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Golden Goliath Channel Samples 4.28 g/t Gold over 3 Meters and Initiates Phase 2 Work on the Wish Ore Property

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Vancouver, British Columbia–(Newsfile Corp. – August 22, 2019) – Golden Goliath Resources Ltd. (TSXV: GNG) (OTC Pink: GGTHF)

Golden Goliath is pleased to announce the initiation of Phase 2 work on the Wish Ore property near Sault Ste Marie, Ontario.

Phase 1 Work

Phase 1, completed in June, was designed to examine, manually strip and channel sample known gold showings on the property and was successful in identifying significant gold mineralization.

Values of 4.28 g/t gold over 3 meters including 9.05 g/t gold over 1.0 meter were identified from channel sampling on the New Zone. Now, Phase 2 mechanical stripping has revealed that the initial sampling did not include the entire zone of mineralization and subsequent sampling, which has already been completed, may reveal a wider mineralized zone than first anticipated. The Company awaits the assays. The gold mineralization was found to be associated with volcanic rocks with quartz veining and carbonate alteration. Low concentrations of sulphides and chalcopyrite mineralization were also noted.

Phase 2 Work

Phase 2 work in progress includes:

1) Mechanical stripping, washing and channel sampling of known gold showings on the property

2) Prospecting to locate historical showings and undiscovered showings on the property

3) Geophysical surveying ( IP, MAG and VLF-EM) over known showings to define their extent and identify the geophysical signature of the showings.

Mechanical stripping of the Loydex Zone ( See Fig. 1) and the New Zone was done with a small backhoe and channel samples were subsequently taken. The samples are beinjg submitted to the lab for analysis. In addition, the other trenches done by Loydex in 1987 were located.

Loydex concluded that “two and possibly three zones of gold mineralization have been trenched” on the property. “Wide zones of carbonate alteration are associated with some of the pits as well as wide sections of gold bearing quartz veins in association with blue quartz eyed volcanics make the area attractive for further work.”

Figure 1: Channel Sampling Loydex Zone

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Property prospecting has revealed large, angular, pyrrhotite and quartz mineralized boulders on a new logging road. The boulders are associated with a major northeast-southwest trending linear feature on the property and a coincident resistivity low from an airborne survey done by Lacana in 1988. Samples were collected and will be analyzed to determine if there are any metals of interest associated with the mineralized boulders. This represents a new, previously unexplored target on the property and will be followed up during Phase 3 exploration planned for September.

Figure 2: Large, angular, mineralized boulders found by prospecting.

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Phase 3 Work

Phase 3 work planned to start in September will include additional mechanical stripping and channel sampling where warranted by the analytical results of Phase 2. Additional showings found during Phase 2 work will be further prospected and sampled.

Company CEO Paul Sorbara says, “My recent trip to all three of our Ontario properties was very successful. I am very encouraged with what I have seen on our Wishore property. The excavator kept turning up good looking, mineralized outcrop. I anticipate the results of the geophysical surveys which are now in progress. We got two for two with the IP anomalies on the Kwai and SLF properties in the Red Lake area and the MAG and VLF results from them are still in process. I believe those results will further enhance the drill targets. Now we have three for three with the Wishore sampling and trenching and the geophysics isnʻt even done yet. Things are looking good.”

About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Qualified Person (“QP”)for the information regarding Ontario properties is J. Paul Sorbara M.Sc., P.Geo. The QP has approved the scientific and technical disclosure in the news release.

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, and 100% of the La Cruz property, also in Chihuahua.

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

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 Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47198