Golden Goliath Identifies New Drill Targets BY IP ON Bearegard Lake, up Ice from GOLD Bearing Till Samples

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TSX.V:GNG

www.goldengoliath.com

GOLDEN GOLIATH IDENTIFIES NEW DRILL TARGETS BY IP ON

BEAREGARD LAKE, UP ICE FROM GOLD BEARING TILL SAMPLES

Vancouver, February 16, 2021, Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F)

(Frankfurt: GGZ )

Golden Goliath Resources has been carrying out a nu mber of exploration

approaches on the Kwai property in Red Lake this wi nter. This includes IP

surveys on the ice of Beauregard Lake, lake sediment sampling of the lake

bottom and drilling east of the lake on the stronge st IP anomalies found to

date on the property. Although the IP survey on the lake ice is not yet

completed, one of the newest discoveries has been I P anomalies found

within the felsic tuff volcanic sediment sequence s een outcropping on the

shore of Beauregard Lake. These rocks have not been encountered in any

previous drilling but may be the equivalent of the felsic volcanics and

sediments found to the north on the Great Bear Dixi e property. Two IP

trends have been found so far in the lake IP survey . One follows the

anomalies along the Pakwash Fault and the other is located in the felsic

tuffs on the south shore of the lake. Both of these anomaly trends can be

reached by drilling from the shore with each trend being in the order of 50m

from shore. Permits to drill from the ice have also been received as well as

from sites along the shore line giving flexibility on how to test these zones.

IP surveying will continue on six more lines later this week after

temperatures return to more normal levels and the m achinery, instruments

and people work better.

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Lake sediments have been taken along the Pakwash t rend and to the

south near the other IP anomalies and have been sent for analysis.

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

Figure 2 IP coverage of Beauregard Lake

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Figure 3 Beauregard Lake sediment sample sites

Diamond drilling has started to test the strongest IP anomalies on the

property two km east of Beauregard Lake with hole K 21-15 on line 4900E

and hole K21-16 on 4700E. These two holes have inte rsected wide zones

of disseminated sulphides with some sections runnin g over one percent

chalcopyrite. The host rocks are mafic volcanics su ch as iron thoeliite

basalts, magnesium basalts and komaiitic basalts as determined by whole

rock analysis and are believed to be Uchi age and t he same age as the

host rocks for the main mines in Red Lake. A third hole has started on line

5100E, however, due to the extreme low temperatures of -40 C this past

week it was decided to stop drilling until more nor mal temperatures

returned rather that deal with continuous frozen wa ter lines. Also, IP will

resume on some additional lines on the lake when te mperatures get back

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above -25 C. Both holes K21-15 and K21-16 have bee n split and sent to

the lab for analysis. Additional whole rock studies are being done to

determine the extent of the basalt package.

Drilling will continue with seven holes (five addit ional holes after K21-15

and K21-16) to test the strong IP trend east of the lake, which is south of

the main Pakwash Break. Then the Pakwash trend itse lf will be tested by

seven holes. The original IP anomalies on the south side of the lake where

13 gold grains were obtained from a rusty till will be tested by three or more

holes.

Figure 4 Proposed and Completed drill holes on East and Central Grids

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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 .

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

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,

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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.

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