Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) reported new assay results from its 2025 drill program at the Surebet Discovery on the Golddigger Property in British Columbia's Golden Triangle. The results include several high-grade gold intercepts hosted within quartz-sulphide veining and stockwork zones across the Bonanza, Goldzilla, and Surebet Zones.
Drill hole GD-25-377 intersected three notable intervals: 10.25 grams per tonne (g/t) gold over 7.02 meters, within 7.16 g/t over 10.84 meters, and 5.20 g/t over 15.00 meters. These were hosted in the Bonanza Zone, which remains open along strike. The same hole returned 8.73 g/t over 3.80 meters at a deeper interval. Drill hole GD-25-332 intersected 13.38 g/t over 5.75 meters, including 19.87 g/t over 3.87 meters in the Goldzilla Zone. Other intercepts included 6.61 g/t over 5.80 meters in GD-25-380 and 4.59 g/t over 8.00 meters in GD-25-374.
According to the company, all intervals represent approximate true widths and are reported as gold-only values. Assays for silver, copper, lead, and zinc are pending. The company also noted that 83 of the 110 drill holes completed in 2025 exhibited VG-NE, and assays are still pending for 80 additional holes, 62 of which showed VG-NE.
Drilling to date at the Surebet Discovery has exceeded 156,000 meters across 600 pierce points since 2021, with 100% of drill holes intersecting substantial quartz-sulphide mineralization. The results have extended the high-grade core of the Goldzilla Vein by 80 meters, bringing the total to 580 meters of defined strike length.
CEO Roger Rosmus stated that the discovery displays "continuity and predictability," with stacked mineralized veins dipping in opposing directions, potentially indicating either multiple magmatic sources or a single large feeder system. The Surebet Discovery also includes high-grade gold within calc-silicate altered breccia zones and Reduced Intrusion Related Gold (RIRG) Eocene-aged dykes.
Drilling has confirmed mineralization across three distinct rock packages: gently dipping stacked quartz-sulphide veins, RIRG Eocene-aged dykes, and broad zones of calc-silicate altered breccia. The geochronology of the rocks suggests the dykes and veins are genetically linked, supporting the presence of a shared magmatic intrusive gold source.
The 2025 program, which ultimately completed 64,364 meters of drilling with nine rigs, focused entirely on expanding and understanding the Surebet system. The company highlighted the system's strong gold recoveries of 92.2% from gravity and flotation at a 327-micrometer crush, with 48.8% classified as free gold, and no cyanide required.
Gold Holds Strong Amid Economic Uncertainty and Record Margins
On November 11, Kitco News reported a modest decline in gold prices following a recent three-week high, as short-term futures traders engaged in profit-taking. December gold futures settled at US$4,113.10 per ounce. Silver prices held steady at US$50.54 per ounce. Despite the pullback, gold remained on track for its strongest annual performance since 1979, buoyed in part by October's record high. The article attributed some of the recent strength to investor expectations of a potential Federal Reserve rate cut, reinforced by the resumption of U.S. government operations and the prospect of softer economic data.
In a separate commentary published on November 12, Matthew Piepenburg emphasized gold's historical role as a store of value during periods of economic uncertainty. He noted that the metal had consistently retained purchasing power, even as fiat currencies depreciated over time. Piepenburg pointed to the long-term decline of the U.S. dollar since the Federal Reserve's establishment and described gold as a financial hedge during episodes of monetary distortion and inflationary stress.
Chen Lin wrote, "Goliath reported more high-grade drilling results. This is going to be one of the biggest discoveries of high-grade gold in recent years. I look forward to their presentation on my panel in January. Goliath's sister company Juggernaut Exploration Ltd (JUGR.v) just received a 5-year exploration permit. It is basically the same team as GOT and trying to repeat the GOT success."
Marquitz noted that gold's price appreciation from US$250 in 2001 to around US$4,000 in 2025 represented a 16-fold gain, reinforcing the metal's reputation as a long-term store of value.
He highlighted that gold has preserved purchasing power over time across all global currencies, stating that "gold simply preserves one's purchasing power over the long haul" and emphasized its role as "hard money" during periods of fiat currency debasement.
