Gold and Silver Exploration in British Columbia’s Golden Triangle
This Golden Ridge Resources Ltd. profile is part of a paid investor education campaign.*
Golden Ridge Resources Ltd. (TSXV:GLDN,FWB:44G) is an exploration company focused on acquiring and advancing mineral properties in British Columbia. Golden Ridge owns three projects in British Columbia and has optioned its fourth property in the Yukon to Fireweed Zinc (TSXV:FWZ).
Golden Ridge Resources’ wholly-owned Hank gold–copper–silver project is located in British Columbia’s Golden Triangle and hosts two types of mineralization: high-grade epithermal-style gold-silver veins and bulk tonnage alkalic copper-gold porphyries. In 2018, Golden Ridge Resources intercepted 319 meters grading 0.34 percent copper, 0.42 g/t gold and 2.20 g/t silver at the Williams zone and 20 meters grading 11.63 g/t gold and 13.8 g/t silver at the Boiling zone. The company is focused on drilling in three locations during its upcoming work program at the Hank property: Williams zone, Boiling zone and Creek zone.
The company is currently earning an 80 percent interest in the Ball Creek property, which surrounds the Hank project. The property hosts four copper porphyry systems with similar geological settings to the Red Chris, KSM, Spectrum, GJ and Snip mineral deposits as well as four epithermal gold-silver targets. Since acquiring the project and part of its initial exploration program, Golden Ridge Resources has added 60 kilometers to the strike length of the Main zone, collected 4,000 samples and identified multiple new copper-gold porphyry, skarn and VMS occurrences.
Golden Ridge Resources is acquiring the Royalle project, which is located in the Bralorne mining division in British Columbia. The property rests along trend from the Bralorne, Pioneer and King mines which produced 4.15 million ounces of gold between 1928 and 1971. Moving forward, Golden Ridge Resources intends to conduct an exploration program to test for high-grade gold and silver mineralization.
The North Canol property is located in the Yukon and is adjacent to Fireweed Zinc’s Tom and Jason deposit on the Macmillan Pass project. Fireweed Zinc is currently funding exploration on the property as part of the company’s regional exploration program.
The company’s management team has a wealth of experience in the mining industry. Golden Ridge Resources Executive Chairman Larry Nagy has been integral in the discovery of numerous gold deposits across the globe, including the SEGALA gold deposits in Mali, West Africa, the Ipanema gold deposit in Zimbabwe and the Bombore gold deposit in Burkina Faso. The company’s chief geoscientist, Dr. William Lindqvist has over 35 years of international mineral exploration experience and has participated in several significant gold discoveries as well, including the Eskay Creek gold-silver deposit in British Columbia, the Jeronimo Gold Manto deposit in Chile and the Mesquite gold deposit in California.
Management notably holds 15 percent of the company’s shares.
- Operating in mining-friendly jurisdictions of British Columbia and Yukon.
- Two types of mineralization found on the Hank project.
- Drill program is currently underway on the Hank project.
- Acquiring an 80 percent interest in the Ball Creek project.
- Golden Ridge Resources has added 60 kilometers to the strike length of the Main zone, collected 4,000 samples and identified multiple new copper-gold targets since optioning the project.
- Optioned North Canol property to Fireweed Zinc.
- Acquiring 100 percent interest in the Royalle project which sits along trend with the Bralorne, Pioneers and King mines.
- Bralorne, Pioneers and King mines produced 4.15 million ounces of gold between 1928 and 1971.
- Experienced management team that has made numerous international gold discoveries.
- Management notably holds 15 percent of the company’s shares.
Hank Gold-Silver Project
Golden Ridge Resources acquired a 100 percent interest in the Hank gold-silver project from Barrick Gold (TSX:ABX) in 2018. The 1,700-hectare Hank project is located approximately 140 kilometers north of Stewart, British Columbia in the province’s prolific Golden Triangle. The property is 15 kilometers west of Highway 37 and the 387-kilovolt Northwest transmission line from Terrace.
