Mr. Mike Blady reports

GOLDEN RIDGE RESOURCES CONTINUES TO INTERCEPT MINERALIZATION INCLUDING 14.4M OF 1.51 G/T AU IN HOLE WIL-22-21 FROM MAIDEN DRILL PROGRAM ON THE WILLIAMS GOLD PROPERTY

Golden Ridge Resources Ltd. has released additional results from its maiden drill program at the Williams gold property, that is surrounded by New Found Gold Corp.'s (NFGC) Queensway South gold property in the central Newfoundland gold belt of the province of Newfoundland and Labrador. The maiden drill program consisted of 29 holes for a total of 4,186 metres. So far, the program has led to the discovery of numerous near-surface zones of gold mineralization within the Appleton fault corridor (AFC) of the Williams property.

Highlights:

• WIL-22-21: 14.4 metres of 1.51 grams per tonne Au from 88.10 to 102.50 metres, including 4.6 metres of 2.49 g/t Au;
• WIL-22-20: 30 metres of 0.62 g/t Au from 64 to 94 metres;
• Gold mineralization (minimum one gram per metre Au) was encountered in over 90 per cent of the holes drilled in 2022;
• Mineralization now stretches over 1.5 kilometres within and parallel to the Appleton fault corridor and remains open in all directions;
• The company is fully financed for exploration in 2023 with numerous targets yet to be tested.

Holes 15 to 29 continued to test multiple zones indicated in previous prospecting, high-density soil sampling and trenching by Golden Ridge. The 2022 drilling program was focused on testing the large gold-in-soil anomalies and results of subsequent trench sampling. Gold mineralization in drill core is typically associated with minor to pervasive sericite alteration surrounding quartz-carbonate veins with variable pyrite, chalcopyrite, pyrrhotite, arsenopyrite and antimony sulphides.

Golden Ridge is currently interpreting structural data from the AFC within the property. Structural controls play an important role in the development of mineralization at most gold occurrences in the Appleton fault corridor. Planning for the 2023 drill program is currently under way.

"The final 15 holes of the 2023 program at the Williams gold property confirm multiple gold-bearing fault systems throughout the AFC. Intersecting meaningful amounts of gold mineralization in 27 of 29 drill holes is a testament to the potential of the property. Much like our friends who surround us, our strategy for 2023 drilling will focus on short, targeted holes which will refine our evolving structural model to guide exploration of the untested strike extensions of the AFC, testing of new targets outstanding from last year and infilling areas within our large gold-in-soil anomalies. We are very excited to get back to work at Williams and the underexplored Queensway South," stated Mike Blady, chief executive officer and director of Golden Ridge.

Sampling and laboratory methodology

True widths of the reported intersections have not been calculated at this time. Drilling was primarily conducted in HQ; however, NQ was used when ground conditions required it. Drill core was split using a diamond core cutting saw.

Samples were sent either to Eastern Analytical Ltd. in Springdale, Nfld. (for both sample preparation and fire assay), or to the mobile sample preparation unit (MSPU) of SGS Canada Inc. in Grand Falls, Nfld., for sample preparation, and then to the laboratory of SGS Canada in Burnaby, B.C., for fire assay. Both laboratories are ISO/IEC 17025 accredited. Samples were analyzed for gold by fire assay using a 30-gram or 50-gram charge. Samples containing visible gold or greater than one g/t Au in fire assay were also assayed using the metallic screen method. Golden Ridge submits certified reference standards and blanks at a rate of approximately 5 per cent of the sample total.

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.

Acknowledgments

Golden Ridge Resources acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy, and Technology, government of Newfoundland and Labrador.

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 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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