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Golden Goliath continues mineralization related to Pakwash Structure on Kwai Property, Red Lake

Oct 23, 2020

Golden Goliath Resources Ltd. is continuing to drill on the West Grid of the Kwai property south of Red Lake with the purpose of locating and defining the source of gold grains found in the glacial till along a major structure called the Pakwash Fault. The Property covers a 10 km section of this deep-seated boundary fault between the Uchi Sub Province to the north and the English River Sub Province to the south. The West Grid only covers 16% (1600m) of this 10 km section of the Fault, but was the most accessible and contained the most pristine gold grains found so far in the limited amount of till sampling completed to date.

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

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Drilling completed to date has established that the Pakwash Fault is mineralized and is characterized by silicified shear zones and sericite schists with disseminated pyrite hosted in sheared quartz-eye feldspar porphyry and felsic tuffaceous sediments. Hole K20-03 on line 600W intersected a 69m wide (core length) section of silicified shears and porphyry dikelets (see photo on web site under Kwai Property: K20-03 Silicified shear in Hole K20-03 Line 600 W), which was the first indication of the actual Pakwash structure. Subsequently, hole K20-06 on line 200E (800m east of K20-03) intersected a 50m wide (core length) zone of disseminated sulphide with siliceous banding and sericite which appears to be the continuation of the Pakwash structure. Photos of core from these sections are available on the Company╩╗s website (K20-06 Pakwash Fault Zone and Disseminated sulphides in sericite schist). East of hole K20-06, two more holes K20-04 and K20-05, contained silicified zones and extensive sericite alteration suggesting the Pakwash Fault continues east through Beauregard Lake and east through the remaining part of the property. This feature is traceable with the IP chargeability and resistivity. The gold grains correlate well with this area of chargeability on the west grid and drilling will continue to focus on testing these features.

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Figure 2: West Grid drilling showing interpreted, silicified shear zone

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Drilling of hole K20-07 on line 400W is now underway, and will assist in tracing the silicification in hole K20-03 to join with hole K20-06 and will help determine where the most intense silicification occurs. Silicification is associated with the gold mineralization at both the Great Bear LP fault zone and part of the Red Lake Mine (former Dickenson Mine) at Red Lake.

Drilling is expected to continue on both the West and East Grids through to Christmas break.

CEO, Paul Sorbara, comments: "We have the big Pakwash fault structure, the relevant alteration commonly associated with gold mineralization, the sulphide mineralization, the shearing and a potential zone of significant size. What is missing to date is the analyses of the core due to a lab backlog common this time of year. However, even without the analyses, if we could have predicted this mineralized setting in relation to the geophysical surveys before we started drilling, we would have been delighted and keen to get started with the drill program."

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