Golden Goliath Drilling Discovers Wide Shear Zone Along Pakwash Structure Within Favourable Uchi Belt Host Rocks ON Kwai Property, Red Lake, Ontario

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TSX.V:GNG

www.goldengoliath.com

GOLDEN GOLIATH DRILLING DISCOVERS WIDE SHEAR

ZONE ALONG PAKWASH STRUCTURE WITHIN

FAVOURABLE UCHI BELT HOST ROCKS ON KWAI

PROPERTY, RED LAKE, ONTARIO

Vancouver, October 15, 2020, Golden Goliath Resources Ltd. (TSX.V GNG ) (US:

GGTH-F) (Frankfurt: GGZ)

Golden Goliath Resources is pleased to report on the progress being made

on the Kwai gold project south of Red Lake Ontario and the continuing drill

program to test numerous IP (Induced Polarization) anomalies associated

with the Pakwash Fault structure and associated, pa rallel, splay faults and

shears. The Kwai property covers a 10 km section of the Pakwash Fault

which partly defines the boundary between the Engli sh River Sub Province

to the south and the Uchi Province (and greenstone belt) to the north. This

structure has never been drilled or mapped in detai l on the Kwai property,

however, it was outlined by a deep seismic survey b y the federal

government and found to be linked to other regional deep seated faults that

are associated with the main gold mines in Red Lake and the LP fault 15km

to the north of the Kwai property on the Dixie Lake property being explored

by Great Bear Resources (GBR).

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

Drilling of hole K20-06, referred to in the most re cent News Release (Sept.

30, 2020) has been successfully completed to a dept h of 399m and has

intersected the IP anomaly target hidden beneath co nductive overburden

(clays and silts). This 50 meter wide intersection of disseminated sulphides

was hosted in both sericite schists and tuffaceous felsic volcanics

(sericitized) with cherty and siliceous zones. Simi lar cherty siliceous units

were seen in hole K20-03 on line 600W, a distance o f 800m away, and in

hole K20-05, 200m east of hole 06.

These siliceous units are interpreted to be a favou rable host for gold

mineralization. Hole 06 was the deepest hole to dat e was drilled south

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beneath a possible thrust fault plane that brought the English River rocks

over top of the south edge of the Uchi rocks which is the main host for gold

mineralization in the region. The conclusion is th at there is likely a wider

zone of favourable Uchi rocks on the Kwai property than previously thought

hidden below the thin sheet of English River rocks (Figure 2). The other

shears parallel to, but south of the main Pakwash F ault in these Uchi rocks

may be very important additional targets for gold.

Figure 2: Proposed North-South Vertical Cross Section on West Grid on line 200E, Hole K20-06

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The occurrence of wide zones of disseminated pyrite mineralization

associated with the IP anomalies suggests the setting is favourable for gold

and the numerous anomalies require an extensive dri ll program which is

fully financed by Golden Goliath. The pristine gold grain count associated

with the IP anomalies on both the west and east gri d which are now proven

to be disseminated pyrite zones is further evidence in the case for gold

mineralization associated with the Pakwash Fault.

Following the completion of drill hole K20-06, the drill company had to take

a two week break, due to a prior commitment on an a djacent property. This

hiatus was welcomed by the Company as it has allowe d more time for

analyses to be completed and evaluated. Although th e Company has not

yet received any core analyses as of this date, thi s pause was welcome for

planning the next holes.

Prior to the start of the drill program, three till samples were recovered from

an area south and southeast of Beauregard Lake on t he southern part of

the property which were down ice from two IP anomal y trends. Although

the gold grain counts are less than previous sample s and the number of

pristine gold grains are less (13 total grains in t he rusty till sample), this

sampling indicates a possible bedrock source to the north on the Kwai

property. This information also indicates that the gold grain count on the

property is not homogenous and future sampling could indicate well defined

trains of gold grains in till that could lead us to a potential source of gold in

bedrock, associated with the Pakwash Fault Complex. This has been very

helpful for planning future drill holes east of Beauregard Lake.

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Figure 3: Location Map showing property grids and latest till sample locations

Split cores from all 6 drill holes have been delive red to the lab for

preparation and analysis and numerous holes have be en planned and drill

pads have been prepared in advance. Drilling will r esume on October 18.

Analyses will be released in meaningful batches as received from the lab.

CEO Paul Sorbara comments: “Having found so many ba sal till gold grains

along the trend of the Pakwash Fault, along with so many good IP

anomalies that are coincident with the fault or sub parallel shears combined

with favourable geology, alteration and sulphide mi neralization is a perfect

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combination for finding significant gold mineralization. We have only drilled

about 1 km of the 10 km break and only from the north side. The south side

of the west grid will be drilled shortly and we wil l get analyses from the first

six holes also. We have only just begun and I am h ighly encouraged. GBR

has drilled hundreds of holes, Hemlo (Corona) took 76 drill holes to find

mineralization and Eskay Creek took 103 drill holes . We have just six

holes completed so far.”

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 NI43-101

requirements.

On behalf of the Board of Directors

Paul Sorbara, MSc, PGeo

CEO, Golden Goliath Resources Ltd.

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”, “estima te”, “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

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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: jps@goldengoliath. com

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.

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