Golden Ridge Resources Intersects Epithermal Au-AG Mineralization at Depth IN the Eagle Zone; Intersects 5.13 Metres of 4.04g/t Au and 97.40g/t AG (385.65 G/T Ageq) at the Heritage Project, Newfoundland and Labrador
GOLDEN RIDGE RESOURCES INTERSECTS EPITHERMAL AU-AG MINERALIZATION AT DEPTH IN THE
EAGLE ZONE; INTERSECTS 5.13 METRES OF 4.04g/t Au and 97.40g/t Ag (385.65 G/T AgEQ) AT THE
HERITAGE PROJECT, NEWFOUNDLAND AND LABRADOR
Kelowna, British Columbia – April 27, 2021 - Golden Ridge Resources Ltd. (“Golden Ridge” or “the
Company”) (TSXV: GLDN) is pleased to announce results from holes HE-TZ-20-01 to HE-EZ-20-22, drilled
at the Eagle, Pinnacle, Turpin, and Lunch Spot Zones, as part of the Company’s recently completed 5,182
meter diamond-drill program at the Heritage epithermal Au-Ag project, located along Highway 220, near
Point May, Newfoundland and Labrador. Drill holes from the Eagle Zone reported in this news release
have successfully extended known epithermal mineralization at depth , 75 meters below the previously
released HE -EZ-20-02 (see news release dated December 2, 2020) . Six scout drillholes were also
completed on a parallel magnetic structure 800m to the east. Significantly, all six scout drillholes from the
Pinnacle, Turpin and Lunch Spot Zones intersected epithermal veining, alteration, and Ag -Au
mineralization. These new drill discoveries further support the presence of a second large epithermal
system paralleling the Eagle Zone to the east, with a strike length of at least 2.5 kilometers (Figure 1).
Highlights
- Hole HE-EZ-20-14, which intersected 5.13m of 4.40 g/t Au and 97.40 g/t Ag (385.65 g/t AgEq)
has successfully extended the mineralized core of the Eagle Zone an additional 75m at depth
(Figure 2).
- Holes HE -EZ-20-16 to HE -EZ-20-21 successfully extended epithermal mineralization near the
northern extent of the Eagle Zone where historic drilling reached only ~20m in vertical depth.
- Hole HE-EZ-20-18 intersected 3.36m of 4.59 g/t Au and 202.33 g/t Ag (529.88 g/t AgEq) and HE-
20-20-17 intersected 1.16m of 0.89 g/t Au and 509.10 g/t Ag (572.31 g/t AgEq).
- Drilling at the Pinnacle, Turpin, and Lunch Spot Zones highlights the extensive size of the PMES
(Point May Epithermal System) . These initial results will aid the Company in vectoring in to
additional zones on the property. Golden Ridge’s drillholes at the Pinnacle and L unch Spot
Zones were oriented at 010°-046° and encountered significant epithermal veining along strike
suggesting a potential NW -SE structural control on mineralization, missed by historic drilling
(where holes were typically oriented at 090-120°).
- Hole HE-PZ-20-01 intersected 1.53m of 2.79 g/t Au and 265.00 g/t Ag (464.29 g/t AgEq) suggests
that there may be significant Ag -Au mineralized intervals, and additional structures, between
the Pinnacle Zone discovery outcrops.
- Hole HE-TZ-20-01, which intersected 3.00m of 1.81 g/t Au and 150.40 g/t Ag (279.69 g/t AgEq)
& 9.00m of 0.67 g/t Au and 78.67 g/t Ag ( 126.53 g/t AgEq), successfully tested near-surface
epithermal Ag-Au mineralization within the Turpin Zone. Hole HE-TZ-20-01 is the first drill hole
to expand at depth the Turpin Zone discovery outcrop, from which grab samples assaying up to
117 g/t Au were collected.1,2 The Turpin Zone remains open along strike and the C ompany will
continue to define the mineralization.
- The Company is currently planning its Phase II exploration program at the Heritage property
and will update the market once finalized by the Company’s Technical Committee.
“We are pleased that all drill hole s to date from the Eagle, Pinnacle, Turpin, and Lunch Spot Zones have
intersected significant intervals of strong epithermal-style veining and alteration hosting gold and silver-
rich mineralization. The 2020-21 drilling program has demonstrated good continuity , both along strike
and at depth within the Eagle Zone. We look forward to continue building on our latest drill results from
the Eagle Zone and are now evaluating the potential for preparing a maiden resource estimate by
incorporating the latest 2020 and 2021 drill results.” stated Golden Ridge CEO, Michael Blady.
