1This news release contains information about adjacent properties on which Golden Ridge has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties
1This news release contains information about adjacent properties on which Golden Ridge has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties
are not indicative of mineral deposits on the Company’s properties
2The intervals reported in these tables represent drilling intersects and insufficient data is available at this time to state true thickness of the mineralized intervals.
GOLDEN RIDGE INTERSECTS 86 METERS OF 1.00 G/T AU INCLUDING 22 METERS OF 1.58 G/T AT THE WILLIAMS
GOLD PROPERTY AND COMPLETES PHASE II DRILLING
Kelowna, British Columbia – November 30, 2023 - Golden Ridge Resources Ltd. (“Golden Ridge” or “the Company”)
(TSXV: GLDN) is pleased to announce the completion of the 2023 Phase II drilling campaign at the Williams Gold
Property (“Williams” or “the Property”) within the Appleton and Dog Bay Fault Corridors (Figure 1). Golden Ridge
intersected in the first hole of the 2022 Phase II drilling campaign the largest gram meter intercept of 86 meters of
1.00 g/t Au on the Williams Property to date . The Property is surrounded by New Found Gold Corp (NFGC)’s
Queensway Gold Property where NFGC is currently undertaking a 500,000 meter drill program (Figure 2).1
Highlights
• WIL-23-30 intersected 86 meters of 1.00 g/t Au from 63.00 meters; including 2.00 mete rs of 9.21 g/t Au
from 81.00 meters (Table 1)2
• Drilling focused on building off 2022 results and tested new prospective target areas .
• 41 holes were drilled for a total of 5,982 meters in the 2023 campaign (Figure 3)
• Mineralization was noted to be more pervasive and widespread than encountered in Phase I Drilling
“Drilling 86 gram-meters Au in our first reported hole of Phase II drilling is very exciting. The highlighted intercept in
WIL-23-30 represents our highest gram -meter interval to date at Williams. Drilling has now confirmed at least five
distinct mineralize d zones at Williams all of which remain open along strike and at depth” , stated Mike Blady,
Director, CEO and President of Golden Ridge. “ Observing the increased alteration and veining drilled over 41 holes
in Phase II strongly suggests that we are vectoring towards the full potential of the Property.”
Phase II drilling was initially focused on WIL-22-12, which intersected a complex system of veins and veinlets grading
37.93 meters grading at 0.68 g/t Au. First identified during the 2022 maiden drilling program this area is now known
as the Cabin Zone Extension (CZE) and represents the northeastern extension of a 1-kilometer-long gold-in-soil
anomaly known as the ‘Cabin Zone’ (Figure 4). In total, 6 drillholes WIL-23-30 through WIL-23-35 (totalling 1,029
meters) were drilled at the Cabin Zone Extension . All drill holes were successful in intersecti ng a broad alteration
halo and associated system of vein and veinlets first observed in Phase I drilling. Broad mineralization is exemplified
by WIL-23-30 (a 12.5-meter step-out from WIL-22-12) intersecting an 86-meter section grading 1 g/t gold including
a 2-meter section which yielded 9.21 g/t. Drilling at the Cabin Zone Extension also identified several fault/rubble
zones throughout often associated with graphite. The fault/rubble zones locally contain vein fragments which
indicate syn-mineralization to post -mineralization movement along these structures. Mineralization at th e Cabin
Zone Extension is open along strike and down dip and further drilling will be required to further delineate the nature
of gold mineralization.
Table 1 – 2023 Significant Intercepts WIL-23-30 to WIL-23-352
Williams Gold Property 2023 Drill Program
Forty-one holes were drilled in the Phase II diamond drill program consisting of 5,982 meters. Golden Ridge has now
completed 70 holes for 10,182 meters of drilling over Phase I and II programs. The balance of assay results from the
2023 program have yet to be received. Drill holes were predominantly in the 100m to 200m range focusing on testing
soil, bedrock, and drilling anomalies previously identified by earlier exploration programs. Highlights of the previous
field programs completed by Golden Ridge Resources from 2020 - 2022 include float samples assaying up to 281 g/t
Au and soil samples up to 1,503 ppb Au.
Mineralization in Phase II was broader in nature consisting of a complex system of vein, veinlets , and vein breccia,
up to 1.5-meters in size. Gold-bearing veins are often associated with weak to locally intense sericitic and chloritic
alteration. Additionally, s ulphide minerali zation appears to be more pervasive in core obtained from Phase II
drillholes. The host rock often contains disseminated pyrite crystals, blebs , and stringers throughout and acicular
crystals and blebs of arsenopyrite near mineralized zones. Trace pyrrhotite has also been observed in the host rock
but this is commonly restricted to areas of intense veining. Gold-bearing veins contain primarily pyrite and are often
associated with arsenopyrite, pyrrhotite, chalcopyrite, and galena with trace amounts of stibnite, molybdenite and
sphalerite. Golden Ridge has noted that the most reliable pathfinder for the presence of high-grade gold is increasing
concentrations of arsenopyrite.
Golden Ridge is continuing to model the structural controls of the transportation and deposition of gold bearing
fluids on the Williams Property. Vein systems suggest the presence of both brittle and ductile features indicating a
transitionary tectonic environment. Fracture filling appears to be the most prevalent style of vein deposition
representing a trans-tensional environment. The presence of sigma clasts, gouge in faults, and folding in quartz veins
are indicative of a more ductile environment. Vein systems associated with sericitic -chloritic alteration and
arsenopyrite are often used to distinguish gold-bearing veins from other generations of quartz veins observed
throughout the Property.
