Golden Ridge Resources (TSXV:GLDN) Completes Phase II Drilling at Williams Gold Property, with Significant Gold Intercepts and Explores New Mineralization Zone

Golden Ridge Resources (TSXV:GLDN), recently completed its 2023 Phase II drilling campaign at the Williams Gold Property, located within the Appleton and Dog Bay Fault Corridors. This campaign followed the 2022 Phase II drilling, where the company reported its largest gram meter intercept at the Williams Property, with an 86-meter section containing 1.00 g/t Au.

Mike Blady, Director, CEO and President of Golden Ridge, commented in a press release: “Drilling 86 gram-meters Au in our first reported hole of Phase II drilling is very exciting. The highlighted intercept in WIL-23-30 represents our highest gram-meter interval to date at Williams. Drilling has now confirmed at least five distinct mineralized zones at Williams all of which remain open along strike and at depth. Observing the increased alteration and veining drilled over 41 holes in Phase II strongly suggests that we are vectoring towards the full potential of the Property.”

The 2023 Phase II drilling initially concentrated on WIL-22-12, which revealed a complex network of veins and veinlets, yielding a significant section measuring 37.93 meters with a grade of 0.68 g/t Au. This area, now known as the Cabin Zone Extension (CZE), extends northeast from the original ‘Cabin Zone’, a gold-in-soil anomaly stretching over 1 kilometre. Six drill holes, WIL-23-30 through WIL-23-35, totalling 1,029 meters, were completed in this extension. Each drill hole intersected a broad alteration halo and a system of veins and veinlets, similar to those observed in the initial Phase I drilling. Notably, drill hole WIL-23-30 intersected an 86-meter section grading 1 g/t gold, including a 2-meter section with a high yield of 9.21 g/t. The drilling also uncovered several fault/rubble zones associated with graphite, indicating potential post-mineralization movement. The mineralization at the Cabin Zone Extension remains open for exploration.

In total, the 2023 drill program at the Williams Gold Property comprised 41 holes, spanning 5,982 meters. This brings Golden Ridge’s total to 70 drill holes over both Phase I and II, amounting to 10,182 meters. The company is still awaiting the balance of assay results from the 2023 program. These drills primarily targeted areas between 100m to 200m depth, focusing on anomalies identified in earlier explorations. Past field programs by Golden Ridge between 2020 and 2022 have yielded significant float samples with up to 281 g/t Au and soil samples reaching 1,503 ppb Au.

Phase II drilling revealed broad mineralization characterized by a complex system of veins, veinlets, and vein breccia, some up to 1.5 meters. The gold-bearing veins were frequently associated with sericitic and chloritic alteration. Sulphide mineralization was more prevalent in Phase II cores, with the host rock containing disseminated pyrite, arsenopyrite near mineralized zones, and trace pyrrhotite in intensely veined areas. Gold veins primarily contained pyrite and were associated with arsenopyrite, pyrrhotite, chalcopyrite, and galena, among others.

Golden Ridge is analyzing the structural controls influencing the transportation and deposition of gold-bearing fluids on the Williams Property. The vein systems suggest a transitional tectonic environment with both brittle and ductile features. The company is focusing on fracture filling as the main style of vein deposition, indicating a trans-tensional environment. Distinguishing gold-bearing veins involves identifying associations with sericitic-chloritic alteration and arsenopyrite.

Highlights from the results are as follows: 

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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