Roger Rosmus, founder and CEO of Goliath Resources. Welcome.
Thank you very much, and thanks for joining us this afternoon. I am the founder and CEO of the company, created in 2017. Really, my vision was to possibly find the next high-grade gold deposit in the Golden Triangle in northwestern British Columbia of Canada. As far as geographically wise, that's about a two-hour plane ride north of Vancouver, BC. In a very short period of time, we have actually had a pretty amazing discovery due to the fact that it was previously covered by glaciers and permanent snowpack. This is a grassroots discovery. It had never been drilled before. It had never been sampled before until we came along. Really, only in the last, let's call it, five or so years, this discovery would have been made possible. Forward-looking statements.
Just quickly, my background: I was investment banking out of Toronto, Canada, for, I guess, 30-plus years. Prior to that, doing mergers and acquisitions. The gentleman to the bottom right there, Bill Chornobay, created a private syndicate back in 2016 where they took a bunch of geologists, helicopters, and essentially looking for these new outcrops of essentially rock sticking out of the ground, surrounded by snow and glaciers. What they did is if they took samples, and if it came back with any type of decent sort of gold grades and so on, they would go and stake that. Essentially, that was the real catalyst that created Goliath and our current project. I had been financing him for over a decade or so, and I thought, hey, this could be the chance to possibly find the next high-grade gold deposit in the Triangle.
This is a really good sort of summary shot without getting too, too technical. Unless there's some geologists in the audience here, we can talk a little more technical after the presentation. Again, the glaciers receding, brand new outcrops at surface. What we have essentially discovered to date with the drilling that we've completed in a very short period of time is we've got these 12 stacked veins of high-grade gold mineralization primarily. We've got some silver, some copper, and so on. For the most part, the value is in the gold. That is stacked over 1.2 km, which is pretty extensive. Within that, it actually sits with an area of 1.8 sq km. Kind of visualize that. Think about 336 NFL football fields would be the sort of the outline of this.
Last year, we drilled about 36,000 meters, of which 92% of these holes actually had visible gold in them, which is pretty unique in this day and age. You don't see a lot of visible gold when you're drilling. We've got like a 2.5-inch diameter drill going down into the system. Think about it, 92% of those holes had visible gold, which is a pretty incredible feat. Again, mentioned we've got quite a few meters put into the ground here. We've had a 100% hit rate. We haven't missed on any hole. What does that tell us? It tells us that the system is extremely robust. Obviously, there's lots of gold there, and the continuity is there.
Very predictable, robust system that clearly the heat engine that brought all this mineralization to where it sits today has got to be very, very large, considering, again, it's over a 1.8 sq km footprint. We have done some early metallurgical work, so it's important, obviously, to find these new discoveries. The next question is, can we get the gold out of the host rock at a very... Why that's important is the fact that in any line item on a, say, once you're producing gold, power is a big number. The fact that it's a 327 micron, not an 80, this would be a very, we believe, a very cost-effective operation, making a lot of money for whoever puts this into a mine one day. Part of that recovery, we're getting almost 50% of the gold from gravity alone. Basically, it's free gold.
Fifty percent of the gold is falling out of the host rock. No deleterious material, no cyanide required, no leaching, all that kind of business. On an environmental ESG standpoint, we tick the box there. I've been raised, have raised close to CAD 70 million in the last three years in a very shitty market for junior exploration companies. That really tells me that, or just a confirmation, additional confirmation that we do have a world-class system that will be a fairly large tier-one asset at the end of the day. Definition of a tier-one asset, if you talk to like a senior miner like a Newmont or a Barrick or an Agnico, we're talking like a 10 million-plus gold equivalent ounce where we've got a long mine life. That would be very cost-effective, which clearly we're proving out here as we drill the system each year.
Market cap, I guess, we're around CAD 208 million, CAD 200 million. I think we're up a little bit today, but we've been as high as close to CAD 300 million market cap back in, I guess, it was January, February of this year. One nice thing about Canada, it is a mining-friendly jurisdiction. Pro-business, pro-mining. First Nations in the area, the Nisga'a, for the most part, are definitely pro-business, pro-mining. They were making quite a bit of money with the various operations that are currently ongoing in this area. Next thing is, obviously, infrastructure. Essentially, going to be what is going to be the CapEx to put this into production at some particular point down the road? We sit on tide water. We've got barge access on either side of the project. Very cost-effective way of moving material in and out.
We do have the town of Kitsault, which I can show you in a few slides after this one here. That housed actually up to 1,000 people when the moly mine was back in production back in the early 1980s, built by Phelps Dodge. We have high-tension power. You can drive here in three and a half hours. We're not sitting on the side of a, in our tents on the side of the mountain doing these exploration plays each year. It is kind of like the Four Seasons five-star accommodation camp. Everyone wants to work for us because we've got amazing cooks there. And we got nice fish out of the bay, nice halibut and salmon and Dungeness crab. Thursday is typically surf and turf night. No, exactly. You're coming. The fact that these guys are working 12, 14 hours a day. They've got their own bed.
