KELOWNA, British Columbia, July 18, 2018 -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV:GLDN) is pleased to announce that it has completed the first two holes drilled at its newly discovered Williams Zone target on the Company’s Hank project located in BC’s golden triangle. The two holes were collared 250 meters apart towards each other on section and were designed to begin testing the size and orientation of a broad magnetic high, identified during the 2017 campaign, which was coincident with outcropping rock showing strong potassic alteration, including hydrothermal k-spar, biotite, magnetic and specularite as well as disseminated chalcopyrite, bornite, covellite and digenite mineralization (see November 22nd, 2017 press release). A third hole has begun on the Williams zone and a new pad is currently being constructed 300m from the current drilling area, in order to test for the continuation of the system to the northeast.
| | 2018 Williams Zone Drill Plan Map | |
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HNK-18-001 final depth was 425m collared with an azimuth of 100 degrees with a dip of -60. HNK-18-001 started on the western edge of the magnetic high anomaly.
HNK-18-002 final depth was 453m collared with an azimuth of 275 degrees with a dip of -60. HNK-18-002 started on the eastern edge of the magnetic high anomaly.
Both holes intersected variable phyllic and potassic alteration centered around altered monzonite intrusive dikes. Moderate to strong potassic alteration is present as broad selvages along the margins of quartz veins within the monzonite and the Stuhini volcanic country rocks. True widths of the intervals are not known at this time.
Processing of core from holes 1 and 2 is nearing completion and split samples will be shipped immediately to MS Analytical labs in Terrace, BC for analysis. Results will be made available once they have been received and reviewed for Quality Assurance and Quality Control (“QAQC”).
In addition to the drilling, field crews are prospecting, mapping, and sampling outcrop areas to the northeast and southwest of the main Williams Zone target to test for possible continuations of the system in these directions.
Qualified Person
Exploration activities at the Hank Property are being supervised by Wade Barnes, the Company’s Project Geologist and a Qualified Person as defined by National Instrument 43-101. Wade Barnes is a PGeo registered with the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) and has verified the data, reviewed and approved this news release.
About Golden Ridge Resources:
Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in British Columbia. Golden Ridge currently has an option to acquire a 100% interest in the 1,700-hectare Hank gold-silver-lead-zinc property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia. Golden Ridge may earn the 100% interest in the Hank property by performing $1.7M of exploration work by the end of 2018.
For more information please contact:
Golden Ridge Resources Ltd.
Mike Blady
Chief Executive Officer
Tel: (250) 768-1168
Website: www.goldenridgeresources.com
Cautionary Statement Regarding Forward Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at http://www.sedar.com/ for further information.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f1cc042f-2151-4ebc-8a12-78cf43ce02d2
