(TheNewswire)
Kelowna, British Columbia – TheNewswire - April 2, 2024 - Golden Ridge Resources Ltd.(“Golden Ridge” or “the Company”) (TSXV: GLDN) ispleased to announce the final assay results from the 2023 Phase IIdrilling campaign at the Williams Gold Property (“Williams” or“the Property”) within the Appleton and Dog Bay Fault Corridors(Figure 1). Golden Ridge has continued to generate encouraging resultsat the Property with recent assays recording mineralization up to24.65 meters grading 2.22 g/t Au. The Williams Project is surroundedby New Found Gold Corp (NFGC)’s Queensway Gold Property where NFGCis currently undertaking a 650,000 meter drill program (Figure2). 1
Highlights
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WIL-23-54 intersected 24.65 meters of 2.22 g/t Au from 78.50 meters:including 0.65 meters of 77.40 g/t Au from 101.90 meters (Table 1).
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WIL-23-51 intersected 12.30 meters of 0.67 g/t Au from 21.90 meters:including 5.45 meters of 1.00 g/t Au from 22.55 meters (Table 1).
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WIL-23-70 intersected 22.60 meters of 0.46 g/t Au from 58.40 meters:including 5.50 meters of 1.10 g/t Au from 71.40 meters (Table 1).
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In-fill drilling between the Cabin Zone and Cabin Zone Extension hasestablished continuity of Au-mineralization between these prospectsincreasing the strike length by 200 meters to 1,300 meters.
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Drilling at the Blue Jay Zone reveals a potential 550-meter strikelength of Au-mineralization.
“The Williams Gold Property continues to deliver multiple zones ofbroad gold mineralization and pervasive alteration. The 2023 drillprogram has increased grades, width, and strike length of both theGray Jay Zone and Cabin Zone Extension. Assays continue to validatethe more robust alteration and veining in the 41 holes of Phase II. Anincreased focus on second order structures is the next step tocontinue the evolution of the project. The Williams Gold Property isan important piece in the Appleton Fault Corridor story.” statedMike Blady, CEO and Director of Golden Ridge.
Phase II drilling at the Williams Project was focused on the fivemineralized zones as identified by earlier prospecting, soil samplingand drilling programs. These mineralized zones (Figure 3) are known asthe: Cabin Zone (CZ), Cabin Zone Extension (CZX), EQ Zone (EQZ), GrayJay Zone (GJZ) and the Blue Jay Zone (BJZ) all of which are open alongstrike and down-dip. Although these zones were first identified duringthe 2020 – 2021 surficial sampling and trenching programs, severalother prospects remain to be targeted. Upon completion of in-filldrilling at the Grey Jay Zone (January 29, 2024 – News Release), the2024 drilling campaign switched gears and began to target outlyingprospects. The final phase of the 2023 drilling program returned tothe Cabin Zone. Its purpose was to follow-up on exciting resultsobtained in 2022, with the objective of increasing the strike lengthof the prospect and connecting the Cabin Zone to the Cabin ZoneExtension.
Excitingly, Phase II drilling was not only successful in confirmingthe presence of Au-mineralization at the Blue Jay and EQ Zones it alsoincreased the strike length of the Cabin Zone and established alongstrike continuity between it and Cabin Zone Extension. Mineralizationat these locations is characterized by a broad sericite-chloritealteration halo that is associated with a complex system ofquartz-carbonate veins like those identified by earlier trenching anddrilling. This is exemplified by WIL-23-51, at the Blue Jay Zone,which intersected a 12.30-meter section grading 0.67 g/t Au includinga 5.45-meter section which yielded 1.00 g/t Au. Additionally,WIL-23-54 (located 450 meters NE of WIL-23-51) intersected a24.65-meter section grading 2.22 g/t Au including a 11.7-meter sectionwhich yielded 4.46 g/t Au. WIL-23-54 also intersected 0.65-meter zonegrading 77.40 g/t representing a potential high-grade target at thisprospect. Mineralization was also identified in outlying targetslocated at the southwestern extension of the Gray Jay Zone and EQZones. Drilling at these prospects once more revealed broad zones ofAu-mineralization such as those observed in WIL-23-63 which contained3.10-meters yielding 1.29 g/t Au.
In-fill drilling at the Cabin Zone was centered around WIL-22-09 andWIL-22-08 which intersected 46.50 meters at 0.39 g/t Au and 10.00meters grading 0.50 g/t respectively. Drilling at this locationcontinued defining broad zones of mineralization as documented byWIL-23-68 (a 300-meter step-out from WIL-22-08) which contained a21.70-meter section grading 0.44 g/t Au including an 8.55-metersection at 0.74 g/t Au. Additionally, WIL-23-70 (a 12.5-meter step-outfrom WIL-22-09) intersected a 58.40-meter section grading 0.46 g/t Auincluding a 5.50-meter section which yielded 1.10 g/t Au. Importantly,drilling at the Cabin Zone indicates along strike continuity ofAu-mineralization between the Cabin Zone and Cabin Zone Extension.Ultimately, the 2023 drilling campaign increasing the total strikelength of the Cabin Zone Prospect by 200-meters.
