Mr. Mike Blady reports

GOLDEN RIDGE RESOURCES PLANS PHASE II DRILLING AT THE WILLIAMS GOLD PROPERTY

Golden Ridge Resources Ltd. plans to undertake a 6,000-metre drill program at the Williams gold property that is surrounded by New Found Gold Corp. (NFGC)'s Queensway South gold property in the central Newfoundland gold belt of the province of Newfoundland and Labrador. The phase 2 drill program will focus on building on phase 1 results, as well as continuing to test new targets that were generated by recent greenfield exploration. The company is planning to commence its phase 2 drill program in the coming weeks.

Recap of the 2022 phase 1 drill program:

• 29 holes were drilled for a total of 4,186 metres;
• Identified a 1.5-kilometre mineralized corridor within the Appleton fault corridor, which remains open in all directions;
• Gold mineralization was encountered in over 90 per cent of the holes drilled in 2022;
• Drilling was focused on testing soil anomalies and following up on trenching done in 2021 primarily with short 100- to 150-metre holes;
• WIL-22-14: 0.5 metre of 50.45 grams per tonne gold from 11 to 11.5 metres (attached table);
• WIL-22-12: 37.8 metres of 0.7 g/t Au from 6.24 to 44.07 metres (attached table);
• WIL-22-21: 14.4 metres of 1.51 g/t Au from 88.10 to 102.50 metres, including 4.6 metres of 2.49 g/t Au (attached table);
• WIL-22-20: 30.0 metres of 0.62 g/t Au from 64.00 to 94.00 metres (attached table).

Golden Ridge has been actively exploring the Williams gold property since 2020. From 2020 to 2022, Golden Ridge conducted property-wide and high-density soil sampling, prospecting and trenching. Fieldwork highlighted numerous targets within both the Appleton and the Dog Bay fault corridors. Within the Appleton fault corridor in the southern portion of the property, multiple high-tenor gold-in-soil anomalies were discovered with values up to 1.5 g/t Au. Follow-up trenching established the relationship between enriched gold-in-bedrock and gold-in-soil anomalies. Drilling in 2022 tested many of the soil and trenching targets.

"We are extremely excited to get back to the Williams gold property for the 2023 field season. The central Newfoundland gold belt continues to prove that it is a premier up-and-coming gold district. The maiden 2022 drill program proved the potential for a large mineralized system within the Appleton fault corridor on the property. The 2023 program will continue to build on the 2022 program by expanding known zones and continue to test anomalies that are yet to be drilled," stated Mike Blady, chief executive officer and director of Golden Ridge.

Option agreement

In an effort to focus additional resources on Williams, Golden Ridge has elected not to proceed with the Heritage property option and associated agreements, effective immediately.

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 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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