New Access Road to East and Central Grids Completed For Golden Goliath on Kwai Property, Red Lake
Vancouver, December 15, 2020 - Golden Goliath Resources Ltd. (TSXV: GNG) (OTC Pink: GGTHF) (FSE: GGZ) is pleased to announce that the new road that will allow proper access to the East and Central Grid areas of it's the Kwai property has now been completed. This was accomplished in partnership with the local forest management company taking advantage of their expertise and access requirements. The new access road turns off the main Dixie Lake Road and leads to the central part of the Kwai property, crossing several small streams and one larger stream that flows out of the east end of Beauregard Lake (see Figure 2). From its terminus drill trails will lead to the planned drill targets on the East Grid as well as those to the south of Beauregard Lake. The road will also facilitate access to the area northeast of the West Grid where a NW-SE splay fault occurs that crosses the main Pakwash Break. Drilling is also planned in that area. The cost to the Company for this road was $65,000 and this expense has already been included in the drill budget to date. Therefore, future drilling will cost less in total per meter.
Figure 1: Red Lake District Properties including the Kwai and SLF properties of Golden Goliath
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4761/70272_ad9a5b87e4d79883_002full.jpg
The new road access will open up connections to over 17 drill sites on the eastern and central grids where both rusty tills have been found with numerous gold grains, as well as some of the strongest IP anomalies on the property in the line 49-51E area. Hence the section from lines 2800E for another 3-4 km eastward can now be reached, in addition to many parts of Beauregard Lake.
The Company intends to start the IP survey over Beauregard Lake early in the New Year and drilling will resume shortly after that when the drill company crews and equipment are ready.
Figure 2: Compilation Showing New Access Road plotted on map of Possible Source Area For Gold Grains, IP Trends and Major Structures
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4761/70272_ad9a5b87e4d79883_003full.jpg
CEO Paul Sorbara comments: "This is a good example of a win-win deal. The forestry company had the permits because this area is covered in their 10 year forest harvesting plan and they will eventually need the access. They also have the know-how and local knowledge, because they do this all the time. They do not need the road yet but agreed to build it now if we shared the cost with them. Cooperation for mutual benefit.
"The Company looks forward to the resumption of drilling in the New Year."
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 NI 43-101 requirements.
On behalf of the Board of Directors
Paul Sorbara, MSc, PGeo
CEO, Golden Goliath Resources Ltd.
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 forward-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 obligation, 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: 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.
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.
To find out more about Golden Goliath visit our website at www.goldengoliath.com.