Golden Ridge Resources Ltd. [GLDN-TSXV] shares were active again Wednesday November 28 after the company reported additional assay results from drilling on the Williams Zone at its Hank Project in British Columbia’s Golden Triangle District.
The stock was down 31.03% or $0.045 to 10 cents on volume of 2.43 million, after hitting a new 52-week low of $0.095.
The latest results are for the remaining holes of a 6,731-metre program that Golden Ridge completed this year. It was designed to test five new high priority targets and satisfy the remaining $100,000 in exploration expenditures that the junior was required to commit in order to earn a 100% interest in the Hank property from Lac Properties Inc., a subsidiary of Barrick Gold Corp. [ABX-TSX, NYSE].
The 1,700-hectare Hank gold-silver-lead-zinc property is situated approximately 140 km north of Stewart. In order to exercise the option, Golden Ridge needed to spend $1.7 million on exploration work prior to the end of this year.
Highlights from the final batch of assays included hole HNK-18-013, which was drilled northeast of 2018 drill holes 1, 2, and 5. It intersected 319 metres of 0.42 g/t gold, 0.34% copper and 2.20 g/t silver (0.96 g/t gold equivalent), including 131 metres of 0.68 g/t gold, 0.55% copper and 3.34 g/t silver (1.56 g/t gold equivalent.
The company said drill hole HNK-18-007 was drilled from outside the Williams Zone to the southeast of hole 1 and entered mineralized, potassic altered monzonite at 427 metres, ending in mineralization at 603.50 metres.
HNK-18-007 returned 176.50 metres of 0.21 g/t gold, 0.20% copper and 2.51 g/t silver (0.54 g/t gold equivalent) from 427.00 to 603.50 metres, including 30.92 metres of 0.21 g/t gold, 0.33% copper and 4.77 g/t silver (0.77 g/t gold equivalent) from 432 to 463 metres.
New IP geophysical results show a strong correlation between chargeability and mineralization, indicating significant room for expansion of the Williams porphyry, both laterally and at depth.
“We are very pleased with our initial progress on the Williams Zone,” said Golden Ridge Vice-President, Exploration Chris Paul. “In a single season, Golden Ridge has taken the Williams Zone from a blind target to a significant discovery,” he said. “Several of the 2018 drill holes ended in mineralization, leaving the system open at depth and laterally.”
Paul went on to say that the final results of the 2018 IP survey have exposed a remarkably large chargeability anomaly that appears to extend laterally and below the Williams Zone.
Going forward, the company plans to focus its exploration on the Williams Zone, with an aggressive drill program planned for 2019, which aims to further outline the size and tenor of the company’s 2018 copper-gold discovery.