Goliath Resources Signs MOU With Five Other Companies to Study the Viability of Hub and Spoke Mill Complex at a Permitted Site at Kitsault, B.C.

TORONTO, March 21, 2023 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) (the “Company” or “Goliath”) is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with BWCG Holding Ltd. (Formerly Blackwolf Copper and Gold Inc.), Blackwolf Copper and Gold (TSXV: BWCG, OTC: BWCGF),  Coast Copper Corp.  (TSX-V: COCO), Dolly Varden Silver (TSXV: DV, OTC: DOLLF), and New Moly LLC (collectively, the “Companies”) to jointly study the viability of using New Moly’s Kitsault Project (“Kitsault” or the “Project”) as the potential site for a centralized polymetallic processing facility that could accept mineralized material from the Companies’ respective deposits and/or new discoveries (“Kitsault Polymetallic Mill”), located nearby on tidewater in northwestern, B.C. and/or southeastern, Alaska (See Figure 1. below).

Prior to signing the initial MOU, Blackwolf Copper and Gold undertook initial discussions with Nisga’a Lisims Government regarding potential amendments to the Mines Act Permits for Kitsault to support a polymetallic mill.

“Nisga’a Lisims Government has had initial discussions with Blackwolf Copper and Gold on the concept of a hub and spoke mill at the site of the Kitsault Project.  We look forward to further consultation on this and other natural resource opportunities within the Nass Area which is subject to the Nisga’a Final Agreement where we have constitutionally protected title and rights” said Charles Morven, Secretary-Treasurer for Nisga’a Lisims Government.

“We look forward to working with this collaboration of Companies to study the potential synergies that include reduced respective capital, processing costs as well as reduce permitting timelines and risks by using a permitted site located on tidewater,” said Roger Rosmus, Founder & CEO. “With the Surebet’s Au-Ag-Cu-Pb-Zn discovery that has two barge access points located on tidewater and marine bulk transport being reasonably cost effective. We believe that the Kitsault site could potentially be an excellent fit for Goliath to unlock additional shareholder value.”

The proposed site at Kitsault previously hosted a molybdenum mine. Within the past decade, Kitsault received Canadian Federal and Provincial Permits and given the buoyant molybdenum market, New Moly is now considering funding requirements to restart a larger scale project.   The Project is located on the BC Hydro grid, has road access to the Nass Valley and tidewater access. The Kitsault Polymetallic Mill concept may assist to enhance and de-risk the potential restart of Kitsault.