Golden Ridge Resources Ltd. [GLDN-TSXV] was among the most actively traded stocks Monday after the company released final results from a recently completed Phase 1 induced polarization survey on its Hank project in British Columbia’s Golden Triangle district.
The company said the IP survey successfully delineated a strong chargeability anomaly which is coincident with porphyry mineralization drilled in the Williams Zone in 2018.
The shares eased 8% or $0.035 to 40.5 cents in late morning trading Monday on active volume of 1.47 million. 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 kilometres 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 a press release Monday, Golden Ridge said two three-kilometre-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 three-kilometre 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 will 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]