Mr. Mike Blady reports

GOLDEN RIDGE CONTINUES TO CONFIRM ROBUST MINERALIZATION AT THE WILLIAMS GOLD PROPERTY WITH INTERCEPTS OF 24.65 METERS OF 2.22 G/T AU INCLUDING 0.65 METERS OF 77.40 G/T

Golden Ridge Resources Ltd. has released the final 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 property with recent assays recording mineralization up to 24.65 metres grading 2.22 grams per tonne Au. The Williams project is surrounded by New Found Gold Corp.'s (NFGC) Queensway gold property where NFGC is currently undertaking a 650,000-metre drill program.

Highlights:

• WIL-23-54 intersected 24.65 metres of 2.22 g/t Au from 78.50 metres, including 0.65 metre of 77.40 g/t Au from 101.90 metres.
• WIL-23-51 intersected 12.30 metres of 0.67 g/t Au from 21.90 metres, including 5.45 metres of 1.00 g/t Au from 22.55 metres.
• WIL-23-70 intersected 22.60 metres of 0.46 g/t Au from 58.40 metres, including 5.50 metres of 1.10 g/t Au from 71.40 metres.
• Infill drilling between the Cabin zone and Cabin zone extension has established continuity of Au mineralization between these prospects, increasing the strike length by 200 metres to 1,300 metres.
• Drilling at the Blue Jay zone reveals a potential 550-metre strike length of Au mineralization.

"The Williams gold property continues to deliver multiple zones of broad gold mineralization and pervasive alteration. The 2023 drill program has increased grades, width and 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. An increased focus on second-order structures is the next step to continue the evolution of the project. The Williams gold property is an important piece in the Appleton fault corridor story," 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 sampling and drilling programs. These mineralized zones are known as the: Cabin zone (CZ), Cabin zone extension (CZX), EQ zone (EQZ), Gray Jay zone (GJZ) and the Blue Jay zone (BJZ), all of which are open along strike and down dip. Although these zones were first identified during the 2020 to 2021 surficial sampling and trenching programs, several other prospects remain to be targeted. Upon completion of infill drilling at the Grey Jay zone (Jan. 29, 2024, news release), the 2024 drilling campaign switched gears and began to target outlying prospects. The final phase of the 2023 drilling program returned to the Cabin zone. Its purpose was to follow up on exciting results obtained in 2022, with the objective of increasing the strike length of the prospect and connecting the Cabin zone to the Cabin zone extension.

Excitingly, phase II drilling was not only successful in confirming the presence of Au mineralization at the Blue Jay and EQ zones; it also increased the strike length of the Cabin zone and established along strike continuity between it and Cabin zone extension. Mineralization at these locations is characterized by a broad sericite-chlorite alteration halo that is associated with a complex system of quartz-carbonate veins like those identified by earlier trenching and drilling. This is exemplified by WIL-23-51, at the Blue Jay zone, which intersected a 12.30-metre section grading 0.67 g/t Au, including a 5.45-metre section which yielded one g/t Au. Additionally, WIL-23-54 (located 450 metres northeast of WIL-23-51) intersected a 24.65-metre section grading 2.22 g/t Au, including a 11.7-metre section which yielded 4.46 g/t Au. WIL-23-54 also intersected 0.65-metre zone grading 77.40 g/t representing a potential high-grade target at this prospect. Mineralization was also identified in outlying targets located at the southwestern extension of the Gray Jay zone and EQ zones. Drilling at these prospects once more revealed broad zones of Au mineralization such as those observed in WIL-23-63 which contained 3.10 metres yielding 1.29 g/t Au.

Infill drilling at the Cabin zone was centred around WIL-22-09 and WIL-22-08 which intersected 46.50 metrers at 0.39 g/t Au and 10 metres grading 0.50 g/t, respectively. Drilling at this location continued defining broad zones of mineralization as documented by WIL-23-68 (a 300-metre stepout from WIL-22-08) which contained a 21.70-metre section grading 0.44 g/t Au, including an 8.55-metre section at 0.74 g/t Au. Additionally, WIL-23-70 (a 12.5-metre stepout from WIL-22-09) intersected a 58.40-metre section grading 0.46 g/t Au, including a 5.50-metre section which yielded 1.10 g/t Au. Importantly, drilling at the Cabin zone indicates along strike continuity of Au mineralization between the Cabin zone and Cabin zone extension. Ultimately, the 2023 drilling campaign increasing the total strike length of the Cabin zone prospect by 200 metres.

