Golden Ridge drills 326 m of 0.36 g/t Au at Hank

Sep 10, 2018

2018-09-10 06:07 ET – News Release

Mr. Chris Paul reports

GOLDEN RIDGE CONTINUES TO INTERSECT BROAD INTERVALS OF CU-AU MINERALIZATION AT WILLIAMS; INTERCEPTS 326 METRES GRADING 0.36 G/T AU, 0.29% CU AND 1.92 G/T AG IN HNK-18-005

Golden Ridge Resources Ltd. has released additional assays from the second and third holes drilled at the William’s zone, located on the company’s Hank project in British Columbia’s Golden Triangle district. HNK-18-005 intersected similar geology and mineralization to previously announced drill hole HNK-18-001, with 326 metres of potassic altered monzonite and Stuhini volcanic rocks grading 0.29 per cent copper, 0.36 gram per tonne gold and 1.92 g/t silver. HNK-18-002 intersected similar geology over 276.15 metres, grading 0.31 per cent Cu, 0.24 g/t Au and 2.33 g/t Ag.

The strongest grades in both holes occur to the east, adjacent to a north-northeast-striking fault which appears to have dissected a portion of the higher-grade mineralization. At surface east of the fault is shallow-level intense phyllic alteration, which typically caps porphyry copper-gold systems similar to that at Williams. The current geological interpretation suggests that the rocks east of the fault have been offset downward relative to the west side and that potential exists for additional high-grade mineralization below the phyllic alteration east of the fault. Additional IP (induced polarization) lines are currently being surveyed and preliminary chargeability data support the interpretation of deeper mineralization in the eastern block. Once the IP work is completed, the final geophysical results will be published in a company news release.

Drilling to the northeast in HNK-18-013 has intersected visually strong mineralization within Stuhini group volcanic rocks on the east (hangingwall) side of the monzonite. The north-northeast-striking fault is further separated from the north-striking monzonite to the north in HNK-18-013, which may allow for a greater width of strongly mineralized hangingwall to the north. The Williams porphyry mineralization remains open to the north and northeast along strike from HNK-18-013. Assays from these additional holes are pending and will be released immediately following receipt, review and quality assurance/quality control checks.

Highlights:

Additional drilling at the Williams zone demonstrates continuity in thickness and grade.
Higher-grade mineralization appears to be dissected by a fault on the eastern side, with the potential for additional, better grade mineralization at depth to the east.
Mineralization remains open to the north, northeast and at depth, with visually better mineralization intercepted to the northeast.

IP survey update

Preliminary raw data from the IP survey now under way by Peter E. Walcott and Associates Ltd. are currently being reviewed on a continuing basis by company geologists. The data show high chargeability values at the Williams zone which merge with high to very high chargeability values in the LAZ, suggesting connectivity of the two zones. Further IP lines to the southeast are currently under way to better define the high chargeability extension to the southeast across Hank Creek.

                          SIGNIFICANT INTERCEPTS
 
Length      Hole ID    From     To   Interval (1)        Au     Cu      Ag
(m)                     (m)    (m)            (m)     (g/t)    (%)   (g/t)

453.24   HNK-18-002  133.85    410         276.15      0.24   0.31    2.33
          including     143    157             12      0.93   0.46    5.14
          including     386    400             14      0.35   0.61    6.45
550.77   HNK-18-005     148    536            388      0.33   0.28    1.89
          including     148    474            326      0.36   0.29    1.92
          including     148    214             66      0.79   0.56    3.30
          including     160  181.4           21.4      1.22   0.87    4.75
          including     356    392             36      0.42   0.39    2.69

(1) The intervals reported in the table represent drill intercepts and 
insufficient data are available at this time to state the true thickness 
of the mineralized intervals and all gold values are uncut.

Drilling results update

Two thousand eighteen drilling at the company’s Hank property has now been completed. The company drilled 6,731 metres in total in 2018, exceeding its originally planned budget of 6,000 metres. The company intends to continue acquiring more IP geophysical data and that information, along with all the remaining pending assays, will be reviewed before proceeding with additional drilling.

Comment

Chris Paul, vice-president of exploration for Golden Ridge, commented: “The continuity of grade and thickness at the Williams zone is very encouraging, as are the increasing grades toward the east. The abrupt change in grade across the fault to the east suggests a portion of the high grade has been displaced, possibly downwards, and the true thickness and grade of the Williams is yet to be seen. Drilling to the northeast in HNK-18-013 has revealed more of the strongly mineralized hangingwall east of the monzonite, which is also dissected on its eastern side. The IP survey by Peter E. Walcott and Associates has been a valuable tool in delineating the known mineralization as well as potential extensions to the north and south. The results so far have been excellent and once all the IP data, assays and geology are compiled, we plan to design additional stepout drill holes and continue targeting the extensions of the system along strike and at depth in the next phase of drilling.”

Disclosure

The company has posted complete assay tables for Cu, Au and Ag for the first three holes drilled at the Williams zone (HNK-18-001, HNK-18-002 and HNK-18-005) to its website for public download. Hole HNK-18-003 was abandoned in overburden and re-entered at a different dip. HNK-18-004 was drilled in the Kaip zone, assays for which are pending.

Qualified person

Wade Barnes, PGeo, the company’s project geologist, is the qualified person as defined by National Instrument 43-101 who supervised the work program and preparation of the technical data in this news release.

About Golden Ridge Resources Ltd.

Golden Ridge is a TSX Venture Exchange-listed exploration company engaged in acquiring and advancing mineral properties located in British Columbia. Golden Ridge currently has an option to acquire a 100-per-cent interest in the 1,700-hectare Hank gold-silver-lead-zinc property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, B.C. Golden Ridge may earn the 100-per-cent interest in the Hank property by performing $1.7-million of exploration work by the end of 2018.

We seek Safe Harbor.

https://www.goldenridgeresources.com/news/2018/