(TheNewswire)
Kelowna, British Columbia – TheNewswire - April 29, 2022 - Golden Ridge Resources Ltd. (“GoldenRidge” or “the Company”) (TSXV:GLDN) is pleased toannounce the signing of an exploration drilling contract with CaboDrilling (Pacific) Corp. for a minimum of 5,000 metres diamonddrilling 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 Golden Ridge expects tobegin drilling in late May to take advantage of optimal weatherconditions. Golden Ridge is pleased to report the full receipt ofrock and soil assays from the 2021 field program, aimed at expandinggold mineralization targets in the Dog Bay and Appleton FaultCorridors within the property.
Continued Expansion of Gold In SoilAnomalies Along the Dog Bay and Appleton Fault Corridors
The final assays 430 (of 1,316) soil samples, 51 (of 305) chip andchannel samples, and 28 (of 208) grab samples from the 2021 fieldprogram have recently been received by Golden Ridge. The 2021 fieldprogram had previously highlighted soil anomalies 800m, 425m, and 350mlong, which remain open along strike and include values up to 1.50 g/tand 1.05g/t Au in soil (see March 10, 2022 news release). The finalbatch of assays from the 2021 field sampling program containednumerous gold in subcrop and float grab samples in the northern DogBay Fault Corridor portion of the property, with up to 2.71 g/t and1.23 g/t Au (Figure 2). These samples contain strong pyrite andarsenopyrite mineralization and were collected on the western edge ofa 650m gold-in-soil anomaly identified during the 2021 field program. The 2021 field program noted gold mineralization and evidence ofhydrothermal activity along the entire 5km of the Dog Bay FaultCorridor; in addition, historical float grab samples assayed up to51.60 and 44.24 g/t Au. Soil sampling on smaller recon gridsconducted in the Appleton Fault corridor to the west along strike ofthe large anomalies returned numerous anomalous gold-in-soil values upto 0.72 g/t Au (Figure 3). The Company plans to aggressivelycontinue to soil sample along strike of these anomalies and alsoconduct drill testing.
Drill Contract Signed for Summer 2022Drill Program
The maiden drill program on the Williams Gold Property will commencein late May. Drilling will systematically test soil and trench goldanomalies within the Dog Bay and Appleton Fault Corridors discoveredduring the 2021 field program. Golden Ridge will use methodologiesfine-tuned in New Found Gold’s work on its similar trendingQueensway North Gold Project, to target anomalies. 1 A very limited amount ofdrilling has been conducted previously in the area, with the mostrecent work targeting mineralization in the Paul’s Pond area roughly500m from the Williams Gold Property’s southern border.
Due to increased exploration activity in Newfoundland, and theconsequent demand for analytical services, the Company experiencedsignificant delays on reporting results in 2021. For 2022 theCompany will be implementing a new strategy to cut down on thesedelays and keep exploration and news flow in line with industry norms.
Mike Blady, Director, CEO & President of Golden Ridge stated“ The 2021 field program yielded numerous gold anomaliesalong both the Dog Bay and Appleton Fault Corridors. Prospecting, trenching, and high-densitysoil sampling all helped to explain the relationship between gold insoil and in bedrock. Golden Ridge plans to aggressively continue toexpand the gold-in-soil anomalies early in the season, to create asmuch targeting data as possible to guide the drilling. The maiden diamond drill program will systematically test theseanomalies and raise the profile of the underexplored Williams GoldProperty, within the exciting Central Newfoundland GoldBelt.”
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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