Explorer Uncovers High-Grade Gold in BC

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Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) has reported continued progress at its Gold Digger Property in British Columbia's Golden Triangle, where its Surebet Zone is emerging as a notable area of high-grade gold mineralization. According to CEO Roger Rosmus in a recent Ellis Martin Report interview, the company completed a 64,000-meter diamond drill campaign in 2025 across 110 holes, all of which intersected mineralized zones, marking a 100% hit rate with  76% of the holes showed VG-NE.

The company has drilled a total of 152,000 meters since 2021, targeting a 1.8 square kilometer area characterized by shallow dipping stacked veins and near vertical Eocene-aged mineralized dykes . Highlights from the drilling campaigns include hole GD-24-260, which assayed 34.52 grams per tonne gold equivalent (AuEq) over 39 meters, including 132.93 g/t AuEq over 10 meters. This hole was rated as the 15th best hole reported in the entire world for 2025 according to The Northern Miner. Another hole, GD-24-249, intercepted 45.36 g/t AuEq over nearly 6 meters. These and other results suggest a high concentration of visible and coarse-grained gold seen with a naked eye distributed throughout the system.

The company also provided updates on its broader exploration model, which includes newly identified Reduced Intrusion-Related Gold Systems (RIRGS) linked to feeder dykes and a potential causative intrusive source at depth or laterally. According to the company, geochemical and geochronological analysis conducted in collaboration with the Colorado School of Mines indicates the stacked vein system and intruding dykes are of similar age, implying a possible genetic relationship. In total, 17 feeder dykes have been identified.

Financially, Goliath Resources reported raising CA$23 million through a bought-deal financing led by Stifel Canada at an average price of $4.39 (no warrant). The raise which was six times oversubscribed is expected to fund operations through the 2026 season. Strategic shareholders include McEwen Inc., Waratah Capital Advisors, Crescat Capital, Eric Sprott, and Rob McEwen. In addition, the company holds approximately 900,000 shares of McEwen Inc., a position currently valued at about CA$ 22 million.

Rosmus stated, "If you want exposure to an explorer that's on track for a Tier One discovery that will be a mine one day, Goliath is positioned to deliver that," in the Ellis Martin Report.

Gold and Silver Market Surge Underscored by Soaring Demand and Shifting Allocations

According to an October 3 report from Alasdair Macleod, silver had risen 63% year-to-date and gold was up 47%, with silver reaching US$47.33 and gold climbing to US$3,860. He noted that despite the price surge, speculative positioning had remained flat, suggesting the movement was being driven by delivery demand, particularly on the COMEX. He stated that "this contract has turned into something no one expected, and that's a delivery mechanism for buyers demanding physical bullion," adding that 393 tonnes of silver were stood for delivery in the first four days of October alone, amounting to 60% of estimated mine production so far that year.

In the same report, Macleod noted that gold deliveries on COMEX had reached 990 tonnes year-to-date, three times China's annual production, further highlighting the demand for physical metal. He explained, "the gross short position is costing 28 participants a total of US$108.5 billion," and emphasized that short positions were under pressure as prices climbed. He concluded that "portfolio adjustments in favour of gold, silver, and commodities generally are yet to come," pointing to ETFs as an early but still minor indicator of growing investor interest.

Chen Lin of the What's Chen Buying? What's Chen Selling? Newsletter remarked, "Goliath Resources Ltd. continues to hit. . .[Surebet] will be one of the biggest, high-grade discoveries this decade."

On October 3, Adam Hamilton wrote that gold's 112% rise over two years had left it "extremely overbought," trading more than 21% above its 200-day moving average.

He cautioned that the combination of stretched technicals and speculative futures positioning posed downside risk. "Speculators' gold-futures positioning today shows these living-on-the-edge traders have way more room to sell than buy," he wrote, explaining that leveraged traders often drive short-term price action.

Hamilton noted that speculative long positions were at 73% of their historical range while shorts were only at 29%, suggesting limited buying capacity but substantial selling potential. He argued that a strong US dollar could trigger cascading futures sell-offs: "Any material USDX rally is likely to spawn cascading gold-futures selling." He also pointed to potential geopolitical and macroeconomic catalysts, such as Fed rate policy or European currency instability, as triggers for dollar strength that could weigh on gold.

Bob Moriarty, founder of 321gold.com, shared his perspective in an October 5 interview on Metals and Miners, describing the rise in gold and silver prices as both alarming and unprecedented. He recalled that "silver went from I think US$14 to US$50.25 in six weeks" during the 1979–1980 bull market, but emphasized that today's setup was different due to the absence of retail investor participation. "The general public hasn't even touched this market yet," he said, warning that if they did, "it's going to be a bubble like no one has ever seen before."

He added that institutional allocation to gold remained low, citing a recent portfolio recommendation shifting the traditional 60/40 allocation to 40% stocks, 40% bonds, and 20% gold. "Gold represents something under 3% of the total investment world," he said, "so if all of a sudden it became 20%, it would be the biggest tsunami in world history."

Moriarty also referenced central bank buying and geopolitical stress as key factors behind the rise. "We are in financial chaos right now," he said, adding that the current price action suggested "either war or hyperinflation." He stated that gold and silver function as insurance more than investments and emphasized that current demand reflected a response to broad systemic risk: "It's literally the same thing as buying insurance on your house when it's burning down."

Struthers Highlights Consistent Results and High Grades at Surebet

On September 9, Ron Struthers of Struthers Resource Stock Report reiterated a "Hold, Buy" stance on Goliath Resources, citing strong recent drill results from the Surebet Zone. Among the highlights were hole GD-25-355, which returned 12.92 grams per tonne gold over 5.20 meters within a broader interval grading 72 grams per tonne over 12.20 meters, and GD-25-313, which intersected 10.68 grams per tonne gold over 3.40 meters within 7.5 meters averaging 88 grams per tonne.

Struthers noted that all drill holes completed to date had intersected quartz-sulphide mineralization, with 90% showing visible gold. He described the project as "a nice high-grade deposit" and suggested the broader market context may support a re-rating of quality gold assets, potentially to US$200 to US$300 per ounce in the ground.

On September 25, Chen Lin of the What's Chen Buying? What's Chen Selling? Newsletter remarked, "Goliath Resources Ltd. continues to hit. . .[Surebet] will be one of the biggest, high-grade discoveries this decade."

Goliath's Catalysts: Unlocking the Red Line Corridor

Goliath Resources continues to leverage its strategic position in the Golden Triangle, particularly its control of 56 kilometers along the Red Line, a structural corridor known to host many of the region's significant deposits. In 2025, the company expanded its land package by 28% to 91,518 hectares following positive exploration results and increased surface exposure due to glacial melt.

Upcoming catalysts include the closing of the STIFEL bought deal in October, and the announcements of assays of 88 diamond drill holes from the 2025 drilling campaign.  

With its combination of substantial drill density, high gold recoveries, and infrastructure advantages, including proximity to tidewater, a permitted mill site at Kitsault, and high-tension power 25 kilometers away, Goliath Resources remains positioned within a well-established and safe mining jurisdiction. The Surebet Zone's continuity and the emerging RIRGS targets provide a framework for further development and delineation within one of Canada's most prospective gold belts.

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 Inc. 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$500 million with a 52-week range of CA$0.95 – CA$3.54 per share.