Golden Ridge Resources Ltd. is pleased to announce inaugural exploration plans for its recently acquired Newfoundland property portfolio.
Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV:GLDN) is pleased to announce inaugural exploration plans for its recently acquired Newfoundland property portfolio (see news release dated June 26th, 2020). The Phase I exploration program will focus on the Williams and Heritage projects. Immediately following the completion of the Phase I program, a Phase II diamond drilling program will be initiated which is designed to test current and new targets generated from the Phase I program results
Highlights of the Williams Phase I Exploration Program
– High-resolution geochemical survey consisting of at least 1,000 soil samples designed to follow up on gold rich anomalies identified by previous operators.
– Prospecting and mapping of historic gold showings and confirmation of structures identified as hosting mineral bearing zones (Fig. 1).
– Investigation of anomalous gold stream sediment samples draining the central region of the Williams Property (Fig. 2).
Highlights of the Heritage Phase I Exploration Program
– High-resolution airborne magnetic survey consisting of 2,300 line kilometers which will provide a better understanding and property wide expansion of the mineral bearing structures associated within the Point May Epithermal System (PMES).
– Prospecting, mapping, and structural analysis of current drill targets at the PMES.
– Contingent on Phase I results, the Company may initiate a Phase II diamond drilling program consisting of a minimum of 5,000m which would commence immediately.
– All permits are in place from the Government of Newfoundland for exploration, geophysics and diamond drilling.
Michael Blady, President and CEO of Golden Ridge commented, “We are excited to commence exploration in two burgeoning mineral districts within the mining friendly province of Newfoundland and Labrador. We look forward to completing our phase I program expeditiously so we can begin drill testing our highest priority targets developed on the Heritage and Williams properties.”
The Au-Ag Williams Property comprises an extensive area of anomalous quartz-veined, brecciated and granite/sediment float (Fig. 3)1. The Williams property is located within New Found Gold Corp.’s Gander Gold South property (Fig. 4), it encompasses the Davidson Sedimentary Group and is on trend with the southern extension of the Appleton Fault zone (Fig. 1, Fig.4)2. The southern portion of the Williams property lies within a 6 km long gold-in-till anomaly containing some of the highest values in the Gander Gold South area with individual historical results up to 480ppb Au (Fig. 5)1,3.
The Heritage Property is classified as a low sulphidation epithermal system located in an under-explored section of the Avalon Zone, a belt of rocks extending from southern Newfoundland to South Carolina. The belt possesses a long history of gold and silver production from mines2 such as the nearby Hope Brook, Haile, Brewer and Ridgeway gold mines located in Newfoundland and the Carolina slate belt of South Carolina respectively. Mineralized veins at the Heritage Project are easily identifiable by the presence of ginguro style mineralization, as characterized by black ‘sooty’ pyrite stringers and fragments with a fairly simple polymetallic mineral assemblage: native silver and acanthite with lesser amounts of naumannite, electrum, galena, clausthalite, chalcopyrite, and sphalerite. Bonanza grade mineralization identified in drill core up to 47 g/t Au and 10,516 g/t Ag1,4.
1 The reader is cautioned that rock grab samples are selective in nature and may not represent the true grade and or style of mineralization across the property. *Historical information contained in this news release and included figures regarding the Williams and Heritage projects are reported for historical reference only.
2Adjacent Properties – This news release and included figures contains information about adjacent properties on which Golden Ridge does not have the right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.
Additional Newfoundland Staking:
The Company is also pleased to announce it has staked an additional 7,854 ha in the highly prospective and underexplored Eagles Talon prospect to the east of the PMES (Fig. 6). The Regional Airborne Magnetic Survey shows correlating signatures to the mineralized structures in the PMES. The planned high resolution, Airborne Magnetic survey will cover the Eagles Talon and provide targets for follow up prospecting and geochemical surveying during the upcoming field programs (Fig. 7). The Eagles Talon staking increases Golden Ridge Resources Burin Peninsula land holding to 24,234 ha representing a district scale land package in a bourgeoning Gold exploration district in Newfoundland and Labrador.
3 Geological & Geochemical Report on the NW Gander River Gold Project, Botwood Basin Area, NTS: 2D/11, Central Newfoundland, Prepared by FORTIS GeoServices Ltd. For Sparton Resources Inc. & Intrepid Minerals Corp. 06/10/2003.
4Assessment Report Detailing work completed during the 5th Year Report Period, and not previously reported for Site Preparation, Grid Refurbishing, Magnetometer Surveying, Crown Lands Survey, Research, Diamond Drilling, Core Sampling, Assaying, Geology and Compilations On Mineral License 022062M at Heritage Project Southern Burin Peninsula NTS Map Sheet 1L/13, Prepared by Victor A. French, P. Geo. & Crystal Mugford for Puddle Pond Resources. 09/29/2016.
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.
Golden Ridge Resources acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, 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 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.
Chief Executive Officer
Tel: (250) 768-1168
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.
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