(TheNewswire)
Kelowna, British Columbia – TheNewswire - March 13, 2023 - Golden Ridge ResourcesLtd. (“Golden Ridge” or “the Company”) (TSXV:GLDN) ispleased to announce initial results from the maiden drill program atthe 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. Initial assaysfrom the Property indicate numerous near-surface zones of goldmineralization throughout the Property (Figure 2).
Highlights
-
Intercepted visible gold (VG) in hole WIL-22-014 (Photos 1 & 2)
-
WIL-22-14: 0.5 meters of 50.45 g/t Au from 11 to 11.5 meters (Table1)
-
WIL-22-12: 37.8 meters of 0.7 g/t Au from 6.24 to 44.07 meters (Table1)
-
The Appleton Fault Corridor within the Property shows broad intervalsof alteration and sulphide mineralization
-
Inaugural drilling at Williams has consistently intersectednear-surface gold mineralization in multiple zones over 1.5 kilometersapart in the first fourteen holes that have received assays
Drilling at Williams was focused along the main forest service roadaccessing the southeastern portion of the project. Holes were stagedfrom this access road and provided important geological and analyticalinformation, which was used to form the basis of Golden Ridge’sgeologic model which will continue to progress as additional assaysare reported.
The drilling program at the Williams Gold Property follows upextensive prospecting, high density soil sampling, and trenching byGolden Ridge. The initial drill results show multiple mineralizedfault zones associated with the previously reported large gold-in-soilanomalies. The 2022 drill program was focused on testing the largegold-in-soil anomalies and trench sampling. Gold mineralization isassociated with minor to pervasive sericite alteration surroundingquartz-carbonate veins with variable pyrite, chalcopyrite, pyrrhotite,arsenopyrite and antimony sulfides. As is the case with most projectslocated near the Appleton Fault Corridor structural controls play animportant part in the development of gold mineralization on theProperty.
“Initial results from the first fourteen holes at the Williams GoldProperty show robust gold mineralization within multiple faultsystems. Golden Ridge is very excited to see the strong correlationbetween gold-in-soil anomalies and gold mineralization observed incore. Intersecting visible gold in the maiden program demonstrates thefertile nature of the Property. Broad intervals of shallowmineralization also suggest the potential for larger mineralizedsystems along strike and at depth. Relative to our peers in the area Ithink we are off to an exceptional start, and we are eagerly awaitingresults from the remaining fifteen holes testing multiple zones withinour 4km swath of Appleton Fault Corridor at the Williams GoldProperty”, stated Mike Blady, CEO and Director of Golden Ridge.
Table 1 – 2022 Holes 1 - 14Highlighted Intercepts 2
Table 2 – 2022 Holes 1 – 14 CollarLocations
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.
Photo 1 – Visible gold within quartzcarbonate veining including pyrite and arsenopyrite mineralization andsericite alteration in the host rock within WIL-22-14 11.00-11.50m
Photo 2 – Visible gold (mm scale)close up in WIL-22-14 11.00-11.50m
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 AnalyticalLaboratory in Springdale, Newfoundland (for both sample preparationand fire assay) or to the Mobile Sample Preparation Unit (MSPU) of SGSCanada Inc. (SGS) in Grand Falls, Newfoundland for samplepreparation, and then to the laboratory of SGS Canada Inc. inBurnaby, British Columbia for fire assay. Both laboratories areISO/IEC 17025 accredited. Samples are analyzed for gold by fireassay using a 30g or 50g charge. Samples containing visible gold orgreater than 1 g/t Au in fire assay were also assayed using themetallic screen method. Golden Ridge submits certified referencestandards and blanks at a rate of approximately 5% of the sampletotal.
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, as actualresults 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.