Business
Golden Ridge Resources Releases Results of Petrographic Analysis on Williams Zone
KELOWNA, British Columbia , April 05, 2018 (GLOBE NEWSWIRE) -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSX-V:GLDN) is pleased to announce
About this update from Golden Ridge Resources Ltd.
[{"type":"text","content":"KELOWNA, British Columbia , April 05, 2018 (GLOBE NEWSWIRE) -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSX-V:GLDN) is pleased to announce the results of a petrographic study from the newly discovered Williams Zone Cu-Au porphyry prospect at its Hank Property (the “Property”) in northwest British Columbia. The Williams Zone was discovered by geologists in 2017 after following up on a Cu-Au soil anomaly in a heavily forested area of the Property. The petrographic study was carried out by Craig H.B. Leitch, Ph.D., P. Eng of Vancouver Petrographics Ltd. Dr. Leitch reported that the samples display evidence of a well-developed alkalic porphyry copper system with strong potassic alteration (K-Feldspar, Biotite, Hematite-after-Magnetite) and copper mineralization (Chalcopyrite-Bornite-Covellite-Digenite). Two rock types were defined by petrographic analysis; a potassic altered monzonite intrusive (Fig.1) and an intrusive/hydrothermal breccia (Fig. 2). Based on a previous ground magnetic survey completed in 2017, the circular breccia body is interpreted to be approximately 400 meters in diameter and field relations suggest the monzonite cross-cuts the breccia pipe. A drill pad was constructed in the center of the magnetic anomaly and a winterized drill rig was left on the pad which will allow the Company to test to target early in the 2018 season. A minimum of 1500 meters of drilling is planned for the Williams Zone, with additional drilling contingent on results. Please see Golden Ridge’s news release dated November 22, 2017 for more information on the Williams Zone. Issuance of Options: The Company further announces the granting, effective April 5th, 2018, of 2,000,000 options to directors, officers, employees, investor relation consultants and consultants of the Company in accordance with the terms of the Company’s 10% rolling Stock Option Plan approved by shareholders on October 26, 2016. Each option is exercisable to purchase one common share of the Company at $0.125 per share for a period of five years from the date of issuance. Qualified Person: C. Mark Rebagliati, P.Eng., a consultant to the Company, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical content of this news release. About Golden Ridge Resources: Golden Ridge is a TSX-V listed explorat...