Canadian Explorer Strikes Massive Gold Discovery

Source: Streetwise Reports 05/05/2025

Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) pushes big gold gains in British Columbia’s Golden Triangle with high-grade discoveries, strategic investment, and major upside ahead. Read more to explore why investors are watching this gold explorers next moves closely.

Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) has engaged world-renowned JDS Energy & Mining Inc. to evaluate the feasibility, permitting, and development of an underground exploration adit at the Surebet Discovery, located within its fully controlled Golddigger property in British Columbia’s Golden Triangle. According to the company, the adit will provide underground access to the Bonanza Zone, allowing for underground drilling to confirm geological details and potentially enable bulk sampling of this high-grade lode.

Previously reported drill results at Surebet include GD-24-260, which returned 34.52 grams per tonne gold equivalent (g/t AuEq) over 39 meters, including 132.93 g/t AuEq over 10 meters and 166.04 g/t AuEq over 8 meters.

Goliath’s founder and CEO, Roger Rosmus, stated that the adit “would cut through the high-grade gold Bonanza Zone, where we have reported many holes with mineable widths and grades over 1 oz/T AuEq,” adding that it would also reduce total drilling costs and allow for exploration year-round.

The Golddigger property spans 91,518 hectares in the Eskay Rift region and lies within 3 kilometers of the Red Line, a critical geological marker separating Triassic Stuhini and Jurassic Hazelton rocks that hosts several of Canada’s major gold, copper, and silver deposits. The Surebet system has delivered consistent results across more than 92,000 meters of drilling since 2021, with 100% of holes intercepting mineralization across a mineralized area of 1.8 square kilometers. Metallurgical work has demonstrated gold recoveries of 92.2%, with nearly half recoverable as free gold without cyanide. The site is near existing infrastructure, including a permitted mill site, tidewater barge access, and roads leading to regional hubs such as Kitsault and Prince Rupert.

JDS Energy & Mining, founded in 2004, has a track record of delivering mining project solutions from design to operations across Canada, including the Minto, Gahcho Kué, and Silvertip mines. Goliath is also an active supporter of CASERM (Center to Advance the Science of Exploration to Reclamation in Mining), a research collaboration between Colorado School of Mines and Virginia Tech, which has contributed to geological studies at Surebet. Quinton Hennigh (Ph.D., P.Geo.), technical advisor to Goliath, is the qualified person responsible for the technical content in the company’s releases.

Gold Sector Gains Strength Amid Economic Shifts and Record Prices

According to a May 2 report from FX Street, gold prices gained positive traction and moved away from a two-week low as the US dollar weakened and investors awaited the US Nonfarm Payrolls report.

The report stated that “repositioning trade ahead of the release of the U.S. Nonfarm Payrolls (NFP) report acts as a tailwind for the non-yielding yellow metal.” FX Street also noted that although the optimism around possible U.S.-China trade negotiations supported a positive risk tone, this may have held back traders from placing fresh bullish bets on gold.

According to a March 11 report from Red Cloud Securities, analyst Taylor Combaluzier maintained a Buy (Speculative) rating on the company and raised the target price to CA$2.90 per share.

Also on May 2, Barry FitzGerald wrote for Stockhead that record gold prices, with the Australian gold price exceeding AU$5,000 per ounce, created “a once in a lifetime opportunity” for junior gold companies to bring small brownfield deposits into production. FitzGerald emphasized that at such prices, even modest resource bases had become “meaningful stuff” for junior explorers aiming to rapidly advance to production and use cash flow to support further exploration.

In a May 4 article for Ahead of the Herd, the author highlighted concerns that the US economy was entering a stagflationary period, marked by slowing growth and persistent inflation. The article referenced economist Stephen Roach, who warned that “a prolonged period of stagflation” could result from current economic policies and global trade tensions. Frank Holmes was quoted in the same piece, stating that many investors saw gold as “a classic fear trade that retail investors are still sorely underexposed to.” Ahead of the Herd further reported that during past stagflationary periods, such as the 1970s, gold had significantly outperformed equities, underscoring its historical role as a defensive asset during times of economic and geopolitical uncertainty.

Analysts Cite Strong Investment Potential

Red Cloud Securities analyst Taylor Combaluzier noted in an April 24 research report that recent assays from Golddigger “have continued to impress,” with high-grade results in known zones and confirmation of gold mineralization in new targets.

