Golden Goliath Resources : Geophysical Survey set to Commence Followed by Drilling of East Grid as Golden Goliath Resumes Exploration on its Kwai Project, Red Lake. Ontario

TSX.V:GNG

www.goldengoliath.com

Geophysical Survey set to Commence Followed by Drilling of East Grid as Golden Goliath Resumes Exploration on its Kwai Project, Red Lake. Ontario

Vancouver, January 7, 2021, Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F)

(Frankfurt: GGZ)

Golden Goliath Resources Ltd. is pleased to announce the resumption of exploration on its Kwai project in the Red Lake district of Ontario. The Kwai project covers a 10 km section of the Pakwash fault south of Red Lake, adjoining the Dixie Lake area currently being explored by Great Bear Resources and BTU Metals. A new road that links the East Grid to the South Dixie road (new GNG access road) has been completed and will be plowed immediately to allow access for the geophysical crew who will survey Beauregard Lake with IP- Resistivity starting January 10th. This grid will cover a 2 km section of the Pakwash Fault covered by the lake in an area thought to be one of the sources for gold grains in the tills on the West Grid. Splay faults crossing beneath the lake will also be surveyed (Figure 2).

1

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

This survey will fill in a large gap in the overall IP coverage, as the rest of the IP survey was done during the summer months. The coverage of this gap is important because airborne Mag and EM surveys show that a large splay fault cuts the main Pakwash break beneath the lake (figures 2 and 4) and that is a prime gold exploration target.

2

Figure 2: Proposed IP coverage of Beauregard Lake

Diamond drill pads will be placed in advance on as many as 20 targets on the East and Central Grids, linking them to the new road access to the East Grid. The East Grid is also an area that could be a possible source of gold grains in the till. Drilling on the Central Grid, south of Beauregard Lake will be included in this phase as access to this area is also gained from the new GNG access road (see photos on Company website under photo gallery).

3

Figure 3 Probable Source areas for basal till gold grains

In addition, drilling on the west grid has discovered a wide belt of Uchi age rocks of basalt composition, which appears to extend into the south part of the East grid. Recently received Whole Rock geochemical analysis shows that these basalts are the type of host rock found in the mines in Red Lake.

Drilling will begin when the drill pads are ready in the later part of January.

4