Goliath Provides Exploration Update on its Nelligan Gold-Copper Project, Abitibi Greenstone Belt

TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Goliath Resources Ltd. (TSX-V: GOT.V) (Frankfurt: B4IE) (OTCQB: GOTRF) (the “Company or “Goliath”) is pleased to announce the completion of its 2020 reconnaissance exploration field program (the “Stage 1 Program”) on the recently acquired district-scale precious and base metal play covering its 340km² Nelligan Gold-Copper Project (the “Project”) (refer to the August 10, 2020 - News Release).

The Project is located in the southern segment of Chibougamau-Chapais Mining Camp (the “Camp”), some 50km (Nelligan East Claim Block) and 75km (Nelligan West Claim Block) from Chibougamau within the prolific Abitibi Greenstone Belt (the “AGB”). 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);