09:25 AM EDT, 04/15/2024 (MT Newswires) -- Goliath Resources ( GOTRF ) said Monday that it amended an option agreement to fast-track the acquisition of a 49% stake in the Golddigger property in British Columbia.

Under the amended agreement, Goliath will gain immediate 49% ownership of the property after issuing 10 million shares issued prior to May 15. Goliath can acquire the remaining 51% stake by issuing a NI 43-101 maiden resource report outlining a minimum of 2 million ounces of gold equivalent on or before June 1, 2027.

The company said it has made all payments required to the vendor and exceeded the minimum exploration expenditures of $14 million.

"The property already is a remarkable gold discovery, showing multiple zones that transition from the sediments, into the contact of the sediments and volcanics then into the volcanics," Founder and CEO Roger Rosmus said.

"We feel confident that with further drilling into the volcanics, we will continue to discover multiple zones that lead us to the heat engine that caused the widespread gold mineralization," Rosmus added.

The company's shares lost 3.3% on Friday.