NYSE- and TSX-listed McEwen Mining has made a strategic investment into precious metals junior Goliath Resources, which owns projects in the Golden Triangle of British Columbia.

Goliath founder and CEO Roger Rosmus said the company was delighted to have McEwen Mining on board.

“Rob McEwen recognised the potential of our Surebet high-grade gold discovery in 2023, and has made three personal investments through private placements since then. Our 2024 drilling campaign was a major breakthrough season for the Surebet high-grade gold discovery,” he said.

“In our 2023 drilling, we found visible gold in 32% of the drill holes and in 2024 that increased to 92%. Our recently reported drill hole intersection was our best to date returning 10 m of 132.93 g/t gold equivalent (plus several high-grade holes with multiple intercepts, system remains wide open) making for a gram/meter intersection that puts it in the top percentile of all intersections throughout the world in the past 20 years.

“Each season we have seen the discovery get better and saw several pleasant surprises in 2024, including the high percentage of visible gold in our deeper drilling into the system, and our remarkable recently reported intersection. We still have 89 pending holes from the 2024 drilling season to report and think we may have made a second important discovery, this one a volcanogenic massive sulphide 35 km to the north of Surebet,” said Rosmus.

He added that Rob McEwen’s recognition of the success of the Surebet discovery in 2023 had been greatly appreciated and that the company was pleased to have McEwen Mining join its shareholder roster.

“We are also very pleased that Goliath Resources will be a significant shareholder of McEwen Mining due to their combination of being a gold miner, their extensive drilling on their gold projects, and their world-class copper asset that is in the top 10 undeveloped copper projects ranking in the lowest cost quartile as well.”

Post transaction, McEwen Mining will own 3.76% of the issued and outstanding shares of Goliath Resources. The gold miner will pay in shares worth C$10-million. McEwen Mining will receive a half warrant, exercisable at C$2.50 for 12 months. Goliath will own 868 056 shares of McEwen Mining.