(TheNewswire)
Kelowna, B C - TheNewswire - June 22, 2023 - Golden Ridge Resources Ltd. (“Golden Ridge” or “the Company”)(TSXV:GLDN) is pleased to announce that it has commenced thePhase II, 6,000 meter, drill program at the Williams Gold Property(“Williams” or “the Property”), that is surrounded by NewFound Gold Corp (NFG)’s Queensway South Gold Property in the CentralNewfoundland Gold Belt of the province of Newfoundland and Labrador(Figure 1). 1 The PhaseII drill program will focus on targeting untested high prioritygreenfield targets, infilling the numerous gold geochemical trends andbuilding on successful Phase I drill results. Phase II targetstypically lie along strike from the New Found Gold Corp’s 2022drilling on the Queensway South Gold Property (see NFG May 25, 2023News Release). 1
Highlights:
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2023 will be Golden Ridge’s largest-ever drill program, with goalsto expand known mineralization and test greenfields high prioritytargets;
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Drilling is underway, with plans to complete 6,000 meters using a moreagile Duralite 1400 track mounted drill rig;
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Golden Ridge will be using its proprietary targeting matrix toprioritize drilling during Phase II.
Similarities to the New Found GoldQueensway South Gold Property 1 :
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Williams Gold Property is located between Devils Pond and Nebula zonesand along strike from the Astronaut, Nova, and Goose Zones (Figure2);
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Both properties show small high grade visible gold intervals as wellas broad intervals of mineralization;
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Gold mineralization within both properties likely is associated theAppleton Fault Zone;
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Mineralized zones in the Queensway South Gold Property associated withhigh tenor gold-in-soil anomalies, gold-in-grab samples, and tillanomalies.
Recap of the 2022 Phase I DrillProgram:
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29 holes were drilled for a total of 4,186 meters;
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Identified a 1.5 kilometer mineralized corridor within the AppletonFault Corridor which remains open in all directions;
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Gold mineralization (minimum 1 g/m Au) was encountered in over 90% ofthe holes drilled in 2022;
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Drilling was focused on testing soil anomalies and following up ontrenching done in 2021 primarily with short 100-150 meter holes;
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WIL-22-14: 0.5 meters of 50.45 g/t Au from 11 to 11.5 meters (Table1);
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WIL-22-12: 37.8 meters of 0.7 g/t Au from 6.24 to 44.07 meters (Table1);
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WIL-22-21: 14.4 meters of 1.51 g/t Au from 88.10 to 102.50 meters,including 4.6 meters of 2.49 g/t Au (Table 1);
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WIL-22-20: 30.0 meters of 0.62 g/t Au from 64.00 to 94.00 meters(Table 1).
Strong on strike similarities between the Williams Gold Property andthe NFG Queensway South Property highlight the potential for a broadmineralized trend. Soil sampling and prospecting have shown strongeffectiveness for exploration in the area. From 2020 to 2022 GoldenRidge conducted property-wide and high-density soil sampling,prospecting, and trenching that highlighted numerous high tenor goldanomalies. Phase I drilling at the Williams Gold Propertysuccessfully tested soil and trenching gold anomalies.
Table 1 – 2022 Significant Intercepts 2
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 are available atthis time to state the true thickness of the mineralizedintervals.
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 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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