VANCOUVER – Golden Ridge Resources Ltd. [GLDN-TSXV] shares were active Monday after the company announced initial results from a maiden drill program at its Williams gold property in central Newfoundland. The project is surrounded by the Queensway project, where New Found Gold Corp. [NFG-TSXV] has discovered three robust structurally controlled high-grade deposits: Keats, Lotto, Golden Joint. These occur along an approximately 2.0-kilometre corridor of the Appleton Fault Zone on the Queensway North area.
Golden Ridge said its maiden drill program consisted of 29 holes, covering 4,186 metres. Inaugural drilling at Williams has consistently intersected near-surface gold mineralization in multiple zones over 1.5 kilometres apart in the first 14 holes.
Drilling highlights include the intersection of visible gold in hole WIL-22-014, which returned 0.5 metres of 50.45 g/t gold from 11.0 to 11.5 metres. Hole Will-22-12 returned 37.8 metres of 0.7 g/t gold from 6.24 to 44.07 metres.
Drilling at Williams was focused along the main forest service road accessing the southeastern portion of the project. Holes were staged from this access road and provided important geological and analytical information, which was used to form the basis of Golden Ridge’s geological model which will continue to progress as additional assays are reported, the company said in a press release, Monday.
The drilling program at the Williams Gold property follows up extensive prospecting, high density soil sampling, and trenching. The initial results show multiple mineralized fault zones associated with the previously reported large gold-in-soil anomalies.
Outside of Newfoundland, the company has a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000-hectare Hickman copper-gold property in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia.
Golden Ridge recently granted Kingfisher Metals Ltd. [KVR-TSXV] the right to earn a 100% interest in the Hank property, subject to a 3.0% net smelter return royalty held by a third party. Kingfisher can earn the interest by making cash payments and issuing shares over the next four years. Kingfisher must also spend $3.0 million on mining work on or before the fourth anniversary of the effective date of the agreement.
Commenting on the latest results from the Williams property, Golden Ridge CEO Mike Blady said he is excited to see the strong correlation between gold-in-soil anomalies and gold mineralization observed in core. “Intersecting visible gold in the maiden program demonstrates the fertile nature of the property,’’ he said.
Meanwhile, Golden Ridge shares were down 15.4% or $0.02 to 11 cents on volume of 423,420. The shares are currently trading in a 52-week range of 18 cents and $0.05,
Blady said the company is awaiting results of the remaining 15 holes testing the multiple zones within its 4.0-kilometre swath of the Appleton Fault Corridor.