Goliath Provides Exploration Update on its Nelligan Gold-Copper Project, Abitibi Greenstone Belt - Seite 3

The Nelligan Project – the Geology and Exploration Model

The Nelligan Project is located in two strategic areas of the Region in proximity to past producing mines, and historic and current gold and/or gold-copper occurrences and mineral resources. Mineral exploration assessment reports and statistics indicate a total gold production of 200 million ounces of gold from the 80,000 km² in the AGB of Quebec and Ontario. Most of the gold occurs within quartz veins or “Lode Gold Deposits” in several major mining camps since the early 1900s, including the Camp. The Canadian-Malartic and Detour Lake Superpits are examples of bulk mineable lower-grade gold deposits currently being mined from the AGB.

Goliath’s acquisitions focussed on and along two historic gold trends in the Camp: the Joe Mann and Nelligan trends. The western boundary Nelligan East Claim Block is located 8km east of the Joe Mann that operated from 1956 to 2007. A total of 4.4 million tonnes of ore was extracted from the underground operation grading 8.26 g/t gold for 1.17 million ounces of gold, 5 g/t silver for 607,000 ounces of silver, and 0.25% copper for 28.7 million pounds of copper (Doré Copper Mining, 2020). The Nelligan West Claim Block is located at the western end of the Nelligan trend, some 30km from IAMGOLD’s and Vanstar’s Nelligan Gold Deposit. The Nelligan Deposit hosts Inferred Mineral Resources of 97.0 million tonnes grading 1.02 g/t Au (for 3.2 million ounces of gold) (IAMGOLD, 2019).

The Camp hosts east-west trending mafic volcanics or basalts, felsic volcanics or pyroclastics and volcaniclastics, sedimentary rocks and major intrusive complexes, all intruded by gabbro sills and dykes. The sedimentary rocks and gabbros hosts the Nelligan-style of mineralization. Major faults intersect all rock types and consists of four (4) groups based on their direction: east-west, southeast, northeast and north-northeast trending faults. The east-southeast trending Guercheville and Remick Breaks or Deformation Zones, along with its subsidiary faults, cut the Project.

The Guercheville and Remick Breaks are similar to the Larder-Cadillac and Destor-Porcupine Deformation Zone where most of the gold mineralization occurs in the southern portion of the Abitibi Greenstone Belt. They reach up to 1 km wide and are characterized by shearing and carbonate-sericite-rich alteration. Gold tends to occur in a series of subparallel alteration zones, up to 200m wide consisting of silica, iron carbonate, potassium and sodium feldspars, iron oxide as hematite, and up to 30% pyrite as disseminations and semi-massive lenses with minor chalcopyrite. Visible gold is rare, and it is found in association with quartz-carbonate veinlets or between pyrite grains – one of the potential targets on the Project. The gold mineralization at the Joe Mann Mine is hosted in copper bearing quartz veins and has been mined to a vertical depth of -1,200m along a 2km strike length – the second potential target on the Project.