The Burrage airstrip is located on Highway 37, 15 kilometers east of the property, providing the company with low-cost camp accommodations and staging. The project hosts two styles of targets: high-grade epithermal-style gold-silver veins and bulk tonnage alkalic copper-gold porphyries.
Previous operators have identified a four-kilometer-long by two-kilometer-wide in soil gold anomaly with values up to 7.2 g/t gold. Two main alteration zones have also been mapped on the property: the upper alteration zone (UAZ) and the lower alteration zone (LAZ). Both zones contain highly anomalous gold values that are surrounded by high-grade polymetallic veins.
In 1985, Lac Minerals Ltd. completed a shallow drill program at the UAZ that outlined a small area that has a resource of 50,000 ounces of gold grading between 2.5 g/t gold and 4.5 g/t gold. Most of the historical work on the property focused on the UAZ, leaving the 4.5-kilometer-long LAZ mostly untested.
In 2014, Golden Ridge Resources completed a soil sampling program, an airborne magnetic survey and Terraspec analysis of bedrock samples around the historic grid. Reconnaissance soil sampling was conducted in 2016 and resulted in the identification of a significant copper-silver anomaly, now known as the Williams zone. The anomaly was coincident with a magnetic anomaly identified in the 2017 survey. A high-resolution 3D IP survey was also conducted over parts of the UAZ and LAZ and generated several additional drill targets.
In 2017, the company completed its first drill program on the property and encountered strong gold-silver-lead-zinc intercepts. Highlights from the program include 4.13 meters grading 24.15 g/t gold equivalent, 60.27 meters grading 2.60 g/t gold equivalent and 21.62 meters grading 7.04 g/t gold equivalent. The company also completed additional soil sampling over the Williams zone.
Golden Ridge Resources also carried out a ground magnetic survey at the Williams zone which resulted in a well-defined magnetic anomaly that matched with high soil geochemistry. The survey was followed up with trenching which discovered, what can be interpreted as the core of the porphyry copper-gold system.
In 2018, the company completed an IP survey and drill program on the property. The IP survey outlined an 800-meter-wide chargeability anomaly at the Williams zone. The anomaly is interpreted to plunge to the south towards the LAZ and expands to over 1.6 kilometers in width. The target remains open to the north, south and at depth.
During its 2018 drilling campaign, Golden Ridge Resources discovered a new alkalic porphyry and intersected mineralization in multiple holes. Highlights from the program include 319 meters grading 0.34 percent copper, 0.42 g/t gold and 2.20 g/t silver at the Williams zone and 20 meters grading 11.63 g/t gold and 13.8 g/t silver at the Boiling zone.
The company intersected 327 meters grading 0.31 percent copper, 0.35 g/t gold and 1.94 g/t silver in the discovery hole at the Williams zone. The discovery currently has a strike length of 200 meters and a depth of 585 meters and remains open along strike and to depth.
Golden Ridge Resources commenced its 2019 drill program at Hank in June. The focus of the program is on expanding on the two discoveries made in 2018 at the Williams and Boiling zones. Highlights from the program include 380.5 meters grading 0.28 percent copper, 0.22 g/t gold and 1.43 g/t silver.
Ball Creek Copper-Gold Project
Golden Ridge Resources has optioned an 80 percent interest in the 52,442-hectare Ball Creek project from Evrim Resources Corp. (TSXV:EVM). The property is located in British Columbia’s Golden Triangle and surrounds the company’s Hank project. The property intersects Highway 37 and the 287-kilovolt Northwest transmission line.
The project hosts four copper porphyry systems with similar geological settings to the Red Chris, KSM, Spectrum, GJ and Snip mineral deposits as well as four epithermal gold-silver targets. Significant exploration potential exists at the Mess Creek, More Creek, Rainbow and Ball Creek porphyry systems. To date, the Ball Creek target has received the majority of exploration work, leaving the remaining porphyries largely unexplored.
