KELOWNA, British Columbia, June 25, 2018 (GLOBE NEWSWIRE) -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”)(TSXV:GLDN) is pleased to announce that it has received a five-year area-based authorization from the British Columbia Ministry of Energy, Mines and Petroleum Resources to establish up to 60 drill sites on its Hank Property in BC’s Golden Triangle. Golden Ridge also is authorized to establish a strategic exploration camp on Highway 37, within 15 km of the project, which will minimize helicopter flight time and maintain low cost highway access for the camp. Construction of the camp has commenced, and exploration crews are preparing for a minimum 6,000-meter drill program on the Hank.
- One drill rig remains winterized on the Property and will begin drilling once camp construction is complete. The first hole will test the Williams Zone, a newly discovered alkalic Cu-Au porphyry system centered on a potassic altered, 400m diameter breccia pipe.
- A second drill rig is being mobilized to the Property and will begin testing the newly discovered Kaip Zone which returned 21.62m of 6.26g/t Au and 52.1g/t Ag in hole HNK-17-009 (see June 8, 2018 press release). Mineralization is hosted within and on the contact of a buried altered intrusion and 2018 drilling aims to delineate the extent of this mineralized intrusion.
The Company is also pleased to announce that Wade Barnes, P.Geo., has joined the Company as a consultant and “Qualified Person” as defined by NI 43-101. Mr. Barnes was the 2016 recipient of the Association for Mineral Exploration’s H.H. “Spud” Huestis award for excellence in prospecting and mineral exploration. He has been involved with exploration in BC since 2004, most recently as a project geologist with Centerra Gold Inc.
Michael Blady, CEO of Golden Ridge stated: “We are extremely excited to have Wade Barnes join the Golden Ridge team. Wade was instrumental in Centerra Gold Inc.’s positive feasibility study on the Kemess Underground Project as well as the PEA for the Kemess East Prospect in British Columbia. Wade’s mine feasibility and economics expertise will add excellent value to the exploration and development of the Hank project.”
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.
Chief Executive Officer
Tel: (250) 768-1168
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.
© 2018 GlobeNewswire, Inc. All Rights Reserved.