(TheNewswire)
Kelowna, British Columbia – TheNewswire - March 10, 2021 - Golden Ridge Resources Ltd. (“GoldenRidge” or “the Company”) (TSXV:GLDN) is pleased to reportthat the Company’s 2021 infill soil sampling program has discoveredthree large gold-in-soil anomalies on the Williams Gold Property(“Williams” or “The Property”), that is surrounded by NewFound Gold Corp (NFGC)’s Queensway South Gold Property in theCentral Newfoundland Gold Belt of the province of Newfoundland andLabrador (Figure 1). 1 The800m, 425m and 350m long anomalies, which remain open along strike,include values of 1.5 g/t and 1.05 g/t Au which are some of thehighest gold-in-soil assays reported from the Central NewfoundlandGold Belt to date (Figure 2). Trenching has also highlighted stronghydrothermal veining, elevated pathfinder elements (arsenic andantimony) and gold mineralization along the above noted gold-in-soiltrends.
Numerous Gold In Soil Anomalies AlongAppleton Fault Corridor
Some 1,316 soil samples were collected in the 2021 field program, ofwhich 886 soil samples have been received to date. Soil sampling wasprimarily done on a 25x25m high-density grid, focusing on the portionof the Property overlying the Appleton Fault Corridor, and 38 of the886 received samples returned assays greater than 50 ppb Au, which isconsidered highly anomalous for the region. The gold-in-soilanomalies remain open along strike and include anomalies withstrike-lengths of at least 800m, 425m, and 350m (Figure 3, Figure 4). The anomalies strike ENE and NE similar to high grade goldmineralized trend in the Northern portion of the Queensway property. Sampling of B-horizon soil has proven to be an effective geochemicalexploration tool and Golden Ridge will continue to extend the soilsampling, and delineate the anomalies more precisely, as soon asweather permits.
Trenching Highlights NumerousMineralized Zones Within Appleton Fault Corridor
Trenching was conducted throughout the Williams Property and revealednumerous zones of hydrothermal veining, alteration, and mineralizationwithin the Dog Bay Line and Appleton Fault Corridors. The 2021trenching program was the first ever on the Williams Gold Property andwas conducted to follow up on the 2020 100x100m regional soil-samplingprogram.
The maiden trench-sampling program at Williams consisted of 356continuous chip and channel samples (305 received) along a combinedtotal of 323m in 22 trenches and was widely dispersed across theproperty. Previous to 2021 only limited float prospecting had beenconducted on the Property. The primary focus of the 2021 trenchingprogram was to test bedrock proximal to the locations of historichigh-grade float samples, follow up on the 2020 100x100m regional soilsampling program, determine the effectiveness of soil sampling atWilliams and investigate the nature of mineralized zones.
Channel sampling within the Appleton Fault Corridor highlighted a 0.5minterval of 1.92 g/t Au, and a 3m interval of 0.40 g/t Au, within thebounds of the northern 800m soil anomaly, and 2m of 0.57 g/t Au withinthe southern 425m soil anomaly. Trenching within the soil anomaliesconfirms gold mineralization in bedrock. Pyrite, arsenopyrite,chalcopyrite, and stibnite are coincident with the gold mineralizationsuggesting the potential for additional mineralization associated withhigh tenor gold and pathfinder elements contained in the soilanomalies.
Mike Blady, Director, CEO & President of Golden Ridge stated“ High-density soil sampling hasproven an effective tool for exploration in the Williams Gold Propertywith multiple large gold anomalies being delineated. The goldanomalies identified within the Appleton Fault Corridor remain openalong strike, and trenchinghas proven the relationship between gold in soil and in bedrock. In2021 we have successfully delineated numerous exploration targetswithin the underexplored Williams Gold Property, with large portionsof the Property remaining to be tested. Golden Ridge is excited forthe 2022 season, when we will continue to follow up soil anomalieswith more soil sampling, as well as preparing for the maidendiamond-drilling program.”
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
2022 Exploration Plans
A detailed 2022 exploration plan will be released by the Company inthe coming weeks once final 2021 assays are received. Explorationwill focus on diamond-drill testing of the gold anomalies delineatedby the high-density soil sampling, and corresponding bedrock targetsidentified by trenching. Initial drilling will consist of a 5,000mprogram that will be expanded as required. In addition to drilling,the Company will continue to conduct geochemical surveys, furthertrenching where indicated, and potentially some additional airbornegeophysical surveys, to further define and add to the targets.
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 strategy to cut down on these delaysand keep exploration and news flow in line with industry norms.
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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