GOLDEN RIDGE RESOURCES LTD. (TSX-V: GLDN) ("Golden Ridge" or the "Company") is pleased to report additional assays from the second and third holes drilled at the William’s Zone, located on the Company’s Hank Project in BC’s Golden Triangle District. HNK-18-005 intersected similar geology and mineralization to previously announced drill hole HNK-18-001, with 326 metres of potassic altered monzonite and Stuhini volcanic rocks grading 0.29% Cu, 0.36 g/t Au and 1.92 g/t Ag (Figure 2). HNK-18-002 intersected similar geology over 276.15 metres, grading 0.31% Cu, 0.24 g/t Au and 2.33 g/t Ag (Figure 3).
The strongest grades in both holes occur to the east, adjacent to a north-northeast striking fault which appears to have dissected a portion of the higher grade mineralization. At surface east of the fault is shallow level intense phyllic alteration, which typically caps porphyry copper-gold systems similar to that at Williams. The current geological interpretation suggests that the rocks east of the fault have been offset downwards relative to the west side and that potential exists for additional high grade mineralization below the phyllic alteration east of the fault (See Figures 2 and 3). Additional IP lines are currently being surveyed and preliminary chargeability data support the interpretation of deeper mineralization in the eastern block. Once the IP work is completed, the final geophysical results will be published in a Company news release.
Drilling to the northeast in HNK-18-013 has intersected visually strong mineralization within Stuhini Group volcanic rocks on the east (hanging wall) side of the monzonite. The north-northeast-striking fault is further separated from the north-striking monzonite to the north in HNK-18-013, which may allow for a greater width of strongly mineralized hanging wall to the north. The Williams porphyry mineralization remains open to the north and northeast along strike from HNK-18-013. Assays from these additional holes are pending and will be released immediately following receipt, review and QA/QC checks.
IP Survey Update:
Preliminary raw data from the IP survey now underway by Peter E. Walcott and Associates Ltd. is currently being reviewed on an ongoing basis by Company geologists. The data shows high chargeability values at the Williams Zone which merge with high to very high chargeability values in the LAZ, suggesting connectivity of the two zones. Further IP lines to the southeast are currently underway to better define the high chargeability extension to the southeast across Hank Creek.
Table 1 – Significant Intercepts
|Hole ID||From (m)||To (m)||Interval (m)1||Au (g/t)||Cu (%)||Ag (g/t)|
1 The intervals reported in these tables represent drill intercepts and insufficient data is available at this time to state the true thickness of the mineralized intervals and all gold values are uncut.
Drilling Results Update:
2018 drilling at the Company’s Hank Property has now been completed. The Company drilled 6,731 meters in total in 2018, exceeding its originally planned budget of 6,000 meters. The Company intends to continue acquiring more IP geophysical data and that information, along with all the remaining pending assays, will be reviewed before proceeding with additional drilling.
Chris Paul, Vice President of Exploration for Golden Ridge, commented: “The continuity of grade and thickness at the Williams Zone is very encouraging, as are the increasing grades toward the east. The abrupt change in grade across the fault to the east suggests a portion of the high grade has been displaced, possibly downwards, and the true thickness and grade of the Williams is yet to be seen. Drilling to the northeast in HNK-18-013 has revealed more of the strongly mineralized hanging wall east of the monzonite, which is also dissected on its eastern side. The IP survey by Peter E. Walcott and Associates has been a valuable tool in delineating the known mineralization as well as potential extensions to the north and south. The results so far have been excellent and once all the IP data, assays and geology are compiled, we plan to design additional step-out drill holes and continue targeting the extensions of the system along strike and at depth in the next phase of drilling.”
The Company has posted complete assay tables for Cu, Au and Ag for the first three holes drilled at the Williams Zone (HNK-18-001, HNK-18-002 and HNK-18-005) to it’s website in .csv format for public download. Hole HNK-18-003 was abandoned in overburden and re-entered at a different dip. HNK-18-004 was drilled in the Kaip Zone, assays for which are pending.
Table 2 – Collar Information For Holes Drilled in the Williams Zone
|Hole ID||Assays Received||UTM_83E||UTM_83N||Elevation (m)||Azimuth||Dip||Length (m)|
Wade Barnes, P.Geo., the Company’s Project Geologist, is the Qualified Person as defined by National Instrument 43-101 who supervised the work program and preparation of the technical data in this news release.
About Golden Ridge
Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in British Columbia. Golden Ridge currently has an option to acquire 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. Golden Ridge may earn the 100% interest in the Hank property by performing $1.7M of exploration work by the end of 2018.
ON BEHALF OF THE BOARD OF DIRECTORS OF
GOLDEN RIDGE RESOURCES LTD.
President and Chief Executive Officer
For more information regarding this news release, please contact:
Mike Blady, CEO and Director
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.