Golden Ridge Resources drills 86 meters of 1.00 g/t gold at the Williams property, Newfoundland

Golden Ridge Resources Ltd. [TSXV-GLDN] reported the completion of the 2023 Phase II drilling campaign at the Williams gold property within the Appleton and Dog Bay Fault Corridors, Newfoundland. Golden Ridge intersected in the first hole of the 2022 Phase II drilling campaign the largest intercept of 86 metres of 1.00 g/t gold on the Williams property to date.  The property is surrounded by New Found Gold’s [TSXV-NFG, NYSE] Queensway gold property where NFGC is currently undertaking a 500,000 meter drill program.

Highlights: WIL-23-30 intersected 86 metres of 1.00 g/t gold from 63.00 metres, including 2.00 metres of 9.21 g/t gold from 81.00 metres.

Drilling focused on building off 2022 results and tested new prospective target areas. Forty-one holes were drilled for a total of 5,982 metres in the 2023 campaign. Mineralization was noted to be more pervasive and widespread than encountered in Phase I Drilling.

“Drilling 86 gram-meters gold in our first reported hole of Phase II drilling is very exciting. The highlighted intercept in WIL-23-30 represents our highest gram-metre interval to date at Williams. Drilling has now confirmed at least five distinct mineralized zones at Williams all of which remain open along strike and at depth,” stated Mike Blady, Director, CEO and President. “Observing the increased alteration and veining drilled over 41 holes in Phase II strongly suggests that we are vectoring towards the full potential of the property.”

Phase II drilling was initially focused on WIL-22-12, which intersected a complex system of veins and veinlets grading 37.93 metres grading at 0.68 g/t gold. First identified during the 2022 maiden drilling program, this area is now known as the Cabin Zone Extension (CZE) and represents the northeastern extension of a 1-km-long gold-in-soil anomaly known as the Cabin Zone. In total, 6 drillholes WIL-23-30 through WIL-23-35 (totalling 1,029 metres) were drilled at the Cabin Zone Extension.  All drill holes were successful in intersecting a broad alteration halo and associated system of vein and veinlets first observed in Phase I drilling.

Broad mineralization is exemplified by WIL-23-30 (a 12.5-metre step-out from WIL-22-12) intersecting an 86-metre section grading 1 g/t gold including a 2-metre section which yielded 9.21 g/t. Mineralization at the Cabin Zone Extension is open along strike and down dip and further drilling will be required to further delineate the nature of gold mineralization.

Golden Ridge has now completed 70 holes for 10,182 metres of drilling over Phase I and II programs. The balance of assay results from the 2023 program have yet to be received

Golden Ridge Resources acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy, and Technology, Government of Newfoundland and Labrador.

Golden Ridge is focused on exploration and development of the Williams gold property located in the Central Newfoundland Gold Belt.  The company owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property which is currently under option to King Fisher Metals Corp. and the 3,000-hectare Hickman copper-gold property in the Golden Triangle district, approximately 140 km north of Stewart, British Columbia.