Golden Ridge Resources Ltd. [GLDN-TSXV] said maiden drilling continues to confirm multiple gold-bearing fault systems throughout the Appleton Fault Zone on its Williams gold property in central Newfoundland.
The project is surrounded by the Queensway project, where New Found Gold Corp. [NFG-TSXV] has discovered three robust structurally controlled high-grade deposits: Keats, Lotto, Golden Joint. These occur along an approximately 2.0-kilometre corridor of the Appleton Fault Zone (AFC) on the Queensway North area.
Golden Ridge said its maiden drill program consisted of 29 holes, covering 4,186 metres. Inaugural drilling at Williams consistently intersected near-surface gold mineralization in multiple zones over 1.5 kilometres apart in the first 14 holes. “The final 15 holes of the 2023 program at the Williams Gold property confirm multiple gold-bearing fault systems throughout the AFC,’’ the company said in a press release Monday. “Intersecting meaningful amounts of gold mineralization in 27 of 29 drill holes is a testament to the potential of the property,’’ the company said.
The latest drilling highlights include 14.4 metres of 1.51 g/t gold from 88.10 to 102.50 metres in hole WIL-22-21 from the maiden program, including 4.6 metres of 2.49 g/t. Gold mineralization was (minimum 1.0 g/t gold) was encountered in over 90% of the holes drilled in 2022.
Mineralization now stretches over 1.5 kilometres within and parallel to the AFC and remains open in all directions.
“Much like our friends who surround us, our strategy for 2023 drilling will focus on short, targeted holes which will refine our evolving structural model to guide exploration of the untested strike extensions of the AFC, testing new targets outstanding from last year and infilling areas within our large gold-in-soil anomalies,’’ the company added.
Drilling at Williams was focused along the main forest service road accessing the southeastern portion of the project. Holes were staged from this access road and provided important geological and analytical information, which was used to form the basis of Golden Ridge’s geological model.
The company is fully funded for exploration in 2023 with numerous targets yet to be tested.
Outside of Newfoundland, the company has a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000-hectare Hickman copper-gold property in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia.
Golden Ridge recently granted Kingfisher Metals Ltd. [KVR-TSXV] the right to earn a 100% interest in the Hank property, subject to a 3.0% net smelter return royalty held by a third party. Kingfisher can earn the interest by making cash payments and issuing shares over the next four years. Kingfisher must also spend $3.0 million on mining work on or before the fourth anniversary of the effective date of the agreement.
On April 28, 2023, Golden Ridge shares closed at $0.075. The shares currently trade in a 52-week range of 16 cents and $0.05.