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June 14, 2021, 9:34 a.m. EDT

Golden Goliath to Resume Drilling at Kwai Property, Red Lake, Ontario

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Vancouver, British Columbia, Jun 14, 2021 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - June 14, 2021) - Golden Goliath Resources Ltd. (otc pink:GGTHF) /zigman2/quotes/207747654/delayed DE:GGZ 0.00% Golden Goliath Resources is pleased to announce that it has now signed a diamond drilling contract with Niigaani Drilling Ltd for the continuation of the drill program at the Kwai property in the Red Lake District of Ontario. At least 3,000m of drilling is planned with an approximate start date of July 10.

Drilling is currently planned to start on the peninsula near the south-shore of Beauregard Lake with step outs from drill hole K21-21 (Figure 2). Drill hole K21-21 is the site where recent drilling on a strong one kilometer IP trend produced an important gold value hosted in sericite schists with associated pyrite and minor chalcopyrite. Hole K21-21, drilled on line 1600E, intersected 824 ppb gold over 1 metre from 103 - 104 m in rocks dipping south at 80 deg. The eastern 600m of this anomaly occurs on the peninsula while the remainder extends west under a bay heading to the West Grid (Figure 2). The Company intends to follow this unit in the search for the numerous gold grins in basal till found on the West Grid (Figure 3).



Figure 1: Red Lake District Properties including the Kwai and SLF properties of Golden Goliath

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4761/87430_30a2581e646f9848_002full.jpg



Figure 2: IP anomalies and drill holes at Beauregard Lake

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4761/87430_30a2581e646f9848_003full.jpg

Project QP, RS Middleton P.Eng, points out that a number of gold discoveries have been made in similar shears in the Porcupine Camp and in Hemlo where anomalous gold occurs exceeding 300 ppb with the ore zones occurring within 100m of the anomalous value. These values are a good guide to more mineralization.

Also of note, this shear zone occurs south of the Pakwash Fault near the contact of a large felsic tuffaceous sediment sequence exposed on the shore of the lake, and a mafic package of Uchi rocks discovered by drilling. As a result, other IP anomalies south of the Pakwash require follow up.

In addition this gold intersection occurs east of the west grid gold till anomalies from a possible source area for the high gold grain counts in the tills (Figure 3).

The assay results for drill holes k21-22, 23 & 24 are not yet complete. The Mise a la Masse survey conducted on holes 22 and 23 has been completed and shows a conductive body. Interpretation and follow up is still in progress and will be discussed in a future news release.

Figure 3: Gold Grains Probable Source Area Plot For the West Grid

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4761/87430_30a2581e646f9848_004full.jpg

This news release has been reviewed by R.S. Middleton P.Eng who is acting as QP for this phase of the exploration under the NI 43-101 requirements.

On behalf of the Board of Directors

Paul Sorbara, MSc, PGeo

CEO, Golden Goliath Resources Ltd.

About Golden Goliath

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