Drill Hole GD-23-157 Highlights:

• Visible Gold has been identified over a 20.05 meter* interval (65.78 feet*) between 119.07 and 139.12 meters inclusive of twelve (12) separate Visible Gold occurrences from within the Surebet Golden Gate Feeder Zone (see image below).

• Hole GD-23-157 intersected 66.34 meters* interval (217.65 feet*) of strongly mineralized quartz-sulphide breccia and stockwork from 72.86 to 139.20 meters inclusive of Visible Gold. The mineralization consists of semi-massive to massive sections and stringers, veins and aggregates of up to 30 % pyrrhotite, 25 % sphalerite and 15 % galena .
  

• This is the third hole drilled from Cliff Pad in 2023 to contain Visible Gold.
  

Drill Hole GD-23-154 Highlights:

• Visible Gold has been identified over a 6.01 meter* interval (19.68 feet*) between 252.84 and 258.85 meters inclusive of three (3) separate occurrences of Visible Gold.
  

• Hole GD-23-154 collared from D2-2 Pad intersected 14.40 meter interval (47.24 feet*) of quartz-sulphide mineralized stockwork from 248.00 to 262.40 meters inclusive of Visible Gold (1,000 meters northwest from the Cliff Pad). The mineralized interval consists of veins, stringers and aggregates of sulphides, including up to 10 % pyrrhotite and minor sphalerite and galena .
  

Surebet Golden Gate Feeder Zone Highlights:

• Ten (10) holes drilled to date from within the Surebet Golden Gate Feeder Zone contain single or multiple occurrences of Visible Gold, as well as other proximal holes drilled in 2023 .
  

Visible Gold Hole Assays From 2022, Surebet Golden Gate Feeder Zone:

• GD-22-58 had a 273 AuEq x gm value intersecting Visible Gold assaying 24.80 gpt AuEq (22.03 gpt Au and 127.62 gpt Ag) over 11.00 meters*, including 38.70 gpt AuEq (34.42 gpt Au and 197.45 gpt Ag) over 7.00 meters* and 44.47 gpt AuEq (39.60 gpt Au and 224.10 gpt Ag) over 6.07 meters* within the Surebet Golden Gate Feeder Zone from 2022.

• GD-22-49 had a 166 AuEq x gm value intersecting Visible Gold assaying 21.30 gpt AuEq (20.46 gpt Au and 40.06 gpt Ag) over 7.77 meters*, including 27.55 gpt AuEq (26.47 gpt Au and 51.55 gpt Ag) over 6.00 meters* within the Surebet Golden Gate Feeder Zone from 2022.

TORONTO, July  31, 2023  (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the "Company" or "Goliath") is pleased to report it has drilled 66.34 meters* of sulphide-rich quartz breccia inclusive of 20.05 meters* containing 12 separate occurrences of Visible Gold. GD-23-157 is the third hole from Cliff Pad containing visible gold. It is the 10th hole containing Visible Gold collared from within the Surebet Golden Gate Feeder Zone at the Company's 100 % controlled Golddigger property (the "Property"), Golden Triangle, British Columbia. This intercept is interpreted to be part of the Surebet Zone. In addition, drill hole GD-22-154 collared from Pad D2-2 intersected 14.40 meters* of quartz-sulphide stockwork inclusive of 6.01 meters* containing three separate occurrences of Visible Gold. This intercept is interpreted to be part of the Bonanza Shear. Both the Surebet Zone and the Bonanza Shear remain open.

Ten (10) holes drilled to date within the Surebet Golden Gate Feeder Zone have encountered Visible Gold: GD-22-49, GD-22-58, GD-23-111, GD-23-118, GD-23-126, GD-23-133, GD-23-135, GD-23-137, GD-23-140 and GD-23-157. Other proximal holes drilled in 2023 have also contained visible gold (see map above).

Hole GD-23-157 collared from Cliff Pad intersected 66.34 meters* of strongly mineralized quartz-sulphide breccia and stockwork from 72.86 to 139.20 meters (located 500 meters to the Northwest of Pad A, 2022 drill season). The mineralization consists of semi-massive to massive sections and stringers, veins and aggregates of up to 30 % pyrrhotite, 25 % sphalerite and 15 % galena hosted in a shear zone cutting through a series of siltstone and sandstone dominant units with various degrees of silica and chlorite alteration. Within this interval, 12 separate occurrences of visible gold have been identified over 20.05 meters*; assays are pending.

Hole GD-23-154 collared from D2-2 Pad intersected 14.40 meters* of quartz-sulphide mineralized stockwork from 248.00 to 262.40 meters (located 1 kilometer to the Northwest of Pad A, 2022 drill season). The mineralized interval consists of veins, stringers and aggregates of sulphides, including up to 10 % pyrrhotite and minor sphalerite and galena. The mineralized interval is hosted within a series of highly altered andesite. Within this interval, 3 separate occurrences of visible gold have been identified over 6.01 meters*; assays are pending.

All the occurrences of Visible Gold to date have been identified within quartz-breccia and veins in contact with or in close proximity to sphalerite and/or galena mineralization. The occurrence of visible gold has previously been independently confirmed in 2022 by the Colorado School of Mines with whom the Company is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at Surebet.

Golddigger Property

The Golddigger Property is 100 % controlled covering an area of 59,089 hectares (146,012 acres) and is in the world class geological setting of the Eskay Rift within the Golden Triangle of British Columbia and within 3 kilometers of the 'Red Line' that is host to multiple world class deposits. The Surebet discovery is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is permitted mill site on private property. It's situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power. Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the East of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport with supplies.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

Other

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX Deposit. Drill holes were planned using Leapfrog Geo and QGIS software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

About Goliath Resources Limited

Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada.

For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1-416-488-2887
roger@goliathresources.com