(TheNewswire)
Kelowna, British Columbia – TheNewswire - May 3, 2022 - Golden Ridge Resources Ltd. (“Golden Ridge” or “the Company”)(TSXV:GLDN) is pleased to announce that through negotiationwith LAC Properties Inc., (“ LAC ”) a wholly owned subsidiary of Barrick GoldCorporation, it has reached an agreement to extinguish the Back-InRight Agreement dated November 13, 2018 (the “ Back-In Right ”) pursuant to whichGolden Ridge granted to LAC an option to purchase an undivided 51%interest in the Hank Project, located in BC’s Golden TriangleDistrict (the “ Property ”or “ Hank Project ”).
As consideration for the cancellation of the Back-In Right GoldenRidge has granted to LAC an additional 1% net smelter return royaltyon the Hank Project, thereby increasing the rate of Lac’s existingroyalty on the Property from 2% to 3% (“ NSR ”) of which 1/3 (1%) may bebought back for $3,000,000 USD at anytime by providing notice ofexercise and the payment. In addition, Golden Ridge agrees to make amilestone payment of $2,500,000 USD at the earliest of the following:(a) the preparation of a feasibility study (as defined by NI 43-101);(b) a development decision being made, or the commencement ofconstruction, on all or any part of the Property; and (c) the firstday on which products have been sold or shipped from the Property forthe purpose of earning revenue.
Notice of the Amended and Restated Net Smelter Returns RoyaltyAgreement and termination of the Back-In Right Agreement will be filedwith the Mineral Titles Online registry maintained by the Chief GoldCommissioner of British Columbia.
“Extinguishing the Back-In Rightat the Hank has been a priority for Golden Ridge since the Companyearned its 100% interest in the Project back in 2018. We would like tothank Barrick Gold Corporation for their willingness to work towards asolution that worked for both parties.” stated Mike Blady, Presidentand CEO of Golden Ridge “The removal of this restrictive covenantnow allows the Company to resume the active marketing of the HankProject as an exciting exploration and development play located in theheart of BC’s Golden Triangle with both high-grade gold and bulktonnage potential. ”
About The Hank
The Hank is a 1,700-hectare Au-Cu-Ag project located in the heart ofBC’s Golden Triangle and within the traditional territory of theTahltan Nation. The Hank is located approximately 15 kilometerssouthwest of Burrage Airstrip, which is situated along Highway 37between the community of Iskut and Bob Quinn Lake. The project isprospective for both bulk-tonnage Cu-Au alkalic porphyry stylemineralization and high-grade epithermal style mineralization.
Exploration on the Hank Began in the 1980’s with approximately 104holes being drilled across the property from 1984-1993. Following theacquisition of the property by Barrick Gold Corporation in 1994,exploration activity on the project ceased and no work was conducteduntil Golden Ridge optioned the property from Lac Properties Inc. (awholly owned subsidiary of Barrick Gold Corporation) in 2014.
From 2014-2016 Golden Ridge conducted small grassroots geochemical andgeophysical surveys on the Hank property. In 2017 Golden Ridge drilled4,250 meters on the property which resulted in several encouraginggold-silver-lead-zinc intercepts in previously under exploredsericite-carbonate-pyrite Lower Alteration Zone (LAZ) (see Figure 1).Results from 2017 to date are summarized below:
Highlights
2017
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HNK-17-001 returned 24.15 g/t AuEq over 4.13 meters at the LAZ (See Company news release datedNovember 8, 2017)
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HNK-17-006 returned 0.63 g/t AuEq over 210.31 meters at the LAZ (SeeCompany news release dated December 12, 2017)
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HNK-17-007 returned 0.73 g/t AuEq over 201.48 meters at the LAZ (SeeCompany news release dated December 12, 2017)
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HNK-17-008 returned 2.60 g/t AuEq over 60.27 meters at the LAZ (SeeCompany news release dated December 12, 2017)
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HNK-17-009 returned 7.04 g/t AuEq over 21.62 meters within a broaderintercept of 3.15 g/t AuEq over 58.00 meters at the LAZ (See Companynews release dated January 8, 2018)
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Mineralization has been intersected over a 1.1 km strike length in theLower Alteration Zone.
