Goliath provides update on Nelligan gold-copper project

Goliath Resources Ltd. is pleased to announce the completion of its 2020 reconnaissance exploration field program on the recently acquired district-scale precious and base metal play covering its 340km2 Nelligan Gold-Copper Project.

The project is located in the southern segment of Chibougamau-Chapais Mining Camp, some 50km (Nelligan East Claim Block) and 75km (Nelligan West Claim Block) from Chibougamau within the prolific Abitibi Greenstone Belt. The camp is known for its historic gold and copper production, and has recently seen an increase in mineral exploration following the discovery of new gold mineralization, such as IAMGOLD/TomaGold with the Monster Lake (1.11 million tonnes grading 12.14 g/t gold for 433,000 ounces of gold; IAMGOLD, 2018) and IAMGOLD/Vanstar with the Nelligan gold deposits.

After the initial digital compilation and synthesis of all the historic work on the Nelligan Project, Goliath’ Exploration Team followed up with a 30-day reconnaissance field exploration work consisting of (1) re-opening 20km of historic logging roads on the Nelligan West Claim Block to access the Doda Lake ,Noël Lake, Pougnet Lake and Dallaire Claims; and (2) prospecting, geological mapping and rock sampling, with a focus of the Doda Lake Claims (Figure 1).

Highlights included:

• The western segment of the Remick Lake Volcanic Complex (“RLVC”) hosts a series of InputEM anomalies indicating bedrock conductors (either graphites or massive sulphides or both) (Figure 2);
   
• A 5m wide rhyodacite tuffs, strongly sheared and folded located at sampling station 20-GOT-JL-074 within the RLVC contains 10-15% disseminated, streaked and blebby sulphides, mostly pyrite (iron sulphide) and chalcopyrite (copper-iron sulphide) (Figure 3). The sulphide outcrop is located app. 150m due south of InputEM anomalies #3 and #4, the two strongest conductors in the series - this augers well for the 1.4km Input EM trend on the Doda Lake Claims;
   
• Surrounding outcrops in the sector (sampling station site 20-GOT-JL-073) consist mostly of rhyolite and rhyodacite lapilli, block and crystal tuffs (Figure 4);
   
• Prospecting in the InputEM corridor itself uncovered a historic Beepmat discovery (station 20-GOT-JL-080) – a 1 meter deep trench in overburden that reached bedrock and overlying regolith with sulphides at Input EM Anomaly #5 (Figure 5) - bedrock consisted of pyrite-rich rounded and elliptical concretions in graphite with the oxidized/rusty regolith containing pyrite-bearing and angular quartz and rhyodacite fragments (Figure 6);
   
• Identification of the Remick North, Main and South Break or deformation zones within highly altered and sheared dacite-rhyodacite flows, tuffs and high level intrusives, now termed the Remick Lake Volcanic Complex (the “RLVC”) of the Doda Lake Claims;
   
• Highly deformed (schistose) dacitic lapilli and breccia tuffs are observed on the Remick South Break - elongated/stretched fragments are featured of several compositions: siliceous cherts, feldspar-(quartz-) phyric dacites and dacitic massive flows (Figure 7) containing trace to 10% sulphides (pyrite, pyrrhotite, chalcopyrite and rare bornite); and
   
• Assays pending on all samples taken.

Mr. Roger Rosmus, President and CEO of Goliath states: “Goliath’s first program demonstrates the discovery potential of the Nelligan Project. Additional worked is planned for 2021 and will include both airborne and ground geophysical surveys, further prospecting of both Nelligan West and East. The work should help to delineate potential high priority drill targets. We believe in the discovery potential in this relatively unexplored segment of the Chibougamau-Chapais Mining Camp within recently uncovered major structural corridors of the Nelligan Project. Exploration work by Goliath will focus on disseminated and vein style of precious metal mineralization for both 1 to 1.5 g/t gold in a bulk mineable scenario, and 5 to 15 g/t gold in a more selective underground mineable scenario, as well as gold bearing massive sulphides.”

“Having uncovered sulphide bearing intrusive and volcanic rocks of the Remick Lake Volcanic Complex, and accompanying InputEM anomalies, Goliath has opened the discovery potential of copper-zinc and/or gold-copper-zinc mineralization. Tuff breccias and hypabyssal intrusives tend to occur in proximity to volcanic vents. These vents could potentially dump fluids and gases rich in carbon, sulfur, hydrogen, oxygen and the likes in surrounding rocks and on the ocean floor. If preserved, these rocks could contain a significant amount of sulphides, as disseminations and veins, and the surrounding ocean bottom could host layered sulphides with either graphite, cherts and/or iron formations. The Nelligan West Claim Block ishighly promising at this time” commented Mr. Jean Lafleur, P. Geo., a Director of the Company.

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