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Brightstar Resources
Investor Insight
With multiple catalysts ahead, including resource upgrades, expanded production, and further development of its Laverton, Menzies, and Sandstone hubs, Brightstar Resources presents a compelling investment case in a rising gold market.
Overview
Gold has continued to demonstrate its resilience as a store of value, with prices peaking at US$3,500.05 per ounce, its all-time high. Amid ongoing global economic uncertainty, including inflationary pressures, rising geopolitical tensions, and volatile interest rate environments, investors have turned to gold as both a safe haven asset and a hedge against macroeconomic instability.
Brightstar Resources (ASX:BTR) is strategically positioned to capitalize on this environment as a low-cost, multi-asset gold developer with near-term production potential. The company controls over 1,500 square kilometers of highly prospective ground across three of Western Australia’s most prolific gold belts: the Laverton Tectonic Zone, the Menzies Shear Zone, and the Sandstone Greenstone Belt.
Unlike many junior exploration companies, Brightstar has a key differentiator: it owns a fully permitted, strategically located processing facility near Laverton. This existing infrastructure offers the company a critical advantage, enabling a low-capex restart scenario and faster time to cash flow compared to peers who must first secure permits and fund costly plant construction. This plant is subject of a DFS due for announcement in June 2025.
Through a focused multi-hub strategy, Brightstar has built a robust pipeline of development-ready and resource-growth projects, supported by:
- Over 3 million ounces of gold resources across Laverton, Menzies, and Sandstone;
- Ongoing high-grade drilling success in 2024 and 2025, including intercepts of up to 10m @ 43.8 g/t gold;
- A track record of low-cost, value-accretive acquisitions, such as Linden Gold Alliance and Alto Metals;
- A dedicated, in-house technical team executing on aggressive exploration, fast-tracked studies, and staged development.
With global gold demand remaining strong, Brightstar is well-positioned to deliver material shareholder value through its integrated production plan, supported by scalable infrastructure, a growing resource base, and access to capital. The company’s strategic approach includes combining brownfields development, organic exploration, and corporate M&A, placing it at the forefront of a new generation of Australian gold producers.
Company Highlights
- ASX-listed gold exploration and development company with a consolidated mineral endowment of 3 Moz of gold across Laverton, Menzies, and Sandstone hubs in Western Australia.
- Owns and operates 100 percent of project areas: 300 sq km in Laverton Tectonic Zone, 80 sq km in Menzies Shear Zone, and 1,200 sq km in Sandstone Greenstone Belt.
- Gold processing operations at the Laverton facility have commenced under an Ore Purchase Agreement (OPA) with Genesis Minerals Ltd (ASX:GMD), marking a significant milestone in transitioning from exploration to production.
- Recent drilling campaigns have yielded strong high-grade results, including:
- 16m @ 8.0 g/t gold at Second Fortune (Laverton)
- 10m @ 43.8 g/t gold at Musketeer (Sandstone)
- 16m @ 8.0 g/t gold at Yunndaga (Menzies)
- Following the successful Linden Gold Alliance acquisition, Brightstar has commenced a DFS for the wider development of its Laverton and Menzies assets which is due for release imminently in June 2025.
- Ongoing Sandstone drilling continues to return high-grade intercepts, further supporting project advancement and MRE conversion.
- In 2024, Brightstar signed a $4 million drill-for-equity deal with Topdrill to fast-track exploration at Sandstone.
- The company has successfully executed a US$11.5 million (AU$18 million) revolving stockpile finance facility with Ocean Partners Australia.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Jasper Hills, Second Fortune, Beta and Alpha project areas.
Highlights:
- Combined, the Laverton Hub JORC mineral resource estimate is 15.7 Mt @ 1.7 g/t gold for 848 koz (49 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 292 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Lord Byron (5.2 Mt at 1.5 g/t gold for 251 koz gold)
- Fish (376 kt at 4.0 g/t gold for 49 koz gold)
- Second Fortune (92 kt at 13.4 g/t gold for 40 koz gold)
- Gilt Key (168 kt at 1.3 g/t gold for 8 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of 0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Growth Drivers:
- Second Fortune: Consistent, stable production and cash generation through 2025
- Fish: Mining activities have commenced and site establishment is continuing.
