(TheNewswire)
Kelowna, British Columbia – TheNewswire - March 7, 2023 - Golden Ridge Resources Ltd.(“Golden Ridge” or “the Company”) (TSXV:GLDN) ispleased to announce it has entered into an option agreement (the“ Option ”) with KingfisherMetals Ltd. (“ Kingfisher "), a TSX Venture listed issuer, to divest its100% interest in the Hank property (“ Hank ” or the “ HankProperty ”) located in northwestern British Columbia, Canada.The Hank Property consists of 1,700-hectares and is located in theheart of the Golden Triangle district, approximately 140 kilometersnorth of Stewart BC.
Michael Blady, President and CEO ofGolden Ridge stated: “Kingfisher has put in place a team of GoldenTriangle experts whose knowledge and experience will be an asset tocontinue the exploration development of the Hank. We are pleased tosign this Option Agreement and allow Kingfisher the opportunity tounlock the potential of the Hank. The transaction represents anaccretive property transaction for Golden Ridge and itsshareholders.”
Hank Au-Cu-Ag Project
The Hank consists of an epithermal Au-Ag system that was firstdiscovered in the early 1980s and the Williams porphyry that wasdiscovered by Golden Ridge in 2017 and drill tested in 2018-19. TheWilliams porphyry is considered to be a high-level porphyry feeder tothe Hank Au-Ag system although based on the 6 km lateral extent to theepithermal system, it is likely that more porphyry centers exist inthe area. Future work at the Hank will focus on defining the limits ofthe system and vectoring towards a copper-rich core zone as well asinfill drilling across historical areas with the goal of producing acompliant resource.
Option Agreement
Pursuant to the terms of the Option, Kingfisher has the right to earna 100% interest in the Hank Property subject to a 3% net smelterreturn royalty held by a third party (the “ Hank NSR Royalty ”) as follows:
-
cash payment of $25,000 and issuing common shares with a value of$75,000 on the date that the TSX Venture Exchange approves theOption;
-
issuing additional common shares with a value of $150,000 on or beforethe date which is the 1 st anniversary of the Effective Date;
-
issuing additional common shares with a value of $300,000 on or beforethe date which is the 2 nd anniversary of the Effective Date;
-
cash payment of $100,000 and issuing additional common shares with avalue of $1,000,000 on or before the date which is the 3 rd anniversary of the EffectiveDate;
-
cash payment of $125,000 and issuing additional common shares with avalue of $1,475,000 on or before the date which is the 4 th anniversary of the EffectiveDate; and
-
in order to maintain the Hank Option Agreement in good standing untilexercised to earn a 100% ownership interest in the Hank Project, Kingfisher must carry out miningwork on the Hank Project incurring aggregate expenditures of$3,000,000 on or before the 4 th anniversary of the Effective Date.
.
Qualified Person:
Dr. Gerald Carlson, PhD, PEng, technical advisor to the Company, isthe Qualified Person as defined by National Instrument 43-101 who hasreviewed and approved the technical data in this news release.
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, most notably the Williams Gold Project. The Companyowns a 100% interest in the 1,700-hectare Hankcopper-gold-silver-lead-zinc property and the 3,000-hectare Hickmancopper-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.