83 Holes With Visible Gold Confirm Expanding High-Grade System in Golden Triangle

1. Goliath Resources is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
3.  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. 

For additional disclosures, please click here.

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:OTCQB; B4IF:FSE) reported 10 new high-grade gold intercepts from its 2025 drill campaign at the Surebet Discovery on the 100% controlled Golddigger Property, located in British Columbia's Golden Triangle. The program continues to expand and outline mineralized zones with visible gold to the naked eye (VG-NE)  along with quartz-sulphide veining across a broad area that remains open in multiple directions.

One of the strongest recent results came from drill hole GD-25-383, which intersected 7.28 grams per tonne (g/t) gold over 8.00 meters, including 12.75 g/t over 4.02 meters, within a wider interval of 5.85 g/t gold over 10.00 meters. The mineralization occurred in an Eocene-aged Reduced Intrusion Related Gold (RIRG) dyke, a rock type that has been increasingly associated with gold mineralization at the project. According to the company, this intercept included multiple occurrences of (VG-NE) and remains open for further expansion.

Drilling has also extended the Bonanza Zone, a series of stacked gold-bearing veins dipping southeast, along 1.25 kilometers in an east-west orientation and 580 meters northwest, with continuity supported by new results. Drill hole GD-25-311 returned 15.13 g/t gold over 3.00 meters and 2.60 g/t over 4.01 meters from two separate veins in the Bonanza and Surebet zones, respectively. Similarly, drill hole GD-25-370 intersected 9.24 g/t gold over 3.05 meters within 5.66 g/t over 5.05 meters from strong quartz-sulphide veining and breccia.

Out of 110 drill holes completed so far in 2025, 83 contained VG-NE. Goliath noted that 70 assays are still pending, and 55 of those holes contain VG-NE and up to 12 occurrences. The system remains open in multiple directions for expansion potential.

The Surebet Discovery now spans a surface area of approximately 1.8 square kilometers, with drill intercepts confirming high-grade gold mineralization in three distinct rock types: gently dipping stacked quartz-sulphide breccias and veins, Eocene-aged RIRG dykes, and calc-silicate altered breccias. All three packages have returned intervals with VG-NE and remain open for further drilling.

Dr. Quinton Hennigh, Geologic and Technical Advisor to Crescat Capital, a strategic investor in Goliath, stated in the press release, "With every newly reported gold intercept, the picture that is emerging at Goliath's Surebet project is continually being enhanced with respect to both consistency and scale of this remarkable quartz-sulfide lode system."

Gold's Role Expands Amid Liquidity Pressures and Currency Concerns

Gold prices reached a six-week high at the start of December as expectations for U.S. interest rate cuts and a weakening dollar continued to support demand for precious metals. According to Reuters on December 1, spot gold climbed to US$4,241.27 per ounce, while U.S. gold futures for February delivery settled at US$4,274.80. David Meger, director of metals trading at High Ridge Futures, attributed the movement to macroeconomic factors, stating, "The underlying environment of expectations of further rate cuts, along with inflationary pressure still above the Fed target … is still the underlying support in gold and silver."

Matthew Piepenburg, a managing partner at Von Greyerz, emphasized gold's position as a financial safe haven amid systemic risks. In a December 1 interview, he remarked, "This is not a bull market in precious metals. It is a bear market in paper money." He described gold as more than a commodity, calling it "a monetary metal" that provided a better store of value than any fiat currency.

Stifel initiated coverage on Goliath Resources with a Buy rating and a CA$5.00 target price.

Piepenburg cited mounting global debt levels and ongoing liquidity challenges within the banking system — particularly in the repo markets — as indicators of underlying structural weakness. "Spiking repo rates are a screaming indication that credit is tightening, liquidity is becoming drier. Those are shark fins in a market sustained by debt," he warned.