Interestingly, mineralization throughout the project area is oftenassociated with fault/rubble zones most commonly occurring along theeastern margin of the system. This is especially apparent at the EQZone, Cabin Zone and Cabin Zone Extension where these faults/rubblezones contain clay and graphite. These zones also display variableamounts of vein fragments and anomalous Au concentrations indicatingsyn-mineralization to post-mineralization movement along thesestructures. A structural analysis of these zones is currently underwayto determine the exact relationship between them and the mineralizedsystem.
It is important to note that all prospects at Williams Property arecurrently still open along strike and down dip, and further drillingwill be required to delineate the overall size and grade of the Aumineralization system.
Table 1 – 2023Significant Intercepts WIL-23-49 to WIL-23-70 2
Williams Gold Property 2023 DrillProgram
In total, 41 holes were completed during Phase II drilling campaignconsisting of 5,982 meters. Upon completion of this program GoldenRidge Resources Ltd. has now drilled 70 holes at the Williams Propertyfor a grand total of 10,182 meters. With an average depth between100-200 meters each drill hole was focused on testing near surfacegold-mineralization associated with soil, bedrock and drillinganomalies identified during earlier exploration programs. Highlightsfrom these programs include soil, grab and core samples yielding 1.5g/t, 281 g/t and 77.4 g/t respectively. Building on earlier successes,the Phase II diamond drilling campaign continued to increase thepotential of the Williams Project. Infill drilling at the Grey Jay,Cabin and Cabin Zone Extension outlined a core region ofAu-mineralization with intercepts up to 86.00 meters yielding 1.00 g/tAu (WIL-23-30; Nov 30, 2023 News Release) and 70.75-meters with 1.05g/t (WIL-23-42; January 30, 2024 News Release). Individual coresamples from this region also returned assay results up to 13.30 g/tat the Cabin Zone Extension and 6.58 g/t at the Gray Jay Zone andincreased the overall Au-grade at these prospects. Drilling atprospects outside the mineralized core also confirmed the presence ofAu-in-bedrock mineralization throughout the project area. This isexemplified by WIL-23-54 (Blue Jay Zone – included in news release)which intersected 24.65-meters of 2.22g/t. Interestingly, this drillhole also contains the highest Au-grade sample obtained in drill coreto date at 0.65-meters at 77.40g/t further confirming the presence ofhigh-grade gold samples throughout the Williams Property.
Phase II drilling indicates that mineralization at the Williams Zoneis more widespread than previously identified. This program continuedto characterize the style of gold-mineralization as a complex systemof up to 1.5 meters veins, veinlets, and vein breccias. ThisAu-bearing system is associated with weak to locally intense sericiticand chloritic alteration with the highest gold assays correlating toareas of increased alteration. Additionally, sulphide mineralizationappears to be more pervasive in core obtained from Phase II drillholes. The host rock often contains disseminated pyrite crystals,blebs, and stringers throughout and acicular crystals and blebs ofarsenopyrite occur near mineralized zones. Gold-bearing veins containprimarily pyrite and are often associated with arsenopyrite,pyrrhotite, chalcopyrite, and galena with trace amounts of stibnite,molybdenite and sphalerite. Golden Ridge has noted that the mostreliable pathfinder for the presence of high-grade gold is increasingconcentrations of arsenopyrite.
Golden Ridge is continuing to model the structural controls of thetransportation and deposition of mineralizing fluids at the WilliamsProperty. Deformation of the mineralized system suggests the presenceof both brittle and ductile features indicating a transitionarytectonic environment. Fracture filling appears to be the mostprevalent style of vein deposition representing a trans-tensionalenvironment, however, the presence of sigma clasts, gouge in faults,and folding in quartz veins also are indicative of a more ductileenvironment. Further structural analysis and drilling will be requiredto full delineate the relationship between the ore forming fluids,structural controls on mineralization and post mineralization movementat the Williams Property. Vein systems associated withsericitic-chloritic alteration and containing arsenopyrite can be usedto distinguish gold-bearing veins from other generations of quartzveins observed throughout the Property.
Figure 1 – Williams Gold Property Location 1
Figure 2 – GLDN Williams Property Located Within Newfound GoldCorp.’s Queensway South Project 1
Figure 3 – 2023 Drill Collars
Sampling & LaboratoryMethodology:
True widths of the report intersections have not beencalculated at this time. Drilling was primarily conducted in NQ. Samples were marked and QAQC by Golden Ridge staff. Drill core wassplit using a diamond core cutting saw and sealed in polybags.
