Goliath Resources (TSXV: GOT) has secured two strategic investments as it looks to expand its ongoing drill program at the Golddigger property within the Golden Triangle of British Columbia.
Goliath has reportedly expanded its ongoing drill program from 18,000 metres to that of 34,000 metres based on the success it has seen in the field this season. Six diamond drill rigs have been contracted to fulfill the planned exploration. The program so far is said to have intersected mineralization in every hole conducted, with 42% of the holes hitting visible gold.
The current drill season has seen the company identify widespread mineralization over 1.8 square kilometres. The most recent drill hole conducted, GD-23-226, is said to have intersected 23.65 metres of abundant visible gold at the Surebet Zone within the Golden Gate Feeder Zone, while hole GD-23-157 is said to have intersected 18.95 g/t gold over 23.00 metres.
The expanded program has led Goliath to conduct a non-brokered offering to raise $5.0 million via a combination of flow through and non flow through units. Non flow through units are to be sold at a price of $0.63 per each and contain one half warrant with an exercise price of $0.78 per share and an expiry of 18 months. Flow through units meanwhile will consist of one common share, with each unit priced at $0.67 per each.
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Rob McEwen has agreed to act as the lead order for the financing, subscribing for $1.0 million in non flow through units of the offering. Crescat Capital, who has an 18% stake in the company, will also be participating in the financing although specifics were not provided.
Goliath Resources last traded at $0.67 on the TSX Venture.
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