(TheNewswire)
Kelowna, British Columbia – TheNewswire - February 6, 2023 - Golden Ridge ResourcesLtd. (“Golden Ridge” or “the Company”) (TSXV:GLDN) ispleased to announce the completion of the maiden 4,185m drill programon the Williams Gold Property (“Williams” or “the Property”)within the Appleton and Dog Bay Fault Corridors. The Property issurrounded by New Found Gold Corp (NFGC)’s Queensway South GoldProperty in the Central Newfoundland Gold Belt, where the inauguraldrill program of 7,254m was completed in 2022 (Figure 1, see New FoundGold Corp. December 28, 2022 Press Release). 1 Golden Ridge’s diamond drillprogram tested numerous robust gold anomalies, in soil and trenches,in the south and central portions of the Property. The drill programfollowed up two successful field seasons in 2020 and 2021, whichincluded extensive prospecting, property-wide and focused infill soilsampling, and follow-up trenching.
Golden Ridge is also pleased to announce the completion of the firstlarge-scale geochemical program on its district-scale HeritageProperty, located within the Burin Epithermal Gold/Silver Belt.
Williams Gold Property Maiden DrillProgram
The maiden diamond drill program consisted of 4,185m over 29 drillholes. Drill holes were predominantly in the 100m to 200m range, totarget and test soil and bedrock anomalies, which included floatsamples assaying up to 281 g/t Au and soil samples up to 1,503 ppb Au(Figure 2). Drilling was successful, with most of the holesintersecting sulfide mineralization and alteration commonly associatedwith gold mineralization in the area. Golden Ridge had planned tocomplete 5,000m of drilling within 2022; however, with the onset ofwinter conditions and contractor delays, the Company decided toutilize the remainder of the budget when conditions are morefavourable.
Heritage Project Till GeochemistryProgram
Golden Ridge completed a 973-sample basal till sampling programfocused on defining and broadening mineralized zones within the PointMay Epithermal System (Figure 3), delineated during the Company’searlier diamond-drilling programs. Significant portions of the22,875-ha Heritage Project area are covered by thick till and bogrequiring a sampling method that can penetrate through the overburden. Historically discoveries were made within Heritage Project throughtraditional prospecting. Within the areas known to be underlain bymineralization, a tighter 200m x 25m grid was completed, with abroader 400m x 50m grid over the underexplored parts of the projectarea.
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
“The maiden drilling program has shown multiple strongly mineralizedand altered zones within the southern and central portions of theWilliams Gold Property, proximal to surficial gold-in-soil geochemicalanomalies. The 2022 drilling program consisted of 29 holes whichsucceeded in testing 10 of more than 20 anomalies that the Company hasidentified in the previous two years’ work. Additional drilling isrequired to test the remaining targets in 2023. We eagerly awaitassays, which we will report when they are received in the comingweeks. Rounding out a busy 2022 exploration season, we are alsoawaiting the results from the first regional geochemical program onthe Heritage Project which was designed to expand mineralizationdrilled at the Eagle Zone.”, stated Mike Blady, Director, CEO andPresident of Golden Ridge.
Click Image To View Full Size
Click Image To View Full Size
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 .
Copyright (c) 2023 TheNewswire - All rights reserved.