebet: quartz-sulphide breccias and stockwork veins hosted in sedimentary units, precious- and base-metal-bearing veins hosted in volcanic units, and intermediate to felsic Eocene-aged dykes. All three mineralized rock types contained VG-NE and remained open for expansion.

The Surebet Discovery consists of 46 identified stacked gold-rich veins defined through more than 200,000 meters of drilling. More than 1,500 pierce points were completed between 2021 and 2025 across the system, with approximately 77% having spacings of 25 to 50 meters.

The most recent mineralization model incorporating data available before the 2026 program identified five stacked gold-mineralized vein systems or zones: Bonanza, Surebet, Golden Gate, Whopper, and Eldorado. Collectively, the zones comprised 46 gold-rich lodes or veins and multiple subvertical Eocene-aged dyke swarms.

Metallurgical testing on a composite core sample resulted in recoveries of 92.2% for gold, 86.5% for silver, 94.2% for lead, and 96.9% for zinc using a combination of gravity and flotation circuits. Gravity-only recoveries were 48.8% for gold and 10.3% for silver at a crush size of 327 micrometers, with no cyanide leaching required to recover the gold and silver.

Founder and CEO Roger Rosmus said, "Goliath is extremely fortunate to have the guidance and tireless support provided by Mr. Bill Chornobay, along with his talented team over many years."

Rosmus added, "We look forward to releasing further assay results as they are received, interpreted, and compiled."

Analyst Tracks Expanding Gold Footprint

Stifel analyst Cole McGill highlighted the expansion of Goliath's mineralized footprint in a July 15 research note following step-out drilling that extended the Bonanza shear structure by approximately 750 meters to the southwest.

According to McGill, the results "showcase continuity of the Bonanza shear structure/host lithology (>1.8km x >1.8km corridor)." He also said additional step-out drilling had "the ability to put upward pressure on total ounce count of property."

McGill based his valuation on Stifel's 4.2 million ounce gold exploration target, valuing Goliath at approximately US$45 per ounce. He also calculated that the company's US$190 million enterprise value represented approximately 1.36 million ounces of gold using Stifel's US$140 per ounce in-situ value benchmark.

According to TipRanks, McGill reiterated his Buy rating on September 11, 2026, with a CA$4.25 target price.

Pending Assays, Updated Models, and a 2027 Drill Plan

Goliath had assays pending for 83 holes from its completed 2026 drilling program. The company said the pending results were expected to provide a steady stream of news flow into the new year.

As assay results are received, the company is actively updating its high-grade gold wireframe models. Once all data from the 2026 program has been received, compiled, and modeled, Goliath plans to design a comprehensive drill plan for the 2027 season.

The 2026 drilling left several areas open for additional expansion. The Bonanza Zone remained open following step-out drilling that extended mineralization by 750 meters southwest, 100 meters west, 100 meters north, and 160 meters northeast. The Golden Gate Zone was extended by 480 meters northeast and 540 meters southwest during the program.

The newly identified Big Bulk Zone provided another area defined during the 2026 program. Its central zone extended up to 310 meters in length and 110 meters vertically, with numerous mineralized veinlets stacked for as much as 58 meters.

The five zones included in the pre-2026 mineralization model also remained open. Bonanza was modeled at 1.8 kilometers by 1.8 kilometers by 19 meters and contained five lodes or veins. Surebet was modeled at 1.2 kilometers by 1.0 kilometers by 19 meters with nine lodes or veins. Golden Gate contained 18 lodes or veins across dimensions of 1.6 kilometers by 1.5 kilometers by 14 meters. Whopper contained 12 lodes or veins across 1.0 kilometer by 1.0 kilometer by 6 meters, while Eldorado contained two lodes or veins across 1.0 kilometer by 900 meters by 5 meters. Gold-rich dykes were modeled across dimensions of 1.4 kilometers by 890 meters by 25 meters.

The company's Golddigger Property covered 91,518 hectares, or 226,146 acres, including 56 kilometers of the Red Line geologic trend.

