Mr. Mike Blady reports

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

Golden Ridge Resources Ltd. has commenced the phase II, 6,000-metre drill program at the Williams gold property that is surrounded by New Found Gold Corp.'s Queensway South gold property in the central Newfoundland gold belt of the province of Newfoundland and Labrador. The phase II drill program will focus on targeting untested high-priority greenfield targets, infilling the numerous gold geochemical trends and building on successful phase I drill results. Phase II targets typically lie along strike from New Found Gold's 2022 drilling on the Queensway South gold property (see NFG May 25, 2023, news release).

Highlights:

• Two thousand twenty-three will be Golden Ridge's largest-ever drill program, with goals to expand known mineralization and test greenfields high-priority targets.
• Drilling is under way, with plans to complete 6,000 metres using a more agile Duralite 1400 track-mounted drill rig.
• Golden Ridge will be using its proprietary targeting matrix to prioritize drilling during phase II.

Similarities to the New Found Gold Queensway South gold property:

• The Williams gold property is located between Devils Pond and Nebula zones and along strike from the Astronaut, Nova and Goose zones.
• Both properties show small high-grade visible gold intervals as well as broad intervals of mineralization.
• Gold mineralization within both properties likely is associated the Appleton fault zone.
• Mineralized zones in the Queensway South gold property associated with high-tenor gold-in-soil anomalies, gold-in-grab samples and till anomalies.

Recap of the 2022 phase I 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 (minimum one gram/metre Au) 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 Au from 11 to 11.5 metres;
• WIL-22-12: 37.8 metres of 0.7 g/t Au from 6.24 to 44.07 metres;
• 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;
• WIL-22-20: 30 metres of 0.62 g/t Au from 64 to 94 metres.

Strong on-strike similarities between the Williams gold property and the NFG Queensway South property highlight the potential for a broad mineralized trend. Soil sampling and prospecting have shown strong effectiveness for exploration in the area. From 2020 to 2022 Golden Ridge conducted property-wide and high-density soil sampling, prospecting and trenching that highlighted numerous high-tenor gold anomalies. Phase I drilling at the Williams gold property successfully tested soil and trenching gold anomalies.

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 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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