- First ore production targeted in June
- Open pits development: Large scale production opportunities through mining Lord Byron and Cork Tree Well as multi-year base load ore sources
- DFS: due for delivery in June 2025, including design and costs for expansion of BTR-owned processing infrastructure to 1Mtpa.
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to the Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 12.7 Mt at 1.4 g/t gold for 589 koz gold (37 percent measured and indicated)
- DFS: due for delivery in June 2025, including design and costs for open pit and underground mining for toll processing/ore sales to a regional Kalgoorlie-Menzies mill.
- Growth Drivers:
- Lady Shenton Open Pit: Proposed multi-year consistent open pit production to provide cash generation. Targeting approvals received and ‘mine ready’ in 2025
- Yunndaga Underground: Planned infill drilling targeting conversion of Inferred Mineral Resources to M+I to support inclusion in future mining operations – recent results from this program include 16m @ 8.0 g/t gold
- Development: Advancing discussions with regional mills for 3rd party processing capacity in the Kalgoorlie-Menzies region, targeting a mining decision.
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Growth Drivers:
- Sandstone: Upgrade the Lords, Vanguard, Indomitable and Havilah camps to Indicated classification (40,000m RC+DD)
- Montague: Infill Montague and Whistler to Indicated classification (5,000m RC and 1,200m DD) – RC
- Greenfields: Follow up drilling of priority prospects across Sandstone Hub (West Hacks, Hancocks, Bulchina, Lords Corridor, Duplex) – recent drilling success includes exceptional intercepts at the Musketeer prospect yielding 10m @ 43.8 g/t gold
- Pre-Feasibility Study: Incorporation of 2025 drilling results into MRE upgrades to then factor into 1H 2026 Sandstone PFS
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve – Chief Development Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Nicky Martin – Chief Financial Officer
Nicky Martin is an experienced finance and accounting professional holding tertiary qualifications in accounting and finance and is a qualified CPA. Martin was previously the Head of Finance at Pilbara Minerals Ltd (ASX:PLS) where she oversaw and was actively involved in a rapidly growing mining success story.
Emerging gold producer and district-scale resource developer in Western Australia
Navigating Uncertainty: How Trump's Tariffs Are Affecting the Gold Market
Read on to learn how tariffs have affected the gold market and price so far.
How have tariffs affected the gold price?
The gold price has been on the rise since the beginning of the year. After briefly touching the US$3,500 per ounce level in May, it has pulled back and was trading just under US$3,400 as of Tuesday (August 26).
Gold price, January 1 to August 26, 2025.
Chart via TradingEconomics.
Although some of its increase is attributable to the points mentioned above, a significant portion is owed to a lack of information surrounding US President Donald Trump’s tariff policies.
Initially there was no clarity on what or who was being tariffed, or when the levies would ultimately be implemented, and investors started to move into gold for greater stability and portfolio diversification.
Uncertainty about whether gold would be tariffed also had an effect, prompting traders in the US to import physical gold; this created a price differential between New York futures and the London spot price.
Concerns dissipated as the Trump administration began to nail down tariffs, but were reignited once again when US Customs and Border Patrol posted a ruling on July 31 indicating that the 39 percent tariffs against imports from Switzerland would include 1 kilogram and 100 ounce gold bars.
The news caused spot gold to spike more than 3 percent, from US$3,290 to US$3,398, and sent December futures to an all-time high of US$3,549. Meanwhile, traders halted imports of Swiss bars.
After several days of turmoil, Trump said the ruling was incorrect, and the bars would not be included in the tariff measures being applied to other Swiss imports; the gold price then retreated.
How would gold tariffs have impacted the market?
Gold functions as both a commodity and an essential part of the world’s financial system.
One kilogram and 100 ounce gold bars are used to back futures trading, and regular shipments of the metal are needed to settle contracts once they come due. A 39 percent tariff on gold from Switzerland would have been particularly disruptive, as Swiss refineries account for approximately 70 percent of the world’s gold.
