Kelowna, British Columbia – November 24, 2020 - Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV: GLDN) is pleased to announce results from a high-resolution airborne magnetic survey recently completed at its flagship Heritage Au-Ag Property (“the Property”) located on the Burin Peninsula in southern Newfoundland and Labrador. The survey was flown in a systematic low-level grid pattern. Higher resolution 75-m spacing was flown over the central Property area covering several historic mineral occurrences, including the Eagle Zone where the Company is currently diamond-drilling, while wider-spaced 150-m spacing covered the remainder of the Property looking for possible extensions of the Point May Epithermal System, as well as other mineralised zones. The average terrain clearance was 37.5m across the survey area and a total of 2378 line-km were flown.
Geophysical Survey Highlights
-Represents most detailed and comprehensive geophysical survey completed to date on the Property providing the Company with over 400km2 of high-resolution magnetic data on the Property.
-Airborne magnetic survey results show an extension of the ~2km wide northeast (~040˚) trending magnetic-high corridor associated with the Eagle Zone, and several other gold occurrences on the Property, for over 10 kilometres to the northeast (remains open).
-Numerous narrow east-west trending cross-structures were identified, which intersect the main magnetic-high corridor at a high angle. One of these passes through the Eagle Zone, and follow-up field observations of these features indicate that they may be associated with the emplacement of Au-Ag mineralising fluids at the Eagle Zone and at the surrounding showings as they may represent deep-seated faults coincident with known gold occurrences in the area. Several additional cross-structures were identified by the survey up to 6km northeast of the Eagle Zone, and they will be prospected by Company personnel in the coming months.
-These airborne magnetic results will be key for continuing to prospect the underexplored Heritage, Eagle’s Talon, and Eagle’s Claw areas, with particular focus on the intersections of narrow east-west structures and prospective magnetic high corridors.
A map showing the aeromagnetic results can be found at the following URL:
Heritage Drill Program Update
The Company is also pleased to announce an update on the ongoing 5,000-metre drill program targeting the Eagle Zone and other high-priority targets located within the Point May Epithermal System at the Heritage Property. A total of 2,797 metres has been completed to date in 14 drill holes. All holes drilled to date have been targeting the down-dip and along-strike extension of epithermal Au-Ag mineralisation identified by previous operators. Several holes have intersected broad intervals of epithermal-style veining and ginguro-style texture similar to that observed in historic drilling. Assays are expected shortly on the initial drilling at the Property.
Michael Blady, President and CEO of Golden Ridge stated: “The results of the airborne geophysical survey will aid Golden Ridge in drill targeting within the Point May Epithermal System as well as guide future prospecting and geochemical sampling programs within the Heritage, Eagle’s Talon, and Eagle’s Claw blocks. The high-resolution survey has highlighted key large-scale magnetic high corridors and associated narrow cross-structures which appear to play an important role in controlling the emplacement of mineralisation on the Property. We are extremely excited about the ginguro-style mineralisation observed within numerous drill holes so far and we eagerly await assay results for these holes which will be distributed to the market once compiled and all QAQC checks have been completed.”
Dr. Stephen Amor, PhD, PGeo, 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 and Newfoundland. 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 and has a portfolio of exploration projects in Newfoundland.
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.