Kelowna, British Columbia – September 29, 2020 - Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV: GLDN) is pleased to announce the completion of a property-wide high-resolution airborne magnetic survey completed at its Heritage epithermal Au-Ag project (the “Heritage Project”), located on the Burin peninsula near Point May, Newfoundland and Labrador. The survey provided high-resolution magnetics coverage over its Heritage, Eagle’s Talon and Eagle’s Claw projects.
Drilling is expected to commence this week, with the initial holes to be drilled at the Eagle zone. This will be the largest drill program conducted to date on the Heritage Project. The Company will also be reviewing historic core for additional assaying as only select intervals over the previous years have been sent for analysis.
Highlights of the Airborne Geophysical Survey
- A total of 2,286-line kilometers were flown
- High resolution 75m line spacing was flown over known mineral occurrences which will greatly aid the Company as it prepares for its maiden drill program and field programs.
- Processing of data and inversions currently underway with final results expected forthwith
- The survey represents the first ever airborne geophysical survey completed on the Heritage Project and will greatly aid the Company’s exploration efforts moving forward.
Drill Plan Highlights
- Drilling on the Heritage Project will initially focus on the Eagle zone which is currently the most robust and well defined epithermal system discovered on the property.
- Initial drilling will target lateral and at depth extensions on the Eagle zone to continue to define and confirm structural control on high grade Au-Ag mineralization.
- The Eagle zone currently extends for 750m along strike and approximately 50m in width. Drilling has been confined to approximately 100m of true vertical depth. The Eagle zone is currently open to the north and south and at depth.
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.