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 CONTINUES TO CONFIRM ROBUST MINERALIZATION AT THE WILLIAMS GOLD PROPERTY WITH
INTERCEPTS OF 24.65 METERS OF 2.22 G/T AU INCLUDING 0.65 METERS OF 77.40 G/T
Kelowna, British Columbia – April 2, 2024 - Golden Ridge Resources Ltd. (“Golden Ridge” or “the Company”) (TSXV:
GLDN) is pleased to announce the final 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 Property with recent assays recording mineralization up to
24.65 meters grading 2.22 g/t Au. The Williams Project 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-23-54 intersected 24.65 meters of 2.22 g/t Au from 78.50 meters: including 0.65 meters of 77.40 g/t
Au from 101.90 meters (Table 1)2.
• WIL-23-51 intersected 12.30 meters of 0.67 g/t Au from 21.90 meters: including 5.45 meters of 1.00 g/t Au
from 22.55 meters (Table 1)2.
• WIL-23-70 intersected 22.60 meters of 0.46 g/t Au from 58.40 meters: including 5.50 meters of 1.10 g/t Au
from 71.40 meters (Table 1)2.
• In-fill drilling between the Cabin Zone and Cabin Zone Extension has established continuity of Au -
mineralization between these prospects increasing the strike length by 200 meters to 1,300 meters.
• Drilling at the Blue Jay Zone reveals a potential 550-meter strike length of Au-mineralization.
“The Williams Gold Property continues to deliver multiple zones of broad gold mineralization and pervasive
alteration. The 2023 drill program has increased grades, width, and 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. An increased focus on second order structures is the next step to continue the evolution of the project. The
Williams Gold Property is an important piece in the Appleton Fault C orridor story .” 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 sampling and drilling programs . These mineralized zones (Figure 3) are 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. Although these zones were first identified during the 2020 – 2021 surficial sampling and
trenching programs, several other prospects remain to be targeted. Upon completion of in-fill drilling at the Grey
Jay Zone (January 29, 2024 – News Release), the 2024 drilling campaign switched gears and began to target outlying
prospects. The final phase of the 2023 drilling program returned to the Cabin Zone. Its purpose was to follow -up on
exciting results obtained in 2022, with the objective of increasing the strike length of the prospect and connecting
the Cabin Zone to the Cabin Zone Extension.
Excitingly, Phase II drilling was not only successful in confirming the presence of Au -mineralization at the Blue Jay
and EQ Zones it also increased the strike length of the Cabin Zone and established along strike continuity between
it and Cabin Zone Extension. Mineralization at these locations is characterized by a broad sericite-chlorite alteration
halo that is associated with a complex system of quartz-carbonate veins like those identified by earlier trenching and
drilling. This is exemplified by WIL-23-51, at the Blue Jay Zone, which intersected a 12.30-meter section grading 0.67
g/t Au including a 5.45-meter section which yielded 1.00 g/t Au. Additionally, WIL-23-54 (located 450 meters NE of
WIL-23-51) intersected a 24.65-meter section grading 2.22 g/t Au including a 11.7-meter section which yielded 4.46
g/t Au. WIL-23-54 also intersected 0.65-meter zone grading 77.40 g/t representing a potential high-grade target at
this prospect. Mineralization was also identified in outlying targets located at the southwestern extension of the
Gray Jay Zone and EQ Zones. Drilling at these prospects once more revealed broad zones of Au-mineralization such
as those observed in WIL-23-63 which contained 3.10-meters yielding 1.29 g/t Au.
In-fill drilling at the Cabin Zone was centered around WIL -22-09 and WIL-22-08 which intersected 46.50 meters at
0.39 g/t Au and 10.00 meters grading 0.50 g/t respectively. Drilling at this location continued defining broad zones
of mineralization as documented by WIL-23-68 (a 300 -meter step -out from WIL -22-08) which contained a 21.70-
meter section grading 0.44 g/t Au including a n 8.55-meter section at 0.74 g/t Au. Additionally, WIL -23-70 (a 12.5 -
meter step-out from WIL-22-09) intersected a 58.40-meter section grading 0.46 g/t Au including a 5.50-meter section
which yielded 1.10 g/t Au. Importantly, drilling at the Cabin Zone indicates along strike continuity of Au -
mineralization between the Cabin Zone and Cabin Zone Extension. Ultimately, the 2023 drilling campaign increasing
the total strike length of the Cabin Zone Prospect by 200-meters.
Interestingly, mineralization throughout the project area is often associated with fault/rubble zones most commonly
occurring along the eastern margin of the system. This is especially apparent at the EQ Zone, Cabin Zone and Cabin
Zone Extension where these faults/rubble zones contain clay and graphite. These zones also display variable
amounts of vein fragments and anomalous Au concentrations indicating syn-mineralization to post -mineralization
movement along these structures. A structural analysis of these zones is currently underway to determine the exact
relationship between them and the mineralized system.
It is important to note that all prospects at Williams Property are currently still open along strike and down dip, and
further drilling will be required to delineate the overall size and grade of the Au mineralization system.