According to the UN Comtrade database, in 2024, Switzerland exported more than 1,400 metric tons of unwrought gold worth more than US$106 billion, representing nearly 30 percent of the country’s total exports. Tariffs would have forced US buyers to pay a significant premium for the precious metal versus buyers in London or Shanghai.
Because gold is often used as a store of value in times of uncertainty, any kind of disruption could have had broader implications for investors looking to add stability to their portfolios.
In an email to the Investing News Network (INN), Lauren Saidel-Baker, CFA, an economist with ITR Economics, explained that gold stands out as a unique investment mechanism:
“There are psychological nuances to gold, which is commonly viewed as a safe store of value during uncertain times and an inflation hedge. Overall, the tariff would have added another facet to the already elevated policy uncertainty."
If the tariffs had remained in place, the US gold price would have had to rise to around US$4,700 per ounce to cover levies, while international prices would have remained closer to the US$3,500 mark.
“Tariffs have already complicated supply chains across industries, and this gold tariff would have been another example of added cost and complexity — but in this case, one with the potential to more directly impact investment activities,” Saidel-Baker went on to explain, emphasizing that US investors would have felt the pinch.
Could gold tariffs happen in the future?
Given Trump's unpredictability, especially when it comes to tariffs, it's possible that gold levies could enter the conversation again. However, by and large experts agree that the matter is closed.
“I think it’s pretty clear at this point that there’s no intention to put tariffs on physical gold imports, and I think that would be very damaging and destructive if they did,” Stefan Gleason, CEO of Money Metals, told INN.
Keith Weiner, founder and CEO of Monetary Metals, offered another perspective, saying that although the gold tariff threat is over, the tumult could have long-term effects on the market.
"Once you've put the scare into everybody, you can't just say, 'Oh, sorry, just kidding.' You can't really do that. And so now we've done damage, and we'll see what happens to that spread over time. We'll see how users of the futures market adapt. There are other markets in the world that would be competing for," he explained.
"This hedging business, you know, maybe it moves to Singapore, maybe it moves to Dubai, maybe it moves to London, and the US loses not only a little more trust, but also a little bit of volume on what had been the biggest — or what is currently the biggest — futures market," Weiner added to INN.
Market participants will be watching closely for future impacts on the yellow metal.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
What Was the Highest Price for Gold?
Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.
Some have posited that the gold price may rise as high as US$4,000 or US$5,000 per ounce, and there are those who believe that US$10,000 gold or even US$40,000 gold could become a reality.
These impressive price predictions have investors wondering, what is gold's all-time high (ATH)?
In the past year, gold has reached a new all-time high dozens of times. Find out what has driven it to these levels, plus how the gold price has moved historically and what has driven its performance in recent years.
In this article
How is gold traded?
Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold's historical moves can help illuminate why and how its price changes.
Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price for the metal. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong. London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.
There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.
Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price.
In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.
One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market.
Interestingly, investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.
Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.
It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.
With regards to the performance of gold versus trading stocks, gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility. There are a variety of options for investing in stocks, including gold mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
According to the World Gold Council, gold's ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.
What was the highest gold price ever?
The gold price peaked at US$3,500.05, its all-time high, during trading on April 22, 2025.
Gold price chart, January 1, 2025, to August 11, 2025.
Chart via the Investing News Network.
What drove it to set this new ATH? Gold reached its highest price amid concern that Trump would remove Jerome Powell as chair of the US Federal Reserve. Falling markets and a declining US dollar continued to support gold, as did increased gold purchasing in China in response to US tariffs on the country. Gold pulled back below US$3,400 later in the day as Trump stated he didn't plan to fire Powell and that he may lower tariffs on China.
The gold price set a string of new highs in the month of April amid high market volatility as markets reacted to tariff decisions from Trump and the escalating trade war between the US and China. By April 11, Trump had raised US tariffs on Chinese imports to 145 percent and China has raised its tariffs on US products to 125 percent.
On April 9, Trump paused his higher "Liberation Day" tariffs on any countries that did not reciprocate in response. However, the blanket 10 percent tariffs still stand, as do the 25 percent tariffs on the automotive sector.
