(TheNewswire)
Kelowna, British Columbia – TheNewswire - May 23, 2023 - Golden Ridge Resources Ltd.(“Golden Ridge” or “the Company”) (TSXV:GLDN) ispleased to announce that it plans to undertake a 6,000 meter drillprogram 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 Phase II drill programwill focus on building on Phase I results as well as continuing totest new targets that were generated by recent greenfieldsexploration. The Company is planning to commence its Phase II drillprogram in the coming weeks.
Recap of the 2022 Phase I DrillProgram:
-
29 holes were drilled for a total of 4,186 meters (Figure 2)
-
Identified a 1.5 kilometer mineralized corridor within the AppletonFault Corridor which remains open in all directions.
-
Gold mineralization (minimum 1 g/m Au) was encountered in over 90% ofthe holes drilled in 2022.
-
Drilling was focused on testing soil anomalies and following up ontrenching done in 2021 primarily with short 100-150 meter holes.
-
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)
-
WIL-22-21: 14.4 meters of 1.51 g/t Au from 88.10 to 102.50 meters,including 4.6 meters of 2.49 g/t Au (Table 1)
-
WIL-22-20: 30.0 meters of 0.62 g/t Au from 64.00 to 94.00 meters(Table 1)
Golden Ridge has been actively exploring the Williams Gold Propertysince 2020. From 2020 to 2022 Golden Ridge conducted property-wideand high-density soil sampling, prospecting, and trenching. Fieldwork highlighted numerous targets within both the Appleton and Dog BayFault Corridors. Within the Appleton Fault Corridor in the southernportion of the Property, multiple high-tenor gold-in-soil anomalieswere discovered with values up to 1.5 g/t Au. Follow-up trenchingestablished the relationship between enriched gold in bedrock, andgold-in-soil anomalies. Drilling in 2022 tested many of the soil andtrenching targets.
“We are extremely excited to get back to the Williams Gold Propertyfor the 2023 field season. The Central Newfoundland Gold beltcontinues to prove that it is a premier up-and-coming gold district. The maiden 2022 drill program proved the potential for a largemineralized system within the Appleton Fault Corridor on the Property. The 2023 program will continue to build on the 2022 program byexpanding known zones and continue to test anomalies that are yet tobe drilled. “stated Mike Blady, CEO and Director of Golden Ridge.
Table 1 – 2022 SignificantIntercepts 2
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.
Option Agreement:
In an effort to focus additional resources on theWilliams, Golden Ridge has elected not to proceed with the HeritageProperty Option and associated agreements effectiveimmediately.
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 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 .
Copyright (c) 2023 TheNewswire - All rights reserved.