KELOWNA, British Columbia, July 12, 2018 (GLOBE NEWSWIRE) -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV:GLDN) is pleased to announce that drilling has commenced with a second diamond drill rig at its Hank project located in BC’s Golden Triangle. The second drill rig is set up on the Kaip Zone (KZ) target and is testing the continuation of mineralization at depth below HNK-17-009 (see press release January 8, 2018). Drill hole HNK-17-009 returned 21.62m of 6.26g/t Au and 52.1g/t Ag within a crowded feldspar porphyry dyke with higher gold and silver grades occurring within the fractured and faulted halo of the dyke.
The Kaip Zone was named after a joint BCGS/MDRU research paper completed by Andrew W. Kaip who recognized that the lead isotope signature of sulphides associated with gold mineralization matched that of the Bald Bluff porphyry, a large intrusive stock at the south end of the property (Kaip, 1997). It is interpreted that the altered intrusive intersected in HNK-17-009 is related to the Bald Bluff porphyry and likely represents one of several causative mineralizing intrusions on the property.
Upon completion of drilling of up to 1500m at the Kaip Zone the drill will move to the Boiling Zone target (BZ) which consists of a 500m diameter gold-in-soil anomaly (up to 10 g/t Au) that has never been drill tested.
Qualified Person
Wade Barnes, P.Geo. a consultant to the Company is the Qualified Person as defined by National Instrument 43-101 who supervised the preparation of 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 currently has an option to acquire a 100% interest in the 1,700-hectare Hank gold-silver-lead-zinc property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia. Golden Ridge may earn the 100% interest in the Hank property by performing $1.7M of exploration work by the end of 2018.
For more information please contact:
Golden Ridge Resources Ltd. Mike Blady Chief Executive Officer Tel: (250) 768-1168 Website: www.goldenridgeresources.com
Cautionary Statement Regarding Forward Looking Statements This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at http://www.sedar.com/ for further information.
