Kelowna, British Columbia – TheNewswire – March 10, 2021 – Golden Ridge Resources Ltd. (“Golden Ridge” or “the Company”) (TSXV: GLDN) is pleased to report that the Company’s 2021 infill soil sampling program has discovered three large gold-in-soil anomalies on the Williams Gold Property (“Williams” or “the Property”), which is surrounded by 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 The 800 m, 425 m and 350 m long anomalies, which remain open along strike, include values of 1.5 g/t and 1.05 g/t Au which are among the highest gold grades in soil reported to date in the central Newfoundland gold belt (Figure 2). Trenching also revealed strong hydrothermal veins, elevated precursor elements (arsenic and antimony) and gold mineralization along the ground gold trends noted above.
Numerous gold anomalies in the ground along the corridor of the Appleton Fault
Some 1,316 soil samples were collected during the 2021 field program, of which 886 soil samples have been received so far. Soil sampling was primarily conducted on a 25 x 25 m high-density grid, focusing on the portion of the property overlying the Appleton fault corridor, and 38 of the 886 samples received returned grades greater than 50 ppb Au, which is considered very abnormal for the region. The gold-in-ground anomalies remain open along strike and include anomalies with strike lengths of at least 800m, 425m and 350m (Figure 3, Figure 4). The ENE and NE trending anomalies are similar to the high grade gold mineralized trend in the northern part of the Queensway property. B horizon soil sampling has proven to be an effective geochemical exploration tool and Golden Ridge will continue to expand soil sampling and more accurately delineate anomalies as weather conditions permit.
Trenching highlights numerous mineralized zones within the Appleton fault corridor
Trenches were completed across the Williams property and revealed numerous areas of hydrothermal veining, alteration and mineralization in the Dog Bay Line and Appleton Fault corridors. The 2021 trenching program was the first ever on the Williams gold property and was conducted as a follow-up to the 2020 regional 100x100m soil sampling program.
The first trench sampling program at Williams consisted of 356 continuous chip and channel samples (305 received) along a combined total of 323 m in 22 trenches and was widely scattered across the property. Prior to 2021, only a limited floating survey had been conducted on the property. The main objective of the 2021 trenching program was to test bedrock near the locations of historical high-grade float samples, monitor the 2020 regional 100 x 100 m soil sampling program, determine the effectiveness of soil sampling at Williams and to study the nature of the mineralized zones. .
Channel sampling in the Appleton fault corridor revealed a 0.5 m interval of 1.92 g/t Au and a 3 m interval of 0.40 g/t Au, within from the 800 m north soil anomaly, and 2 m of 0.57 g/t Au in the 425 m south soil anomaly. Trenching in ground anomalies confirms gold mineralization in bedrock. Pyrite, arsenopyrite, chalcopyrite and stibnite coincide with gold mineralization suggesting the potential for additional mineralization associated with high-grade gold and precursor elements contained in ground anomalies.
Mike Blady, Director, CEO and President of Golden Ridge said,High-density soil sampling has proven to be an effective tool for exploration on the Williams gold property with several large, delineated gold anomalies. Gold anomalies identified in the Appleton Fault corridor remain open along strike, and trenching proved the relationship between gold in the ground and in bedrock. In 2021, we successfully delineated numerous exploration targets within the under-explored Williams gold property, with large portions of the property remaining to be tested. Golden Ridge is excited for the 2022 season when we will continue to track ground anomalies with more soil sampling, as well as prepare for the first diamond drill program.
1This press release contains information about adjacent properties on which Golden Ridge does not have the right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on Company properties.
2022 exploration plans
A detailed exploration plan for 2022 will be published by the Company in the coming weeks once the final analyzes for 2021 are received. Exploration will focus on diamond drill testing of gold anomalies delineated by high density soil sampling and corresponding bedrock targets identified by trenching. The initial drilling will consist of a 5,000 m program which will be extended as needed. In addition to drilling, the Company will continue to carry out geochemical surveys, additional trenching, if necessary, and potentially additional airborne geophysical surveys, to better define and supplement the targets.
Due to increased exploration activity in Newfoundland and the resulting demand for analytical services, the Company has experienced significant delays in reporting results in 2021. For 2022, the Company will implement a strategy to reduce these delays and keep the crawling and flow of news online. with industry standards.
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 contained in this press release.
Golden Ridge Resources acknowledges the financial support of the Junior Exploration Assistance Program of the Department of Industry, Energy and Technology of the Government of Newfoundland and Labrador.
About Golden Ridge Resources:
Golden Ridge is a TSX Venture Exchange listed exploration company engaged in the acquisition and advancement of mineral properties located in Newfoundland and British Columbia. Golden Ridge is currently focused on exploring and developing 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 kilometers north of Stewart, British Columbia and has a portfolio of exploration projects in Newfoundland.
Golden Ridge Resources Ltd.
Chief Executive Officer
Tel: (250) 717-3151
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking information” as that term is used in applicable Canadian securities laws. Forward-looking information is based on management’s plans, expectations and estimates as of the date the information is provided and is subject to certain factors and assumptions, including: that the Company’s financial condition and development plans will not not change as a result of unforeseen events, that the Company obtains the required regulatory approvals, that the Company continues to maintain good relations with the local communities of the project. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual plans, estimates and results to differ materially from those projected in such forward-looking information. Factors that could cause the forward-looking information contained in this press release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions mentioned prove invalid or reliable, which could result in delays, or the cessation of planned work, changes in the Company’s financial condition and development plans, delays in regulatory approval, risks associated with data interpretation, geology, grade and the continuity of mineral deposits, the possibility that results will not meet the Company’s objectives and expectations, and other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the reports of management of the Company filed under the profile of the Company at the address www.sedar.com. There can be no assurance that 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 undue reliance on any forward-looking information or statements. The Company undertakes no obligation to update any forward-looking information or statements, except as required by applicable law.
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