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Highlights
WIL-23 -42 intersected 70.75 meters of 1.05 g/t Au from 43.00 meters; including 16.45 meters of 2.38 g/t Au from 70.40 meters (Table 1).WIL-23 -37 intersected 22.35 meters of 1.45 g/t Au from 69.20 meters; including 6.50 meters of 2.61 g/t Au from 69.20 meters (Table 1).Drilling at the Williams continues to intersect robust network of Au-bearing veins, indicating a more pervasive and widespread mineralized system than encountered in Phase I drilling.
Strike length along the
Cabin Zone andGray Jay Zone both increased by 150m.
“The Williams Gold Property continues to deliver multiple zones of broad gold mineralization and alteration. The 2023 drill program has increased grades, width, strike length of both the
Phase II drilling at the
Table 1 – 2023 Significant Intercepts
Williams Gold Property 2023 Drill Program
Forty-one holes were drilled in the Phase II diamond drill program consisting of 5,982 meters. Golden Ridge has now completed 70 holes for 10,182 meters of drilling over Phase I and II programs. The balance of assay results from the 2023 program have yet to be received. Drill holes were predominantly in the 100m to 200m range focusing on testing soil, bedrock, and drilling anomalies previously identified by earlier exploration programs. Highlights of the previous field programs completed by
Mineralization in Phase II was broader in nature consisting of a complex system of vein, veinlets, and vein breccia, up to 1.5-meters in size. Gold-bearing veins are often associated with weak to locally intense sericitic and chloritic alteration. Additionally, sulphide mineralization appears to be more pervasive in core obtained from Phase II drillholes. The host rock often contains disseminated pyrite crystals, blebs, and stringers throughout and acicular crystals and blebs of arsenopyrite near mineralized zones. Trace pyrrhotite has also been observed in the host rock but this is commonly restricted to areas of intense veining. Gold-bearing veins contain primarily pyrite and are often associated with arsenopyrite, pyrrhotite, chalcopyrite, and galena with trace amounts of stibnite, molybdenite and sphalerite. Golden Ridge has noted that the most reliable pathfinder for the presence of high-grade gold is increasing concentrations of arsenopyrite.
Golden Ridge is continuing to model the structural controls of the transportation and deposition of gold bearing fluids on the Williams Property. Vein systems suggest the presence of both brittle and ductile features indicating a transitionary tectonic environment. Fracture filling appears to be the most prevalent style of vein deposition representing a trans-tensional environment. The presence of sigma clasts, gouge in faults, and folding in quartz veins are indicative of a more ductile environment. Vein systems associated with sericitic-chloritic alteration and arsenopyrite are often used to distinguish gold-bearing veins from other generations of quartz veins observed throughout the Property.
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Figure 1 – Williams Gold Property Location1
Table 2 – 2023 Collar Locations
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Figure 2 – GLDN Williams Property Located Within Newfound Gold Corp.’s Queensway South Project1
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Figure 3 – 2023 Drill Collars
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Figure 4 –
Sampling & Laboratory Methodology:
True widths of the report intersections have not been calculated at this time. Drilling was primarily conducted in NQ. Samples were marked and QAQC by Golden Ridge staff. Drill core was split using a diamond core cutting saw and sealed in polybags.
Samples were sent to the Mobile Sample Preparation Unit (MSPU) of
Qualified Person:
Dr.
Acknowledgments:
About
Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in
Chief Executive Officer
Tel: (250) 717-3151
Website: www.goldenridgeresources.com
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 regulatoryapproval, 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 atwww.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
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