• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login

    Investing News NetworkYour trusted source for investing success

    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Precious Metals Market
    Precious Metals News
    Precious Metals Stocks
    • Precious Metals Market
    • Precious Metals News
    • Precious Metals Stocks
    gold investing

    Golden Ridge Resources Options Williams Gold Project Located in the Central Newfoundland Gold Belt

    Nataly Cure
    Feb. 03, 2020 06:40AM PST
    Precious Metals
    FWB:44G

    Golden Ridge Resources Ltd. is pleased to report that it has entered into an option agreement to earn a 100% interest in the Williams Gold Property.

    Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV:GLDN, OTC:GORIF) is pleased to report that it has entered into an option agreement (the “Option”) to earn a 100% interest in the Williams Gold Property (the “Williams Property”) located 30 km south and on trend with New Found Gold Corp.’s (“NFGC”) recently announced high grade intersection of 92.86 g/t Au over 19.0 meters, including 285.2 g/t Au over 6.0 metres at its Queensway Gold project (see NFGC news release dated January 28, 2020).1 The Williams Gold property is surrounded by the Queensway Gold southwestern claim block (Fig. 1) and lies along the southern extension of the Appleton Fault zone which was the interpreted high-grade shear structure drilled by NFGC.1

    Exploration by the vendor on the Williams Property recently uncovered an extensive area of quartz-veined and brecciated float and subcrop, with rock grab samples assaying up to 52 g/t Au (1.52 oz/t Au).2,3 Mineralized and quartz-veined granites, black shales, siltstones and volcanics are found over a distance of 3 km. Subcropping mineralized rocks are found over an area 200 to 300 metres in length with widths estimated at 2 to 3 metres. Two rock grab samples collected by the vendor from the area of subcrop assayed 5.8 g/t Au and 7.9 g/t Au.2,3 These samples were at least 200 metres apart and occur in a unit of intensely silicified, veined and brecciated black shales. These grab samples contain up to 2% chalcopyrite (Cu), sphalerite (Zn), galena (Pb), and antimony (As) with some assays returning >1000 ppm As.2,3

    The Williams Property is situated within the Botwood Basin, with the eastern half underlain by Cambrian to Ordovician siliciclastic sediments (Eastern Dunnage Zone; Outflow Formation) and the western half by Silurian siliciclastic sediments (Botwood Group). This is a similar geological environment to the Queensway Gold project to the northeast where NFGC recently completed its fall drilling program.1 Gold is generally associated with pyritic quartz veins and hosted by granites, siltstones, sandstones, and conglomerates.

    Mike Blady, Director, CEO & President of Golden Ridge stated “The Williams Property offers a unique opportunity to participate in the burgeoning central Newfoundland gold belt. We are seeing increased exploration and investor attention to this relatively underexplored region of Newfoundland and are excited to add this project to our portfolio of high-quality exploration assets.”

    The Option Agreement

    Subject to TSX Venture Exchange approval, under the terms of the agreement, Golden Ridge will have the right to earn a 100% interest subject to a 2% net smelter return royalty (the “NSR”) in the Williams Property by delivering cash and share commitments as follows:

    The agreement can be accelerated at the Optionee’s election. Under the agreement Golden Ridge can purchase 1.0% of the NSR for $1,000,000 at anytime before the commencement of commercial production. Beginning on December 31, 2024 and annually thereafter, the Optionee will make annual advanced minimum royalty (“AAMR”) payments of $7,500. AAMR payments are deductible from future NSR payments.

    1Adjacent Properties – This news release contains information about adjacent properties on which Golden Ridge does not have the right to explore or mine. Investors are cautioned that mineralization on adjacent properties is not necessarily indicative of mineralization that may be hosted on the Company’s properties.

    2Historical information contained in this news release cannot be relied upon as the Company’s QP, as defined under NI 43-101 has not prepared nor verified the historical information.

    3The reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the Property.

    Qualified Person:

    Dr. Gerald G. Carlson, PhD, PEng, 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.

    About Golden Ridge Resources:

    Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in British Columbia. Golden Ridge owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia. It also has an option to earn 80% in the 52,442 Hectare Ball Creek Project which surrounds the Hank property.

    Golden Ridge Resources Ltd.

    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.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Click here to connect with Golden Ridge Resources Ltd. (TSXV:GLDN) for an Investor Presentation.

    Source

     

    fwb:44gbritish columbiagold investingtsxv:gldngolden ridge resources ltd.
    The Conversation (0)
    Go Deeper
    AI Powered
    Goldspot Discoveries AI-Targeted Drilling Discovers New Zone Containing 19.0m of 92.86 gpt Gold in Newfoundland, Canada

    Goldspot Discoveries AI-Targeted Drilling Discovers New Zone Containing 19.0m of 92.86 gpt Gold in Newfoundland, Canada

    Copper Investing

    Heron Drilling Intersects Significant Mineralisation at Currawang

    Latest News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Precious Metals Stocks

    LaFleur Minerals

     
    LFLR:CNX

    Pacgold

     
    PGO:AU

    Surface Metals

     
    SUR:CC

    Maritime Resources

     
    MAE:CC

    Triumph Gold

     
    TIG:CA

    Quimbaya Gold

     
    QIM:CC
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×