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Golden Ridge Resources Ltd (2)
Symbol GLDN
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Close 2023-02-03 C$ 0.10
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Golden Ridge completes Williams drill program

2023-02-06 10:36 ET - News Release

Mr. Mike Blady reports

GOLDEN RIDGE RESOURCES COMPLETES MAIDEN DRILL PROGRAM ON THE WILLIAMS GOLD PROPERTY

Golden Ridge Resources Ltd. has completed its maiden 4,185-metre drill program on the Williams gold property within the Appleton and Dog Bay fault corridors. The property is surrounded by New Found Gold Corp.'s Queensway South gold property in the central Newfoundland gold belt, where the inaugural drill program of 7,254 metres (m) was completed in 2022. Golden Ridge's diamond drill program tested numerous robust gold anomalies, in soil and trenches, in the south and central portions of the property. The drill program followed up two successful field seasons in 2020 and 2021, which included extensive prospecting, property-wide and focused infill soil sampling, and follow-up trenching.

Golden Ridge is also pleased to announce the completion of the first large-scale geochemical program on its district-scale Heritage property, located within the Burin epithermal gold/silver belt.

Williams gold property maiden drill program

The maiden diamond drill program consisted of 4,185 m over 29 drill holes. Drill holes were predominantly in the 100-metre to 200-metre range, to target and test soil and bedrock anomalies, which included float samples assaying up to 281 grams per tonne (g/t) gold (Au) and soil samples up to 1,503 ppb Au. Drilling was successful, with most of the holes intersecting sulphide mineralization and alteration commonly associated with gold mineralization in the area. Golden Ridge had planned to complete 5,000 m of drilling within 2022; however, with the onset of winter conditions and contractor delays, the company decided to utilize the remainder of the budget when conditions are more favourable.

Heritage project till geochemistry program

Golden Ridge completed a 973-sample basal till sampling program focused on defining and broadening mineralized zones within the Point May epithermal system, delineated during the company's earlier diamond drilling programs. Significant portions of the 22,875-hectare Heritage project area are covered by thick till and bog requiring a sampling method that can penetrate through the overburden. Historically, discoveries were made within Heritage project through traditional prospecting. Within the areas known to be underlain by mineralization, a tighter 200-metre-by-25-metre grid was completed, with a broader 400-metre-by-50-metre grid over the underexplored parts of the project area.

"The maiden drilling program has shown multiple strongly mineralized and altered zones within the southern and central portions of the Williams gold property, proximal to surficial gold-in-soil geochemical anomalies. The 2022 drilling program consisted of 29 holes which succeeded in testing 10 of more than 20 anomalies that the company has identified in the previous two years' work. Additional drilling is required to test the remaining targets in 2023. We eagerly await assays, which we will report when they are received in the coming weeks. Rounding out a busy 2022 exploration season, we are also awaiting the results from the first regional geochemical program on the Heritage project which was designed to expand mineralization drilled at the Eagle zone," stated Mike Blady, director, chief executive officer and president of Golden Ridge.

Qualified person

Dr. Stephen Amor, PhD, PGeo, technical adviser to the company, is the qualified person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.

About Golden Ridge Resources Ltd.

Golden Ridge is a TSX Venture Exchange-listed exploration company engaged in acquiring and advancing mineral properties located in Newfoundland and British Columbia. Golden Ridge is currently focused on exploration and development of its portfolio of exploration assets in Newfoundland. The company owns a 100-per-cent interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000-hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, B.C., and has a portfolio of exploration projects in Newfoundland.

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