Explorer Discovers Expansive Gold System in Golden Triangle

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Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) has completed its 2025 drill campaign at the Surebet Discovery on the Golddigger Property in British Columbia's Golden Triangle. The company reported it drilled over 64,000 meters in 110 holes, surpassing its initial 40,000-meter target. According to the company, 100% of the completed holes intersected quartz-sulphide mineralization, with 76% of those logged to date containing visible gold identifiable to the naked eye. Assays are currently pending for 88 holes drilled during the 2025 season.

The program was designed to expand the known mineralized zones laterally and at depth, and it incorporated several objectives, including testing new Eocene-aged Reduced Intrusion-Related Gold (RIRG) dykes, drilling "Goldilocks Zones" where dykes and veins intersect, and investigating the potential Motherlode Magmatic source believed to underlie the 1.8 square kilometer high-grade gold system.

The company noted that this year's program represents one of the largest helicopter-supported drill campaigns in alpine terrain in North America. The Surebet Discovery, which began as a grassroots prospect in 2021, now includes over 150,000 meters of cumulative drilling over 600 pierce points. Goliath reports that mineralization has been confirmed across three distinct geological units: stacked quartz-sulphide breccias and stockwork veins, intermediate to felsic RIRG dykes, and calc-silicate altered breccias. All remain open in multiple directions.

Dr. Quinton Hennigh, Technical Advisor to Goliath and Crescat Capital, stated in the news release, "Although many holes have yet to be assayed, drilling in 2025 has yielded a remarkable visual ‘hit rate' with virtually all drill holes encountering mineralized lodes, many with visible gold seen with the naked eye."

Previously reported assay highlights include GD-25-365, which intersected 8.45 grams per tonne (g/t) gold over 7.13 meters within a broader interval of 5.13 g/t over 12.00 meters in the Bonanza Zone, and GD-24-260, which returned 34.52 g/t gold equivalent (AuEq) over 39.00 meters, including 132.93 g/t AuEq over 10.00 meters, rated as the 15th best hole in the entire world announced in 2025 according to The Northern Miner. Additional holes from the RIRG dykes and calc-silicate breccia also returned high-grade intercepts, including 12.03 g/t AuEq over 10.00 meters (GD-22-58) and 10.60 g/t gold over 22.82 meters (GD-25-337), respectively.

Logging of the remaining drill core is ongoing. Goliath stated it will update its 3D geological model and gold wireframes upon receipt of all assays. The company indicated these results will inform the planning of the 2026 exploration program.

Gold Surge in Prices, Supply Gaps, and Evolving Global Attitudes

Gold prices have continued their sharp climb in 2025, reflecting growing investor interest amid economic uncertainty and concerns over currency stability. In a September 16 article for RiskHedge, Chris Reilly noted that gold had "blasted past US$3,700 per ounce," rising 40% year-to-date. He suggested that if the trend holds, 2025 could mark the strongest annual performance for gold since 1979. Reilly highlighted the metal's independence from broader economic systems, stating, "Gold doesn't require the economy to keep humming or trade to keep freely flowing to rise in value." He emphasized that physical gold remains a preferred asset for long-term holders because it "can't be hacked, frozen, or obfuscated by third parties."

A day later, on September 17, Matthew Piepenburg wrote in Gold Switzerland that gold's increasing role in the global financial system is being driven by declining trust in fiat currencies. He observed that narratives minimizing gold's relevance are "losing their teeth" as inflationary pressures and weakening fiscal positions erode confidence in traditional monetary systems. Piepenburg also pointed to reduced demand for U.S. debt and emphasized gold's enhanced status as a Tier-1 asset under the Bank for International Settlements (BIS), describing it as a preferred store of value among central banks and institutional investors. He attributed this shift to what he called "long-term fiscal mismanagement," adding, "the jig is up" for the old system.

On September 18, Ahead of the Herd published an analysis focused on supply-side pressures facing the gold industry. The report revealed that despite a record 2024 mine output of 3,661.2 tonnes, global demand reached 4,974.5 tonnes — leaving a significant shortfall that was only bridged through 1,370 tonnes of recycled gold, primarily from jewelry. "Even though major gold miners are high-grading their reserves," the report stated, "they still didn't manage to satisfy global demand for the precious metal, not even close." The analysis described this trend as evidence of "peak gold," referring to a plateau in mined supply that fails to keep pace with rising consumption.