Interestingly, mineralization throughout the project area is often associated with fault/rubble zones most commonly occurring along the eastern margin of the system. This is especially apparent at the EQ zone, Cabin zone and Cabin zone extension where these faults/rubble zones contain clay and graphite. These zones also display variable amounts of vein fragments and anomalous Au concentrations indicating syn-mineralization to postmineralization movement along these structures. A structural analysis of these zones is currently under way to determine the exact relationship between them and the mineralized system.

It is important to note that all prospects at Williams property are currently still open along strike and down dip, and further drilling will be required to delineate the overall size and grade of the Au mineralization system.

Williams gold property 2023 drill program

In total, 41 holes were completed during phase II drilling campaign consisting of 5,982 metres. Upon completion of this program Golden Ridge has now drilled 70 holes at the Williams property for a grand total of 10,182 metres. With an average depth between 100 and 200 metres each drill hole was focused on testing near- surface gold mineralization associated with soil, bedrock and drilling anomalies identified during earlier exploration programs. Highlights from these programs include soil, grab and core samples yielding 1.5 g/t, 281 g/t and 77.4 g/t, respectively. Building on earlier successes, the phase II diamond drilling campaign continued to increase the potential of the Williams project. Infill drilling at the Grey Jay, Cabin and Cabin zone extension outlined a core region of Au mineralization with intercepts up to 86 metres yielding one g/t Au (WIL-23-30; Nov. 30, 2023, news release) and 70.75 metres with 1.05 g/t (WIL-23-42; Jan. 30, 2024, news release). Individual core samples from this region also returned assay results up to 13.30 g/t at the Cabin zone extension and 6.58 g/t at the Gray Jay zone and increased the overall Au grade at these prospects. Drilling at prospects outside the mineralized core also confirmed the presence of Au-in-bedrock mineralization throughout the project area. This is exemplified by WIL-23-54 (Blue Jay zone -- included in news release) which intersected 24.65 metres of 2.22g/t. Interestingly, this drill hole also contains the highest Au grade sample obtained in drill core to date at 0.65 metre at 77.40 g/t, further confirming the presence of high-grade gold samples throughout the Williams property.

Phase II drilling indicates that mineralization at the Williams zone is more widespread than previously identified. This program continued to characterize the style of gold mineralization as a complex system of up to 1.5-metre veins, veinlets and vein breccias. This Au-bearing system is associated with weak to locally intense sericitic and chloritic alteration with the highest gold assays correlating to areas of increased 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 occur near mineralized zones. 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 mineralizing fluids at the Williams property. Deformation of the mineralized system suggests 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; however, the presence of sigma clasts, gouge in faults and folding in quartz veins also are indicative of a more ductile environment. Further structural analysis and drilling will be required to fully delineate the relationship between the ore-forming fluids, structural controls on mineralization and postmineralization movement at the Williams property. Vein systems associated with sericitic-chloritic alteration and containing arsenopyrite can be 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. in Grand Falls, Nfld., for sample preparation, and then to the laboratory of SGS Canada 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 (inductively coupled plasma atomic emission spectroscopy). 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 5.1 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, government of Newfoundland and Labrador.

Corporate

Golden Ridge advises announces that the board has approved the adoption of a 10-per-cent fixed stock option plan, effective March 22, 2024, which replaces the company's legacy 10-per-cent rolling plan subject to the approval of the TSX Venture Exchange.

Under the fixed option plan, the company may grant options to acquire up to an aggregate of 5,844,132 common shares of the company, representing 10 per cent of the current issued and outstanding common shares of the company, subject to the terms and conditions prescribed by the exchange and applicable securities laws. Prior to the adoption of the fixed option plan, 3.52 million stock options were outstanding under the previous 10-per-cent rolling stock option plan, which options will now be governed by the terms of the new fixed option plan.

The board has reasoned that the fixed option plan will satisfy the objective to attract and retain its personnel as well as align with the interests of its shareholders. All previously granted options shall continue to exist and be exercisable under the new plan.

About Golden Ridge Resources Ltd.

Golden Ridge is a TSX-V-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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