Why is the gold price setting new highs in 2025?
This string of record-breaking highs this year are caused by several factors.
Increased economic and geopolitical turmoil caused by the new Trump administration has been a tailwind for gold this year, as well as a weakening US dollar, sticky inflation in the country and increased safe haven gold demand.
Since coming into office in late January, Trump has threatened or enacted tariffs on many countries, including currently paused blanket tariffs on longtime US allies Canada and Mexico and tariffs on the European Union. Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
As for the effect of these widespread tariffs raising prices for the American populace, Trump has reiterated his sentiment that the US may need to go through a period of economic pain to enter a new "golden age" of economic prosperity. Elon Musk's call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.
What factors have driven the gold price in the last five years?
Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.
Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.
Gold price chart, August 10, 2020, to August 11, 2025.
Chart via the Investing News Network.
The gold price surpassed that level again in early 2022 as Russia's invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8, 2022. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.
Although it didn't quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.
After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the US Federal Reserve’s 0.25 percent rate hike on February 1 sparked a retreat as the dollar and Treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.
The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.
Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to drop below US$1,800.
That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and to rising expectations that the Fed would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 and closed at US$2,007.08 on October 27. As the fighting intensified, gold reached a then-new high of US$2,152.30 in intraday trading on December 3.
That robust momentum in the spot gold price continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.
That record-setting momentum continued into the second quarter of 2024 when gold broke through US$2,400 in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 on May 20.
Throughout the summer, the hits kept on coming.
The global macro environment was highly bullish for gold in the lead up to the US election. Following the failed assassination attempt on Trump and a statement about coming interest rate cuts by Fed Chair Powell, the gold spot price hit a then new all-time high on July 16 at US$2,469.30. One week later, news that then-President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock markets and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22, 2024.
However, the bullish factors supporting gold remained in play, and the spot price for gold went on to breach US$2,500 on August 2 that year on a less than stellar US jobs report; it closed just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, closing above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.
The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China's central bank has been one of the strongest buyers.
Market watchers expected the Fed to cut interest rates by a quarter point at their September 2024 meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led gold prices on a rally that carried through into the next day, bringing gold prices near US$2,600.
At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By September 20, it moved above US$2,600 and held above US$2,620.
In October 2024, gold first breached the US$2,700 level and continued to higher on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.
While the gold price fell following Trump's win in early November and largely held under US$2,700 through the end of the year, it began trending upwards in 2025 to the new all-time high discussed earlier in the article.
What's next for the gold price?
What's next for the gold price is never an easy call to make. There are many factors to consider, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.
Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.”
Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.
Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. Gold mine production has fallen from around 3,200 to 3,300 metric tons (MT) each year between 2018 and 2020 to around 3,000 to 3,100 MT each year between 2021 and 2023.
On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it's worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 MT in 2022.
World Gold Council data shows 2024 central bank gold purchases came to 1,044.6 MT, marking the third year in a row above 1,000 MT. In H1 2025, the organization says gold purchases from central banks reached 415.1 MT.
“I expect the Fed’s rate-cutting cycle to be good for gold, but central bank buying has been and remains a major factor," Lobo Tiggre, CEO of IndependentSpeculator.com, told the Investing News Network (INN) at the start of Q4 2024.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, is also keeping an eye on central bank purchases of gold. “I still see the global central bank buying as the main driver — as it has been over the last 15 years,” he said in an email to INN. "This demand removes supply from the market. They are the ultimate buy-and-hold participants and they have been buying massive amounts."
In addition to central bank moves, analysts are also watching for escalating tensions in the Middle East, a weakening US dollar, declining bond yields, and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios. “When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” Coffin said.
Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) told INN in March 2025 that gold is seeing support from many factors, including central bank buying, nervousness around the US dollar and stronger institutional interest. Smallwood is seeing an influx of fund managers wanting to learn about precious metals.
Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, believes that market risk and uncertainty surrounding tariffs and continued demand from central banks are the main drivers of gold.
