Major Sulphide-Mineralized Shear Zones Intersected BY Golden Goliath ON Kwai Property, Red Lake, Ontario

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TSX.V:GNG

www.goldengoliath.com

MAJOR SULPHIDE-MINERALIZED SHEAR ZONES

INTERSECTED BY GOLDEN GOLIATH ON KWAI PROPERTY,

RED LAKE, ONTARIO

Vancouver, September 30, 2020, Golden Goliath Resources Ltd. (TSX.V GNG )

(US: GGTH-F) (Frankfurt: GGZ)

Golden Goliath Resources Ltd. (“ Golden Goliath” or the “Company ”) is

happy to report that the first obje ctive has been reached on the Kwai

property. This objective was to identify shear zones within a basaltic unit

along the north contact of the Pakwas h Fault. Mineralized shears were

intersected by holes K20-04 and 05 re spectively on line s 600E and 400E

on the east side of the West Grid, and up ice from the till samples that

yielded pristine gold grains (Figure 2). The shears were mineralized with

fine grained pyrite and a parallel shear was injected with quartz to create a

laminated appearance. The basalt marker host can be traced around a

large granitic to granodioritic batholith to the Dixie GBR property where the

Hinge Zone has been located. Holes 04 and 05 were drilled to the south

and as the holes deepened the alteration wi th sericite mica increased to a

point where the rocks became sericite schists, and the basalts and a mafic

quartz eye porphyry graded to felsic volcanics both rhyolitic massive

horizons and possible tuffs. Two cherty horizons were also intersected,

one with 20% pyrite and the other being a banded exhalite horizon.

Drilling of the next most important ob jective is now underway with hole

K20-06. This hole, currently in progress, is also in the northeast part of the

West Grid (Figure 2) and will test tw o strong IP anomalies related to the

Pakwash Fault. To accomplish this, th e hole is being drilled southward on

line 200E through the basalt horizon tested by hole K20-04 and 05 and is

designed to test three potential targets. This 400m hole will give a

completed section of the structures and test possible sources for the

pristine gold grains found in the ove rburden. It is expect ed that the cherty

pyritic shears seen in hol e 03 on 600W may appear here in this section. At

the time of this news release, hole K20-06 was crossing the basalt horizon

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where numerous quartz veins, shear s, and disseminated sulphide zones

are being encountered, as well as a new type of siliceous grey porphyry

cutting the older mafic porphyry. The geological environment now appears

to contain a multiphase intrusion of porphyries which is a good target for

gold mineralization.

Sample splits have been sent for 4 holes as of Friday 25 th and a fifth

shipment was made Monday the 28th. Logging and splitting is continuing on

hole K20-06.

CEO Paul Sorbara comments: “I just returned from the project and I am

pleased with the geology and mineralization I have seen in the drilling. I am

also happy with the progress of the drill program and the achievement of

several objectives set out before the drill program was started. We could

not have dreamed of a better geologi cal scenario for explaining the

numerous Induced Polarization anomalie s detected by the recent surveys

done here.”

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

Figure 2: KWAI Property update on current drill targets K20-01 to K20-06 West Grid

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 NI43-101

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 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.

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