Golden Ridge Resources Completes Trenching at the Williams Gold Property, Located within New Found Gold Corps' Queensway South Gold Project
Kelowna, September 20, 2021 - Golden Ridge Resources Ltd. ("Golden Ridge" or the "Company") (TSXV:GLDN) (OTC:GORIF) is pleased to report that it has completed trenching on the on the Williams Gold Property ("Williams" or "The Property"), located within New Found Gold Corp (NFGC)'s Queensway South Gold Property in the Central Newfoundland Gold Belt of the province of Newfoundland and Labrador (Figure 1).1 Trenching targets were determined through prospecting and soil sampling completed in 2020. Trenching uncovered numerous mineralized quartz-veined zones throughout the property, suggesting multiple potential mineralizing systems. The Company also completed the collection of 864 soil samples on a 25x25m grid to refine the definition of anomalous areas identified in the 2020 soil sampling program (Figure 2). The Company has received the drill permit for the Williams Gold Property and is currently completing Phase 1 work while awaiting assays. -
--Trenching and prospecting have highlighted numerous hydrothermal zones containing pyrite, arsenopyrite, chalcopyrite, and boulangerite within NE-trending structures, including the southern extension of the Appleton Fault Zone. Trenching encountered quartz veins and breccia zones 2-10m in thickness with associated mineralization and alteration. The zones are primarily hosted in green mudstone and black shale, which are typically strongly crenulated and folded.
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--The mineralized zones are situated within Au-As-Sb soil anomalies, suggesting that soil sampling is an effective tool to locate mineralization on the Property. The Company followed up the 100x100m regional soil program completed in 2020 (see News Release of October 26, 2020) with a targeted 25x25m soil sampling program. Increased sample density will highlight areas of interest for Phase II exploration and drilling in the fall.
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--The Company has received its drill permit for the Williams Property and will commence drilling upon receipt of its trenching and geochemical assays.
Mike Blady, Director, CEO & President of Golden Ridge stated "We have successfully begun to uncover and define the potential for high-grade Au mineralization within the Williams Gold Property, where very limited historical work has been done. Trenching has uncovered mineralized zones within multiple potential hydrothermal corridors, with similar characteristics to high-grade mineralization found within the Queensway property. Soil sampling has proved to be effective for exploration within the Property and the Company has followed up with a high-definition 25x25m grid to vector towards high-grade mineralization for Phase II follow up."
1This news release contains information about adjacent properties on which Golden Ridge has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties
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Qualified Person:
Dr. Stephen Amor, PhD, PGeo, technical advisor 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:
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 its portfolio of exploration assets in Newfoundland. The Company owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000-hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia and has a portfolio of exploration projects in Newfoundland.
Mike Blady
Chief Executive Officer
Tel: (250) 768-1168
Website: www.goldenridgeresources.com
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including: that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company continues to maintain a good relationship with the local project communities. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's Management's Discussion and Analysis reports filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
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