Business
Golden Ridge Resources Completes Option Agreement with Barrick Gold; Earns 100% Interest in The Hank Project
KELOWNA, British Columbia, Nov. 14, 2018 (GLOBE NEWSWIRE) -- GOLDEN RIDGE RESOURCES LTD. (TSX-V: GLDN) ("Golden Ridge" or the "Company") is pleased to announce
About this update from Golden Ridge Resources Ltd.
[{"type":"text","content":" KELOWNA, British Columbia, Nov. 14, 2018 (GLOBE NEWSWIRE) -- GOLDEN RIDGE RESOURCES LTD. (TSX-V: GLDN) (\"Golden Ridge\" or the \"Company\") is pleased to announce that it has completed its option agreement with Lac Properties Inc. (“LAC”), a subsidiary of Barrick Gold Corporation, and now has earned a 100% interest in the Hank Project, located in BC’s Golden Triangle District. The Company is eagerly awaiting assays for the remaining holes from it’s 2018 drilling campaign at Hank and these results will be released immediately following receipt, review and QA/QC checks. “This is a milestone achievement for our Company and I would personally like to thank our staff, board, contractors and Barrick Gold for their hard work and belief in the Hank project. We have now completed approximately $4,000,000 of exploration expenditures at Hank since 2015. In that time, we have completed nearly 11,000m of diamond drilling, as well as several geophysical and geochemical surveys. This methodical and systematic exploration work has led us to new discoveries at Hank, including the Williams Zone and the Boiling Zone, as well as greatly improved our geological understanding of the property,” stated Mike Blady, President and CEO of Golden Ridge Resources. “All the assay results and geological data from our 2018 drill program will assist us in vectoring toward higher grades at the Williams and Boiling Zones as well as extending the systems laterally and to depth.” LAC will continue to hold a 2% NSR on the project as well as certain back-in rights. Under the terms of a Back-in Right Agreement between the Company and LAC, LAC has the option to purchase a 51% interest in the Hank Project upon a mineral resource of at least 3 million ounces of contained gold or gold equivalent (“Hurdle Notice”) being generated. LAC shall have the right to exercise for a period of one hundred and fifty (150) days after the Hurdle Notice has been delivered to LAC. If the back-in right is exercised, Golden Ridge will receive two times its expenditures in cash, the 2% NSR will be cancelled and 51/49 joint venture will immediately be formed. These royalties and back-in rights will be filed with the mineral titles online registry maintained by the chief gold commissioner of British Columbia. About Golden Ridge Golden Ridge is a TSX-V listed exploration com...