Highlights included intercepts of 4.34 g/t Au eq over 8m and 6.91 g/t Au eq over 5m in the Surebet zone, as well as 7.33 g/t Au eq over 13.1m and 5.91 g/t Au eq over 5m in the Bonanza zone. Red Cloud estimated these two zones alone could host about 4,000,000–6,000,000 ounces grading 6.62 g/t Au eq, with further exploration potential at targets like Jackpot and Treasure Island.

Combaluzier also pointed to McEwen Mining Inc.’s CA$10 million strategic investment, giving it a roughly 5.4% stake, calling it “an important endorsement for the company.”

Jay Taylor described Goliath’s progress as “just amazing” in his April 25 Hotline newsletter, highlighting potential for a large-scale intrusive gold system similar to Snowline Gold Corp.’s (SGD:TSX.V; SNWGF:OTCQB) Valley deposit. In the same interview, Dr. Quinton Hennigh describes the newly discovered reduced intrusive related gold (RIRG) as “we have a new beast in the Golden Triangle”.

Zacks Small-Cap Research analyst Ronald Wortel called Goliath “a highly compelling investment in the gold exploration market,” noting its exposure to gold, silver, and copper resource exploration. Wortel’s valuation suggested 10,000,000 million ounce potential and a possible 190% return from current share price levels.

According to a March 11 report from Red Cloud Securities, analyst Taylor Combaluzier maintained a Buy (Speculative) rating on the company and raised the target price to CA$2.90 per share, reflecting a 65% return to target. The firm estimated a mineral inventory of approximately 4.0 to 6.0 million ounces gold equivalent (AuEq) at 6.62 grams per tonne from the Surebet and Bonanza Zones, using long-term pricing of US$2,400 per ounce gold.

Combaluzier wrote that 2024 drilling “continued to demonstrate continuity of high grades at known zones and confirmed Au mineralization at new targets,” highlighting intercepts like 4.34 g/t AuEq over 8 meters and 7.33 g/t AuEq over 13.1 meters. Red Cloud emphasized that all twelve identified gold-rich layers at Surebet remained open for expansion and that Bonanza showed strong gold mineralization with further upside.

The report also called McEwen Mining’s CA$10 million strategic investment, giving it a 5.4% stake, “an important endorsement for the company.” Combaluzier concluded that the company traded at a discount to peers and suggested further positive exploration results could help close that gap.

Advancing the Roadmap: Goliath’s 2025 Catalysts

According to Goliath’s April 2025 investor presentation, the company is positioned for a low-risk expansion phase in 2025, leveraging its 100% control over the Golddigger property, the strength of its strategic shareholders, and its track record of drilling success. Goliath has drilled 92,000 meters over four seasons, including 35,000 meters in 2024, and reported that 92% of the 2024 drill holes contained visible gold. The company controls 56 kilometers of the Red Line and recently expanded its land package by 28% to 91,518 hectares to cover additional exploration targets such as the Blue Origin Reduced Intrusion-Related Gold System (RIRGS).

The company’s financial position includes a market capitalization of approximately CA$322 million, with CA$68 million raised over the past three years. Major cornerstone shareholders include Crescat Capital, McEwen Mining Inc. (TSX: MUX, NYSE: MUX), Rob McEwen, Eric Sprott, a Global Commodity Group based in Singapore, and Larry Childress. [OWNERSHIP_CHART-9595]

As Goliath prepares for its aggressive 2025 exploration program, it plans to relog approximately 44historic holes of reduced intrusion related (RIRG) dykes that may contain high-grade gold encompassing roughly 1,400 meters of new samples for early assaying. The updated geological model, developed in collaboration with partners including Archer, Cathro & Associates and Colorado School of Mines supports ongoing targeting of high-grade RIRG feeder dykes and the expansion of the Surebet system, positioning the company for potential new discoveries and resource development milestones in the year ahead.

Ownership and Share Structure

According to company data, 19.0% of Goliath Resources is held by Management, Team, and Insiders. Strategic and Institutional investors collectively own 9.9%, with notable holdings including Crescat Capital LLC at 14.4%, McEwen Mining (NYSE: MUX), a Global Commodity Group based in Singapore at 5.2%, Mr. Rob McEwen at 3.9%, Mr. Eric Sprott at 3.0%, and Mr. Larry Childress at 1.0%. The remaining shares are held by other institutional funds and retail investors. 

Goliath has 150,546,300 shares issued and outstanding. The 52-week range of Goliath is CA$0.81 to CA$2.87.

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Important Disclosures:

1. Goliath Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Snowline Gold Corp.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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( Companies Mentioned: GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE, )

Source: https://www.streetwisereports.com/article/2025/05/05/canadian-explorer-strikes-massive-gold-discovery.html