Golden Ridge Drills Mineralization from Surface at the Heritage Project; Hole HE-EZ-20-02 Intersects 305METRES of 21.2 G/T AG and 0.3 G/T Au (0.6 G/T AuEq)
GOLDEN RIDGE DRILLS MINERALIZATION FROM SURFACE AT THE HERITAGE PROJECT; HOLE HE-EZ-20-02
INTERSECTS 305METRES OF 21.2 g/t Ag AND 0.3 g/t Au (0.6 g/t AuEq)
Point May, Newfoundland and Labrador – December 2, 2020 - Golden Ridge Resources Ltd. (“Golden
Ridge” or the “Company”) (TSXV: GLDN) is pleased to announce initial results from the first two holes
completed at the Eagle Zone, drilled as part of the Company’s ongoing 5,000 metre diamond-drill program
at the Heritage epithermal Au/Ag project, located along Highway 220, near Point May, Newfoundland.
Holes HE-EZ-20-01 and HE-EZ-20-02 intersected abundant epithermal quartz +/ - calcite veining,
hydrothermal breccias, ginguro textures and strong epithermal alteration. Core photographs of hole HE-
EZ-20-02 have been posted to the Company’s website. A drilling plan view map (Figure 1) and cross-section
(Figure 2) are presented below and have also been posted to the website.
Highlights
- HE-EZ-20-02 is the first hole ever to intersect broad intervals of gold and silver mineralization in
the Burin Peninsula; suggesting that the Burin and its Avalon Terrain host rocks can potentially
host significant bulk-tonnage precious-metal mineralization.
- HE-EZ-20-02 was the first hole drilled at the Eagle Zone targeting second-order NW-SE trending
structures, as opposed to previously targeted first-order NE-SW trending structures. Additional
drilling at the Eagle Zone will focus on these higher-order structures.
- Epithermal textures have been intersected in the first nine holes (HE-EZ-20-01 to HE-EZ-20-09)
drilled at the Eagle zone, which cover a strike length of 375 metres.
- Additional drilling at the Eagle Zone will further test its dimensions along and perpendicular to
strike, and at depth.
Table 1 – Significant Intercepts
HOLE ID FROM
(M)
TO (M) INTERVAL
(M)2
Au (g/t) Ag (g/t) AuEQ (g/t)1 AgEQ (g/t)1
HE-EZ-20-01 182.50 217.50 35.00 0.42 7.02 0.51 39.33
Including 212.50 217.50 5.00 0.97 18.44 1.21 93.05
HE-EZ-20-02 3.10 308.00 304.90 0.30 21.20 0.58 44.28
Including 18.00 45.25 27.25 0.65 81.93 1.72 131.93
Including 29.93 31.00 1.07 3.30 327.00 7.55 580.85
And 42.80 43.55 0.75 4.51 579.00 12.03 926.32
And 107.35 116.50 9.15 0.80 28.41 1.17 89.95
And 151.60 167.00 15.40 1.31 52.36 1.99 153.13
Including 160.04 167.00 6.96 1.89 55.37 2.61 200.75
And 239.48 240.58 1.10 3.08 243.60 6.24 480.52
And 267.20 268.60 1.40 2.26 57.26 3.00 231.11
1 Gold (AuEq) and silver (AgEQ ) equivalent grades are calculated using 100 -day moving -average metal prices of gold at
US$1,925.30/oz. and silver at US$25.00/oz. Gold equivalent grade is calculated as AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.013. Silver
equivalent grade is calculated at AgE q (g/t) = Ag (g/t) + Au (g/t) * 0.087. The factors for gold (0.087) and silver (0.013) 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.
2 The intervals reported in these tables represent drill intercepts and insufficient data are available at this time to state t he
true thickness of the mineralized intervals. All gold values are uncut.
HE-EZ-20-02 was drilled at a 004° azimuth to test the relationship between 120° trending structures that
have been observed cutting across regional 020-030° trending structures on the Heritage property. These
120° trending structures could potentially play a large role in controlling mineralization at the Eagle Zone
and other zones on the property (Pinnacle, Lunch Spot, Turpin, Zaxis and Whales Back) located ~600
metres east of, and parallel to, the Eagle Zone. Drilling will test these other zones, which span a strike
length of 3.5 kilometres, with approximately 1,500 metres of the current 5,000 -metre diamond-drilling
campaign.
Table 2 – Collar locations for the Eagle Zone
HOLE ID EASTING
(NAD27, Zone 21)
NORTHING
(NAD27, Zone 21)
AZIMUTH INCLINATION
HE-EZ-20-01 584699 5196378 120° -75°
HE-EZ-20-02 584744 5196272 004° -55°
HE-EZ-20-03 584823 5196539 114° -84°
HE-EZ-20-04 584872 5196526 300° -74°
HE-EZ-20-05 584867 5196503 300° -75°
HE-EZ-20-06 584886 5196520 300° -73°
HE-EZ-20-07 584900 5196516 300° -73°
HE-EZ-20-08 584702 5196390 120° -70°
HE-EZ-20-09 584699 5196423 103° -75°
“Hole HE-EZ-20-02 shows that the Burin Peninsula is capable of hosting significant precious-metal deposits
and to become Newfoundland’s newest gold district. We are extremely encouraged by the long intercepts
of bulk-tonnage style gold mineralization intersected at the Eagle Zone, as well as its continuity and grade.
Golden Ridge is the largest landholder in the Burin, with over 23,000 Ha of highly prospective ground,”
commented Golden Ridge CEO, Michael Blady. “ The first two holes reported have intercepted strong
ginguro-style mineralization, indicating the presence of robust mixing and boiling zones. The epithermal
textures at the Eagle Zone are well developed and for the most part intact. Vectoring in on the most
productive zones and building off our initial success will be the focus of the remaining meterage of the
2020 program.”
A total of 3,192 metres have been completed during the ongoing 2020 drill campaign in 16 drill holes. All
holes drilled to date have been targeting the down -dip and along strike extension of epithermal Au -Ag
mineralization identified by previ ous operators. Several holes have intersected broad intervals of
epithermal style veining and ginguro style mineralization analogous to that observed in historic drilling. It
has also come to the Company’s attention that a significant amount of historic core, all of which is still in
good condition, have not been sent for assay. The Company plans to relog and sample intervals of interest
to potentially add further mineralization to the drilling database. This program will commence following
the completion of the 2020 drilling campaign.
Qualified Person:
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.
Acknowledgments:
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 Triangl e district,
approximately 140 kilometres north of Stewart, British Columbia and has a portfolio of exploration
projects in Newfoundland.
Golden Ridge Resources Ltd.
Mike Blady
Chief Executive Officer
Tel: (250) 768-1168
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 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.