"Market risk in particular is a key strategic driver for the gold price and performance," Cavatoni told INN in a July 2025 interview. "Think strategically when you think about gold, and keep that allocation in mind."
Check out more of INN's interviews to find out what experts have said about the gold price during its 2025 bull run and where it could go next.
Should you beware of gold price manipulation?
It’s important for investors to be aware that gold price manipulation is a hot topic in the industry.
In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation.
Early in 2015, 10 banks were hit in a US probe on precious metals manipulation.
Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (TSX:BNS,NYSE:BNS and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013. Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.
Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan Chase & Co. (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America's (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.
Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.
Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”
Investor takeaway
While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.
Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
This is an updated version of an article first published by the Investing News Network in 2020.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Goliath Intersects 10.62 g/t Gold Over 22.82 Meters, Drilling Maintains 100% Hit Rate, 95% Of Holes Contain Visible Gold, Remains Wide Open, Surebet Discovery, Golddigger Property, Golden Triangle, B.C.
Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is excited to announce assay results from drill hole GD-25-337 which intersected 10.60 g/t Au over 22.82 meters, including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters at Surebet on the 100 % controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia. 100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization as well as 95% of the 2025 drill holes contain VG-NE, clearly demonstrating the exceptional discovery potential remaining on the property. Drilling has been completed for 65 holes (45,000 meters) during the 2025 drill season, with 50 holes remaining (15,000 meters). With roughly 1 month remaining, the Company is on target to complete the planned up to 60,000 meter program with 9 rigs actively drilling. The intercepts reported are approximately true width, and reflect gold only assays (AuEq values will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
- 100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization and 95% of drill holes completed thus far in 2025 contain gold visible to the naked eye (“VG-NE”). This clearly demonstrates the continuity and predictability of this expansive gold-rich system.
- Drilling at the Surebet Discovery has hit VG-NE in three distinct rock packages (quartz-sulphide breccias/stock work, RIRG Eocene-aged dykes and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open.
- 65 drill holes have been completed for a total of 45,000 meters in 2025, with only 50 holes remaining totaling 15,000 meters. With roughly 1 month remaining, Goliath is on target to complete its planned up to 60,000 meter drill program with 9 rigs actively turning. Assays are pending for 55 drill holes completed to date.
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/98983adb-da84-4aea-a363-f039c3384dba
- Since drilling started in 2021, many holes have returned impressive metal factors with 9 holes delivering greater than 200 grams*meters (“g*m”) and up to 1346 g*m, 11 holes greater than 150 g*m, 25 holes greater than 100 g*m, 31 holes greater than 75 g*m and 61 holes greater than 50 g*m have been drilled on the Surebet Discovery that remains wide open
- The Surebet Discovery has widespread drill holes over an area of 1.8 km2 or greater than half the size of Central Park, New York City returning high metal factors showing it has the potential to be one of the most important high-grade gold discoveries in the Golden Triangle since the Eskay Creek discovery.
- Drill hole GD-25-337 intersected 10.60 g/t Au over 22.82 meters (a 242 grams*meters hole), including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. From the andesite unit below the Bonanza Zone which contains multiple occurrences of widespread VG-NE between 113.00 meters and 135.82 meters, hosted within a zone of dense calc-silicate veins with moderate amounts of sphalerite, pyrrhotite and pyrite. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/f13b5470-28c1-41e4-b00f-05e94052869f
