Golden Ridge Resources drills 1.51 g/t gold over 14.4 metres at Williams, Newfoundland

VANCOUVER – Golden Ridge Resources Ltd. [GLDN-TSXV; 44G-FSE] released additional results from its maiden drill program at its Williams gold property, that is surrounded by New Found Gold Corp.’s [NFG-TSXV] Queensway South gold property in the central Newfoundland gold belt of the province of Newfoundland and Labrador.

The maiden drill program consisted of 29 holes for a total of 4,186 metres. So far, the program has led to the discovery of numerous near-surface zones of gold mineralization within the Appleton fault corridor (AFC) of the Williams property.

Highlights: WIL-22-21 returned 14.4 metres of 1.51 g/t gold from 88.10 to 102.50 metres including 4.6 metres of 2.49 g/t gold. WIL-22-20 returned 30.0 metres of 0.62 g/t gold from 64.00 to 94.00 metres.

Gold mineralization (minimum 1 g/m Au) was encountered in over 90% of the holes drilled in 2022. Mineralization now stretches over 1.5 km within and parallel to the Appleton Fault Corridor and remains open in all directions. The company is fully funded for exploration in 2023 with numerous targets yet to be tested.

Holes 15 – 29 continued to test multiple zones indicated in previous prospecting, high-density soil sampling, and trenching by Golden Ridge. The 2022 drilling program was focused on testing the large gold-in-soil anomalies, and results of subsequent trench sampling. Gold mineralization in drill core is typically associated with minor to pervasive sericite alteration surrounding quartz-carbonate veins with variable pyrite, chalcopyrite, pyrrhotite, arsenopyrite, and antimony sulfides.

Golden Ridge is currently interpreting structural data from the AFC within the property. Structural controls play an important role in the development of mineralization at most gold occurrences in the Appleton Fault Corridor. Planning for the 2023 drill program is currently underway.

“The final 15 holes of the 2023 program at the Williams Gold Property confirm multiple gold-bearing fault systems throughout the AFC. Intersecting meaningful amounts of gold mineralization in 27 of 29 drill holes is a testament to the potential of the property. 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 of new targets outstanding from last year and infilling areas within our large gold-in-soil anomalies. We are very excited to get back to work at Williams and the underexplored Queensway South.” stated Mike Blady, CEO and Director of Golden Ridge.

Golden Ridge is currently focused on exploration and development of its portfolio of exploration assets in Newfoundland. The company owns a 100% interest the 3,000-hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 km north of Stewart, British Columbia and has a portfolio of exploration projects in Newfoundland.

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