GLDN.V · 2017-11-08 12:00:00

Golden Ridge Resources Drills 24.15 G/T Au-Eq over 4.13M at the Hank Project IN Bc’S Golden Triangle

Drill Results

GOLDEN RIDGE RESOURCES DRILLS 24.15 G/T AU-EQ OVER 4.13M AT THE HANK PROJECT IN BC’S

GOLDEN TRIANGLE

Kelowna, British Columbia – November 8,2017 - Golden Ridge Resources Ltd. (“Golden Ridge” or the

“Company”) (TSXV: GLDN). Golden Ridge is pleased to report initial results for the first 2 d iamond drill

holes at its Hank Property (“Hank” or the “Property”) in northwestern British Columbia, Canada. HNK-17-

001 returned 24.15 g/t AuEq* over 4.13 meters, while HNK-17-002 returned 107.90 g/t AuEq* over 0.55

meters. Both holes were drilled at the same azimuth from pad number one on the Property’s Lower

Alteration Zone (LAZ), to test the continuity of mineralization at depth (Figure 1). The 2017 drill program

was completed in early October and total meterage was 4249.52m in 14 drill holes. Assay results are

pending for the remaining 12 holes and will be released over the coming weeks as they are received.

Lower Alteration Zone Drilling Highlights:

• Shear zone hosted, galena-sphalerite veins were intercepted in all 13 holes drilled over a 1200m

strike length in the Lower Alteration Zone (LAZ). Assays are pending for holes 3-14.

• Assays from the first two holes indicate significant gold and silver values occur with the galena

and sphalerite (lead and zinc) veins.

• Mineralization remains open along strike and at depth in all LAZ holes.

• Surface mapping indicates a strike length of at least 2.5 km for the LAZ and 2.7 km for the Upper

Alteration Zone (UAZ).

• Cross-section shows shear zones to be steeply southwest dipping with good continuity on section.

• Anomalous gold equivalent (AuEq) values occur throughout the >170m true width of the LAZ

surrounding the higher-grade structure.

Drill hole’s HNK -17-001 and HNK -17-002 were drilled at an azimuth of 310 o at dips of -61o and -47o

respectively within the southwestern portion of the LAZ, between creeks 4 and 5 (Figure 1) . The holes

were collared within the LAZ, which consists of moderate to strong sericite-carbonate-pyrite alteration of

mostly fragmental volcanic rocks o f the Stuhini Group . Cross-sections through the LAZ pads show the

upper and lower boundaries of the alteration zone to be sub -vertically dipping and cross -cutting the

shallow southwest dipping Stuhini volcanic package, indicating a structural control to the mineralization

(Figure 2).

In the first two holes, a nomalous gold-silver-lead-zinc concentrations occur throughout the alter ation

zone which is at least 170 meters in true thickness on section. However, since the holes were collared

within altered rock downslope of the hanging wall contact, the full thickness of the mineralized alteration

zone was not tested . S teeply dipping s hear zones with galena -sphalerite vein mineralization host the

higher grade gold-silver concentrations within the alteration zone. The Company’s focus is on targeting

these mineralized shears within the overall alteration zone, however the average grades of the entire

holes are also given in Table 1 below to illustrate the high gold background of the system.

Table 1 - Hank 2017 Drill Holes HNK-17-001 & HNK-17-002: Significant Intercepts

Length (m)

Dip (deg) Hole ID From

(m) To (m) Interval

(m)

AuEq*

(g/t)

(%)

425.20

-61o

HNK-17-001 241.10 245.23 4.13 24.15 19.74 193.9 0.77 1.97

incl. 241.10 244.65 3.55 6.07 4.42 45.8 0.77 0.87

incl. 244.65 245.23 0.58 134.77 113.5 1100.0 0.73 8.72

ENTIRE HOLE 425.20 0.40 0.29 3.30 0.03 0.07

268.53

-47o

HNK-17-002 102.00 102.30 0.30 19.62 2.01 98.7 11.30 14.35

AND 149.66 152.71 3.05 4.26 3.1 75.6 0.11 0.12

AND 206.90 208.00 1.10 3.75 2.81 44.3 0.11 0.40

AND 223.90 224.45 0.55 107.90 54.4 3240.0 10.60 5.59

ENTIRE HOLE 268.53 0.49 0.18 6.25 0.04 0.04

*Gold equivalent (AuEq) grades are calculated using 200 day moving average metal prices of: gold

US$1268/oz., silver US$17.10/oz., lead US$1.04/lb and zinc US$1.28/lb. Gold equiv alent grade is

calculated as AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.013 + Pb (%) * 0.562 + Zn (%) * 0.811 . The factors for

silver (0.013), lead (0.562) and zinc (0.811) will change depending on the metal price. The metal price

numbers listed above were used to determine the conver sion factors presented herein. Metal recoveries

have not been applied in the gold equivalent calculation.

Michael Blady, CEO of Golden Ridge stated: “The initial results from the 2017 drill program are extremely

exciting for our Company. They confirm the high-grade polymetallic nature of the Lower Alteration Zone

as well as the continuity of this mineralization down dip. The LAZ has seen limited exploration with only

15% of the historic holes being drilled there. With just 13 drill holes targeting the LAZ in our maiden drill

program, we have only just barely scratched the surface.”

VP of Exploration for Golden Ridge, Chris Paul, stated: “We are very pleased with the results from the first

two holes drilled in the LAZ, which demonstrate a robust intermediate -sulfidation gold -silver system.