- Drill hole GD-24-277 intersected 12.16 g/t Au over 6 meters, including 18.22 g/t Au over 4.00 meters hosted in a strongly calc-silicate altered andesite unit from 114.00 meters to 120.00 meters containing substantial quartz-sulphide veining as well as multiple occurrences of VG-NE part of the Bonanza Zone. This hole was part of the re-logging program. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/f9d91fe5-bd8e-4ad7-b584-8865ae75075c
- Drill hole GD-25-318 intersected 11.03 g/t Au over 5.7 meters within a zone of substantial quartz-sulphide mineralization from 341.00 meters to 346.70 meters with multiple occurrences of VG-NE. The mineralized interval consists of strongly altered sandstone with quartz-sulphide stockwork and breccia, containing moderate amounts of sphalerite and pyrrhotite, part of the Bonanza Zone located at the contact between sedimentary and volcanic units and remains open. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/b270c76a-992a-4e7f-b5e2-cd261f520ab2
- Drill hole GD-25-343 intersected 10.08 g/t Au over 5.00 meters consisting of strongly calc-silicate altered, sheared andesite with quartz-sulphide veins containing moderate amounts of pyrrhotite and chalcopyrite as well as bismuth minerals and VG-NE from the Bonanza Zone located at the contact between sedimentary and volcanic units. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/07516323-9702-4143-8edd-f2ce9aae5ceb
- Drill hole GD-25-334 intersected 6.85 g/t Au over 6.00 meters from a zone of quartz-sulphide veins containing multiple occurrences of VG-NE and mineralized with substantial amounts of sphalerite, chalcopyrite and galena hosted within the sandstone unit believed to be part of the Surebet Zone. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/c323ef3f-3a28-40c6-b0a7-607635865f64
- High-grade gold has been identified in three distinct rock packages discovered to date on Surebet. This includes the gently dipping gold-rich stacked quartz-sulphide breccias/stock work veins, the gold-rich intermediate to felsic Eocene-aged Reduced Intrusive Related Gold (RIRG) dykes, and the recently discovered broad gold-rich zones of calc-silicate altered breccia, all of which contain substantial amounts of VG-NE and remain wide open for expansion. This confirms the presence of a Motherlode magmatic source at depth, a causative intrusion responsible for the extensive 1.8 km2 high-grade gold system at Surebet.
- The 2025 planned campaign is under way and consists of up to 60,000 meters of systematic drilling with 9 drill rigs. The campaign aims at expanding the full geometry of the Surebet Discovery laterally and to depth. 100% of the drilling will be focused on the Surebet Discovery, where the Company has designed a detailed drill plan that will consist of:
- Testing for the Motherlode Magmatic intrusive gold source;
- Testing an additional 13 Eocene-aged dykes observed on the surface that have never been drill tested for RIRG mineralization;
- Infill drilling with the goal of increasing pierce points density in all known stacked veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain;
- Testing zones where the RIRG dykes and gently dipping veins crosscut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; and
- Expanding the known mineralized veins laterally and to depth where they currently remain open.
Dr. Quinton Hennigh, Geologic & Technical Advisor to Crescat Capital, a strategic investor in Goliath, states: “Goliath’s exploration team, having synthesized a detailed model of the Surebet high-grade mineralizing system after the 2024 season, was thoroughly prepared to undertake an aggressive, highly focused drill program this season. The success rate of mineralized intercepts encountered thus far is remarkable, and now we see the fruits of this work in the form of exceptional assays coming back from early holes. Surebet is now continually delivering strong results, a trend I expect to continue given this update.”
Mr. Roger Rosmus, Founder & CEO of Goliath states: “The more we drill at the Surebet the better it gets with pleasant surprises along the way, which is a good rule of thumb about how new discoveries can become future mines. Most notably, the Surebet Discovery has widespread drill holes with gold visible to the naked eye and several containing high gram x meter assays. It is becoming abundantly clear to our team that Surebet is emerging as the most important grassroots high-grade gold discoveries in the Golden Triangle of British Columbia since the Eskay Creek discovery. We still have many holes with assays pending and are progressing toward completing our up to 60,000 meter drill program in 2025. This year's drilling campaign is shaping up to be our most impressive yet at the Surebet high-grade gold discovery. At this point we have only reported 7 holes of the 115 planned holes for 2025. We look forward to substantial assay news flow from this years aggressive drilling program.”