Samples were sent to the Mobile Sample Preparation Unit(MSPU) of SGS Canada Inc. (SGS) in Grand Falls, Newfoundland forsample preparation, and then to the laboratory of SGS Canada Inc. inBurnaby, British Columbia for fire assay. SGS is ISO/IEC 17025accredited. Samples were analyzed for gold by fire assay using a 30gcharge (ICP-AES). Samples containing visible gold or greater than 1g/t Au in fire assay were also assayed using the metallic screenmethod. Golden Ridge submits certified reference standards andblanks at a rate of approximately 5.1% of the sample total andsampling duplicates at 2.2% of the sample total.
Qualified Person:
Dr. Stephen Amor, PhD, PGeo, technical advisor to the Company, is theQualified Person as defined by National Instrument 43-101 who hasreviewed and approved the technical data in this news release.
Acknowledgments:
Golden Ridge Resources acknowledges the financial support of theJunior Exploration Assistance Program, Department of Industry, Energy,and Technology, Government of Newfoundland and Labrador.
Corporate
Golden Ridge advises announces that the Board hasapproved the adoption of a 10% fixed stock option plan (the“ Fixed OptionPlan ”) effective March22 , 2024 which replaces the Company’s legacy10% rolling plan subject to the approval of the TSX Venture Exchange(the “ Exchange ”).
Under the Fixed Option Plan, the Company may grantoptions to acquire up to an aggregate of 5,844,132 common shares ofthe Company, representing 10% of the current issued and outstandingcommon shares of the Company, subject to the terms and conditionsprescribed by the Exchange and applicable securities laws. Prior tothe adoption of the Fixed Option Plan, 3,520,000 stock options wereoutstanding under the previous 10% rolling stock option plan, whichoptions will now be governed by the terms of the new Fixed OptionPlan.
The Board has reasoned that the Fixed Option Plan willsatisfy the objective to attract and retain our personnel as well asalign with the interests of our shareholders. All previously grantedoptions shall continue to exist and be exercisable under the newplan.
About Golden Ridge Resources:
Golden Ridge is a TSX-V listed exploration company engaged inacquiring and advancing mineral properties located in Newfoundland andBritish Columbia. Golden Ridge is currently focused on explorationand development of the Williams Gold Property located in the CentralNewfoundland Gold Belt. The Company owns a 100% interest in the1,700-hectare Hank copper-gold-silver-lead-zinc property which iscurrently under option to King Fisher Metals Corporation and the3,000-hectare Hickman copper-gold property located in the GoldenTriangle district, approximately 140 kilometres north of Stewart,British Columbia.
Golden Ridge Resources Ltd.
Mike Blady
Chief Executive Officer
Tel: (250) 717-3151
Website: www.goldenridgeresources.com
Cautionary NoteRegarding Forward-Looking Statements
Certain statements contained in thisnews release, constitute "forward-looking information" assuch term is used in applicable Canadian securities laws.Forward-looking information is based on plans, expectations andestimates of management at the date the information is provided and issubject to certain factors and assumptions, including: that theCompany's financial condition and development plans do not change as aresult of unforeseen events, that the Company obtains requiredregulatory approvals, that the Company continues to maintain a goodrelationship with the local project communities. Forward-lookinginformation is subject to a variety of risks and uncertainties andother factors that could cause plans, estimates and actual results tovary materially from those projected in such forward-lookinginformation. Factors that could cause the forward-looking informationin this news release to change or to be inaccurate include, but arenot limited to, the risk that any of the assumptions referred to provenot to be valid or reliable, which could result in delays, orcessation in planned work, that the Company's financial condition anddevelopment plans change, delays in regulatory approval, risksassociated with the interpretation of data, the geology, grade andcontinuity of mineral deposits, the possibility that results will notbe consistent with the Company's expectations, as well as the otherrisks and uncertainties applicable to mineral exploration anddevelopment activities and to the Company as set forth in theCompany's Management’s Discussion and Analysis reports filed underthe Company's profile at www.sedar.com . There can be no assurance that any forward-lookinginformation will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchstatements. Accordingly, the reader should not place any unduereliance on forward-looking information or statements. The Companyundertakes no obligation to update forward-looking information orstatements, other than as required by applicable law.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release .
1 This news release contains informationabout adjacent properties on which Golden Ridge has no right toexplore or mine. Readers are cautioned that mineral deposits onadjacent properties are not indicative of mineral deposits on theCompany’s properties
2 The intervals reported in these tables representdrilling intersects and insufficient data is available at this time tostate true thickness of the mineralized intervals .
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