Drilling Uncovers New Gold Zone in British Columbia

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Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) announced a new occurrence of visible gold at its Golddigger Property in British Columbia’s Golden Triangle, reinforcing the geological model that supports high-grade mineralization at its Surebet discovery. The company also revealed plans, in sponsored content, for a concurrent private placement to raise additional funding following strong investor interest in its previously announced “bought deal” offering.

In the June 3 press release, Goliath confirmed that multiple grains of gold, visible to the naked eye, were intersected across 26.47 meters in drill hole GD-22-64 within an intermediate granitoid feeder dyke. This geological formation is consistent with a Reduced Intrusion Related Gold (RIRG) system, believed to be responsible for the high-grade gold observed at Surebet. The company emphasized the geological similarity to previously logged hole GD-22-58, which assayed up to 12.03 grams per tonne (g/t) gold equivalent (AuEq) over 10 meters. Assay results for GD-22-64 are pending.

This interval is part of a broader re-logging initiative targeting 50 previously drilled holes containing Eocene-aged granitoid dykes. A total of 2,062 meters will be re-examined in the coming weeks. Past re-logging work in 2024 revealed visible gold in six out of 13 holes, with previously reported assays including 10.50 g/t AuEq over 7 meters (GD-24-237), 3.46 g/t AuEq over 7 meters (GD-23-180), and 6.03 g/t AuEq over 2 meters (GD-23-226).

In conjunction with this technical progress, Goliath has launched a concurrent non-brokered private placement of up to 1,281,545 charity flow-through shares at CA$3.17 per share. The company expects to raise approximately CA$4,062,500 from this offering, bringing the combined total from both financings to as much as CA$24,065,200. According to the June 2 news release, proceeds will be allocated toward exploration expenses at the Golddigger-Surebet Gold Project, with the full amount qualifying for federal and provincial tax credits in Canada.

CEO Roger Rosmus noted that the presence of visible gold in the new dyke strengthens the company's interpretation of the Surebet mineralizing system. “The strong similarities to previously drilled, high-grade intercepts within these RIRG dykes reinforce our belief that we are in close proximity to a significant gold-rich intrusive source,” Rosmus stated in a company news release.

The Golddigger Property spans 91,518 hectares and is located near the Red Line geological contact, a known marker for significant deposits in the Golden Triangle. The site benefits from direct tidewater access and proximity to infrastructure including the towns of Kitsault and Alice Arm.

Gold Sector Trends Reflect Growing Investor Interest and Demand Constraints

John Rubino wrote on May 26 that despite record gold prices, “gold and gold miner ETFs seem to be an afterthought for the average investor.” He observed that during past bull markets, institutional allocations to gold-related funds rose significantly, but this trend had yet to materialize in the current cycle. However, he noted signs that sentiment might be shifting, particularly in markets like China. He also cited growing retail interest in the United States, pointing out that “Costco customers’ eagerness to put multiple ounces of gold on their store credit cards implies the kind of enthusiasm that could easily spread to equity investors.”

According to a May 28 report from VBL, Costco had tightened gold purchase limits in response to surging demand. Prices for 1-ounce gold bars had risen to US$3,279.99, up sharply from approximately US$2,000 nineteen months earlier. Restrictions included a limit of one bar per transaction and two per 24-hour period. Inventory limitations also applied to other precious metal products, reflecting heightened interest among individual consumers. During a prior earnings call, Costco’s CFO stated gold bars were “typically gone within a few hours” after being listed online.

A May 27 analysis on Goldfinger Capital highlighted broader shifts in capital flows toward precious metals, stating, “Gold ETFs had their third-largest outflow ever, meanwhile gold is rising again.” The piece attributed the price strength to technical and macroeconomic trends, including a weakening US dollar and rising inflation expectations. The analyst emphasized that smaller-cap gold miners were beginning to outperform the metal itself, noting that “the miners are beginning to outperform the metal and the smaller ones are outperforming the bigger ones.”

