Golden Ridge Resources Provides Corporate Update and Completes a 14 Hole, 4,250 Meter Diamond Drilling Program at Hank Property
GOLDEN RIDGE RESOURCES PROVIDES CORPORATE
UPDATE AND COMPLETES A 14 HOLE, 4,250 METER
DIAMOND DRILLING PROGRAM AT HANK PROPERTY
Kelowna, British Columbia. October 2 4, 2017 – Golden Ridge Resources Ltd. (TSX.V:
GLDN) (the “Company” or “Golden Ridge”) has completed its 2017 exploration program on
its Hank Property (the “Property” or “Hank”) located in the British Columbia’s Golden
Triangle. The Hank project is strategically located in British Columbia’s renowned Golden
Triangle district, a belt of high-grade gold and base metal mines and prospects in Northwest
BC, currently experiencing a resurgence of discovery exploration, following the construction of
the Northwest Transmission Line and the paving of Highway 37. Recent discoveries in the
district include GT Gold Corp.’s 1 high grade Saddle Gold prospect, as well as Garibaldi
Resources1 announcement of massive sulfide Nickel -Copper mineralization encountered in
2017 drilling on their E&L property.
Golden Ridge has now concluded its 2017 exploration program at the Hank following the onset of
inclement weather conditions. The 2017 program consisted of diamond drilling, ground magnetic
surveying and prospecting.
Highlights of the 2017 work include:
4250m of diamond drilling in 14 holes, focused mostly on the Property’s 2.5 kilometer
long Lower Alteration Zone (“LAZ”).
High resolution ground magnetic survey and hand stripping of a new Cu-Au porphyry
discovery (Ball II Zone)
Golden Ridge completed 14 diamond drill holes on the Hank Property, for a to tal of 4,250 meters
drilled. Assays are currently pending for the drill core and will be released as analytical results are
received over the next month.
The main objective of the Phase I drill program was to gain a better understanding of the geology and
controls on mineralization as well as to test the continuity of mineralization both at depth and along
strike. This was accomplished by twinning select historic2 holes, followed later by stepping-out along
strike and down dip of the twinned holes, in ord er to get an understanding of the orientation of
mineralized zones as well as the plunge of any potentially higher grade shoots.
The historic 2 drilling which took place on the Property from the mid -1980’s through to the early -
1990’s, was focused almost exclusively on gold . All 2017 core samples however were analyzed for
51 elements, including silver, lead and zinc, which all occur in significant concentrations in the lower
alteration zone, and were only selectively analyzed for historical2 purposes.
2017 core diameter was “HQ” size, which allowed a significantly larger sample, as opposed to the
“BQ” size core which was employed historically 2. The larger core diameter allows for a reduction in
the “nugget effect”, which can be significant in high grade gold systems containing coarse free gold,
such as is possible at the Hank Property. To further reduce the nugget effect, the Company employed
a 50 g aliquot size for fire assay, which is the largest subsample of pulverized core pulp typically
offered by the commercial assay laboratories.
The Company’s initial plan was to focus on deep drilling underneath the Felsite Hill zone, and the
down dip extension of the Upper Alteration Zone (UAZ), however encouraging visuals, comprised of
galena+sphalerite veins intersected in the Lower Alteration Zone early in the program resulted in a
change of strategy, and a focus on defining the extents of these mineral ized vein systems. One hole
of the fourteen drilled was completed in the UAZ and the Company intends to continue drilling down
dip of the historical UAZ resource2 and underneath of Felsite Hill in 2018.
Late in the season, hand trenching of a strong (up to 4780 ppm) 2016 copper -in-soil anomaly across
the valley from the LAZ, uncovered well mineralized and strongly altered monzonite porphyry, in
covered bedrock near the valley bottom. The monzonite is strongly potassic altered, with
hydrothermal k-feldspar, biotite and magnetite as veins and disseminations. Disseminated and quartz
vein hosted bornite and chalcopyrite, associated with specularite after magnetite, occur throughout
the hand stripped exposure, with no pyrite, indicating the center of a copper porphyry system. Assays
are pending on surface samples collected from this target.
Michael Blady, CEO, comments “ All things considered, we are very pleased with the work and
progress that our contractors and partners have been able to achieve in the limited timeframe given
to complete exploration prior to snowfall. This program marks the first time the Hank has been
drilled in 24 years and we are encouraged to begin exploring the project again with modern drill
equipment and robust analytical methods to evaluate not only the gold but also the silver -lead-zinc
potential. Golden Ridge maintains a strong treasury from a recent financing and is well positioned to
continue exploring the Hank project over the coming years.”
Following the completion of explo ration, Golden Ridge met with leaders of the Tahltan Central
Government and had positive meetings regarding the future of the Company’s exploration plans on
the Hank. Golden Ridge intends to continue to maintain this positive working relationship by
employing local Tahltan workers and businesses for the mutual benefit of both the Company and
local communities.
Cautionary Notes 1 – 3
1. This 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.
2 Historical information contained in this news releases maps or figures regarding the Company’s project or
adjacent properties are repeated for historical reference only and cannot be relied upon as the Company’s QP,
as defined under NI-43-101 has not prepared nor verified the historical information.
About Golden Ridge
Golden Ridge is a TSX-V listed British Columbia company, which hol ds an option to earn a 100 -
per-cent interest in the 1,700-hectare Hank gold-silver-copper property located in the Golden
Triangle district, approximately 140 kilometers north of Stewart, British Columbia. Golden Ridge
can earn a 100-per-cent interest by performing $1.7-million of exploration work by the end of 2018;
this is subject to a certain back-in provision if a deposit equals or exceeds three million ounces of
gold in the mineral resource category.
For further information regarding this news release contact:
Michael Blady, CEO
Tel: (604) 720-3474 or by email at [email protected]
On behalf of the Board of Directors
GOLDEN RIDGE RESOURCES LTD.
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 regu latory 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 appl icable 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 for ward-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.