Recent results have returned exceptional high-grade gold from drill hole GD-25-337, which intersected 10.60 g/t Au over 22.82 meters (242 gram*meter hole), including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters from the andesite unit. Which is below the Bonanza Zone containing multiple occurrences of widespread VG-NE between 113.00 meters and 135.82 meters hosted within a zone of dense calc-silicate veins with moderate amounts of sphalerite, pyrrhotite and pyrite. Additional drill results have expanded the high-grade gold mineralization within the Bonanza Zone and associated structures, with several drill holes returning significant intercepts. Notably, drill hole GD-24-277 intersected 12.16 g/t Au over 6.0 meters, including a high-grade core of 18.22 g/t Au over 4.00 meters, hosted in a strongly altered andesite unit. This mineralization at the contact between sedimentary and volcanic rocks corresponding to the Bonanza Zone was further confirmed by hole GD-25-318, which intersected 11.03 g/t Au over 5.7 meters, hole GD-25-343, which returned 10.08 g/t Au over 5.0 meters, as well as hole GD-25-334 which intersected 6.85 g/t Au over 6.00 meters. The exceptional grades coupled with VG-NE within substantial quartz-sulphide veins, stockworks, and breccias, which are mineralized with sphalerite, pyrrhotite, and chalcopyrite, highlight the excellent potential for further resource expansion.
Table 1: Assay highlights from 2025 drill holes reported in this news release.
| Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | |
| Interval | 113.00 | 135.82 | 22.82 | 10.60 | |
| GD-25-337 | including | 120.11 | 135.82 | 15.71 | 15.19 |
| including | 120.11 | 123.47 | 3.36 | 37.28 | |
| and | 132.74 | 135.82 | 3.08 | 36.11 | |
| GD-25-318 | Interval | 341.00 | 346.70 | 5.70 | 11.03 |
| GD-25-343 | Interval | 612.00 | 617.00 | 5.00 | 10.08 |
| GD-25-334 | Interval | 413.00 | 419.00 | 6.00 | 6.85 |
| GD-24-277 | Interval | 114.00 | 120.00 | 6.00 | 12.16 |
| Including | 115.00 | 119.00 | 4.00 | 18.22 |
High-grade gold mineralization has been confirmed in three distinct rock packages at the Surebet Discovery, which include: gently-dipping gold-rich mineralized stacked quartz-sulphide breccias/stock work veins; gold-rich intermediate to felsic Eocene-aged RIRG dykes that crosscut the veins; and the broad zones of calc-silicate altered breccia. All three rock packages contain substantial amounts of VG-NE and remain wide open, which strongly indicates the presence of a Motherlode magmatic causative source at depth responsible for the widespread high-grade gold mineralization at the Surebet Discovery.
Table 2: Collar information for drill holes reported in this news release.
| Hole ID | CRS | Northing (m) | Easting (m) | Elevation (m) | Azimuth (deg) | Dip (deg) | Length (m) |
| GD-25-343 | NAD83 / UTM zone 9N | 6162734 | 457228 | 1481 | 138 | 50 | 660 |
| GD-25-337 | NAD83 / UTM zone 9N | 6162509 | 457818 | 1141 | 244 | 62 | 370 |
| GD-25-334 | NAD83 / UTM zone 9N | 6162734 | 457228 | 1481 | 128 | 66 | 696 |
| GD-25-318 | NAD83 / UTM zone 9N | 6162964 | 456710 | 1635 | 105 | 77 | 662 |
| GD-24-277 | NAD83 / UTM zone 9N | 6162440 | 457701 | 1133 | 0 | 80 | 990 |
The 2025 planned campaign is under way and consists of up to 60,000 meters of systematic drilling with 9 drill rigs. The campaign aims at expanding the full geometry of the Surebet discovery laterally and to depth. 100% of the drilling will be focused on the Surebet Discovery, where the Company has designed a detailed drill plan that will consist of: testing for the Motherlode Magmatic intrusive gold source; testing an additional 13 Eocene-aged dykes observed on the surface that have never been drill tested for RIRG mineralization; infill drilling with the goal of increasing pierce points density in all known stacked veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain; testing zones where the RIRG dykes and gently dipping veins crosscut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; and expanding the known mineralized veins laterally and to depth where they currently remain open.
Surebet Discovery Highlights
- 62 out of 65 holes (or 95%) drilled thus far in 2025 contain VG-NE and a 100% hit rate of drill holes have intersected substantial quartz-sulphide mineralization.
- 60 out of 64 holes (or 94%) drilled in 2024 contain VG-NE up to 11.5 mm (7/16 inches) in size, all of which returned high-grade gold.