Marquitz pointed out that the current bull market in gold began in late 2015, with gold up approximately 400% since bottoming at US$1,045.40 per ounce.
Despite this multi-year uptrend, he observed that gold equities have not consistently tracked the gains in the underlying metal. He described this as a "market disconnect," especially given the strong profit margins producers are currently achieving.
"These PM producers are literally printing the most 'hard money' that they ever have at these metals prices," he wrote, questioning why stock valuations have not kept pace with gold's multi-year performance and recent record prices.
High-Grade Gold and Strong Recovery Rates Fuel Bullish Outlooks on Goliath
On September 9, Ron Struthers of Struthers Resource Stock Report maintained a "Hold, Buy" outlook on Goliath Resources, citing consistent high-grade intercepts at the Surebet Zone. He referenced drill hole GD-25-355, which returned 12.92 grams per tonne (g/t) gold over 5.20 meters within a broader intercept of 72 g/t over 12.20 meters, and GD-25-313, which intersected 10.68 g/t over 3.40 meters within 7.5 meters averaging 88 g/t. Struthers noted that all completed holes had intersected quartz-sulfide mineralization, with 90% showing visible gold. He described the deposit as "a nice high-grade deposit" and stated that in a more favorable market, such ounces could be valued at US$200 to US$300 per ounce in the ground.
On October 22, Ron Wortel of Zacks Small-Cap Research reiterated a positive view on Goliath Resources following new drill results at the Surebet Discovery. Wortel referred to the project as "a top-tier high-grade gold system," highlighting a 100% intersection rate of quartz-sulfide mineralization in the 2024–2025 campaigns. He reported visible gold in 94% of 2024 holes and 76% of 2025 holes, with notable intercepts such as 132.93 g/t gold equivalent over 10 meters in the Bonanza Zone and 10.6 g/t gold over 22.82 meters in a calc-silicate breccia unit. Wortel also noted metallurgical testing had confirmed 92.2% gold recovery, including 48.8% recoverable through gravity methods.
According to Wortel, Goliath had completed over 150,000 meters of drilling, with more than 64,000 meters drilled in 2025. He identified a CA$26.3 million bought deal financing led by Stifel Canada as a key development, with proceeds designated for qualifying exploration expenditures at the Golddigger-Surebet property. Zacks raised its fair value estimate for the company to US$4.90 per share, up from US$4.04, representing a 159% premium to the prevailing market price at the time of publication. Wortel concluded that the company's high-grade results, extensive land package, and favorable logistics "support its transition from exploration to a high-conviction development candidate with M&A appeal."
In an October 29 commentary from his newsletter What Is Chen Buying? What Is Chen Selling?, Chen Lin expressed optimism about several exploration-stage companies and cited Goliath Resources Ltd. as a standout. "There are exploration plays I like [whose] share price crashed lately, Goliath Resources Ltd. to name one," he wrote. "The company had great results recently and more to come."
Lin offered updated commentary on November 18, stating, "Goliath reported more high-grade drilling results. This is going to be one of the biggest discoveries of high-grade gold in recent years. I look forward to their presentation on my panel in January. Goliath's sister company Juggernaut Exploration Ltd (JUGR.v) just received a 5-year exploration permit. It is basically the same team as GOT and trying to repeat the GOT success."
In his October 31 issue of J Taylor's Gold, Energy & Tech Stocks, Jay Taylor argued that gold remains significantly undervalued, even at US$4,000 per ounce. He pointed to a long-term chart comparing U.S. gold reserves to the Federal Reserve's balance sheet, noting the current ratio is still only halfway back to its historical median of 37.5%. Taylor suggested that if gold were to double to US$8,000 - aligning with technical analyst Michael Oliver's minimum target - it would merely bring the ratio back in line with historical norms.
Taylor further emphasized that growing liquidity strains and comments from Fed Chair Jerome Powell hint at a possible end to quantitative tightening (QT), which could spark renewed balance sheet expansion. In such an environment, Taylor expects new debt levels to drive gold well above US$8,000. He concluded that, while precious metals may be midway through a major bull market, now is "not the time to sell" either physical metals or mining equities.