Table 1 – 2023 Significant Intercepts WIL-23-49 to WIL-23-702
Hole To (m) From (m) Interval (m) Au (g/t) Au Gram Metre
WIL-23-49
WIL-23-50
WIL-23-51 21.90 34.20 12.30 0.67 8.18
Including 22.55 28.00 5.45 1.00 5.43
72.40 104.75 32.35 0.32 10.48
Including 83.65 101.10 17.45 0.47 8.20
WIL-23-52 19.00 34.15 15.15 0.11 1.59
100.40 142.00 41.60 0.05 2.08
WIL-23-53 56.00 59.00 3.00 0.68 2.05
WIL-23-54 37.30 41.00 3.70 0.17 0.63
78.50 103.15 24.65 2.22 54.62
Including 90.85 102.55 11.70 4.46 52.18
And: 101.90 102.55 0.65 77.40 50.31
WIL-23-55 132.00 132.75 0.75 1.78 1.34
WIL-23-56 166.00 167.60 1.60 0.28 0.44
WIL-23-57 74.40 76.00 1.60 1.51 2.42
WIL-23-58
WIL-23-59
WIL-23-60 10.15 12.25 2.10 1.02 2.14
99.10 106.85 7.75 0.14 1.10
WIL-23-61
WIL-23-62 22.15 25.60 3.45 0.41 1.40
60.00 60.80 0.80 0.88 0.70
WIL-23-63 133.55 136.65 3.10 1.29 4.01
WIL-23-64
WIL-23-65 9.25 14.00 4.75 0.44 2.08
Including 9.25 10.00 0.75 2.17 1.63
21.30 29.00 7.70 0.40 3.10
51.40 71.55 20.15 0.27 5.38
WIL-23-66
WIL-23-67 61.55 67.80 6.25 1.04 6.49
Including 63.15 65.50 2.35 2.56 6.00
90.20 91.00 0.80 1.53 1.22
WIL-23-68 28.40 50.10 21.70 0.44 9.53
Including 38.85 47.40 8.55 0.74 6.36
WIL-23-69 13.50 15.85 2.35 0.61 1.42
21.70 25.20 3.50 0.37 1.31
101.15 112.00 10.85 0.40 4.33
Including 104.40 105.10 0.70 2.63 1.84
WIL-23-70 9.30 13.55 4.25 2.03 8.63
Including 11.00 11.65 0.65 10.68 6.94
58.40 81.00 22.60 0.46 10.31
Including 71.40 76.90 5.50 1.10 6.07
And: 72.50 74.85 2.35 2.30 5.41
97.30 116.90 19.60 0.31 6.02
No Significant Intervals
No Significant Intervals
No Significant Intervals
No Significant Intervals
No Significant Intervals
No Significant Intervals
No Significant Intervals
Williams Gold Property 2023 Drill Program
In total, 41 holes were completed during Phase II drilling campaign consisting of 5,982 meters. Upon completion of
this program Golden Ridge Resources Ltd. has now drilled 70 holes at the Williams Property for a grand total of
10,182 meters. With an average depth between 100-200 meters each drill hole was focused on testing near surface
gold-mineralization associated with soil, bedrock and drilling anomalies identified during earlier exploration
programs. Highlights from these programs include soil, grab and core samples yielding 1.5 g/t, 281 g/t and 77.4 g/t
respectively. Building on earlier successes, the Phase II diamond drilling campaign continued to increase the
potential of the Williams Project. Infill drilling at the Grey Jay, Cabin and Cabin Zone Extension outlined a core region
of Au-mineralization with intercepts up to 86.00 meters yielding 1.00 g/t Au (WIL-23-30; Nov 30, 2023 News Release)
and 70.75-meters with 1.05 g/t (WIL-23-42; January 30, 2024 News Release). Individual core samples from this region
also returned assay results up to 13.30 g/t at the Cabin Zone Extension and 6.58 g/t at the Gray Jay Zone and
increased the overall Au-grade at these prospects. Drilling at prospects outside the mineralized core also confirmed
the presence of Au-in-bedrock mineralization throughout the project area . This is exemplified by WIL -23-54 (Blue
Jay Zone – included in news release) which intersected 24.65 -meters of 2.22g/ t. Interestingly, this drill hole also
contains the highest Au -grade sample obtained in drill core to date at 0.65 -meters at 77.40g/t further confirming
the presence of high-grade gold samples throughout the Williams Property.
Phase II drilling indicates that mineralization at the Williams Zone is more widespread than previously identified.
This program continued to characterize the style of gold-mineralization as a complex system of up to 1.5 meters
veins, veinlets, and vein breccias, up to 1.5-meters in size. This Au-bearing system is associated with weak to locally
intense sericitic and chloritic alteration with the highest gold assays correlating to areas of increased alteration.
Additionally, sulphide mineralization appears to be more pervasive in core obtained from Phase II drill holes. The
host rock often contains disseminated pyrite crystals, blebs, and stringers throughout and acicular crystals and blebs
of arsenopyrite occur near mineralized zones. 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 mineralizing
fluids at the Williams Property. Deformation of the mineralized system suggests 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, however, the presence of sigma clasts, gouge
in faults, and folding in quartz veins also are indicative of a more ductile environment. Further structural analysis
and drilling will be required to full delineate the relationship between the ore forming fluids, structural controls on
mineralization and post mineralization movement at the Williams Property. Vein systems associated with sericitic-
chloritic alteration and containing arsenopyrite can be 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