In the same discussion, Piepenburg explained that the spread between overnight repo rates and the Federal Funds Rate had widened, suggesting a decline in interbank trust and a need for additional liquidity injections. He stated that such conditions typically lead to "mouseclick money," or quantitative easing by another name, which historically served as a tailwind for gold prices.

From a technical and investor sentiment perspective, Stewart Thomson commented on December 2 that the current market activity still aligned with broader bullish trends. He noted that "gold is only about US$200 off its US$4,380 area highs," and described the present price range as "a great price zone to book some profits." Thomson also highlighted strong technical indicators across gold, silver, and mining equities, citing new buy signals in mining stock indexes and emphasizing the performance of junior mining companies as particularly notable during this phase of the market.

High-Grade Results and Infrastructure Proximity Attract Positive Analyst Commentary

On November 3, Stifel initiated coverage on Goliath Resources with a Buy rating and a CA$5.00 target price, citing the company's Surebet Discovery as one of the most compelling high-grade gold prospects in British Columbia's Golden Triangle. Analyst Cole McGill noted that Surebet delivered two of the top five drill holes on a gram-meter basis among North American gold projects since 2020. They calculated a preliminary exploration target of 4.3 million ounces grading 5.8 g/t, concentrated within the Surebet and Bonanza Zones. According to the report, "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."

Stifel emphasized that Surebet's near-surface high grades, logistical advantages, and scale could support a mine plan producing 205,000 ounces per year over 11 years with an average all-in sustaining cost (AISC) of US$1,258 per ounce. The firm estimated a project-level net present value (NPV5%) of CA$2.07 billion at a US$3,000 gold price and noted that Goliath's 0.30x P/NAV valuation was materially below peers. They wrote, "We think the Surebet discovery is in its early innings," referencing the 84 remaining holes from the 2025 drill program and noting that the 2026 campaign was fully funded.

On November 17, Stifel issued a flash note following new drill results from Surebet. The firm described the release as "a slight positive," highlighting hole GD-25-377, which returned 7.02 meters at 10.25 g/t gold in the Bonanza BZ1 vein. The average grade of new intercepts was reported at 7.14 g/t over 6.7 meters, approximately 20% above the system's historical weighted average. Stifel also pointed to an 80-meter step-out in the Goldzilla GZ1 vein, which was not yet included in the mine plan. The analysts stated that Goliath's valuation was "underpinned by misunderstood ounce quality," with shares trading at 0.22x spot P/NAV and a grade-adjusted US$12 per ounce, well below benchmarks such as the Great Bear transaction at US$98 per ounce. They concluded that with 80 drill holes from 2025 still pending, the company remained well-positioned for a re-rating.

On December 2, Stifel issued a flash note maintaining its Buy rating on Goliath Resources Ltd. (CA$2.64), citing the latest results from the 2025 Surebet drilling program as a "slight positive." Cole McGill highlighted hole GD-25-383, which returned 15 meters at 4.05 g/t gold, including 4.02 meters at 12.75 g/t, and emphasized two key takeaways: the 150-meter eastward extension of the Bonanza Zone and confirmed high-grade mineralization in feeder dykes.

Stifel noted that Bonanza now spans 1.25 kilometers and accounts for half of its 4.2-million-ounce exploration target. The firm described the BN2 vein system as a potential early payback scenario with an estimated 3.1 million tonnes at 7.17 g/t gold near surface. Importantly, the newly confirmed mineralization in Eocene feeder dykes, such as 7.28 g/t over 8 meters in hole GD-25-383, was not included in current resource modeling, suggesting additional upside potential.

"Surebet drilling continues to yield solid grades over minable widths," McGill wrote, with the latest ten holes averaging 5.5 meters at 4.11 g/t gold. Stifel maintained its view that Goliath's valuation remains underappreciated, with the stock trading at a grade-adjusted US$12 per ounce compared to GTWO and GBR at US$101/oz and US$98/oz, respectively. They pointed out that Surebet's first 150 holes averaged 124 gram-meters, closely mirroring Great Bear's LP Zone at 129 g*m prior to its US$1.45B acquisition by Kinross.