On November 3, Stifel Nicolaus Canada presented coverage on Goliath Resources Limited with a Buy rating and a CA$5.00 per share target price, citing the company's rapidly emerging Surebet Discovery as one of the most compelling high-grade gold prospects in the Golden Triangle. The analysts emphasized that Surebet delivered two of the top five drill holes on a gram-meter basis among North American gold projects since 2020 and highlighted the project's exceptional infrastructure advantages, located less than 10 kilometers from tidewater and near the company town of Kitsault.
Stifel's report calculated a preliminary exploration target of 4.3 million ounces of gold at 5.8 grams per tonne, primarily within the Surebet and Bonanza Zones. They stated: "Surebet's first 150 holes look similar to the former Great Bear's Dixie project… averaging 124 g*m versus Dixie's LP Zone at 129," underscoring the potential scale and consistency of the system. The firm added that Goliath's high-grade, near-surface results compare favorably with other pre-resource discoveries and could support a mine plan of 205,000 ounces per year over 11 years with an average all-in sustaining cost (AISC) of US$1,258 per ounce.
Stifel projected a project-level net present value (NPV5%) of CA$2.07 billion at a US$3,000 gold price and described Goliath's valuation at 0.30x P/NAV as materially below peers. "We think the Surebet discovery is in its early innings," they wrote, noting that 84 holes from the 2025 drill program remain pending and that the 2026 campaign is fully funded. The firm concluded that Goliath offers "strong leverage to exploration dollars" and "potential for multiple expansion" as the market continues to digest the scope of this high-grade, infrastructure-proximal discovery.
On November 17, Stifel issued a follow-up flash note reiterating its positive stance on Goliath Resources after the release of four additional holes from the 2025 program at Surebet. The firm described the update as a "slight positive," with the highlight being hole GD-25-377, which intersected 7.02 meters grading 10.25 g/t gold in the Bonanza BZ1 vein. The average of the new intercepts — 6.7 meters at 7.14 g/t gold — was noted to be approximately 20% higher than the system's weighted average to date. Stifel emphasized that the results added confidence in the BZ1 zone, which could provide early mine-life ounces following the emerging Bonanza BZ2 "starter pack," estimated at 3.1 million tonnes at 7.17 g/t for approximately 710,000 ounces of gold.
The firm also pointed to an 80-meter extension of the Goldzilla GZ1 vein, which is not yet included in its mine plan but may offer upside potential. Stifel stated that Goliath's valuation remains "underpinned by misunderstood ounce quality," with shares trading at 0.22x spot P/NAV and a grade-adjusted US$12 per ounce, well below precedent transactions such as Great Bear's acquisition at US$98 per ounce. They concluded that with 80 drill holes still to be released from the 2025 program, the company remains well-positioned for a re-rating.
Stacked Veins and Feeder Dykes Expand Discovery Footprint
Goliath's ongoing exploration at the Surebet Discovery continues to be defined by systematic high-grade intercepts and geological refinement. The identification of three separate mineralized rock packages, all hosting visible gold and remaining open, points to a vertically integrated system associated with a magmatic source. Updated geological modeling supports a direct link between the RIRG dykes and the stacked vein systems, bolstering structural and metallurgical interpretations.
The Surebet footprint now spans 1.8 square kilometers, with multiple high-grade veins extending 1.2 kilometers laterally and 700 meters vertically. Recent modeling and drilling have confirmed mineralization continuity at depth and along strike, with numerous untested zones including additional feeder dykes and Goldilocks-style intersections (dyke-vein junctions).
The company has expanded its land package by 28% to 91,518 hectares, securing 56 kilometers of the regionally significant Red Line geological contact. Infrastructure access includes proximity to the town of Kitsault, a permitted mill site, and tidewater barge access to Prince Rupert. In addition, high-tension power is located just 25 kilometers from the discovery.
Streetwise Ownership Overview*
Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE)
Goliath has signaled that it is fully funded for a follow-up campaign in 2026 and intends to use the outstanding 2025 assays, 78% of which involve visible gold, to further update its 3D modeling. With continuous intercepts across 92% of holes drilled to date showing VG-NE, and confirmed gold mineralization in newly interpreted RIRG zones, the system remains open in all directions.
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.
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Important Disclosures:
- Goliath Resources is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- 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.
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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.
