Business
Golden Ridge Resources Options Williams Gold Project Located in the Central Newfoundland Gold Belt
(via TheNewswire) Kelowna, British Columbia - TheNewswire - February 3, 2020 - ...
About this update from Golden Ridge Resources Ltd.
[{"type":"text","content":"Golden Ridge Resources Options Williams Gold Project Located in the Central Newfoundland Gold Belt(via TheNewswire)\n \n \nKelowna, British Columbia - TheNewswire - February 3, 2020 - Golden Ridge Resources Ltd. (\"Golden Ridge\" or the \"Company\") (TSXV:GLDN) (OTC:GORIF) is pleased to report that it has entered into an option agreement (the \"Option\") to earn a 100% interest in the Williams Gold Property (the \"Williams Property\") located 30 km south and on trend with New Found Gold Corp.'s (\"NFGC\") recently announced high grade intersection of 92.86 g/t Au over 19.0 meters, including 285.2 g/t Au over 6.0 metres at its Queensway Gold project (see NFGC news release dated January 28, 2020).1 The Williams Gold property is surrounded by the Queensway Gold southwestern claim block (Fig. 1) and lies along the southern extension of the Appleton Fault zone which was the interpreted high-grade shear structure drilled by NFGC.1 \n\n\n \nExploration by the vendor on the Williams Property recently uncovered an extensive area of quartz-veined and brecciated float and subcrop, with rock grab samples assaying up to 52 g/t Au (1.52 oz/t Au).2,3 Mineralized and quartz-veined granites, black shales, siltstones and volcanics are found over a distance of 3 km. Subcropping mineralized rocks are found over an area 200 to 300 metres in length with widths estimated at 2 to 3 metres. Two rock grab samples collected by the vendor from the area of subcrop assayed 5.8 g/t Au and 7.9 g/t Au.2,3 These samples were at least 200 metres apart and occur in a unit of intensely silicified, veined and brecciated black shales. These grab samples contain up to 2% chalcopyrite (Cu), sphalerite (Zn), galena (Pb), and antimony (As) with some assays returning >1000 ppm As.2,3\n\n\n \nThe Williams Property is situated within the Botwood Basin, with the eastern half underlain by Cambrian to Ordovician siliciclastic sediments (Eastern Dunnage Zone; Outflow Formation) and the western half by Silurian siliciclastic sediments (Botwood Group). This is a similar geological environment to the Queensway Gold project to the northeast where NFGC recently completed its fall drilling program.1 Gold is generally associated with pyritic quartz veins and hosted by granites, siltstones, sandstones, and conglomerates.\n\n\n \nMike Blady, Director, CEO & President of Golden Ri...