Mr. Paul Sorbara reports

GOLDEN GOLIATH OPTIONS TWO PROPERTIES IN RED LAKE DISTRICT

Golden Goliath Resources Ltd. has signed an option agreement to acquire a 100-per-cent interest in two properties in the Red Lake district of Ontario, approximately 42 kilometres south of Goldcorp's Red Lake mine in the Dixie Lake area currently being explored by Great Bear Resources and BTU Metals. The company's new Kwai property (133 claim cells) is about 13 kilometres south of GBR's Dixie zone and is contiguous with BTU's Dixie South property and the new SLF property (99 claim cells) is about seven kilometres south of Kwai. National Instrument 43-101 reports on the properties have already been commissioned.

The terms for the new Ontario acquisitions are as shown as follows:

• Kwai:
  • Upon signing -- $10,000 (plus 200,000 shares upon Toronto Stock Exchange approval);
  • After one year -- $10,000 (plus 200,000 shares);
  • After two years -- $12,000;
  • After three years -- $16,000;
  • After four years -- $20,000;
  • For 100 per cent with a 1.5-per-cent net smelter return royalty with a buyback of 0.75 per cent for $500,000;
• SLF:
  • Upon signing -- $9,200 (plus 200,000 shares upon TSX approval);
  • After one year -- $10,000 (plus 200,000 shares);
  • After two years -- $12,000;
  • After three years -- $16,000;
  • After four years -- $20,000;
  • For 100 per cent with a 1.5-per-cent net smelter return royalty with a buyback of 0.75 per cent for $500,000.

Golden Goliath chief executive officer Paul Sorbara said: "We are pleased to have been able to get two excellent properties covering major structural features and known targets in this rapidly growing new play in what can only be described as elephant country. We will begin actively exploring these properties starting early in the new year. Comprehensive NI 43-101 reports have been commissioned, which will include a review of all past work and specific recommendations going forward. Both Great bear Resources and BTU Metals are in the midst of major exploration and drilling programs, and we expect the area, which is now almost completely staked, to be a major focus of exploration results and news."

At Great Bear Resources' Dixie project, gold mineralization is confirmed along a 2.3-kilometre strike of a 10-kilometre-long target. The system at Dixie has a high-grade gold zone that includes recent intervals of 16.35 metres of 26.91 grams per tonne gold (DHZ-88-04) and seven metres of 44.7 grams per tonne gold (DHZ-88-004) and is open along strike and at depth. In a press release dated Oct. 15, 2018, Chris Taylor, president and chief executive officer of Great Bear, said: "With generally a few metres of overburden covering most of the project, bedrock is mostly concealed at Dixie and the extensive gold system was completely missed during the historical Red Lake gold rush. This also means our drill area was not geologically mapped. Great Bear's geological interpretation suggests we are drilling a dominantly mafic greenstone belt with comparable geological, structural, alteration and gold mineralization characteristics to the main Red Lake greenstone belt, where over 30 million ounces of gold has been produced from 28 gold mines." Great Bear Resources drilling returned 16.35 metres of 26.91 grams per tonne gold (DHZ-88-003) and seven metres of 44.7 grams per tonne gold (DHZ-88-004). Great Bear Resources has just closed a bought deal financing for $3.5-million at $3.50 per share.

Great Bear Resources' Dixie property is underlain by felsic volcanic flows and tuffs interlayered with mafic flows. Argillaceous interflow sediments occur locally, associated with chert-magnetite iron formation. The original gold mineralization (the 88-04 zone; now called the Dixie Limb zone by Great Bear) is hosted in quartz veining and silicification in highly deformed argillite at a basalt contact. The recent high-grade discovery (South Limb zone) appears to be hosted mainly in highly silicified, sheared basalts with no argillite or iron formation association. Golden Goliath's Kwai property is contiguous to the south with the Dixie property.

The company's new Kwai and SLF properties straddle two major east-west fault structures along the subprovince boundary between the Uchi volcanic belt to the north and the southern English River metasedimentary belt. The subprovince boundary is a deep-seated regional fault that can be traced for 500 kilometres from overlying Paleozoic cover in Manitoba to under the Paleozoics of the James Bay Lowlands. In the area of the two claim groups, it has bifurcated into the northern Pakwash Lake fault and the southern Sydney Lake fault. They join up again several kilometres to the east. The SLF claims are underlain by metasediments (gneisses) of the English River subprovince that are cut by the Sydney Lake fault. The Pakwash Lake fault underlies the Kwai property.

The Kwai claim group is underlain by English River metasediments to the south and Uchi subprovince (Red Lake belt) mafic volcanics and a granitoid intrusive to the north. The Kwai target was detail sampled by MMI (mobile metal ion) but the results were not interpreted with respect to the underlying geology (granitoid, volcanics and sediments). Moderate anomalous responses in gold and indicator elements were obtained over the granite and mafic volcanics, which are found immediately north of the sediments and the Pakwash Lake fault. A past trench was excavated at the most promising MMI samples and returned a property high of 662 parts per billion gold in strongly foliated medium-grained diorite, which included a 10-centimetre-wide interval of foliation parallel quartz vein.

The eastern extent of the SLF zone, under the waters of Pakwash Lake and Cabin Bay, have gold and indicator element anomalies in lake sediments as well as weak to moderate rock lithogeochemical gold and indicator element (arsenic and antimony) anomalies. The Sydney Lake fault is interpreted to underlie this area, which has never been drilled.

The Kwai and SLF properties also fit the model for the style of mineralization found at Goldcorp's Eleonore deposit in Quebec. Eleonore is Goldcorp Canada Ltd.'s world-class gold mine in northwestern Quebec (total reserves and resources of 35.22 million tonnes of 6.3 grams per tonne gold). Its unusual geological setting can be interpreted to be similar to those occurring in the southern Red Lake district. At Eleonore, mineralization occurs in polydeformed sedimentary rocks, near a subprovince boundary and near a quartz diorite stock. Gold occurs in tourmaline-arsenopyrite-sulphide veins and disseminated sulphides. In Ontario, this style of mineralization occurs in an area 60 kilometres to the east of the Kwai and SLF properties. Past work on the Kwai and SLF areas was only essentially the first step, in a very underexplored area, in following up the recommendation of Eleonore-style gold mineralization near the subprovince boundary.

Through its wholly owned and financed Mexican Subsidiary, Minera Delta SA de CV, the company will continue to own 100 per cent of its San Timoteo property in Chihuahua; the net smelter royalties from the seven recently optioned properties; as well as the La Cruz property, which lies in another area of the state.

About Golden Goliath Resources Ltd.

Golden Goliath is a junior exploration company listed on the TSX Venture Exchange. The qualified person for the information regarding the Ontario properties is J. Paul Sorbara, MSc, PGeo. 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-per-cent interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico; net smelter return royalties on several other nearby properties; as well as 100 per cent of the La Cruz property, also in Chihuahua.