en.Wedoany.com Reported - Goliath Resources Ltd. has announced the commencement of drilling at the high-grade Surebet discovery zone within its wholly-owned Golddigger property in the Golden Triangle of British Columbia, Canada. The company reports that two rigs are currently operating on site, with an additional five rigs expected to arrive, bringing the total to seven rigs for the 2026 project.
This fully funded drilling campaign plans approximately 50,000 meters of systematic drilling aimed at expanding known mineralized zones laterally and at depth. Goliath also intends to use this drilling to test the Motherlode magmatic gold feeder source. The company states that all mineralized veins identified to date remain open for expansion.
The focus of the expansion drilling is to extend the Bonanza and Golden Gate zones to the east, northeast, and southwest, while expanding the Surebet zone to the west and testing additional gold-rich mineralized veins. Additional drilling will also be conducted to evaluate lithological and structural features associated with magnetic anomalies, which the company believes may indicate magmatic intrusive gold feeder sources.
According to Goliath, every drill hole completed within the 1.8-square-kilometer Surebet discovery area between 2021 and 2025 has intersected gold mineralization. The discovery comprises five gold-rich zones consisting of 46 stacked veins. Of the 386 drill holes, 355 (92% of holes drilled to date) contain visible gold. Based on an updated geological model, the company is conducting core relogging to further delineate gold-rich shear zones and veins.
Metallurgical testing on composite core samples showed gold recovery of 92.2%, silver recovery of 86.5%, lead recovery of 94.2%, and zinc recovery of 96.3% using a combined gravity and flotation process. The gravity-only process achieved 48.8% gold recovery and 10.3% silver recovery. The tests indicate the ore is benign in composition and free of deleterious elements.
Analyst John Newell assigned a "Speculative Buy" rating to Goliath in a February 24 report. Newell noted that Goliath has completed over 150,000 meters of drilling with a 100% mineralization hit rate, while the system continues to expand in multiple directions. He wrote, "Early geological skepticism has gradually shifted to recognition of the scale, continuity, and structural complexity of the Surebet discovery." The report listed multiple price targets, stating that "upside targets first focus around C$4.10, followed by a larger measurement target of approximately C$8.25," with the structure supporting a macro target of approximately C$11.50 over the long term.
In terms of share structure, management and insiders hold 20% of the company on a partially diluted basis, while strategic and institutional investors collectively hold 35.0%, including Crescat Capital, a global commodity group (Singapore), McEwen Inc. (MUX:TSX; MUX:NYSE), Waratah Capital Advisors, Deutsche Bank AG, US Global Investors Inc., Rob McEwen, Eric Sprott, and Larry Childress. The remaining shares are held by other institutional funds and retail investors. Goliath has 177 million shares issued and outstanding, with a market capitalization of C$259 million (approximately US$186 million) and a 52-week trading range of C$1.47 to C$3.54.
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