Tickers: XTSX:GLDN, PINX:GORIF
Kelowna, British Columbia - TheNewswire - January 16, 2020 - Golden Ridge Resources Ltd. ("Golden Ridge" or the "Company") (TSXV:GLDN) is pleased to report additional positive soil geochemical results from the More Creek Zone on its Ball Creek Property ("Ball Creek" or the "Property"), under option from Evrim Resources Corp., located in BC's Golden Triangle District. The results (884 total soil samples, 2 rock samples) are highlighted by several high tenor copper-in-soil anomalies (Anomalies A-E on Figure 1), only one of which (Anomaly C) has seen previous exploration in the form of 5 historic drill holes.
- 7km trend of anomalous copper, which is underlain by a sequence of northeast-southwest trending syenite sills and dykes intruding Upper Triassic Stuhini Group volcanic units.
- Anomaly A - 900m long with individual soil results up to 2180ppm Cu (11 samples >500ppm Cu). A select rock grab sample taken upslope of the anomaly returned 2.60% Cu and 25.3g/t Ag.
- Anomaly B - 350m long with individual soil results up to 3460ppm Cu (5 samples >500ppm Cu), open to the southeast. A select rock grab sample collected upslope of the anomaly returned 2.91% Cu.
- Anomaly C - 1000m long with individual soil results up to 2630ppm Cu (9 samples >500ppm Cu), open to the northwest. Sampling here was aimed at determining the response over an area of previous drilling.
- Anomaly D - 500m long with individual soil results up to 833ppm Cu (8 samples >500ppm Cu), open to the northwest.
- Anomaly E - 1200m long with individual soil results up to 694ppm Cu (3 samples >500ppm Cu), open in all directions.
*Note: the reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the Property.
The Company plans to follow-up on the More Creek Zone with additional grid-based soil sampling as well as detailed mapping and prospecting with the aim of advancing the zone to a drill-ready stage.
A plan view map of the soil results is included in this news release and can be downloaded from Golden Ridge Resources Ltd. website at: www.goldenridgeresources.com
All soil samples were dried and sieved to -180 micron (80 mesh) at ALS Global's prep facility in Terrace, BC. After preparation in Terrace, the prepared pulps were shipped to ALS Global's analytical laboratory in North Vancouver, BC. All soil assays are determined by AuME-TL43 method. A 25g aliquot of the prepared pulp is cold digested with HNO3, then HCl is added and the sample is heated at 130?C for 40 minutes. Digestion is carried out in disposable plastic bottles to eliminate cross-contamination from digestion vessels and heated via graphite block for even heating. The resulting solution is analyzed via ICP-MS and ICP-AES and is corrected for inter element spectral interferences. Any samples with an assay that reports gold concentrations equal to or higher than 1.0 g/t Au are analysed by an overrange method (Au-AROR43).
All rock samples were prepared by crushing the entire sample to 70% passing -2mm, riffle splitting off 1 kilogram and pulverizing the split to better than 85% passing 75 microns. After preparation in Terrace, the prepared pulps were shipped to ALS Global's analytical laboratory in North Vancouver, BC. The gold assays are determined by Au-AA26 fire assay method which reports results in parts per million (ppm) (equivalent to grams per tonne (g/t)). Any samples with a fire assay that report gold concentrations equal to or higher than 1.0 g/t Au are analysed by screen metallic method (Au-SCR24). Base metal rock assays are first determined using the ME-MS41 method, which reports results as parts per million (ppm). All analyses that reach the overlimits of ME-MS41 are reanalyzed with an Ore Grade method.
All analytical results are verified with the application of industry standard Quality Control and Quality Assurance (QA-QC) procedures.
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 Resources:
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. It also has an option to earn 80% in the 52,442 Hectare Ball Creek Project which surrounds the Hank property.
Golden Ridge Resources Ltd.
Chief Executive Officer
Tel: (250) 717-3151
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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