Business
Golden Ridge Resources Discovers New Porphyry Target at Hank Project
KELOWNA, British Columbia, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV:GLDN). Golden Ridge is pleased
About this update from Golden Ridge Resources Ltd.
[{"type":"text","content":"KELOWNA, British Columbia, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV:GLDN). Golden Ridge is pleased to report analytical results from a newly discovered alkalic porphyry Cu-Au prospect (the “Williams Zone”) at its Hank Property (“Hank” or the “Property”) in Northwest British Columbia, Canada. The Williams Zone was discovered by geologists following up on a Cu-Au soil anomaly in a forested, valley bottom area of the Property. Hand trenching uncovered mineralized and potassic altered intrusive centred on a hydrothermal breccia pipe. Magnetic data indicate the breccia pipe to be approximately 400 meters in diameter. Hand stripping exposed a 100 sq ft area of bedrock containing chalcopyrite, bornite and covellite mineralization with only trace pyrite, and potassic alteration indicative of a porphyry center. Williams Zone Highlights: A high-resolution ground magnetic survey (25m line spacing) indicates the mineralized magnetite-rich breccia pipe to be 400m in diameter and it is cut by a N-S trending magnetic low. Bedrock samples within the magnetic low show that early hydrothermal magnetite is altered to specularite and replaced by bornite (i.e. magnetite destructive alteration). Strong potassic alteration including hydrothermal k-spar, biotite, magnetite and specularite as well as disseminated chalcopyrite, bornite and covellite with no pyrite, all indicate the stripped area within the Zone represents a significant porphyry center. The first drill pad was constructed at the Williams Zone at the end of the 2017 season, but was left undrilled due to onset of winter conditions. The drill rig was left on site and the south-facing aspect will allow drilling to start early in the 2018 season. Table 1 – Williams Zone Selected grab sample Results* SAMPLE ID SAMPLE TYPE Au (g/t) Ag (g/t) Cu (%) AuEq**(g/t) 1438623 Outcrop-grab 1.06 5.90 0.76 2.42 1438619 Outcrop-grab 1.07 3.35 0.65 2.21 1438613 Float 0.79 2.45 0.60 1.83 1438614 Outcrop-grab 0.56 3.87 0.63 1.67 1438621 Outcrop-grab 0.45 10.02 0.49 1.40 *Care was taken to collect representative samples, typical of the disseminated style of mineralization.**Gold equivalent (AuEq) grades are calculated using 200 day moving average metal prices of: gold US$1268/oz, silver US$17.10/oz, copper US $3.11/lb. Gold equivalent grade is calculat...