Tickers: XTSX:GLDN, PINX:GORIF
TheNewswire - August 22, 2019 - GOLDEN RIDGE RESOURCES LTD. (TSXV:GLDN) ("Golden Ridge" or the "Company") is pleased to announce it has commenced its initial work program on it's recently optioned 52,552-Hectare Ball Creek Project ("Ball Creek" or the "Project") (see July 9, 2019 news release). The Ball Creek Project fully surrounds the Company's 100% owned Hank Project where the company has made multiple drilling discoveries over the past three exploration seasons. The Ball Creek Project hosts seven highly prospective gold-copper porphyry targets (Main, Cliff, Goat, ME, Rainbow, Mess Creek, More Creek) and four epithermal gold-silver targets (Ridge, Valley, HP, Rojo Grande) many of which will be the focus of the work program. Golden Ridge's Initial Ball Creek exploration program will focus on several of the known targets, as well the extension zones surrounding select targets and over areas where minimal historic work has been completed and will include:
- Regional geochemical program collecting of up to 4000 soil samples as well as detailed geological mapping and prospecting to identify new targets;
- Deep diamond drilling to test the southwest extension of the Main Zone, which remains open, as well as for the potential of increased grades at depth.
- Testing the Goat Zone which has never been drilled (potential SW extension of same system); and
- Preliminary prospecting and mapping of the Main, Cliff, Goat and ME zones all of which may be part of a single 10 kilometer long porphyry system.
Michael Blady, CEO of Golden Ridge, commented: "We are extremely excited to commence work at Ball Creek. The underexplored land package has not seen diamond drilling since Blue Gold drilled it in 2012 and found evidence of promising gold-copper mineralization. Our 2019 Ball Creek program will combine regional geochemical sampling and geological mapping with diamond drilling to provide a preliminary test our most advanced targets. The regional program is expected to generate additional high-quality targets to be followed-up in the future."
About the Ball Creek Project
The Ball Creek Project is a large, 524 square kilometre copper-gold porphyry and epithermal gold-silver Project located in northwest British Columbia's Golden Triangle, intersecting Highway 37 and the 287 kV Northwest Transmission Line. The Ball Creek contains four separate porphyry copper systems distributed across the Project found in similar geological settings to the Red Chris*, KSM*, Spectrum/GJ*, and Snip* mineral deposits.
Significant exploration potential exists at the Mess Creek, More Creek, Rainbow, and Ball Creek porphyry systems. The Ball Creek porphyry has received the majority of past exploration, with the other significant porphyry targets remaining largely unexplored.
The Ball Creek Project has had over 19,000 metres of drilling** on it with the majority (~11,000m) focused on the Main Zone. Drilling in the main zone by previous operators intersected 231 meters grading 0.21% copper and 0.54 g/t gold in drill hole BC07-12 and including 45.72 metres grading 0.31% copper and 0.69 g/t gold.** The Main Zone mineralization is hosted in a sub-vertical, northeast-striking porphyry complex that is 500 metres wide and 1,300 metres long and intrudes andesitic volcanic rocks. A complex alteration system is centered on the porphyry complex and comprises a core of sodic and potassic alteration that is overprinted, overlain and flanked by sericite-dominant alteration and peripheral propylitic alteration developed in the enclosing andesitic rocks.
Fig. 1 - Ball Creek Project highlighting the various copper porphyry prospects
Dr. Gerald G. Carlson, PhD, PEng, technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.
About Golden Ridge
Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in British Columbia. Golden Ridge owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF
GOLDEN RIDGE RESOURCES LTD.
President and Chief Executive Officer
For more information regarding this news release, please contact:
Mike Blady, CEO and Director
*This news release contains information about adjacent properties on which Golden Ridge has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
**Historical information contained in this news release regarding the Ball Creek project are reported for historical reference only.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including: that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company continues to maintain a good relationship with the local project communities. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's Management's Discussion and Analysis reports filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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