(TheNewswire)
Kelowna, British Columbia - TheNewswire – December 21, 2021 - Golden RidgeResources Ltd. (“Golden Ridge” or “the Company”) (TSXV:GLDN) is pleased to report that it has discovered high-grade (281g/t)Au float at the Williams Gold Property (“Williams” or “TheProperty”), that is surrounded by New Found Gold Corp (NFGC)’sQueensway South Gold Property in the Central Newfoundland Gold Belt ofthe province of Newfoundland and Labrador (Figure 1). 1 The sample was taken duringprospecting of the underexplored western portion of the property.
High Grade 281g/t Au Discovered inthe Dominion Zone
Prospecting during 2021 discovered high-grade Au float in the DominionZone, in the southwest of the property (Figure 2). The assay of281g/t (9 oz/t) Au is one of the highest reported for an individualgrab sample in the Queensway South area. Exploration in 2021continues to highlight the potential for high-grade gold zones withinthe Williams Property. Golden Ridge will continue to explore theunderexplored Dominion Zone when assays become available.
Awaiting Assays from the 2021 FieldExploration Program
During the 2021 field exploration season Golden Ridge took 200 grabrock samples and 255 channel samples from outcrop and trenches, aswell as 1,316 soil samples. Due to the current high level ofexploration activity in Newfoundland, and consequent demand foranalytical services, the Company is still awaiting the full suite ofassays, which should be received in time to plan the next phase ofexploration in early 2022.
The 2021 field exploration covered the majority of the underexploredWilliams Gold Property. Golden Ridge identified numeroushydrothermal zones spanning across the property, primarilyconcentrated within the Dog Bay and Appleton Fault Corridors (Figure3,4). Soil Sampling was conducted on a high-density (25 x 25m) grid inorder to follow up anomalies identified in the 2020 100 x 100mregional soil sampling grid (see News Release of October 26, 2020). Based on results of the 2021 trenching program, Golden Ridgestrongly believes the high-density soil sampling grid will be aneffective geochemical targeting tool for future exploration.
Mike Blady, Director, CEO & President of Golden Ridge stated“ The high-grade float sample takenat the Dominion Zone shows the potential for high-grade gold withinthe Williams Property and throughout the South Queensway Area. We arecontinuing to uncover and define the potential for high-grade goldmineralization across the Williams Gold Property, where very limitedhistorical work has been done. Using the trenching, and geochemicalsoil-sampling data, from 2021 we will continue to vector towards thehigh-grade sections of the Dog Bay and Appleton Fault Corridor. Uponreceipt of assays, we will be able to effectively and quickly followup these targets early in 2022.”
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
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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