Table 1 – Significant Intercepts
HOLE ID FROM (m) TO (m) INTERVAL
(m)3 Au (g/t) Ag (g/t) AuEq (g/t)4 AgEq (g/t)4 AuEq Gram
Meter
HE-TZ-20-01 2.33 5.33 3.00 1.81 150.40 3.92 279.69 11.75
And 14.97 23.97 9.00 0.67 78.67 1.77 126.53 15.94
HE-PZ-20-01 112.58 114.11 1.53 2.79 265.00 6.50 464.29 9.95
HE-PZ-20-03 25.00 32.50 7.50 0.85 67.06 1.79 127.77 13.42
And 87.80 89.98 2.18 1.64 2.60 1.68 119.74 3.65
HE-LZ-20-01 3.15 13.62 10.47 0.28 35.92 0.78 55.92 8.20
HE-LZ-20-02 34.00 35.50 1.50 1.43 5.30 1.50 107.44 2.26
HE-EZ-20-13 41.90 68.58 26.68 0.80 30.32 1.22 87.46 32.67
Including 45.85 54.00 8.15 1.33 66.85 2.27 161.85 18.47
HE-EZ-20-14 183.09 216.80 33.71 1.21 29.30 1.62 115.73 54.62
Including 192.00 197.13 5.13 4.04 97.40 5.40 385.65 27.70
And 211.50 216.80 5.30 1.60 38.79 2.15 153.29 11.37
HE-EZ-20-15 202.11 219.68 17.57 0.42 22.87 0.74 52.92 13.02
HE-EZ-20-16 45.65 54.35 8.70 1.30 83.27 2.46 175.98 21.43
HE-EZ-20-17 36.74 37.90 1.16 0.89 509.10 8.01 572.31 9.29
And 45.95 60.24 14.29 1.09 85.27 2.28 163.16 32.64
HE-EZ-20-18 39.20 45.83 6.63 2.78 152.60 4.92 351.12 32.59
Including 42.47 45.83 3.36 4.59 202.33 7.42 529.88 24.93
HE-EZ-20-19 109.01 110.50 1.49 0.53 76.50 1.61 114.64 2.39
And 179.30 185.50 6.20 0.28 46.28 0.93 66.12 5.74
HE-EZ-20-20 83.81 85.70 1.89 2.07 37.10 2.59 184.89 4.89
HE-EZ-20-22 96.46 99.28 2.82 1.19 9.30 1.32 94.30 3.72
1 Historical information contained in this news release cannot be relied upon as the Company’s QP, as defined under NI 43 -101, has not prepared nor verified the
historical information.
2 The reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the Property.
3 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.
4 Gold (AuEq) and silver (AgEQ) equivalent grades are calculated using 100 -day moving-average metal prices of gold at US$1,8 10/oz. and silver at US$25. 77/oz.
Gold equivalent grade is calculated as AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.01 4. Silver equivalent grade is calculated at AgEq (g/t) = Ag (g/t) + Au (g/t) / 0. 014. The
factors for gold (0.014) and silver (0.014) 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.
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°
HE-EZ-20-10 584564 5196409 120° -45°
HE-EZ-20-11 584436 5196248 115° -45°
HE-EZ-20-12 584393 5196078 120° -45°
HE-TZ-20-01 585194 5195830 300° -84°
HE-PZ-20-01 584709 5195027 10° -55°
HE-PZ-20-02 584722 5195057 30° -55°
HE-PZ-20-03 584777 5195155 30° -45°
HE-LZ-20-01 584810 5195245 30° -50°
HE-LZ-20-02 584923 5195388 46° -45°
HE-EZ-20-13 584774 5196321 11° -60°
HE-EZ-20-14 584692 5196417 120° -70°
HE-EZ-20-15 584907 5196517 275° -70°
HE-EZ-20-16 584887 5196639 120° -65°
HE-EZ-20-17 584893 5196660 120° -65°
HE-EZ-20-18 584913 5196677 120° -65°
HE-EZ-20-19 584893 5196660 120° -84°
HE-EZ-20-20 584934 5196725 120° -65°
HE-EZ-20-21 584922 5196709 120° -65°
HE-EZ-20-22 584803 5196516 120° -65°
2021 PhotoSat High-Resolution Orthophoto and Elevation Grid
Golden Ridge has engaged PhotoSat to provide a high-resolution 112 km2 orthophoto and 69 km2 digital
terrain model over the Heritage Project in order to help in planning the 2021 field program. The high -
resolution terrain model will highlight resistive, potentially silicified outcrops to help target the Company’s
2021 mapping and prospecting efforts, as well as any subtle topographic lineaments which may be related
to mineralized structural controls. The Photosat results will be used, in conjunction with the high
resolution airborne magnetic survey flown in 2020, to aid in the targeting of additional zones analogous
to the Eagle Zone. The PhotoSat Survey is cost-effective and particularly well suited to the Heritage Project
due to the lack of tree cover and generally subdued topographic relief.
Additional Staking – 36 km2 Added to Heritage Property
Golden Ridge is adding an additional 36.27 km2, recently staked by Puddle Pond Resources along the
northern trend of the Heritage Project , into the Option Agreement . The area is an extension of the
regional structural corridor that hosts the Eagle Zone. The area shows a circular feature, visible on satellite
photos and airborne magnetics, which is potentially representative of a volcanic caldera associated with
an additional epithermal center on the Property . The newly acquired area , which contains anomalous
gold-in-till values, will be incorporated into Golden Ridge’s 2021 prospecting and geochemical field
program.
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 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 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 in the 1,700 -hectare Hank copper -gold-silver-lead-zinc property and 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) 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 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.