They've got their own hot shower, nice warm shower, and nice hot meal at the end of the shift. We have talked about the tier-one potential. I do believe this will be a mine one day. Within a very short period of time, over 300 pierce points into the system, I can demonstrate to you that this is definitely doable. They focus on resource stocks primarily. They've been one of our longest and largest shareholder strategic since 2020, even before we drilled the Surebet discovery . McEwen Mining trades on the New York Stock Exchange. Ticker is MUX. Also trades on TSX. They recently took a toehold. They're about 5.4% on a partially diluted basis. It did attract a global commodity group based out of Singapore. They're sitting around 6%. Rob McEwen has put money into the company personally prior to McEwen Mining coming in.
Another name in the space, Eric Sprott. Dykes essentially are part of the pathway. Part of the pathway that brought this high-grade mineralization to these other zones that are dipping to the southwest based on the analysis to date. The gold in the dykes. The heat engine and the gold. Pathway with the hot magma, hot gold oozing out into the system, into the other shear zones in a cooler gold as things are cooling down. That is important because we, you know, we've been avoiding these since late last year. This year, we will be targeting these dykes, trying to find out what the heck is going on. Just think of these dykes as like a finger going to a hand to a body. That body is that heat engine.
Based on the dates and some of the work that Colorado School of Mines are doing, we could be maybe 500 meters away of a very large high-grade mineralized heat engine. Here is the dyke from, I guess, a plan view here. If the grade here, the 7 meters, over 10 grams per ton gold equivalent, that basically goes the entire 1,400 meters. We hit this thing dead on because the vein sits flat and in the system. To your question, AB3, yeah, it is going to be, it is a very significant find for us. We will be drilling these dykes with great excitement. Far left. They drilled on the back of their envelope, they had sort of 4 million -5 million ounces of gold with upside maybe of 7. Again, I think we have kind of 5-10 or even more. Gold was at $1,700 an ounce.
It's currently trading around 31 and change U.S., They got taken up for $1.8 billion four or five years ago. Gold's going higher. The more we drill, we're going to increase the confidence level. Do believe gold, I think Goldman's now saying gold might even be like $4,000 by the end of this year, 45. Yeah. Anyhow, we're in the perfect storm for, I guess, happening to lift the boat here significantly. Our end goal, or my end goal, is really to have a similar type of transaction, double or even three times that if we can prove out this 10 million ounce plus-plus.
You're getting all this gold on top of the mountain.
Sure.
Usually, you find it underneath the ground too. You are not really having gone into that area yet because you have so much on top.
No. Exactly.
If you sold this off, would you drill down there first trying to find those specs or?
We're going to drill deeper this year for sure with these dykes. Again, we've always been looking for the source. Will we ever find it? I don't know. I can't say for sure. The fact that this is leading to that source that brought the mineralization. In a mining scenario, for sure, I mean, you've got the asset or deposit sitting up above you. You're driving adits into the side. You've got gravity working in your favor versus going down a kilometer or two to haul all this ore up to the surface. The purple horizon you see here, that's somewhat flattish. That's our higher grade area. We drilled a hole that was one ounce over 39 meters, which is pretty incredible. Within that, we had four ounces, over four ounces over 10 meters, which again is pretty significant.
That daylights, that whole daylights within 50 meters. As soon as you start putting that adit in, you're right in this high grade, which we think would pay for CapEx. If we can demonstrate 1 million-2 million ounces of high-grade material there, it pays for the CapEx for any senior miner coming in looking to take this into production. With that, I've got two minutes and 23 seconds for any questions.
Now, since you have those top investors, are there any type of investors that would come in and buy something like that? Or do you have to market that? Or are the people that invest kind of come in and they're kind of like testing with you?
Yeah. No, I've, guess what, three years ago, I've met with every senior miner at the Beaver Creek Conference in Colorado. Pardon me, the year after. Last year was more kind of private miners making a lot of money, $500,000,000 EBITDA kind of thing. They're all looking at Canada as a safe jurisdiction to kind of make their next investment to expand on their portfolio. Yeah, I've met with them all. Everyone knows what we're up to. We do have some CA signed with a few folks. I mean, they're on their own timeline. I'm not sure when it will happen with these groups. Ultimately, I think, I mean, Newmont just bought Newcrest, which owns a couple of mines already to the north of us.
I think that would be, in my mind, like a perfect suitor for that or even like a Barrick or Agnico. They've all said on record at various conferences as CEO saying that Golden Triangle is in their vision. They've got the blinders on saying this is an area that's very unexplored that will probably produce many, many tier-one gold, high-grade gold assets. We're in the right postal code, area code, what have you. Eventually, we're just going to keep on drilling, make it as big as possible. I mean, we're in no rush. Raising capital has never been a problem. Hopefully, we'll get a super high valuation for the company at the end of the day.
Let's say you drilled all these, let's say you drill another year of expansion and that would bring the market cap. Every year you drill, you're just.
$70 million with a market cap of, call it, $225 million. The money being deployed is adding value to the share price. Every year we drill, every dollar that goes in the ground, we're adding another $2, $3, $4. Right? That's my time. Thanks so much.
That's the ratio for the four.
Thank you.
Thank you.