The property has had over 19,000 meters of drilling on it with the bulk of it centered on the Main zone. Previous operators have intersected 231 meters grading 0.21 percent copper and 0.54 g/t gold and 45.72 meters grading 0.31 percent copper and 0.69 g/t gold at the Main zone.
In August 2019, Golden Ridge Resources commenced an initial work program on the Ball Creek project. The program is to be comprised of regional geochemical sampling, deep diamond drilling and preliminary prospecting and mapping. To date, the company has added 60 kilometers to the strike length of the Main zone, collected 4,000 samples and identified multiple new copper-gold porphyry, skarn and VMS occurrences.
Royalle Gold-Silver Project
Golden Ridge Resources has the option to acquire a 100 percent interest in the Royalle gold-silver project. The company can earn its interest by issuing 480,000 common shares and $160,000 in cash to the vendors and by spending $580,000 in exploration over four years.
The property is located along trend from the Bralorne, Pioneer and King mines which produced 4.15 million ounces of gold between 1928 and 1971. The project is accessible year-round by the Lillooet-Pioneer road, providing the company with the option to drill in the winter.
Recent aeromag, aeroTEM II and ZTEM geophysical surveys have shown that the Cadwallader Break fault continues onto the Royalle property. The Cadwallader Break is the major controlling structure responsible for gold mineralization at Bralorne. Moving forward, Golden Ridge Resources intends to conduct a drill program to test for high-grade gold and silver mineralization in the Cadwallader Break.
North Canol Cobalt-Zinc Project
In March 2018, Golden Ridge Resources optioned its North Canol property to Fireweed Zinc Ltd. Under the terms of the agreement, Fireweed Zinc can earn a 100 percent interest in the property by paying an aggregate $500,000 in cash and by issuing 450,000 common shares. A two percent cobalt NSR on the project was sold to Cobalt 27 Capital Corp. (TSXV:KBLT).
The 18,080-hectare North Canol cobalt–zinc project is located in the Mayo mining division in the Yukon. The property is 162 kilometers northwest of Ross River, 360 kilometers northeast of Whitehorse and adjacent to Fireweed Zinc’s Tom and Jason deposit on its Macmillan Pass project.
The property was initially explored for sedex zinc-lead-silver-barite, bedded barite, intrusion-related gold and sediment-hosted gold deposits. A re-evaluation of the project in 2017 highlighted over 20 kilometers of highly-anomalous cobalt and zinc in streams and creeks. Cobalt in silt values up to 906 ppm have been recovered on the property.
Fireweed Zinc is currently funding exploration on the property as part of the company’s regional exploration program.
Golden Ridge Resources’ Management Team
Larry Nagy, B.A. Geology — Executive Chairman
Larry Nagy obtained a B.A degree in Geological Sciences from the University of Saskatchewan in 1966. He provides broad international exploration experience from his past management of several successful listed junior resources companies.
After graduation, he spent 16 years employed by Cominco Ltd., an exploration company with projects in Western Canada and Australia, he was a co-founder of Keewatin Engineering Ltd., a Vancouver-based geological consulting company and was responsible for managing exploration projects worldwide. As a director of Delaware Resources, he was responsible for Delaware’s acquisition and development of the SNIP property, a gold project in central British Columbia which he originally identified for re-staking while employed by Cominco Ltd. He also served as a Director of Calpine Resources. Ltd., the company optioned the Eskay Creek gold property and subsequently discovered one of the largest and richest gold-silver deposits in North America. While serving as president and CEO of Oliver Gold Corporation, he led the team that discovered the SEGALA gold deposits in Mali, West Africa and Ipanema gold deposit in Zimbabwe. Nagy was also the president and CEO of Solomon Resources Ltd. which co-discovered the Bombore gold deposits in Burkina Faso with Channel Resources Ltd. These deposits were sold to Ore Zone Ltd. and are currently being prepared for production.
Nagy is currently the Executive Chairman and Director of Colorado Resources Ltd., an independent Director of Osino Resources Ltd. and the Chairman and CEO of Damara Gold Corporation.
