Golden Goliath Discovers Favourable Uchi Rocks On West Grid Southern IP Trend On Kwai Project, Red Lake, Ontario

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TSX.V:GNG

www.goldengoliath.com

Golden Goliath Discovers Favourable Uchi Rocks On West

Grid Southern IP Trend On Kwai Project, Red Lake, Ontario

Vancouver, December 2, 2020, Golden Goliath Resources Ltd. (TSX.V GNG ) (US:

GGTH-F) (Frankfurt: GGZ )

Golden Goliath Resources has completed four drill h oles on the southern

trend of IP anomalies on the West Grid of its Kwai Project (Figure 2). These

four holes (K20-11 to K20-14) have discovered a lar ge cross section over

400m wide of Uchi basalt and porphyry rocks origina lly thought to be

English River metasediments and gneisses. This discovery is significant in

that the Uchi rocks are the main hosts for the Red Lake gold mines and

now we can see that a large part of the Kwai proper ty contains an

extensive belt of these favourable rocks, which exp ands our target areas

across the property.

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

The three trends of IP anomalies on the southern po rtion of the West Grid

have only been drilled on two lines 0+00 and 200E, with two holes on each

line (Figure 2). These IP trends continue to line 1 0 west, or one kilometer.

These targets remain untested as do the additional numerous IP trends

that occur on the eastern grid. The Company is awa iting assays for the

completed drill holes before further drilling.

Figure 2 West Grid showing IP anomaly trends and completed drill holes

The boundary of the English River Sub Province is c omplicated by the

occurrence of both major deep seated faults and ass ociated splay and

parallel faults which are potential controlling str uctures for gold

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mineralization. These faults appear to have repeated the Uchi sequence by

possible thrusting although folding has not been ruled out. A section of the

line 200E area is presented to show the position of these major rock units

(Figure 3).

Figure 3: North-South Cross Section on West Grid Showing Uchi Rocks on Southern

Trend of IP Anomalies

Gold grains found in basal till samples on the West Grid may have

originated from Uchi rocks further east along the P akwash Fault trend,

where numerous IP anomalies occur, or from the area of Beauregard Lake

as shown in Figure 4 . A variety of drill targets based on existing IP r esults

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interpreted to be caused by disseminated sulphide z ones are present

across the eastern 2/3 of the property. There are a lso at least two more

mag-interpreted splays cutting the main Pakwash bre ak on the East Grid,

similar to the one that occurs under Beauregard Lak e. The Company is

now organizing a winter IP survey over the lake, wh ich has numerous

intersecting spay and extensional faults. The lake area is the primary

source area for the gold grains on the West Grid ba sed on dispersion

distance and ice directions (figure 4).

Figure 4 Compilation Showing Gold Grains, Possible Source Area For West Grid Grains,

IP Trends and Major Structures

The access road to the East Grid, which also allows access to the Central

Grid south of Beauregard Lake, both of which host g old grains and IP drill

targets, is scheduled to be completed by December 15 th .

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CEO Paul Sorbara comments: “We have learned a lot in the first few

months of drilling, having started with a property with very little exploration,

no real mapping and no drilling. Now we know we have the right structures,

lithologies and alteration types. There is a lot more to do. The source of the

numerous gold grains in the basal till on the West Grid and across the

property is not far away and they probably come from at least two different

sources. We intend to find out where. The East Grid is undrilled so far and

we are planning to quickly do IP on the lake and th e splay fault to the

northwest of the lake, both of which fall within the probable source area for

the gold grains on the West Grid.”

This news release has been reviewed by Robert S. Mi ddleton P.Eng who

is acting as QP for this phase of the exploration u nder the NI 43-101

requirements.

On behalf of the Board of Directors

Paul Sorbara, MSc, PGeo

CEO, Golden Goliath Resources Ltd.

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Cautionary Statements Regarding Forward Looking Information

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 acquis itions 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 ass umptions and analyses made by

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

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

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

assumptions, including those mentioned in the Compa ny’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 Compan y 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 u pon 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 forward-l ooking 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 obligation , 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]

Neither TSX Venture Exchange nor its Regulation Ser vices Provider (as that term is defined in the poli cies of the

TSX Venture Exchange) accepts responsibility for the adequacy.

About Golden Goliath

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

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

silver potential of properties in the Red Lake Dist rict 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.

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