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July 7, 2021, 9:35 a.m. EDT

Golden Goliath to Start Drilling at New Gold Bearing Shear Zone on Kwai Property, Red Lake, Ontario

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Vancouver, British Columbia, Jul 07, 2021 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - July 7, 2021) - Golden Goliath Resources Ltd. (otc pink:GGTHF) /zigman2/quotes/207747654/delayed DE:GGZ -0.60% Golden Goliath Resources is pleased to announce the drill is now being mobilized to carry out a 3,000 m drill program on the Kwai Property located in the Red Lake mining district. The drill is on route to the property today (July 7) and should start coring on July 9 or 10. The program will start with 6 holes on the IP anomaly trend on the south side of Beauregard Lake, where hole K-21-21 intersected anomalous gold in a shear zone. Drill hole K21-21 is the site where drilling earlier in the year on a strong, one kilometer, IP trend produced an important gold value hosted in sericite schists with associated pyrite and minor chalcopyrite.

Project QP, RS Middleton P.Eng, points out that a number of gold discoveries have been made in 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. This gold intersection occurs east of the west grid gold-in-basal- till anomalies and lie within a possible source area for the high gold grain counts in the tills (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/4761/89591_32ba145e14d56908_002full.jpg

The strong IP trend on the north shore of Beauregard Lake, called the Whale anomaly, was tested by three holes (K21-22, 23 & 24). Results returned anomalous Molybdenum, an important pathfinder element. Some gold values were anomalous, but most were low.

Misse a la Masse surveys have traced a conductor trend eastward from hole K-21-22 through hole K21-23 and eastward. Follow up drilling will be conducted eastward along the Pakwash Fault and parallel trends. The felsic volcanics seen in drill hole K-21-23 are an important change to the volcanic stratigraphy along the Pakwash Fault (Figure 2).



Figure 2: Kwai 2021 Planned and Completed drill holes with local features

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4761/89591_32ba145e14d56908_003full.jpg



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/4761/89591_32ba145e14d56908_004full.jpg

QAQC

All the gold values reported in this round of drilling were obtained by assaying 30 gm samples prepared at SGS Red Lake and were fire assayed. Blank and standards were inserted into the sample stream alternating at 25m intervals.

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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