Golden Goliath Detects Sulphide Mineralization and Shearing Continues Along Pakwash Structure ON Kwai Property, Red Lake, Ontario

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TSX.V:GNG

www.goldengoliath.com

GOLDEN GOLIATH DETECTS SULPHIDE MINERALIZATION

AND SHEARING CONTINUES ALONG PAKWASH

STRUCTURE ON KWAI PROPERTY, RED LAKE, ONTARIO

Vancouver, October 28, 2020, Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F) (Frankfurt: GGZ)

‐ New silicified zone disco vered trending eastward

‐ Drilling on south margin of Uchi Formation to begin

Golden Goliath Resources Ltd. has now completed drill hole K20-07 on line 400W,

which is located 200m east of K20-03, and 600m west of K20-06. Hole K20-07 has

intersected sheared tuffaceous rocks, inte rmixed with sheared porphyry and porphyry

dikes containing wide zones of disseminated su lphide mineralization. This latest drilling

has extended the sulphide mineralized zone to 800m long and trends east-west across

the north end of the West Gr id. The character of this altered and mineralized zone

changes going further eastward through ho les K20-05 and K20-04 on lines 400E and

600E where widespread sericitization takes pl ace and the nature of the silicification

appears to be unlike any found west of this location.

Drill hole K20-07 was important in that it stayed in favourable Uchi Formation rocks as it

drilled south and did not encoun ter the less favourable English River Formation rocks.

Earlier drilling also did not intersect English River rocks at depth. This fact indicates that

the fault contact between the two units is a gently dipping thrust fault, with the less

favorable English River formation overlying Uchi Formation rocks. (See the theoretical

cross section in the Company’s News release dated October 15). He nce the targets on

the south side of the West Grid may turn out to be more important than first thought.

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In drill hole K20-07, tuffs which host the sulphides began at 193m intermixed with

sheared porphyry and minor pyrite (1%), and se ricite shears with 5% pyrite began at

202.5m in .5 to 1 m wide zones. Intense sh earing and more sulphides occurred at 253

to 273m then ended in sheared porphyry at 279m. As the casing has been left in place,

this hole could be continued later in the progr am or tested from t he south side, but it

demonstrated that a wide zone of favourable Uchi rocks occurs south of the Pakwash

Fault, leaving potential for other shear zones noted in the resistivity data.

(see photos on company web site for zones in 03, 06 and 07).

A zone of intensely silicified rock was discovered on the west shore of Beauregard Lake

that coincides with the presumed Pakwash F ault. This area has been targeted with a

new drill hole K20-08 which is now underway. Drill hole K20-08 will complete the first

line of drill holes across the top of the West Grid which have tested the northernmost IP

anomaly which appears to correspond to the Pakwash Fault. More IP anomalies cross

the west grid further to the south and will be tested by future drilling.

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

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After drill hole K20-08, the drill will be taken to the southern part of the West Grid to

follow up on IP anomalies and pristine gold grain sites where the Company believes

Uchi-style rocks lie beneath a thin layer of the English River Sub-Province. Two, roughly

east-west IP anomaly trends with corresponding pr istine gold grain in till locations lie on

the south side of the West Grid. (See Fig 2, Drill holes, IP trends and gold grains in till).

Figure 2 Kwai property West Grid showing completed and proposed drill holes as well as IP trends, pristine gold

grain locations and ice direction.

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CEO Paul Sorbara comments: “The developments in the northeast part of

the West Grid are encouraging. Ma ybe our ultimate target lies under the

lake where we believe many faults intersect? We also now have good

reason to believe that there are more of the favourable Uchi rocks lying

beneath a thrust fault, overlain by a cover of English River rocks on the

south side of the West Grid. This would be a significant increase in

favourable geology available to us.

Drilling holes without the benefit of assays from the previous hole(s) is risky

business. It is like shooting at targets in the dark. However, all companies

are having the same problem at the moment so all we can do is follow our

instinct and hope for the best. We ar e certainly happy with what we have

seen so far and we are just getting started.”

This news release has been reviewed by Robert 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.

Cautionary Statements Regarding Forward Looking Information

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Certain statements included herein may constitute “forward-looking statements”. All statements

included in this press release that address future events, conditions or results, including in

connection with exploration activity, future acquisitions and any financing, are forward-looking

statements. These forward-looking statements can be identified by the use of words such as

“may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”,

“intend”, “anticipate” or “future” or the negative forms thereof or similar variations. These

forward-looking statements are based on certain assumptions and analyses made by

management in light of their experiences and their perception of historical trends, current

conditions and expected future developments, as well as other factors they believe are

appropriate in the circumstances. These statements are subject to risks, uncertainties and

assumptions, including those mentioned in the Company’s continuous disclosure documents,

which can be found under its profile on SEDAR ( www.sedar.com). Many of such risks and

uncertainties are outside the control of the Company and could cause actual results to differ

materially from those expressed or implied by such forward-looking statements. In making such

forward-looking statements, management has relied upon a number of material factors and

assumptions, on the basis of currently available information, for which there is no insurance that

such information will prove accurate. All forw ard-looking statements are expressly qualified in

their entirety by the cautionary statements set forth above. The Company is under no obligation,

and expressly disclaims any intention or obligati on, to update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise, except as

expressly required by applicable law.

FOR MORE INFORMATION CONTACT:

Golden Goliath Resources Ltd.

J. Paul Sorbara, M.Sc., P.Geo

President & CEO

Phone: +1(604) 682-2950 Email: [email protected]

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About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture

Exchange (symbol GNG). The Company is focused on exploring and developing the gold and

silver potential of properties in the Red Lake District of Ontario. The Company also holds a

100% interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of

northwestern Mexico, as well as NSR royalties on several other nearby properties.

To find out more about Golden Goliath visit our website at www.goldengoliath.com.