Mr. Mike Blady reports

GOLDEN RIDGE INTERSECTS 86 METERS OF 1.00 G/T AU INCLUDING 22 METERS OF 1.58 G/T AT THE WILLIAMS GOLD PROPERTY AND COMPLETES PHASE II DRILLING

Golden Ridge Resources Ltd. has completed the 2023 phase II drilling campaign at the Williams gold property within the Appleton and Dog Bay fault corridors. Golden Ridge intersected in the first hole of the 2022 phase II drilling campaign the largest gram-metre intercept of 86 metres of one gram per tonne Au on the Williams property to date. The property is surrounded by New Found Gold Corp. (NFGC)'s Queensway gold property where NFGC is currently undertaking a 500,000-metre drill program.

Highlights:

• WIL-23-30 intersected 86 metres of one g/t Au from 63 metres, including two metres of 9.21 g/t Au from 81 metres.
• Drilling focused on building off 2022 results and tested new prospective target areas.
• Forty-one holes were drilled for a total of 5,982 metres in the 2023 campaign.
• Mineralization was noted to be more pervasive and widespread than encountered in phase I drilling.

"Drilling 86 gram-metres Au in our first reported hole of phase II drilling is very exciting. The highlighted intercept in WIL-23-30 represents our highest gram-metre interval to date at Williams. Drilling has now confirmed at least five distinct mineralized zones at Williams all of which remain open along strike and at depth," stated Mike Blady, director, chief executive officer and president of Golden Ridge. "Observing the increased alteration and veining drilled over 41 holes in phase II strongly suggests that we are vectoring towards the full potential of the property."

Phase II drilling was initially focused on WIL-22-12, which intersected a complex system of veins and veinlets grading 37.93 metres grading at 0.68 g/t Au. First identified during the 2022 maiden drilling program, this area is now known as the Cabin zone extension (CZE) and represents the northeastern extension of a one-kilometre-long gold-in-soil anomaly known as the Cabin zone. In total, six drill holes, WIL-23-30 through WIL-23-35 (totalling 1,029 metres), were drilled at the Cabin zone extension. All drill holes were successful in intersecting a broad alteration halo and associated system of vein and veinlets first observed in phase I drilling. Broad mineralization is exemplified by WIL-23-30 (a 12.5-metre stepout from WIL-22-12) intersecting an 86-metre section grading one g/t gold, including a two-metre section which yielded 9.21 g/t. Drilling at the Cabin zone extension also identified several fault/rubble zones throughout often associated with graphite. The fault/rubble zones locally contain vein fragments which indicate syn-mineralization to postmineralization movement along these structures. Mineralization at the Cabin zone extension is open along strike and down dip and further drilling will be required to further delineate the nature of gold mineralization.

Williams gold property 2023 drill program

Forty-one holes were drilled in the phase II diamond drill program consisting of 5,982 metres. Golden Ridge has now completed 70 holes for 10,182 metres of drilling over phase I and II programs. The balance of assay results from the 2023 program have yet to be received. Drill holes were predominantly in the 100 m to 200 m range focusing on testing soil, bedrock and drilling anomalies previously identified by earlier exploration programs. Highlights of the previous field programs completed by Golden Ridge Resources from 2020 to 2022 include float samples assaying up to 281 g/t Au and soil samples up to 1,503 parts per billion Au.

Mineralization in phase II was broader in nature consisting of a complex system of vein, veinlets and vein breccia, up to 1.5 metres in size. Gold-bearing veins are often associated with weak to locally intense sericitic and chloritic alteration. Additionally, sulphide mineralization appears to be more pervasive in core obtained from phase II drill holes. The host rock often contains disseminated pyrite crystals, blebs and stringers throughout and acicular crystals and blebs of arsenopyrite near mineralized zones. Trace pyrrhotite has also been observed in the host rock but this is commonly restricted to areas of intense veining. Gold-bearing veins contain primarily pyrite and are often associated with arsenopyrite, pyrrhotite, chalcopyrite and galena with trace amounts of stibnite, molybdenite and sphalerite. Golden Ridge has noted that the most reliable pathfinder for the presence of high-grade gold is increasing concentrations of arsenopyrite.

Golden Ridge is continuing to model the structural controls of the transportation and deposition of gold-bearing fluids on the Williams property. Vein systems suggest the presence of both brittle and ductile features indicating a transitionary tectonic environment. Fracture filling appears to be the most prevalent style of vein deposition representing a trans-tensional environment. The presence of sigma clasts, gouge in faults and folding in quartz veins are indicative of a more ductile environment. Vein systems associated with sericitic-chloritic alteration and arsenopyrite are often used to distinguish gold-bearing veins from other generations of quartz veins observed throughout the property.

Sampling and laboratory methodology:

True widths of the report intersections have not been calculated at this time. Drilling was primarily conducted in NQ. Samples were marked and quality assurance/quality control by Golden Ridge staff. Drill core was split using a diamond core cutting saw and sealed in polybags.

Samples were sent to the mobile sample preparation unit (MSPU) of SGS Canada Inc. (SGS) in Grand Falls, Nfld., for sample preparation, and then to the laboratory of SGS Canada Inc. in Burnaby, B.C., for fire assay. SGS is ISO/IEC 17025 accredited. Samples were analyzed for gold by fire assay using a 30-gram charge (ICP-AES). 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 the Williams gold property located in the central Newfoundland gold belt. The company owns a 100-per-cent interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property which is currently under option to King Fisher Metals Corp. and the 3,000-hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, B.C.

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