According to a June 2 article by Reuters, safe-haven buying also contributed to rising bullion prices. Spot gold climbed 1.7% to US$3,344.49 per ounce amid escalating geopolitical tensions and renewed tariff threats. UBS analyst Giovanni Staunovo stated that “risk-off sentiment” and “rising geopolitical tensions” were contributing to strong demand for gold. The article also reported that the US dollar index declined 0.6%, making gold more attractive to holders of other currencies.

Looking Ahead at Surebet: Expansion Potential Anchored in Intrusive Gold System

Goliath’s 2025 drill campaign is positioned to build on its 92,000 meters of drilling conducted since 2021, which includes over 400 pierce points confirming widespread mineralization across the 1.8-square-kilometer Surebet zone. The company’s detailed plan involves 40,000 meters of drilling focused entirely on delineating and expanding this high-grade discovery.

Key objectives for 2025 include targeting the interpreted “Motherlode” causative intrusion, drilling 13 untested feeder dykes mapped at surface, and increasing the density of pierce points across high-grade zones such as the Bonanza and Surebet Zone intersection. Updated modeling based on work from the Colorado School of Mines supports the interpretation of a layered gold-rich system directly tied to a RIRG source.

The metallurgical profile of the project has also bolstered confidence in future development. Gold recoveries have reached 92.2% through flotation and gravity methods at a 327-micron crush, with nearly half of the gold recoverable by gravity alone, requiring no cyanide. No deleterious elements have been identified.

With infrastructure access, confirmed high-grade results, and a well-defined geologic model, Goliath is moving into a lower-risk expansion phase. The 2025 program, now backed by fresh capital, aims to further outline the economic potential of a system that remains open in all directions.

Analysts and Investors Signal Rising Confidence in Goliath’s Gold Upside

On May 1, Taylor Combaluzier, vice president and mining analyst at Red Cloud Securities, raised his firm’s target price on Goliath Resources Ltd. by 81% to CA$2.90 per share. The revised outlook was based on 2024 drill results from the company’s Golddigger property, which supported a projected mineral inventory of 4 to 6 million gold-equivalent ounces grading 6.62 grams per tonne. Combaluzier noted that the 2024 campaign “likely significantly expanded gold mineralization” and stated that another major drill program in 2025 could further increase the known resource. He added that additional strong results “could help close the gap” between Goliath’s current valuation and those of its peer group. Red Cloud maintained a Buy rating on the stock, with an estimated potential return of 65% at the time of the report.

Speaking with Triangle Investor in May 2025, Thomas J. Parilla, president of Parilla Investment Group, identified Goliath Resources as a top holding that met his primary criteria of robust exploration data and credible leadership. “Goliath, their drill results are just off the charts,” Parilla said, describing CEO Roger Rosmus as “a fantastic CEO” with global recognition. He remarked that the company estimates the Golddigger property could ultimately command a US$2.5 billion valuation in a potential acquisition. “I would imagine that's a US$12–15 stock when you get out that far,” he added, suggesting that acquisition interest might emerge after the current drill season concludes.

On May 18, George Billman of Resourceful Insights pointed to Goliath’s expanding presence in British Columbia’s southern Golden Triangle as a key driver of valuation momentum and land consolidation in the region. He reported that Goliath’s market capitalization had risen by US$146 million since the end of 2023, marking a gain of nearly 150%. Billman attributed this to “mounting evidence of expansive Reduced Intrusion-related Gold System (RIRGS)” mineralization and the visible exposure of stacked veins and feeder dykes across the project area. He also noted that insiders and management had increased their collective ownership to 51.5%, calling the shareholder base “strong-handed” and positioned for future value realization.

Ownership and Share Structure

According to Goliath Resources, management and insiders own 19% of its shares on a partially diluted basis.

Strategic and institutional investors collectively own 31%, with notable holdings including Crescat Capital LLC at 14.4%, McEwen Mining at 5.4%, Rob McEwen at 3.9%, Global Commodity Group (Singapore) at 5%, Eric Sprott at 3% and Larry Childress at 1%.

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

According to Refinitiv, Goliath has 151.06 million (151.06M) outstanding shares and 141.86M free float traded shares. Its market cap is CA$221.47M. Its 52-week range is CA$0.87–2.87 per share.