Golden Ridge drills 70.75 meters of 1.05 g/t gold at Williams Gold Property, Newfoundland

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Golden Ridge Resources Ltd. [TSXV-GLDN] reported announce new assay results from the 2023 Phase II drilling campaign at the Williams Gold Property within the Appleton and Dog Bay Fault Corridors, Newfoundland. Golden Ridge has continued to generate encouraging results at the Williams Gold Property with recent assays outlining large gram metre intercepts up to 70.75 metres grading 1.05 g/t gold. The property is surrounded by New Found Gold Corp.’s [TSXV-NFG; NYSE-NFGC] Queensway Gold Property where NFGC is currently undertaking a 650,000-metre drill program.

Highlights: WIL-23-42 intersected 70.75 metres of 1.05 g/t gold from 43.00 metres; including 16.45 metres of 2.38 g/t gold from 70.40 metres.

WIL-23-37 intersected 22.35 metres of 1.45 g/t gold from 69.20 metres; including 6.50 metres of 2.61 g/t gold from 69.20 metres.

Drilling at the Williams continues to intersect robust network of Au-bearing veins, indicating a more pervasive and widespread mineralized system than encountered in Phase I drilling. Strike length along the Cabin Zone and Gray Jay Zone both increased by 150 metres.

“The Williams Gold Property continues to deliver multiple zones of broad gold mineralization and alteration.  The 2023 drill program has increased grades, width, strike length of both the Gray Jay Zone and Cabin Zone Extension.  Assays continue to validate the more robust alteration and veining in the 41 holes of Phase II.  The Williams Gold Property is an important piece in the Appleton Fault Corridor story, and we will release remaining assays as they are received,” stated Mike Blady, CEO and Director of Golden Ridge.

Phase II drilling at the Williams Project was focused on the five mineralized zones as identified by earlier prospecting, soil and drilling programs. These mineralized zones are known as the: Cabin Zone (CZ), Cabin Zone Extension (CZX), EQ Zone (EQZ), Gray Jay Zone (GJZ) and the Blue Jay Zone (BJZ) all of which are open along strike and down-dip.

The second target of Phase II drilling, following up on results obtained from the CZX was the Gray Jay Zone a 1-km-long gold-in-soil anomaly first tested by the 2022 maiden drilling program. Phase II focused on WIL-22-21, which intersected a complex system of veins and veinlets grading 14.40 metres at 1.51 g/t Au. In total, 13 drillholes WIL-23-36 through WIL-23-48 (totalling 1,759 metres) were drilled at the Gray Jay Zone.

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-23-37 (a 25-metre step-out from WIL-22-21) intersecting a 22.35-metre section grading 1.45 g/t gold, including a 6.50-metre section which yielded 2.61 g/t gold.

Additionally, WIL-23-42 (same collar but opposite azimuth as WIL-22-21) intersected a 70.75-metre section grading 1.05 g/t gold including a 16.45-metre section which yielded 2.38 g/t gold. Drilling at the Gray Jay Zone also identified several fault/rubble zones most commonly along the eastern margin of the mineralized system and are often associated with graphite. Mineralization at the Gray Jay Zone is open along strike and down dip and additional drilling will be required to further delineate the nature of gold mineralization.

Williams Gold Property 2023 drill program: Forty-one holes were drilled in the Phase II diamond drill program consisting of 5,982 metres. 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.

Drill holes were predominantly in the 100m to 200m range focusing on testing soil, bedrock, and drilling anomalies previously identified by earlier exploration programs. Highlights of the previous field programs completed by Golden Ridge Resources from 2020 – 2022 include float samples assaying up to 281 g/t gold and soil samples up to 1,503 ppb gold.

Golden Ridge is continuing to model the structural controls of the transportation and deposition of gold bearing fluids on the Williams Property.

Golden Ridge owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property currently under option to King Fisher Metals Corp. and the 3,000-hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 km north of Stewart, British Columbia.

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