The same report also highlighted a persistent decline in gold discoveries. Citing S&P Global data, it noted that only six major discoveries have been made since 2020, with the average discovery size shrinking to 4.4 million ounces — down from 7.7 million ounces in the previous decade. Exploration budgets fell by 22% between 2023 and 2024, with just 19% of 2024's capital allocated to greenfield projects. Nonetheless, equity financings by junior exploration companies in early 2025 were reported to have already exceeded 2024 levels, signaling renewed interest in grassroots exploration.

According to the World Gold Council, the industry's record-setting mine production remains insufficient to meet growing demand without significant new discoveries. The report concluded that "in a world of resource depletion, it falls to gold exploration companies to fill the gap with new deposits that can deliver the kind of production required to meet gold demand."

According to the Financial Post on September 24, Hedge fund Waratah Capital Advisors has significantly increased its exposure to gold stocks, citing strong margins, record bullion prices, and a favorable outlook for the sector. Gold prices recently hit new highs above US$3,790 per ounce, and Waratah’s chief investment officer Brad Dunkley stated that the rally is “just getting started.” The firm is targeting both mid-tier producers and early-stage explorers, viewing them as potential acquisition candidates amid renewed dealmaking in the space. Dunkley specifically named Goliath Resources Ltd. as a company that fits Waratah’s investment strategy, highlighting its high-grade gold discovery in British Columbia. Goliath’s stock has more than tripled year-to-date, supported by continued exploration success and a secure mining jurisdiction.

'A Nice High-Grade Deposit'

On September 9, Ron Struthers of Struthers Resource Stock Report reiterated a "Hold, Buy" opinion on Goliath Resources. He highlighted several recent drill results, including GD-25-355, which returned 12.92 g/t gold over 5.20 meters within a broader interval of 72 g/t over 12.20 meters, and GD-25-313, which intersected 10.68 g/t gold over 3.40 meters within a broader interval of 88 g/t over 7.5 meters.

He noted that 100% of drill holes completed to date on Surebet had intersected quartz-sulphide mineralization, and 90% contained visible gold.

According to Struthers, "This is going to be a nice high-grade deposit." He added that "the stock looks poised to break out to new highs" and discussed the broader market context for gold explorers, observing that the industry may be entering a period where deposits could be re-rated up to US$200 or US$300 per ounce in the ground.

Goliath Expansion Strategy Targets New Gold Zones

Goliath Resources has structured its 2025 exploration campaign to further delineate and expand the Surebet Discovery. The fully funded drill program was upsized from 40,000 meters to 64,000 meters  of drilling using nine rigs, focusing on both lateral and vertical expansion of known gold zones.

The company's strategic plan includes testing the hypothesized Motherlode Magmatic source, drilling an additional 13 Eocene-aged dykes for RIRG-style mineralization, and expanding high-grade intersections across the Bonanza and Surebet Zones. Specific attention is being directed at areas where RIRG dykes and quartz-sulphide veins intersect, known internally as "Goldilocks Zones," where overlapping mineralization styles have been identified.

Goliath's recent geological modeling, supported by institutions including the Colorado School of Mines, has confirmed a large layered gold-rich system tied to intrusive feeder dykes. Results such as 34.52 g/t AuEq over 39 meters in GD-24-260 and 226.12 g/t AuEq over 1.00 meter in GD-24-249 underscore the scale and consistency of mineralization across multiple zones.

Situated near infrastructure and permitted mill sites in Kitsault, the Golddigger Property remains a focal point within the Golden Triangle, an area known for its proximity to the Red Line geological marker that hosts many of the region's major deposits. 

Ownership and Share Structure

According to Goliath Resources, management and insiders own 20% of its shares on a partially diluted basis. 

Strategic and institutional investors collectively own 32.5%, with notable holdings including Crescat Capital LLC at 12.2%, Global Commodity Group (Singapore) at 5%, McEwen Mining at 4.8%, Waratah Capital Advisors 4.3%, Rob McEwen at 3.2%, Eric Sprott at 2% and Larry Childress at 1%. 

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

Goliath has 163 million issued. Its market cap is CA$359 million with a 52-week range of CA$0.95 – CA$2.87 per share.