(TheNewswire)
Kelowna, British Columbia – TheNewswire - September 29, 2022 - Golden Ridge ResourcesLtd. (“Golden Ridge” or “the Company”) (TSXV:GLDN) (OTC:GORIF) is pleasedto announce commencement of a 2,500 station, till geochemistry programat the Heritage Project (“Heritage” or “the Property”),located within the underexplored Burin Peninsula EpithermalGold/Silver Belt in southern Newfoundland. Several high- andlow-sulphidation epithermal systems have been identified throughoutthe Burin Peninsula Epithermal Belt (Figure 1). 1 Gold and silver mineralizationwithin the Heritage Project area was first discovered in 2010 andearly outcrop and float samples returned assays of up to 117 g/t goldin one sample, and 72 g/t gold and 1,168 g/t silver in another. 2 Exploration since 2010 hasresulted in the discovery of numerous additional mineralized showingsthroughout the 22,875-ha Heritage Project area, including the EagleZone , 500m in strike length, within the Point May Epithermal System(Figure 2). In 2020 Golden Ridge completed 5,182m of drilling onProperty, focused on the Eagle, Turpin, and Pinnacle Zones (all withinthe Point May Epithermal System) with broad and narrow mineralizedintersections including 305 metres of 21.2 g/t Ag and 0.3 g/t Au and3.36 metres of 202.33 g/t Ag and 4.59 g/t Au (see December 2, 2020,News Release; Table 1). 3
Table 1 – Highlighted 2020 Heritage Project DrillingIntersections 4
Till Geochemistry ProgramDetails
The 2022 till geochemistry program will focus on and around previouslyidentified geophysical and geochemical anomalies with the specificpurpose of expanding the Eagle, Turpin, and Pinnacle Zones alongstrike, as well as generating additional targets. The program willbe guided by the results of the 2020 high-resolution airborne magneticsurvey, which proved highly effective due to the low topographicrelief in defining potential geophysical anomalies (see November 24,2020, news release).
The sampling program will proceed as follows:
Phase 1: 1,200 stations across two separate 200m x 25m grids centeredon the Point May Epithermal System and the Peter’s Brook Showing toestablish more clearly the full strike length of the known mineralizedzones.
Phase 2: 1,000 stations on a coarser 400m x 50m grid over theunderexplored portions of the Heritage Project area. Earlierprospecting and mapping located gold mineralization; however, thisportion of the property lacks systematic geochemical coverage.
Phase 3: 300 stations on a 200m x 25m grid focusing on the Eagle’sClaw showing of the Heritage Project. Historic rock samples in thearea have yielded up to 4.0 g/t Au, however the Eagle’s Claw arealacks systematic mapping, prospecting, and till-samplingcoverage. 2
“Golden Ridge is excited to begin the till geochemistry program onthe Heritage Project in conjunction with the maiden drill program onthe Williams Gold Property. Our 2022 field program will continue tohighlight the Heritage Project as a district-scale opportunity forfuture exploration. The Burin Peninsula shows all thecharacteristics of a robust gold and silver epithermal belt, andGolden Ridge intends to use methods and understanding gained fromexploring the Point May Epithermal System to continue to grow theHeritage Project and home into the best targets.”, stated MikeBlady, CEO and Director of Golden Ridge.
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 Company’s QP, as defined under NI43-101, has neither prepared nor verified the quality of thehistorical data.
3 The intervals reported in these tablesrepresent drill intercepts and insufficient data are available at thistime to state the true thickness of the mineralized intervals. Allgold values are uncut.
4 Gold and Silver equivalent is calculatedusing 0.0146 ratio.
Figure 1- Regional geology map of thewestern Avalon Zone of Newfoundland, with key epithermal prospectsindicated (modified from Sparkes and Dunning, 2014; O’Brien et al.,1998).
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 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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