Golden Ridge Resources Discovers New Copper Zone near Schaft Creek with Grab Samples up to 5.29% Copper
January 8, 2020
Kelowna, British Columbia – January 8, 2020 – Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV: GLDN) is pleased to report a newly discovered 4.5 kilometre long copper-in-soil anomaly (the “Hickman Zone”) on its Ball Creek Property (“Ball Creek” or the “Property”), under option from Evrim Resources Corp., which extends west onto claims 100% owned by Golden Ridge (the “Hickman Claims”) (Figure 1). To date, only eleven reconnaissance soil lines (276 total soil samples, 14 rock samples) have been completed and the anomaly remains open to the northwest. No historic work is recorded on the anomalous zone which was targeted in 2019 to test a colour anomaly lying just 6 kilometres southwest of Teck Resources/Copper Fox Metals’ 1.8 billion tonne Schaft Creek Cu-Mo-Au-Ag porphyry deposit and 30 kilometres northeast of Newmont Mining/Teck resources 800 million tonne Galore creek Cu-Au-Ag deposit.1 Outcropping copper mineralization was discovered within the roughly 4.5 kilometre by 1.5 kilometre northeast-southwest trending corridor, with select grab samples assaying up to 5.29% Cu.
- ~4.5km by 1.5km zone of strong copper-in-soil.
- 6km from 1.8 billion tonne Schaft Creek Deposit1.
- Rock samples up to 5.29% Cu (5 rock samples > 0.5% Cu) and soil sample results up to 7,170ppm Cu (11 soil samples >1000ppm Cu).
Table 1 – Hickman Zone Highlight Grab Samples*
|SAMPLE ID||SAMPLE TYPE||Cu (%)||Au (g/t)||Ag (g/t)|
*Note: the reader is cautioned that rock grab samples and their respective photographs are selective by nature and may not represent the true grade or style of mineralization across the Property.
Photographs of the above highlight grab samples have been posted to Golden Ridge Resources Ltd. website at: http://goldenridgeresources.com/projects/hickman-photos/
The Company plans to follow-up on the new Hickman discovery with additional grid-based soil sampling as well as detailed mapping and prospecting with the aim of advancing the zone to a drill-ready stage.
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 mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.
All soil samples were dried and sieved to -180 micron (80 mesh) at ALS Global’s prep facility in Terrace, BC. After preparation in Terrace, the prepared pulps were shipped to ALS Global’s analytical laboratory in North Vancouver, BC. All soil assays are determined by AuME-TL43 method. A 25g aliquot of the prepared pulp is cold digested with HNO3, then HCl is added and the sample is heated at 130˚C for 40 minutes. Digestion is carried out in disposable plastic bottles to eliminate cross-contamination from digestion vessels and heated via graphite block for even heating. The resulting solution is analyzed via ICP-MS and ICP-AES and is corrected for inter element spectral interferences. Any samples with an assay that reports gold concentrations equal to or higher than 1.0 g/t Au are analysed by an overrange method (Au-AROR43).
All rock samples were prepared by crushing the entire sample to 70% passing -2mm, riffle splitting off 1 kilogram and pulverizing the split to better than 85% passing 75 microns. After preparation in Terrace, the prepared pulps were shipped to ALS Global’s analytical laboratory in North Vancouver, BC. The gold assays are determined by Au-AA26 fire assay method which reports results in parts per million (ppm) (equivalent to grams per tonne (g/t)). Any samples with a fire assay that report gold concentrations equal to or higher than 1.0 g/t Au are analysed by screen metallic method (Au-SCR24). Base metal rock assays are first determined using the ME-MS41 method, which reports results as parts per million (ppm). All analyses that reach the overlimits of ME-MS41 are reanalyzed with an Ore Grade method.
All analytical results are verified with the application of industry standard Quality Control and Quality Assurance (QA-QC) procedures.
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.
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.