Golden Ridge Resources Announces 2020 Exploration Plans

GOLDEN RIDGE RESOURCES ANNOUNCES 2020 EXPLORATION PLANS

Kelowna, British Columbia – August 12, 2020 - Golden Ridge Resources Ltd. (“Golden Ridge” or the

“Company”) (TSXV: GLDN) is pleased to announce inaugural exploration plans for its recently acquired

Newfoundland property portfolio (see news release dated June 26 th, 2020) . The Phase I exploration

program will focus on the Williams and Heritage projects . Immediately following the completion of the

Phase I program, a Phase II diamond drilling program will be initiated which is designed to test current

and new targets generated from the Phase I program results.

Highlights of the Williams Phase I Exploration Program

• High-resolution geochemical survey consisting of at least 1,000 soil samples designed to follow up

on gold rich anomalies identified by previous operators.

• Prospecting and mapping of historic gold showings and confirmation of structures identified as

hosting mineral bearing zones (Fig. 1).

• Investigation of anomalous gold stream sediment samples draining the central region of the

Williams Property (Fig. 2).

Highlights of the Heritage Phase I Exploration Program

• High-resolution airborne magnetic survey consisting of 2,300 line kilometers which will provide a

better understanding and property wide expansion of the mineral bearing structures associated

within the Point May Epithermal System (PMES).

• Prospecting, mapping, and structural analysis of current drill targets at the PMES.

• Contingent on Phase I results, the Company may initiate a Phase II diamond drilling program

consisting of a minimum of 5,000m which would commence immediately.

• All permits are in place from the Government of Newfoundland for exploration, geophysics and

diamond drilling.

Michael Blady, President and CEO of Golden Ridge commented, “We are excited to commence exploration

in two burgeoning mineral districts within the mining friendly province of Newfoundland and Labrador .

We look forward to completing our phase I program expeditiously so we can begin drill testing our highest

priority targets developed on the Heritage and Williams properties.”

The Au-Ag Williams Property comprises an extensive area of anomalous quartz -veined, brecciated and

granite/sediment float (Fig. 3)1. The Williams property is located within New Found Gold Corp.’s Gander

Gold South property (Fig. 4), it encompasses the Davidson Sedimentary Group and is on trend with the

southern extension of the Appleton Fault zone (Fig. 1 , Fig.4 )2. The southern portion of the Williams

property lies within a 6 km long gold-in-till anomaly containing some of the highest values in the Gander

Gold South area with individual historical results up to 480ppb Au (Fig. 5)1,3.

The Heritage Property is classified as a low sulphidation epithermal system located in an under-explored

section of the Avalon Zone, a belt of rocks extending from southern Newfoundland to South Carolina. The

belt possesses a long history of gold and silver production from mines 2 such as the nearby Hope Brook ,

Haile, Brewer and Ridgeway gold mines located in Newfoundland and the Carolina slate belt of South

Carolina respectively. Mineralized veins at the Heritage Project are easily identifiable by the presence of

ginguro style mineralization, as characterized by black ‘sooty’ pyrite stringers and fragments with a fairly

simple polymetallic mineral assemblage: native silver and acanthite with lesser amounts of naumannite,

electrum, galena, clausthalite, chalcopyrite, and sphalerite. Bonanza grade mineralization identified in

drill core up to 47 g/t Au and 10,516 g/t Ag1,4.

1 The reader is cautioned that rock grab samples are selective in nature and may not represent the true

grade and or style of mineralization across the property. *Historical information contained in this

news release and included figures regarding the Williams and Heritage projects are reported

for historical reference only.

2Adjacent Properties – This news release and included figures contains information about adjacent

properties on which Golden Ridge does not have the right to explore or mine. Investors are cautioned

that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s

properties.

Additional Newfoundland Staking:

The Company is also pleased to announce it has staked an additional 7,854 ha in the highly prospective

and underexplored Eagles Talon prospect to the east of the PMES (Fig. 6). The Regional Airborne Magnetic

Survey sh ows correlating signatures to the mineralized structures in the PMES. The planned high

resolution, Airborne Magnetic survey will cover the Eagle s Talon and provide targets for follow up

prospecting and geochemical surveying during the upcoming field progr ams (Fig. 7). The Eagles Talon

staking increases Golden Ridge Resources Burin Peninsula land holding to 24,234 ha representing a district

scale land package in a bourgeoning Gold exploration district in Newfoundland and Labrador.

3 Geological & Geochemical Report on the NW Gander River Gold Project, Botwood Basin Area, NTS: 2D/11,

Central Newfoundland , Prepared by FORTIS GeoServices Ltd. For Sparton Resources Inc. & Intrepid

Minerals Corp. 06/10/2003.

4Assessment Report Detailing work completed during the 5 th Year Report Period, and not previously

reported for Site Preparation, Grid Refurbishing, Magnetometer Surveying, Crown Lands Survey, Research,

Diamond Drilling, Core Sampling, Assaying, Geology and Compilations On Mineral License 022062M at

Heritage Project Southern Burin Peninsula NTS Map Sheet 1L/13, Prepared by Victor A. French, P. Geo. &

Crystal Mugford for Puddle Pond Resources. 09/29/2016.