Golden Ridge Resources Ltd. [GLDN-TSXV] rallied Tuesday August 14 after the company reported a new porphyry copper-gold discovery on its Hank Project located the Golden Triangle region of northwestern British Columbia.
The stock jumped 20% or $0.045 to 27 cents on volume of almost 4.8 million shares in early trading Tuesday. That put Golden Ridge among the most actively traded stocks on the TSX Venture Exchange, where the stock is trading in a range of 10.5 cents and 41 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 km 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].
Golden Ridge rallied Tuesday on news that the company has intersected an alkali porphyry system in an area known as the Williams Zone prospect at Hank. The company said drill hole HNK-18-001 intersected 327 metres grading 0.31% copper, 0.35 g/t gold, 1.94 g/t silver. The new alkali porphyry discovery has been intersected in multiple holes along a 200-metre strike length to a depth of 585 metres below surface, the company said in a press release. The zone remains open along strike and at depth.
Assays are pending from additional drill holes.
“The size and grade of the Williams Zone discovery are remarkable,” said Chris Paul, Vice-President of Exploration at Golden Ridge. “Broad intervals of intense potassic alteration with bornite and digenite indicate the presence of a large alkali copper-gold porphyry system at surface,” he said. “Indications are that only the top of the system has been intersected, including the presence of widespread phyllic [aka quartz-sericite-pyrite] alteration at surface, which typically overlies porphyry copper-gold systems, and exists both above and lateral to the potassic altered monzonite at Williams.”
Paul went on to say that copper mineralization also extends for a considerable distance into the surrounding volcanic rocks, while the mineralized monzonite shows good continuity along strike and at depth.
“We are very excited to continue testing the extensions of the system both along strike and at depth,” he said.
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].