Kelowna, British Columbia – October 5, 2020 - Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV: GLDN) has commenced drilling on the Eagle Zone at its Heritage project located on the Burin Peninsula in southern Newfoundland and Labrador.
- An initial 5,000-meter drill program at the Eagle Zone and other high priority targets located within the Point May Epithermal System (PMES).
-Initial drilling at the Eagle Zone will include tightly spaced diamond drill holes around known mineralization and following up on high-grade ginguro style veins identified in historic drilling.
- Additional holes will be drilled to test the extent of mineralization along strike and at depth. Currently the Eagle zone extends for 750m along strike and approximately 100m of true vertical depth. It remains open along strike and at depth.
- The Company will also be reviewing and selectively sampling historic core from previous years drilling that remain unsampled.
Michael Blady, President and CEO of Golden Ridge stated: “We are excited to be drilling at the PMES on the Burin Peninsula. Previous drilling programs conducted at the Eagle Zone have intersected large zones of intense silicification and quartz veining with variable gold and silver mineralization over core intervals of up to 32 meters. Alteration contained within mineralized zones display textures typical of low sulphidation epithermal deposits, banded/crustiform veins and bladed silica crystals accompanied by low temperature alteration minerals typical of these types of deposits.”
Airborne Geophysical Data
Final deliverables from the recently completed high-resolution airborne magnetometer survey have been received from the Company’s geophysicist. This data is being interpreted and incorporated into drill hole planning and being used to generate targets for a Phase I fall prospecting and geochemical program. The results will be released once compiled and interpreted by Company geologists.
Stock Option Grant
Golden Ridge has also granted options to purchase 1,350,000 shares of Golden Ridge to its directors, officers and consultants. The options are exercisable at 25 cents per share for a period of five years from the date of grant.
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 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.