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 70.75 METERS OF 1.05 G/T AU INCLUDING 16.45 METERS OF 2.38 G/T AT THE
WILLIAMS GOLD PROPERTY
Kelowna, British Columbia – January 29, 2024 - Golden Ridge Resources Ltd. (“Golden Ridge” or “the Company”)
(TSXV: GLDN) is pleased to announce new assay results from 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
has continued to generate encouraging results at the Williams Gold Property with recent assays outlining large gram
meter intercept s up to 70.75 meters grading 1.05 g/t Au . The Property is surrounded by New Found Gold Corp
(NFGC)’s Queensway Gold Property where NFGC is currently undertaking a 650,000 meter drill program (Figure 2).1
Highlights
• WIL-23-42 intersected 70.75 meters of 1.05 g/t Au from 43.00 meters; including 16.45 meters of 2.38 g/t
Au from 70.40 meters (Table 1)2.
• WIL-23-37 intersected 22.35 meters of 1.45 g/t Au from 69.20 meters; including 6.50 meters of 2.61 g/t Au
from 69.20 meters (Table 1)2.
• Drilling at the Williams continues to intersect robust network of Au -bearing veins, indicating a more
pervasive and widespread mineralized system than encountered in Phase I drilling.
• Strike length along the Cabin Zone and Gray Jay Zone both increased by 150m.
“The Williams Gold Property continues to deliver multiple zones of broad gold mineralization and alteration. The
2023 drill program has increased grades, width, strike length of both the Gray Jay Zone and Cabin Zone Extension.
Assays continue to validate the more robust alteration and veining in the 41 holes of Phase II. The Williams Gold
Property is an important piece in the Appleton Fault Corridor story, and we will release remaining assays as they are
received” stated Mike Blady, CEO and Director of Golden Ridge.
Phase II drilling at the Williams Project was focused on the five mineralized zones as identified by earlier prospecting,
soil and drilling programs . These mineralized zones (Figure 3) are know known as the: Cabin Zone (CZ), Cabin Zone
Extension (CZX), EQ Zone (EQZ), Gray Jay Zone (GJZ) and the Blue Jay Zone (BJZ) all of which are open along strike
and down-dip. The second target of Phase II drilling , following up on results obtained from the CZX (November 30,
2023 – News Release), was the Gray Jay Zone a 1-kilometer-long gold-in-soil anomaly first tested by the 2022 maiden
drilling program. Phase II focused on WIL -22-21, which intersected a complex system of veins and veinlets grading
14.40 meters at 1.51 g/t Au. In total, 13 drillholes WIL-23-36 through WIL-23-48 (totalling 1,759 meters) were drilled
at the Gray Jay Zone. All drill holes were successful in intersecting a broad alteration halo and associated system of
vein and veinlets first observed in Phase I drilling. Broad mineralization is exemplified by WIL-23-37 (a 25-meter step-
out from WIL -22-21) intersecting a 22.35-meter section grading 1 .45 g/t Au including a 6.50-meter section which
yielded 2.61 g/t Au. Additionally, WIL-23-42 (same collar but opposite azimuth as WIL -22-21) intersected a 70.75 -
meter section grading 1.05 g/t Au including a 16.45-meter section which yielded 2.38 g/t Au. Drilling at the Gray Jay
Zone also identified several fault/rubble zones most commonly along the eastern margin of the mineralized system
and are 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 the Gray Jay Zone is open
along strike and down dip and additional drilling will be required to further delineate the nature of gold
mineralization.
Table 1 – 2023 Significant Intercepts WIL-23-36 to WIL-23-482
Hole To (m) From (m) Interval (m) Au (g/t) Au Gram Metre
WIL-23-36 90.85 97.65 6.80 0.43 2.93
WIL-23-37 69.20 91.55 22.35 1.45 32.34
Including 69.20 75.70 6.50 2.61 16.97
And: 69.20 73.00 3.80 2.78 10.58
And: 74.70 75.70 1.00 6.27 6.27
WIL-23-38 79.55 85.55 6.00 1.05 6.33
Including 81.55 83.00 1.45 4.22 6.12
WIL-23-39 11.50 14.60 3.10 0.51 1.59
WIL-23-40 69.20 73.00 3.80 1.60 6.07
WIL-23-41 119.20 121.00 1.80 0.78 1.40
WIL-23-42 43.00 113.75 70.75 1.05 74.50
Including 70.40 86.85 16.45 2.38 39.09
And: 74.00 79.00 5.00 4.34 21.70
Including 99.00 113.75 14.75 1.61 23.67
And: 99.00 106.00 7.00 2.35 16.42
WIL-23-43
WIL-23-44 112.20 124.00 11.80 0.61 7.22
Including 113.00 116.00 3.00 1.74 5.22
WIL-23-45 15.15 22.00 6.85 0.44 3.04
WIL-23-46 80.00 84.00 4.00 0.69 2.74
WIL-23-46 116.10 124.70 8.60 0.57 4.94
WIL-23-47 77.25 133.00 55.75 0.12 6.63
Including 77.25 84.80 7.55 0.21 1.60
Including 120.00 133.00 13.00 0.24 3.09
WIL-23-48 81.17 93.65 12.48 0.16 1.94
No Significant Intersections
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 mineralize d 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.
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 – Gray Jay Zone Drilling2