Kelowna, British Columbia – April 27, 2021 - Golden Ridge Resources Ltd. (“Golden Ridge” or “the Company”) (TSXV: GLDN) is pleased to announce results from holes HE-TZ-20-01 to HE-EZ-20-22, drilled at the Eagle, Pinnacle, Turpin, and Lunch Spot Zones, as part of the Company’s recently completed 5,182 meter diamond-drill program at the Heritage epithermal Au-Ag project, located along Highway 220, near Point May, Newfoundland and Labrador. Drill holes from the Eagle Zone reported in this news release have successfully extended known epithermal mineralization at depth, 75 meters below the previously released HE-EZ-20-02 (see news release dated December 2, 2020). Six scout drillholes were also completed on a parallel magnetic structure 800m to the east. Significantly, all six scout drillholes from the Pinnacle, Turpin and Lunch Spot Zones intersected epithermal veining, alteration, and Ag-Au mineralization. These new drill discoveries further support the presence of a second large epithermal system paralleling the Eagle Zone to the east, with a strike length of at least 2.5 kilometers (Figure 1).
“We are pleased that all drill holes to date from the Eagle, Pinnacle, Turpin, and Lunch Spot Zones have intersected significant intervals of strong epithermal-style veining and alteration hosting gold and silver-rich mineralization. The 2020-21 drilling program has demonstrated good continuity, both along strike and at depth within the Eagle Zone. We look forward to continue building on our latest drill results from the Eagle Zone and are now evaluating the potential for preparing a maiden resource estimate by incorporating the latest 2020 and 2021 drill results.” stated Golden Ridge CEO, Michael Blady.
Table 1 – Significant Intercepts
|HOLE ID||FROM (m)||TO (m)||INTERVAL (m)3||Au (g/t)||Ag (g/t)||AuEq (g/t)4||AgEq (g/t)4||AuEq Gram Meter|
1 Historical information contained in this news release cannot be relied upon as the Company’s QP, as defined under NI 43-101, has not prepared nor verified the historical information.
2 The reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the Property.
3 The intervals reported in these tables represent drill intercepts and insufficient data are available at this time to state the true thickness of the mineralized intervals. All gold values are uncut.
4 Gold (AuEq) and silver (AgEQ) equivalent grades are calculated using 100-day moving-average metal prices of gold at US$1,810/oz. and silver at US$25.77/oz. Gold equivalent grade is calculated as AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.014. Silver equivalent grade is calculated at AgEq (g/t) = Ag (g/t) + Au (g/t) / 0.014. The factors for gold (0.014) and silver (0.014) will change depending on the metal price. The metal price numbers listed above were used to determine the conversion factors presented herein. Metal recoveries have not been applied in the gold-equivalent calculation.
Table 2 – Collar locations for the Eagle Zone
(NAD27, Zone 21)
(NAD27, Zone 21)
2021 PhotoSat High-Resolution Orthophoto and Elevation Grid
Golden Ridge has engaged PhotoSat to provide a high-resolution 112 km2 orthophoto and 69 km2 digital terrain model over the Heritage Project in order to help in planning the 2021 field program. The high-resolution terrain model will highlight resistive, potentially silicified outcrops to help target the Company’s 2021 mapping and prospecting efforts, as well as any subtle topographic lineaments which may be related to mineralized structural controls. The Photosat results will be used, in conjunction with the high resolution airborne magnetic survey flown in 2020, to aid in the targeting of additional zones analogous to the Eagle Zone. The PhotoSat Survey is cost-effective and particularly well suited to the Heritage Project due to the lack of tree cover and generally subdued topographic relief.
Additional Staking – 36 km2 Added to Heritage Property
Golden Ridge is adding an additional 36.27 km2, recently staked by Puddle Pond Resources along the northern trend of the Heritage Project, into the Option Agreement. The area is an extension of the regional structural corridor that hosts the Eagle Zone. The area shows a circular feature, visible on satellite photos and airborne magnetics, which is potentially representative of a volcanic caldera associated with an additional epithermal center on the Property. The newly acquired area, which contains anomalous gold-in-till values, will be incorporated into Golden Ridge’s 2021 prospecting and geochemical field program.
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 Newfoundland and British Columbia. Golden Ridge is currently focused on exploration and development of its portfolio of exploration assets in Newfoundland. The Company owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000-hectare Hickman copper-gold 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.