Golden Ridge Resources Ltd. reported that the Company's 2021 infill soil sampling program has discovered three large gold-in-soil anomalies on the Williams Gold Property, that is surrounded by New Found Gold Corp. (NFGC)'s Queensway South Gold Property in the Central Newfoundland Gold Belt of the province of Newfoundland and Labrador. The 800m, 425m and 350m long anomalies, which remain open along strike, include values of 1.5 g/t and 1.05 g/t Au which are some of the highest gold-in-soil assays reported from the Central Newfoundland Gold Belt to date.

Trenching has also highlighted strong hydrothermal veining, elevated pathfinder elements (arsenic and antimony) and gold mineralization along the above noted gold-in-soil trends. Numerous Gold In Soil Anomalies Along Appleton Fault Corridor Some 1,316 soil samples were collected in the 2021 field program, of which 886 soil samples have been received to date. Soil sampling was primarily done on a 25x25m high-density grid, focusing on the portion of the Property overlying the Appleton Fault Corridor, and 38 of the 886 received samples returned assays greater than 50 ppb Au, which is considered highly anomalous for the region.

The gold-in-soil anomalies remain open along strike and include anomalies with strike-lengths of at least 800m, 425m, and 350m. The anomalies strike ENE and NE similar to high grade gold mineralized trend in the Northern portion of the Queensway property. Sampling of B-horizon soil has proven to be an effective geochemical exploration tool and Golden Ridge will continue to extend the soil sampling, and delineate the anomalies more precisely, as soon as weather permits.

Trenching Highlights Numerous Mineralized Zones Within Appleton Fault Corridor Trenching was conducted throughout the Williams Property and revealed numerous zones of hydrothermal veining, alteration, and mineralization within the Dog Bay Line and Appleton Fault Corridors. The 2021 trenching program was the first ever on the Williams Gold Property and was conducted to follow up on the 2020 100x100m regional soil-sampling program. The maiden trench-sampling program at Williams consisted of 356 continuous chip and channel samples (305 received) along a combined total of 323m in 22 trenches and was widely dispersed across the property.

Previous to 2021 only limited float prospecting had been conducted on the Property. The primary focus of the 2021 trenching program was to test bedrock proximal to the locations of historic high-grade float samples, follow up on the 2020 100x100m regional soil sampling program, determine the effectiveness of soil sampling at Williams and investigate the nature of mineralized zones. Channel sampling within the Appleton Fault Corridor highlighted a 0.5m interval of 1.92 g/t Au, and a 3m interval of 0.40 g/t Au, within the bounds of the northern 800m soil anomaly, and 2m of 0.57 g/t Au within the southern 425m soil anomaly.

Trenching within the soil anomalies confirms gold mineralization in bedrock. Pyrite, arsenopyrite, chalcopyrite, and stibnite are coincident with the gold mineralization suggesting the potential for additional mineralization associated with high tenor gold and pathfinder elements contained in the soil anomalies.