Ownership and Share Structure¹

Management and insiders owned 20% of the company on a partially diluted basis, while strategic and institutional investors collectively held 35.0%, including Crescat Capital, a Global Commodity Group (Singapore), McEwen Inc. (MUX:TSX; MUX:NYSE), Waratah Capital Advisors, Deutsche Bank AG, US Global Investors Inc., Rob McEwen, Eric Sprott, and Larry Childress.

The remaining shares were held by other institutional funds and retail investors. Goliath has 177 million shares issued and outstanding with a market capitalization of CA$292 million, or approximately US$213 million, and a 52-week trading range of CA$1.265 to CA$3.54.

Frequently Asked Questions

What did Goliath Resources accomplish in its 2026 Surebet drill program?
Goliath Resources Limited completed 48,443 meters of drilling in 97 holes over 94 days at the Surebet Discovery on its 100%-owned Golddigger Property in British Columbia's Golden Triangle. The program used seven drill rigs operating 24 hours a day.

How large is Goliath Resources' Surebet gold discovery?
The Surebet system's footprint reached 2.01 square kilometers following the 2026 drilling program, representing a 12% increase from the 1.8 square kilometers defined before the season. More than 200,000 meters have been drilled at Surebet to date.

What was Goliath Resources' drill hit rate at the Surebet Discovery?
According to the company, 100% of the drill holes completed at Surebet to date intersected quartz-sulphide mineralization. Of the 483 holes drilled, 412, or 85%, contained visible gold to the naked eye, or VG-NE.

How many Goliath Resources drill results are still pending from the 2026 Surebet program?
Assays remained pending for 83 holes drilled during the 2026 program. Goliath said it would release additional assay results as they were received, interpreted, and compiled.

How much did Goliath Resources expand the Bonanza Zone in 2026?
The Bonanza Zone expanded from 1.27 square kilometers to 1.51 square kilometers. Step-out drilling extended mineralization by 750 meters southwest, 100 meters west, 100 meters north, and 160 meters northeast, with the zone remaining open for expansion.

How much did drilling expand the Golden Gate Zone at Surebet?
Goliath's 2026 drilling expanded the Golden Gate Zone from 0.85 square kilometers to 1.17 square kilometers. Mineralization encountered in step-out holes extended the zone by 480 meters northeast and 540 meters southwest.

What is the new Big Bulk Zone at Goliath Resources' Surebet Discovery?
The Big Bulk Zone is a mineralized area identified between the Bonanza and Golden Gate zones near their juncture. Its central zone extended up to 310 meters in length and 110 meters vertically, with numerous mineralized veinlets stacked for up to 58 meters.

What are the main gold zones at the Surebet Discovery?
The mineralization model incorporating data available before the 2026 drilling program identified five stacked gold-mineralized systems or zones: Bonanza, Surebet, Golden Gate, Whopper, and Eldorado. Collectively, they comprised 46 gold-rich lodes or veins along with multiple subvertical Eocene-aged dyke swarms.

What gold recoveries have metallurgical tests produced at Surebet?
Metallurgical testing on a composite core sample resulted in recoveries of 92.2% for gold, 86.5% for silver, 94.2% for lead, and 96.9% for zinc using gravity and flotation circuits. Gravity-only recoveries were 48.8% for gold and 10.3% for silver at a crush size of 327 micrometers.

What is next for Goliath Resources at the Surebet Discovery?
Goliath was updating its high-grade gold wireframe models as assay results were received. After all 2026 data has been received, compiled, and modeled, the company plans to design a comprehensive drill plan for the 2027 season.

What did Stifel analyst Cole McGill say about Goliath Resources?
Stifel analyst Cole McGill said July step-out results "showcase continuity of the Bonanza shear structure/host lithology (>1.8km x >1.8km corridor)." According to TipRanks, McGill reiterated his Buy rating on September 11 with a CA$4.25 target price.

What is the current gold price, and how has gold performed over the past year?
Trading Economics data on September 23 placed gold at US$4,316.11 per ounce. Gold was down 7.24% over the preceding month but remained 15.50% higher over the preceding year.