- The best hole drilled to date is GD-24-260 previously reported from the Bonanza Zone assayed 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters delivering a 1346 gram*meter hole (see news release dated January 13, 2025).
- The best hole drilled to date from the RIRG Eocene-aged dykes is GD-22-58 that assayed 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters, plus a second separate interval down hole of 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters (see news release dated March 13, 2025).
- The best hole drilled to date from the third distinct rock package consisting of calc-silicate altered breccia is drill hole GD-25-337, which intersected 10.60 g/t Au over 22.82 meters, including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
- Multiple gently-dipping gold-mineralized stacked veins have been identified every year on the Surebet high-grade gold discovery. Recent discoveries include RIRG Eocene-aged dykes, Goldilocks Zones where the veins and vertical RIRG dykes crosscut (which are characterized by having high-grade gold in two temperature regimes) and recently discovered high-grade gold in a third distinct rock package. Which continuously increase the potential tonnage and gold content of the high-grade gold system at the Surebet discovery.
- A total of 12 stacked gently dipping high-grade gold veins extend for 1.2 kilometers at the Surebet discovery, have been enhanced by four high-grade RIRG Eocene-aged dykes that are up to 25 meters wide and exposed along strike at surface for up to 1,500 meters have been discovered and modelled to date (see news release dated June 23, 2025).
- The footprint of the mineralization discovered to date at Surebet is 1.8 km2, greater then half the size of Central Park in New York City and remains open in all directions.
- Thanks to the mountainous topography, mineralization in the veins is exposed on the surface for 2.1 km of strike (1.0 km on the south slope and 1.1 km on the north slope) with a vertical relief of 700 meters.
- A study completed by the Colorado School of Mines confirms a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and outlines a common magmatic source for the high-grade gold system, now in three distinct rock packages. Which gives the Surebet discovery tremendous untapped discovery potential to increase tonnage and gold content in the various known rock package. Until this study, researchers and explorers in the Golden Triangle had not recognized the high-grade gold discovery potential in the Eocene- aged RIRG dykes (see news release March 13, 2025), which is showing the potential that these discoveries could be a geological breakthrough in the Golden Triangle of British Columbia.
- Goliath has drilled a total of 92,000 meters with over 400 pierce points on the Golddigger property between 2021 and 2024, which culminated in the updated geologic model used for this year’s drill planning.
- The Surebet Discovery has predictable continuity and very good metallurgy with gold recoveries of 92.2% from gravity and flotation at a 327-micrometer crush including 48.8% free gold recovery from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows a benign rock composition without deleterious elements (see news release March 1, 2023).
- Based on positive grassroots exploration and drill results in recent years, Goliath significantly increased its land package from 66,608 hectares to 91,518 hectares (226,146 acres) and now controls 56 kilometers of key terrain of the Red Line geologic trend providing for additional upside discovery potential.
- The Golddigger Property is located on tidewater with a barge route to Prince Rupert (190 km south) and close to infrastructure including the town of Kitsault adjacent to a permitted mine site on private property.
About Golddigger Property
The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada’s greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.
The Surebet discovery has predictable continuity and excellent metallurgy with gold recoveries from gravity and flotation at a 327-micrometer crush of 92.2% including 48.8% free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present (see news release dated March 1, 2023).
The Property is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.
Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast of British Columbia and houses an international container seaport also with direct access to railway and an airport.
About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)
Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’ membership in CASERM has allowed a high level of research to be performed on the Surebet Discovery.
Qualified Person
Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is an Independent Director of the Company.
About Goliath Resources Limited
Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of Northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Mr. Rob McEwen, Mr. Eric Sprott and Mr. Larry Childress.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
roger@goliathresources.com
www.goliathresourcesltd.com
Disclaimer
The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.
Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half: one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain VG-NE or high-grade sulphide mineralization.
Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%.
All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssayTM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where ‘xx’ denotes the target metal). This method employs 4-acid digestion followed by inductively coupled plasma emission spectrometry.
Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and Gold Equivalent (AuEq) metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.
The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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