On October 31, Jay Taylor of J Taylor's Gold, Energy & Tech Stocks argued that gold remained 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 and noted that the ratio was still only halfway to its historical median of 37.5%. Taylor referenced analyst Michael Oliver's technical target of US$8,000 and noted that broader liquidity trends and comments from the Federal Reserve suggested a possible end to quantitative tightening. He concluded that this was "not the time to sell" either physical gold or mining equities.

In his October 29 edition of What Is Chen Buying? What Is Chen Selling?, Chen Lin mentioned Goliath Resources as one of several exploration-stage companies with potential. "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." On November 18, Lin followed up with additional praise, writing, "Goliath reported more high-grade drilling results. This is going to be one of the biggest discoveries of high-grade gold in recent years."

On October 22, Zacks Small-Cap Research analyst Ron Wortel reiterated a positive outlook on Goliath following additional drill results from the Surebet Discovery. He referred to the project as "a top-tier high-grade gold system," noting a 100% intersection rate of quartz-sulfide mineralization in the 2024–2025 drilling campaigns. Wortel reported visible gold in 94% of 2024 drill holes and 76% of 2025 holes, with standout intercepts including 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. He further emphasized that metallurgical testing had confirmed 92.2% gold recovery, including 48.8% from gravity methods.

According to Wortel, more than 150,000 meters of drilling had been completed, with 64,000 meters drilled in 2025 alone. He also identified a CA$26.3 million bought-deal financing led by Stifel Canada as a significant development, noting that proceeds were allocated for 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, citing the company's land package and logistics advantages as contributing to its potential transition "from exploration to a high-conviction development candidate with M&A appeal."

On September 9, Ron Struthers of Struthers Resource Stock Report maintained a "Hold, Buy" stance on Goliath Resources, citing consistent high-grade intercepts at the Surebet Zone. He highlighted 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 observed that all completed holes had intersected quartz-sulfide mineralization, with 90% showing visible gold, and described the discovery as "a nice high-grade deposit." He added that such ounces could potentially be valued at US$200 to US$300 per ounce in the ground in a more favorable market.

Widespread Visible Gold and Expansion Potential Drive Continued Interest

Goliath's 2025 exploration campaign was one of its most extensive to date, comprising 64,364 meters of drilling with nine rigs focused entirely on the Surebet Discovery. The drill plan was designed to test for a magmatic gold source at depth, increase the density of pierce points across known stacked veins, evaluate the geometry of newly discovered RIRG dykes, and expand the overall mineralized system that remains open. The company also targeted so-called "Goldilocks Zones," where two distinct mineralizing systems intersect.

According to the company, 100% of drill holes completed to date have encountered quartz-sulphide mineralization, and 92% of all holes at Surebet contain VG-NE. Updated 3D models will be underway once all assay data has been received, compiled, and interpreted along with the supported analysis from the Colorado School of Mines. These models will integrate the full 2025 assay dataset once available and are expected to provide refined interpretations of the mineralizing system, particularly the relationship between the dykes, breccias, and stacked veins, as well as areas to expand the mineralized system with 2026 drilling. 

Goliath has expanded its land holdings in the region from 66,608 to 91,518 hectares, increasing control over 56 kilometers of the Red Line geologic contact, considered highly prospective for precious metal deposits in the Golden Triangle. The Golddigger Property is located near tidewater and infrastructure such as the town of Kitsault and the Dolly Varden Silver Mine Road, providing logistical advantages for exploration and development.

With a high concentration of VG-NE, confirmed metallurgical recoveries above 92%, and results from over 600 drill pierce points, Goliath continues to define the extent and continuity of what it describes as a large-scale gold-bearing system. The remaining 2025 assay results and ongoing model updates are expected to further inform the next expansion phases of work on the Golddigger Property.

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$430 (US$308) million with a 52-week range of CA$0.95 and CA$3.54 per share.