Golden Ridge Resources Continues to Intercept Mineralization Including 14.4M of 1.51 G/T Au IN Hole WIL-22-21 from Maiden Drill Program ON the Williams GOLD Property
GOLDEN RIDGE RESOURCES CONTINUES TO INTERCEPT MINERALIZATION INCLUDING 14.4M OF 1.51
G/T AU IN HOLE WIL-22-21 FROM MAIDEN DRILL PROGRAM ON THE WILLIAMS GOLD PROPERTY
Kelowna, British Columbia – May 1 , 2023 – Golden Ridge Resources Ltd. (“Golden Ridge” or “the
Company”) (TSXV: GLDN) is pleased to announce additional results from its maiden drill program at the
Williams Gold Property (“Williams” or “ the Property”), that is surrounded by New Found Gold Corp
(NFGC)’s Queensway South Gold Property in the Central Newfoundland Gold Belt of the province of
Newfoundland and Labrador (Figure 1). 1 The maiden drill program consisted of 29 holes for a total of
4,186 meters. So far , the program has led to the discover y of numerous near -surface zones of gold
mineralization within the Appleton Fault Corridor (“AFC”) of the Williams Property (Figure 2).
Highlights
• WIL-22-21: 14.4 meters of 1.51 g/t Au from 88.10 to 102.50 meters including 4.6 meters of 2.49
g/t Au (Table 1)
• WIL-22-20: 30.0 meters of 0.62 g/t Au from 64.00 to 94.00 meters (Table 1)
• Gold mineralization (minimum 1 g/m Au) was encountered in over 90% of the holes drilled in
2022.
• Mineralization now stretches over 1.5 kilometers within and parallel to the Appleton Fault
Corridor and remains open in all directions.
• The Company is fully funded for exploration in 2023 with numerous targets yet to be tested.
Holes 15 – 29 continued to t est multiple zones indicated in previous prospecting, high -density soil
sampling, and trenching by Golden Ridge . The 2022 drilling program was focused on testing the large
gold-in-soil anomalies, and results of subsequent trench sampling. Gold mineralization in drill core is
typically associated with minor to pervasive sericite alteration surrounding quartz -carbonate veins with
variable pyrite, chalcopyrite, pyrrhotite, arsenopyrite, and antimony sulfides.
Golden Ridge is currently interpreting structu ral data from the AFC within the Property. Structural
controls play an important role in the development of mineralization at most gold occurrences in the
Appleton Fault Corridor. Planning for the 2023 drill program is currently underway.
“The final fifteen holes of the 2023 program at the Williams Gold Property confirm multiple gold-bearing
fault systems throughout the AFC. Intersecting meaningful amounts of gold mineralization in twenty -
seven of twenty-nine drill holes is a testament to the potential of the Property. Much like our friends who
surround us, our strategy for 2023 drilling will focus on short, targeted holes which will refine our evolving
structural model to guide exploration of the untested strike extensions of the AFC, testing of new targets
outstanding from last year and infilling areas within our large gold-in-soil anomalies. We are very excited
to get back to work at Williams and the underexplored Queensway South.” stated Mike Blady, CEO and
Director of Golden Ridge.
Table 1 – 2022 Holes 15 - 29 Significant Intercepts2
Table 2 – 2022 Holes 15 – 29 Collar Locations
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.
Hole To (m) From (m) Interval (m) Au (g/t) Au (Gram Meter)
WIL-22-15 12.30 13.61 1.31 2.38 3.12
WIL-22-16 47.72 49.12 1.40 0.92 1.29
WIL-22-18 26.78 27.78 1.00 1.09 1.09
WIL-22-19 44.92 46.42 1.50 0.98 1.47
58.75 59.25 0.50 3.88 1.94
73.26 75.57 2.31 3.47 8.02
112.00 117.00 5.00 0.36 1.80
129.53 130.86 1.33 0.84 1.12
145.00 146.50 1.50 0.57 0.86
WIL-22-20 64.00 94.00 30.00 0.62 18.60
Including 89.50 92.50 3.00 2.30 6.90
134.50 139.00 4.50 0.51 2.30
WIL-22-21 88.10 102.50 14.40 1.51 21.74
Including 88.10 90.70 2.60 2.72 7.07
Including 96.40 101.00 4.60 2.49 11.45
WIL-22-22 22.72 29.50 6.78 0.97 6.58
WIL-22-23 71.50 73.00 1.50 5.14 7.71
WIL-22-24 34.05 34.45 0.40 2.79 1.12
WIL-22-25 19.50 26.00 6.50 0.97 6.31
WIL-22-26 14.50 16.00 1.50 1.30 1.95
WIL-22-28 107.50 110.00 2.50 0.47 1.18
HoleID Azimuth (°) Dip (°) Depth (m) Easting (NAD83) Northing (NAD83)
WIL-22-15 145 -65 137 638991 5394305
WIL-22-16 145 -45 158 638959 5394307
WIL-22-17 145 -45 185 638992 5394338
WIL-22-18 125 -45 110 638312 5394058
WIL-22-19 315 -45 149 638325 5394059
WIL-22-20 130 -45 155 639495 5394855
WIL-22-21 310 -45 161 639499 5394850
WIL-22-22 307 -45 125 639414 5394725
WIL-22-23 310 -45 155 639518 5394836
WIL-22-24 126 -45 215 638642 5394743
WIL-22-25 133 -45 131 638718 5395051
WIL-22-26 130 -45 122 638783 5395128
WIL-22-27 310 -45 101 638783 5395128
WIL-22-28 85 -45 125 639079 5394657
WIL-22-29 125 -45 116 639079 5394657
2The intervals reported in these tables represent drilling intersects and insufficient data are available at this time to stat e the true thickness
of the mineralized intervals.
Sampling & Laboratory Methodology:
True widths of the report intersections have not been calculated at this time. Drilling was primarily
conducted in HQ, however, NQ was used when ground conditions required it. Drill core was split using a
diamond core cutting saw.
Samples were sent either to Eastern Analytical Ltd, in Springdale, Newfoundland (for both sample
preparation and fire assay) or 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. Both laboratories are ISO/IEC 17025 accredited. Samples were
analyzed for gold by fire assay using a 30g or 50g charge. 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 its portfolio of exploration assets in Newfoundland. The Company owns
a 100% interest the 3,000-hectare Hickman copper-gold property located in the Golden Triangle 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) 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 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 materia lly 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 prov e 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, gr ade 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.