(TheNewswire)
Kelowna, British Columbia - TheNewswire - November 30, 2023 - Golden Ridge Resources Ltd. (“Golden Ridge” or “the Company”)(TSXV:GLDN) is pleased to announce the completion of the 2023Phase II drilling campaign at the Williams Gold Property(“Williams” or “the Property”) within the Appleton and Dog BayFault Corridors (Figure 1). Golden Ridge intersected in the first holeof the 2022 Phase II drilling campaign the largest gram meterintercept of 86 meters of 1.00 g/t Au on the Williams Property todate. The Property is surrounded by New Found Gold Corp (NFGC)’sQueensway Gold Property where NFGC is currently undertaking a 500,000meter drill program (Figure 2). 1
Highlights
-
WIL-23-30 intersected 86 meters of 1.00 g/t Au from 63.00 meters;including 2.00 meters of 9.21 g/t Au from 81.00 meters (Table 1)
-
Drilling focused on building off 2022 results and tested newprospective target areas.
-
41 holes were drilled for a total of 5,982 meters in the 2023 campaign(Figure 3)
-
Mineralization was noted to be more pervasive and widespread thanencountered in Phase I Drilling
“Drilling 86 gram-meters Au in our first reported hole of Phase IIdrilling is very exciting. The highlighted intercept in WIL-23-30represents our highest gram-meter interval to date at Williams.Drilling has now confirmed at least five distinct mineralized zones atWilliams all of which remain open along strike and at depth”, statedMike Blady, Director, CEO and President of Golden Ridge. “Observingthe increased alteration and veining drilled over 41 holes in Phase IIstrongly suggests that we are vectoring towards the full potential ofthe Property.”
Phase II drilling was initially focused on WIL-22-12, whichintersected a complex system of veins and veinlets grading 37.93meters grading at 0.68 g/t Au. First identified during the 2022 maidendrilling program this area is now known as the Cabin Zone Extension(CZE) and represents the northeastern extension of a 1-kilometer-longgold-in-soil anomaly known as the ‘Cabin Zone’ (Figure 4). Intotal, 6 drillholes WIL-23-30 through WIL-23-35 (totalling 1,029meters) were drilled at the Cabin Zone Extension. All drill holeswere successful in intersecting a broad alteration halo and associatedsystem of vein and veinlets first observed in Phase I drilling. Broadmineralization is exemplified by WIL-23-30 (a 12.5-meter step-out fromWIL-22-12) intersecting an 86-meter section grading 1 g/t goldincluding a 2-meter section which yielded 9.21 g/t. Drilling at theCabin Zone Extension also identified several fault/rubble zonesthroughout often associated with graphite. The fault/rubble zoneslocally contain vein fragments which indicate syn-mineralization topost-mineralization movement along these structures. Mineralization atthe Cabin Zone Extension is open along strike and down dip and furtherdrilling will be required to further delineate the nature of goldmineralization.
Williams Gold Property 2023 DrillProgram
Forty-one holes were drilled in the Phase II diamond drill programconsisting of 5,982 meters. Golden Ridge has now completed 70 holesfor 10,182 meters of drilling over Phase I and II programs. Thebalance of assay results from the 2023 program have yet to bereceived. Drill holes were predominantly in the 100m to 200m rangefocusing on testing soil, bedrock, and drilling anomalies previouslyidentified by earlier exploration programs. Highlights of the previousfield programs completed by Golden Ridge Resources from 2020 - 2022include float samples assaying up to 281 g/t Au and soil samples up to1,503 ppb Au.
Mineralization in Phase II was broader in nature consisting of acomplex system of vein, veinlets, and vein breccia, up to 1.5-metersin size. Gold-bearing veins are often associated with weak to locallyintense sericitic and chloritic alteration. Additionally, sulphidemineralization appears to be more pervasive in core obtained fromPhase II drillholes. The host rock often contains disseminated pyritecrystals, blebs, and stringers throughout and acicular crystals andblebs of arsenopyrite near mineralized zones. Trace pyrrhotite hasalso been observed in the host rock but this is commonly restricted toareas of intense veining. Gold-bearing veins contain primarily pyriteand are often associated with arsenopyrite, pyrrhotite, chalcopyrite,and galena with trace amounts of stibnite, molybdenite and sphalerite.Golden Ridge has noted that the most reliable pathfinder for thepresence of high-grade gold is increasing concentrations ofarsenopyrite.
Golden Ridge is continuing to model the structural controls of thetransportation and deposition of gold bearing fluids on the WilliamsProperty. Vein systems suggest the presence of both brittle andductile features indicating a transitionary tectonic environment. Fracture filling appears to be the most prevalent style of veindeposition representing a trans-tensional environment. The presence ofsigma clasts, gouge in faults, and folding in quartz veins areindicative of a more ductile environment. Vein systems associated withsericitic-chloritic alteration and arsenopyrite are often used todistinguish gold-bearing veins from other generations of quartz veinsobserved throughout the Property.
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% 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.
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 good relationship with thelocal project communities. Forward-looking information is subject to avariety of risks and uncertainties and other factors that could causeplans, estimates and actual results to vary materially from thoseprojected in such forward-looking information. Factors that couldcause the forward-looking information in this news release to changeor to be inaccurate include, but are not limited to, the risk that anyof the assumptions referred to prove not to be valid or reliable,which could result in delays, or cessation in planned work, that theCompany's financial condition and development plans change, delays inregulatory approval, risks associated with the interpretation of data,the geology, 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 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 tablesrepresent drilling intersects and insufficient data is available atthis time to state true thickness of the mineralized intervals.
Copyright (c) 2023 TheNewswire - All rights reserved.