Goliath Reports Several Holes, Up To 9.89 g/t AuEq Over 12.00 Meters From Surebet Zone Confirming Continuity, As Well As 24.97 Meters Of 0.70 g/t AuEq From Newly Identified And Extensive Big Bulk Zone, Golddigger Property, Golden Triangle, B.C.
McEwen reports high-grade exploration upside at Goliath, offsetting Gold Bar execution hiccups while maintaining a fortress-like balance sheet.
Goliath Resources Limited released an exploration update on October 7, 2026, regarding its Surebet Discovery on the Golddigger Property in British Columbia. The company reported 9.89 g/t AuEq over 12.00 meters in the Surebet Zone and 24.97 meters of 0.70 g/t AuEq in a newly identified "Big Bulk Zone."
The Surebet system footprint expanded to 2.01 km², representing a 12% increase, with step-out drilling confirming continuity across the Bonanza, Golden Gate, and newly defined volcanic wedge zones. Metallurgical testing confirmed 92.2% Au recovery via gravity/flotation and 48.8% free gold recovery via gravity alone, requiring no cyanide. Assays remain pending for 55 of the 97 holes drilled in the 2026 program.
McEwen Inc. holds a 2.6% direct stake in Goliath, with an additional ~1.9% potential via warrants expiring in March 2026. This exploration update is financially immaterial to McEwen's consolidated operations.
McEwen Inc. (MUX) holds a 2.6% direct ownership stake in the Goliath project, along with warrant exposure. While the project features high-grade intercepts and bulk-mining potential that are geologically compelling, this stake has zero near-term impact on McEwen’s consolidated revenue, cash flow, or valuation.
The market’s reaction to McEwen’s own Q2 2026 results has already priced in the Gold Bar operational miss and cost pressures. McEwen’s share price declined from approximately $27.88 to approximately $25.63 since August. This Goliath news does not alter the fundamental thesis or valuation drivers for McEwen.
McEwen Inc. operates as a diversified precious metals producer with assets across Canada, the United States, and Argentina. The company’s Fox Complex in Ontario is a 100% owned operating producer that includes the ramping Stock Mine and the Grey Fox project, which is currently in the pre-feasibility study stage. In Nevada, McEwen owns the Gold Bar Mine Complex, an open-pit heap-leach operation that encompasses the Windfall, Lookout Mountain, and Unity Ridge exploration targets.
In Argentina, the company holds a 49% interest in the San José Mine, a high-grade gold-silver producer that serves as a strong cash generator through dividends. Additionally, McEwen Copper owns 46.3% of the Los Azules project, a world-scale copper development in the advanced feasibility stage. The company also owns the El Gallo Complex in Mexico, where Phase 1 targets the reprocessing of historical leach pads and Phase 2 focuses on in-situ silver deposits. Finally, McEwen owns the Tartan Mine Project in Manitoba, a high-grade underground gold project acquired through the merger with Canadian Gold Corp.