Historical work was focused on high grade, low-sulfidation type epithermal veins exposed at surface in the

Upper Alteration Zone (UAZ) and the LAZ has seen little drilling to date . The widespread distribution of

anomalous gold throughout the LAZ indicates the presence of a very robust system. We are excited to

anticipate vectoring towards the hydrothermal source as we receive and interpret the remaining analytical

results. At present, Golden Ridge has tested only a small portion of the mineralized system and we are

certainly encouraged with the results so far.”

A drill plan view map and d rill section are included in this news release. Additional material including

camp, core and drill site photos and a complete table of drill results can be downloaded from Golden

Ridge Resources Ltd. website at: www.goldenridgeresources.com

Bell II Zone:

Rock samples and high resolution (25m line spacing) ground magnetic data were collected over a newly

discovered alkalic porphyry type Cu-Au showing (the “Bell II Zone”). Assays are currently pending for the

rock samples and maps for the Bell II Zone will be released when they are received.

QA/QC Procedures:

All drill core was logged, photographed, cut and sampled by Golden Ridge personnel. Prior to shipment to

ALS Global’s sample preparation facility in Terrace, BC, certified reference material standards, blanks and

field duplicates were inserted at a ratio of approximately 1 in every 20 drill core samples. Samples were

prepared in Terrace by crushing the entire sample to 70% passing -2mm, riffle splitting off 1kilogram and

pulverizing the split to bet ter than 85% passing 75 microns . After preparation in Terrace, the prepared

pulps were shipped to ALS Global’s analytical laboratory in North Vancouver, BC. The gold assays are

determined by Au-AA26 fire assay method which reports results in parts per million (ppm) (equivalent to

grams per tonne (g/t)). Any samples with a fire assay that report gold concentrations equal to or higher

than 1.0 g/t Au are analysed by screen metallic method (Au-SCR24).

Base metal assays are first determined using the ME -MS41 method, which reports results as parts per

million (ppm). All analyses that reach the overlimits of ME -MS41 are reanalyzed with an Ore Grade

method. The analytical results are verified with the application of industry standard Quality Control and

Quality Assurance (QA-QC) procedures.

Quality Person:

Mark Rebagliati, P.Eng., a consultant to the Company , is a Qualified Person as defined u nder National

Instrument 43-101 and has reviewed and approved the technical content of this news release.

About Golden Ridge Resources:

Golden Ridge is a TSX -V listed exploration company engaged in acquiring and advancing mineral

properties located in British Columbia. Golden Ridge currently has an option to acquire a 100% interest

in the 1,700 -hectare Hank gold -silver-lead-zinc property located in the Golden Triangle district,

approximately 140 kilometres north of Stewart , British Columbia. Golden Ridge may earn the 100%

interest by performing $1.7M of exploration work by the end of 2018.

For more information please contact:

Golden Ridge Resources Ltd.

Mike Blady

Chief Executive Officer

Tel: (250) 768-1168

Website: www.goldenridgeresources.com

Cautionary Statement Regarding Forward Looking Statements

This release includes certain statements that may be deemed to be "forward -looking statements". All

statements in this release, other than statements of historical facts, that address events or developments that

management of the Company expects, are forward -looking statements. Although management believes the

expectations expressed in such forward -looking statements are based on reasonable assumptions, such

statements are not guarantees of future performance, and actual results or developments may differ materially

from those in the forward -looking statements. The Company undertakes no obligation to update these

forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

Factors that could cause actual results to differ materially from those in forward -looking statements, include

market prices, exploration and development successes, continued availability of capital and fina ncing, and

general economic, market or business conditions. Please see the public filings of the Company

at http://www.sedar.com/ for further information.

409000 E

409050 E

409100 E

409150 E

409200 E

409250 E

6342150 N

6342200 N

6342250 N

6342300 N

6342350 N

6342400 N

+15 m

-15 m

50 m

100

150

200

250

300

350

400

HNK-17-001

50 m

100

150

200

250

HNK-17-002

409000 E

409050 E

409100 E

409150 E

409200 E

409250 E

750 RL

800 RL

850 RL

900 RL

950 RL

1000 RL

1050 RL

1100 RL

1150 RL

6342150 N

6342200 N

6342250 N

6342300 N

6342350 N

750 RL

800 RL

850 RL

900 RL

950 RL

1000 RL

1050 RL

1100 RL

1150 RL

135.6g/t

21.8/gt

50 m

100

150

200

250

300

350

400

50 m

100

150

200

250

1100 m

Unaltered mafic volcanics

268.5 m

HNK-17-002

-47°

425.2 m

HNK-17-001

-61°

Lower Alteration Zone (LAZ)

Zone of moderate to intense sericite-carbonate-pyrite alteration

HNK-17-001

24.15g/t Au-Eq* over 4.13m

(19.74g/t Au, 193.9g/t Ag, 0.77% Pb,1.97% Zn)

HNK-17-002

107.9g/t Au-Eq* over 0.55m

(54.4g/t Au, 3240g/t Ag, 10.6% Pb, 5.59% Zn)

Lower Alteration Zone (LAZ)

24.15g/t Au-Eq* over 4.13m

(19.74g/t Au, 193.9g/t Ag,

0.77% Pb, 1.97% Zn)

(54.4g/t Au, 3240g/t Ag, 10.6% Pb, 5.59% Zn)

107.9g/t Au-Eq* over .55m

108.6g/t

6.2g/t

100m

LEGEND

Lower Alteration Zone

Mineralized Shear Zones

SENW

A’

g/t Au-Eq

Figure 2. Hank

Project Cross-

Section A-A’

News Release 11-08-2017

1200 m

← Back to feed