Hole To (m) From (m) Interval (m) Au (g/t) Au Gram Metre
WIL-23-30 63.00 149.00 86.00 1.00 86.00
Including 63.00 85.00 22.00 1.58 34.76
81.00 83.00 2.00 9.21 18.42
Including 112.40 149.00 36.60 1.26 46.12
123.25 134.75 11.50 2.41 27.72
WIL-23-31
WIL-23-32 39.65 53.00 13.35 0.19 2.54
61.00 73.25 12.25 0.23 2.82
WIL-23-33 45.00 78.00 33.00 0.32 10.56
Including 51.00 58.00 7.00 0.74 5.18
WIL-23-34 5.65 9.50 3.85 1.33 5.12
WIL-23-35 67.00 79.20 12.20 0.28 3.42
No Significant Results
Figure 1 – Williams Gold Property Location1
Table 2 – 2023 Collar Locations
Hole ID Azimuth Dip Depth (m) Easting (NAD83) Northing (NAD83)
WIL-23-30 120 -45 160 639545 5395790
WIL-23-31 120 -70 322 639545 5395790
WIL-23-32 120 -45 175 639500 5395761
WIL-23-33 300 -45 154 639500 5395761
WIL-23-34 120 -45 136.3 639434 5395717
WIL-23-35 300 -45 82 639434 5395717
WIL-23-36 330 -45 159 639496 5394853
WIL-23-37 310 -45 157 639490 5394825
WIL-23-38 310 -45 139 639486 5394800
WIL-23-39 310 -45 148 639477 5394776
WIL-23-40 310 -45 109 639469 5394751
WIL-23-41 130 -45 126 639490 5394825
WIL-23-42 110 -45 151 639496 5394853
WIL-23-43 130 -65 139 639495 5394854
WIL-23-44 310 -45 159 639569 5394880
WIL-23-45 130 -45 29 639569 5394880
WIL-23-46 300 -45 150 639565 5394920
WIL-23-47 300 -45 151 639576 5394939
WIL-23-48 310 -45 142 639589 5394957
WIL-23-49 130 -45 160 639165 5394258
WIL-23-50 130 -45 166 639189 5394277
WIL-23-51 130 -45 154 639422 5394309
WIL-23-52 130 -45 157 639497 5394392
WIL-23-53 310 -45 151 639276 5394493
WIL-23-54 310 -45 160 639711 5394651
WIL-23-55 310 -45 148 639783 5394721
WIL-23-56 130 -45 178 639458 5394343
WIL-23-57 310 -45 124 639225 5394206
WIL-23-58 130 -45 175 638649 5394761
WIL-23-59 310 -45 142 638482 5394357
WIL-23-60 310 -45 142 638343 5394074
WIL-23-61 90 -45 160 638562 5393774
WIL-23-62 280 -45 71 638356 5394405
WIL-23-63 270 -45 151 638356 5394405
WIL-23-64 160 -44 130 638356 5394405
WIL-23-65 130 -45 139 638679 5395019
WIL-23-66 130 -45 122 639186 5395533
WIL-23-67 130 -45 136 639226 5395577
WIL-23-68 310 -45 76 639226 5395577
WIL-23-69 285 -45 169 638923 5395396
WIL-23-70 315 -45 181 638940 5395401
Figure 2 – GLDN Williams Property Located Within Newfound Gold Corp.’s Queensway South Project 1
Figure 3 – 2023 Drill Collars
Figure 4 – Cabin Zone Extension Drilling2
Sampling & Laboratory Methodology:
True widths of the report intersections have not been calculated at this time. Drilling was primarily conducted in
NQ. Samples were marked and QAQC by Golden Ridge staff. Drill core was split using a diamond core cutting saw
and sealed in polybags.
Samples were sent to the Mobile Sample Preparation Unit (MSPU) of SGS Canada Inc. (SGS) in Grand Falls,
Newfoundland for sample preparation, and then to the laboratory of SGS Canada Inc. in Burnaby, British Columbia
for fire assay. SGS is ISO/IEC 17025 accredited. Samples were analyzed for gold by fire assay using a 30g charge
(ICP-AES). Samples containing visible gold or greater than 1 g/t Au in fire assay were also assayed using the
metallic screen method. Golden Ridge submits certified reference standards and blanks at a rate of approximately
5% of the sample total.
Qualified Person:
Dr. Stephen Amor , PhD, P Geo, 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.
Acknowledgments:
Golden Ridge Resources acknowledges the financial support of the Junior Exploration Assistance Program,
Department of Industry, Energy, and Technology, 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 the
Williams Gold Property located in the Central Newfoundland Gold Belt. The Company owns a 100% interest in the
1,700-hectare Hank copper -gold-silver-lead-zinc property which is currently under option to King Fisher Metals
Corporation and the 3,000 -hectare Hickman copper -gold property loc ated in the Golden Triangle district,
approximately 140 kilometres north of Stewart, British Columbia.
Golden Ridge Resources Ltd.
Mike Blady
Chief Executive Officer
Tel: (250) 717-3151
Website: www.goldenridgeresources.com
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