Golden Ridge Resources (GLDN-V) Commences Drilling at the Heritage Project, Newfoundland and Labrador
Oct 5, '20 - NR
Golden Ridge Resources has commenced drilling on the Eagle Zone at its Heritage project located on the Burin Peninsula in southern Newfoundland and Labrador.
Highlights
- An initial 5,000-meter drill program at the Eagle Zone and other high priority targets located within the Point May Epithermal System (PMES).
-Initial drilling at the Eagle Zone will include tightly spaced diamond drill holes around known mineralization and following up on high-grade ginguro style veins identified in historic drilling.
- Additional holes will be drilled to test the extent of mineralization along strike and at depth. Currently the Eagle zone extends for 750m along strike and approximately 100m of true vertical depth. It remains open along strike and at depth.
- The Company will also be reviewing and selectively sampling historic core from previous years drilling that remain unsampled.
Michael Blady, President and CEO of Golden Ridge stated: “We are excited to be drilling at the PMES on the Burin Peninsula. Previous drilling programs conducted at the Eagle Zone have intersected large zones of intense silicification and quartz veining with variable gold and silver mineralization over core intervals of up to 32 meters. Alteration contained within mineralized zones display textures typical of low sulphidation epithermal deposits, banded/crustiform veins and bladed silica crystals accompanied by low temperature alteration minerals typical of these types of deposits.”
Airborne Geophysical Data
Final deliverables from the recently completed high-resolution airborne magnetometer survey have been received from the Company’s geophysicist. This data is being interpreted and incorporated into drill hole planning and being used to generate targets for a Phase I fall prospecting and geochemical program. The results will be released once compiled and interpreted by Company geologists.
Stock Option Grant
Golden Ridge has also granted options to purchase 1,350,000 shares of Golden Ridge to its directors, officers and consultants. The options are exercisable at 25 cents per share for a period of five years from the date of grant.
Qualified Person:
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.
Acknowledgments:
Golden Ridge Resources acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
About Golden Ridge Resources:
Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in British Columbia and Newfoundland. 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 and has a portfolio of exploration projects in Newfoundland.
Golden Ridge Resources Ltd.
Mike Blady
Chief Executive Officer
Tel: (250) 768-1168
Website: www.goldenridgeresources.com |
