Mr. Mike Blady reports

GOLDEN RIDGE INTERSECTS 70.75 METERS OF 1.05 G/T AU INCLUDING 16.45 METERS OF 2.38 G/T AT THE WILLIAMS GOLD PROPERTY

Golden Ridge Resources Ltd. has released new assay results from the 2023 phase II drilling campaign at the Williams gold property within the Appleton and Dog Bay fault corridors. Golden Ridge has continued to generate encouraging results at the Williams gold property with recent assays outlining large gram-metre intercepts up to 70.75 metres grading 1.05 grams per tonne gold. The property is surrounded by New Found Gold Corp.'s Queensway gold property where New Found Gold is currently undertaking a 650,000-metre drill program.

Highlights:

• WIL-23-42 intersected 70.75 metres of 1.05 grams per tonne gold from 43.00 metres, including 16.45 metres of 2.38 grams per tonne gold from 70.40 metres (see attached table).
• WIL-23-37 intersected 22.35 metres of 1.45 grams per tonne gold from 69.20 metres, including 6.50 metres of 2.61 grams per tonne gold from 69.20 metres (see attached table).
• Drilling at the Williams gold property continues to intersect robust network of gold-bearing veins, indicating a more pervasive and widespread mineralized system than encountered in phase I drilling.
• The strike lengths along the Cabin zone and the Gray Jay zone both increased by 150 metres.

"The Williams gold property continues to deliver multiple zones of broad gold mineralization and alteration. The 2023 drill program has increased grades, width, strike length of both the Gray Jay zone and Cabin zone extension. Assays continue to validate the more robust alteration and veining in the 41 holes of phase II. The Williams gold property is an important piece in the Appleton fault corridor story, and we will release remaining assays as they are received," stated Mike Blady, chief executive officer and director of Golden Ridge.

Phase II drilling at the Williams project was focused on the five mineralized zones as identified by earlier prospecting, soil and drilling programs. These mineralized zones are known as the Cabin zone (CZ), the Cabin zone extension (CZX), the EQ zone (EQZ), the Gray Jay zone (GJZ) and the Blue Jay zone (BJZ) -- all of which are open along strike and down dip. The second target of phase II drilling, following up on results obtained from the CZX (see Nov. 30, 2023, news release), was the Gray Jay zone -- a one-kilometre-long gold-in-soil anomaly first tested by the 2022 maiden drilling program. Phase II focused on WIL-22-21, which intersected a complex system of veins and veinlets grading 14.40 metres at 1.51 grams per tonne gold. In total, 13 drill holes (WIL-23-36 through WIL-23-48) totalling 1,759 metres were drilled at the Gray Jay zone. 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-23-37 (a 25-metre stepout from WIL-22-21) intersecting a 22.35-metre section grading 1.45 grams per tonne gold, including a 6.50-metre section that yielded 2.61 grams per tonne gold. Additionally, WIL-23-42 (same collar but opposite azimuth as WIL-22-21) intersected a 70.75-metre section grading 1.05 grams per tonne gold, including a 16.45-metre section that yielded 2.38 grams per tonne gold. Drilling at the Gray Jay zone also identified several fault/rubble zones most commonly along the eastern margin of the mineralized system and are often associated with graphite. The fault/rubble zones locally contain vein fragments, which indicate synmineralization to postmineralization movement along these structures. Mineralization at the Gray Jay zone is open along strike and down dip and additional 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 the phase I and phase II programs. The balance of assay results from the 2023 program have yet to be received. Drill holes were predominantly in the 100-metre-to-200-metre 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 grams per tonne gold and soil samples up to 1,503 parts per billion gold.

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 transtensional environment. The presence of sigma clasts, gouge in faults and folding in quartz veins is 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 was conducted 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. 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 gram per tonne gold in fire assay were also assayed using the metallic screen method. Golden Ridge submits certified reference standards and blanks at a rate of approximately 5.1 per cent of the sample total and sampling duplicates at 2.2 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 of the 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 Kingfisher 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.

We seek Safe Harbor.