Mike Blady, B.Sc. Geology — President, CEO and Director
Mike Blady holds a B.Sc. in Geology from Simon Fraser University and is the principal and founder of Ridgeline Exploration Services Inc., an exploration services company based in Kelowna, British Columbia. He has been involved in senior management of numerous public companies providing corporate development services. Blady’s senior management experience with resource companies gives him an appreciation of the best industry practices with respect to financial risk control and disclosure.
Dr. William Linqvist, Ph.D. Geology — Chief Geoscientist and Director
Dr. William Lindqvist has over 35 years of international mineral exploration experience and has directed and participated in several major gold deposit discoveries across a broad spectrum of geologic terrains. Dr. Lindqvist’s discovery experience includes the Gosowong Bonanza gold deposit in Indonesia, Mesquite gold deposit in California, Shafter silver deposit in Texas, Ortiz gold deposit in New Mexico, Extensions of Eskay Creek gold-silver deposit in British Columbia, Jeronimo Gold Manto deposit in Chile, Arenal Deeps deposit in Uruguay and the Chimney Creek, Mule Canyon, Ruby Hill and the Gold Hill deposits in Nevada.
Dr. Lindqvist is presently a director of Colorado Resources Ltd. and Damara Gold Corp. In the past, he served as the Vice President of Exploration for Homestake Mining Company, and as the Executive General Manager of Exploration for Newcrest Mining Limited. He has a PhD in Applied Geology from the Royal School of Mines in London and is a member of the SEG and AIME.
Chris Paul, B.Sc. Geology — VP Exploration
Chris Paul holds a B.Sc. in Geology from Simon Fraser University and a Dipl.Tech. in Mining from BCIT. He has worked on all scales of exploration throughout British Columbia and the Yukon since 2009 and is a co-founder of Ridgeline Exploration Services Inc. He has overseen all aspects of the geological programs on the Hank property since getting involved with Golden Ridge in 2016. He also continues to manage and oversee all technical aspects of the company’s projects.
Terese Gieselman — CFO and Corporate Secretary
Terese Gieselman has 32 years of experience with junior mining and exploration companies listed on the TSX, TSXV, OTCBB, NASDAQ and AMEX, in the role of Chief Financial Officer, Treasurer and Corporate Secretary. During her tenure in the resource sector, she has accumulated an extensive background in corporate and financial reporting and compliance for Canada and the US, including particularly relevant experience in financing, treasury, international corporate structures and financial reporting in Mexico, Peru, Chile, Argentina and Zimbabwe.
Duane Lo — Director
Duane Lo is a financial executive in the mining industry with 20 years of experience in financing, business development, management and administration of mining operations and development projects in multiple jurisdictions including the US, Africa, Brazil and Mongolia. Currently, he is the Chief Financial Officer of Entrée Resources Ltd and recently was the CFO of Mason Resources Corp, which was sold to Hudbay. Prior to Entrée Resources Ltd. and Mason Resources Corp., he was the Executive Vice President and Chief Financial Officer of Luna Gold Corp., which built and operated a gold mine in Brazil. Previous to Luna, he was the Corporate Controller for First Quantum Minerals Ltd. between 2004 and 2009. Lo was also employed at Deloitte in the assurance and advisory practice and holds a Canadian Chartered Professional Accountant (CA) designation from the Institute of Chartered Accountants of British Columbia.
Elston Johnston, P.Eng. — Director
Elston Johnston received a B.Sc. in Electrical Engineering (Hons.) from the University of New Brunswick in 1976, and is a member of the following six Canadian Engineering Associations: EGBC, EGA, EGS, EGM, PEO and EGNS. For the past 25 years, he has been President and owner of a successful consulting engineering company located in Vancouver, British Columbia. He has been involved with business and industry worldwide both as a consulting engineer and as an entrepreneur. For more than 30 years, he has been a major shareholder and/or has served as Consultant, Director, President, COB, CEO or CFO of several TSX and TSXV-listed companies, including several focused on mineral exploration.
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