(TheNewswire)
Kelowna, British Columbia – TheNewswire - May 1, 2023 – Golden Ridge ResourcesLtd. (“Golden Ridge” or “the Company”) (TSXV:GLDN) ispleased to announce additional results from its maiden drill programat the Williams Gold Property (“Williams” or “the Property”),that is surrounded by New Found Gold Corp (NFGC)’s Queensway SouthGold Property in the Central Newfoundland Gold Belt of the province ofNewfoundland and Labrador (Figure 1). 1 The maiden drill programconsisted of 29 holes for a total of 4,186 meters. So far, theprogram has led to the discovery of numerous near-surface zones ofgold mineralization within the Appleton Fault Corridor (“AFC”) ofthe Williams Property (Figure 2).
Highlights
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WIL-22-21: 14.4 meters of 1.51 g/t Au from 88.10 to 102.50 metersincluding 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)
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Gold mineralization (minimum 1 g/m Au) was encountered in over 90%of the holes drilled in 2022.
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Mineralization now stretches over 1.5 kilometers within and parallelto the Appleton Fault Corridor and remains open in all directions.
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The Company is fully funded for exploration in 2023 with numeroustargets yet to be tested.
Holes 15 – 29 continued to test multiple zones indicated in previousprospecting, high-density soil sampling, and trenching by GoldenRidge. The 2022 drilling program was focused on testing the largegold-in-soil anomalies, and results of subsequent trench sampling. Gold mineralization in drill core is typically associated withminor to pervasive sericite alteration surrounding quartz-carbonateveins with variable pyrite, chalcopyrite, pyrrhotite, arsenopyrite,and antimony sulfides.
Golden Ridge is currently interpreting structural data from the AFCwithin the Property. Structural controls play an important role inthe development of mineralization at most gold occurrences in theAppleton Fault Corridor. Planning for the 2023 drill program iscurrently underway.
“The final fifteen holes of the 2023 program at the Williams GoldProperty confirm multiple gold-bearing fault systems throughout theAFC. Intersecting meaningful amounts of gold mineralization intwenty-seven of twenty-nine drill holes is a testament to thepotential of the Property. Much like our friends who surround us, ourstrategy for 2023 drilling will focus on short, targeted holes whichwill refine our evolving structural model to guide exploration of theuntested strike extensions of the AFC, testing of new targetsoutstanding from last year and infilling areas within our largegold-in-soil anomalies. We are very excited to get back to work atWilliams and the underexplored Queensway South.” stated Mike Blady,CEO and Director of Golden Ridge.
Table 1 – 2022 Holes 15 - 29Significant Intercepts 2
Table 2 – 2022 Holes 15 – 29Collar Locations
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.
Sampling & LaboratoryMethodology:
True widths of the report intersections have not beencalculated at this time. Drilling was primarily conducted in HQ,however, NQ was used when ground conditions required it. Drill corewas split using a diamond core cutting saw.
Samples were sent either to Eastern Analytical Ltd, inSpringdale, Newfoundland (for both sample preparation and fire assay)or to the Mobile Sample Preparation Unit (MSPU) of SGS Canada Inc.(SGS) in Grand Falls, Newfoundland for sample preparation, and thento the laboratory of SGS Canada Inc. in Burnaby, British Columbiafor fire assay. Both laboratories are ISO/IEC 17025 accredited. Samples were analyzed for gold by fire assay using a 30g or 50gcharge. Samples containing visible gold or greater than 1 g/t Au infire assay were also assayed using the metallic screen method. Golden Ridge submits certified reference standards and blanks at arate 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 its portfolio of exploration assets inNewfoundland. The Company owns a 100% interest 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 orreliable, which could result in delays, or cessation in planned work,that the Company's financial condition and development plans change,delays in regulatory approval, risks associated with theinterpretation of data, the geology, grade and continuity of mineraldeposits, the possibility that results will not be consistent with theCompany's expectations, as well as the other risks and uncertaintiesapplicable to mineral exploration and development activities and tothe Company as set forth in the Company's Management’s Discussionand Analysis reports filed under 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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