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Discovered an alkalic porphyry Cu-Au target (the “Williams Zone”)consisting of strong potassic alteration including hydrothermalk-spar, biotite, magnetite and specularite as well as disseminatedchalcopyrite, bornite, and covellite at surface.
2018
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HNK-18-001 intersected 0.31% Cu, 0.35 g/t Au, 1.94 g/t Ag over 327.00meters at the Williams Zone (see Company news release dated August 14,2018)
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HNK-18-005 intersected 0.29% Cu, 0.36 g/t Au, and 1.92 g/t Ag over326.00 meters at the Williams Zone (see Company news release datedSeptember 10, 2018)
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HNK-18-010 drilled at the Boiling Zone target (“BZ”) returned11.63 g/t Au and 13.8 g/t Ag over 20.00 meters (see Company newsrelease dated October 15, 2018)
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HNK-18-013 intersected 0.34% Cu, 0.42 g/t Au and 2.20 g/t Ag over 319meters at the Williams Zone (see Company news release dated November28, 2018)
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In 2018 Golden Ridge took the Williams Zone from a blind, coveredtarget to a significant alkalic porphyry discovery and continued toadvance drilling in the LAZ.
2019
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HNK-19-001 intersected 0.35% Cu, 0.28 g/t Au, and 1.71 g/t Ag over 278meters at the Williams Zone (see Company news release dated July 22,2019)
Qualified Person:
Dr. Gerald G. Carlson, PhD, PEng, technical advisor to the Company, isthe Qualified Person as defined by National Instrument 43-101 who hasreviewed and approved the technical data in this news release.
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 its portfolio of exploration assets inNewfoundland. The Company owns a 100% interest in the 1,700-hectareHank copper-gold-silver-lead-zinc property and the 3,000-hectareHickman copper-gold property located in the Golden Triangle district,approximately 140 kilometres north of Stewart, British Columbia andhas a portfolio of exploration projects in Newfoundland.
Golden Ridge Resources Ltd.
Mike Blady
Chief Executive Officer
Tel: (250) 717-3151
Website: www.goldenridgeresources.com
Cautionary NoteRegarding Forward-Looking Statements
Certain statementscontained in this news release, constitute "forward-lookinginformation" as such term is used in applicable Canadiansecurities laws. Forward-looking information is based on plans,expectations and estimates of management at the date the informationis provided and is subject to certain factors and assumptions,including: that the Company's financial condition and developmentplans do not change as a result of unforeseen events, that the Companyobtains required regulatory approvals, that the Company continues tomaintain a good relationship with the local project communities.Forward-looking information is subject to a variety of risks anduncertainties and other factors that could cause plans, estimates andactual results to vary materially from those projected in suchforward-looking information. Factors that could cause theforward-looking information in this news release to change or to beinaccurate include, but are not limited to, the risk that any of theassumptions referred to prove not to be valid or reliable, which couldresult in delays, or cessation in planned work, that the Company'sfinancial condition and development plans change, delays in regulatoryapproval, risks associated with the interpretation of data, thegeology, grade and continuity of mineral deposits, the possibilitythat results will not be consistent with the Company's expectations,as well as the other risks and uncertainties applicable to mineralexploration and development activities and to the Company as set forthin the Company's Management’s Discussion and Analysis reports filedunder the Company's profile at www.sedar.com . There can be no assurancethat any forward-looking information will prove to be accurate, asactual results and future events could differ materially from thoseanticipated in such statements. Accordingly, the reader should notplace any undue reliance on forward-looking information or statements.The Company undertakes no obligation to update forward-lookinginformation or statements, other than as required by applicablelaw.
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 .
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