Golden Ridge Resources Ltd. [GLDN-TSXV] shares were active Monday September 10 after the company reported additional assay results from drilling on the Williams Zone on its Hank Project in British Columbia’s Golden Triangle District.
The latest results are from the second and third holes drilled on the Williams Zone.
Hole HNK-18-005 intersected similar geology and mineralization to previously announced drill hole HNK-18-001, with 326 metres of potassic altered monzonite and Stuhini volcanic rocks grading 0.29% copper, 0.36 g/t gold and 1.92 g/t silver. HNK-18-002 intersected similar geology over 276.15 metres, grading 0.31% copper, 0.24 g/t gold and 2.33 g/t silver.
Additional drilling at the Williams Zone demonstrates continuity in thickness and grade, the company said, adding that higher grade mineralization appears to be dissected by a fault on the eastern side, with the potential for additional, better grade mineralization at depth to the east.
“Mineralization remains open to the north, northeast and at depth, with visually better mineralization intercepted to the northeast.’’
Golden Ridge was among the most actively traded stocks on the TSX Venture Exchange Monday, with 7.4 million shares changing hands. The shares were down 28.4% or 12.5 cents at 31.5 cents in early afternoon trading. The 52-week range is 10.5 cents and 51 cents.
Golden Ridge is engaged in acquiring and advancing mineral properties in B.C. The company currently has an option to acquire a 100% interest in the 1,700-hectare Hank gold-silver-lead-zinc property, which is situated approximately 140 km north of Stewart. In order to exercise that option, Golden Ridge needs to spend $1.7 million on exploration work prior to the end of this year.
Aside from the option on the Hank Project, Golden Ridge can earn a 100% interest in the Royalle gold-silver project in B.C.’s Bralorne mining camp. The company recently optioned its North Canol cobalt-silver-zinc project in the Canadian Yukon’s Macmillan Pass region to Fireweed Zinc Ltd. [FWZ-TSXV].
In an August 27, 2018, press release the company said an IP survey successfully delineated a strong chargeability anomaly which is coincident with porphyry mineralization drilled in the Williams Zone in 2018.
Golden Ridge said two 3 km-long IP lines were completed during the Phase 1 survey at Hank and the chargeability anomaly is open along strike and to the north and south and at depth.
The company said the new 2018 IP data suggests that the 3 km-long Lower Alteration Zone (LAZ) mapped on the other side of Hank Creek may connect with the Williams Zone, a new alkali porphyry discovery which has been intersected in multiple holes along a 200-metre strike length to a depth of 585 metres below surface. The Williams Zone remains open along strike and at depth.
Golden Ridge said the LAZ is characterized by precious metal-rich lead-zinc veins hosted within pervasive quartz-sericite-carbonate-pyrite altered volcanic rocks. This is a typical assemblage flanking or overlying many alkali porphyry systems in the Golden Triangle, the company said.
Due to the success of the Phase 1 survey in correlating chargeability values directly with porphyry mineralization, a second phase of IP surveying is scheduled to commence immediately, the company said, with additional lines planned to the northwest and southeast of the Phase 1 survey.
On July 3, 2018, the company said a minimum of 6,000 metres of core drilling is planned for 2018, a program that is designed to test five new high priority targets. The 2018 program aimed to satisfy the remaining $100,000 in exploration expenditures that are required to earn a 100% interest in the Hank property from Lac Properties Inc., a subsidiary of Barrick Gold Corp. [ABX-TSX, NYSE]. The 2018 drilling at the Hank property has now been completed, the company said. Golden Ridge drilled 6,731 metres in total this year.
“The company intends to continue acquiring more IP geophysical data and that information, along with the remaining pending assays, will be reviewed before proceeding with additional drilling,” it said in a press release.