Mineralization Drilled From Surface At The Heritage Project

NEWFOUNDLAND – Golden Ridge Resources Ltd. reported initial results from the first two holes completed at the Eagle Zone, drilled as part of the Company’s ongoing 5,000 meter diamond-drill program at the Heritage epithermal Au/Ag project, located along Highway 220, near Point May, Newfoundland. Holes HE-EZ-20-01 and HE-EZ-20-02 intersected abundant epithermal quartz +/- calcite veining, hydrothermal breccias, ginguro textures and strong epithermal alteration.

Highlights: HE-EZ-20-02 is the first hole ever to intersect broad intervals of gold and silver mineralization in the Burin Peninsula; suggesting that the Burin and its Avalon Terrain host rocks can potentially host significant bulk-tonnage precious-metal mineralization; HE-EZ-20-02 was the first hole drilled at the Eagle Zone targeting second-order NW-SE trending structures, as opposed to previously targeted first-order NE-SW trending structures. Additional drilling at the Eagle Zone will focus on these higher-order structures; Epithermal textures have been intersected in the first nine holes (HE-EZ-20-01 to HE-EZ-20-09) drilled at the Eagle zone, which cover a strike length of 375 metres; and Additional drilling at the Eagle Zone will further test its dimensions along and perpendicular to strike, and at depth.

HE-EZ-20-02 was drilled at a 004° azimuth to test the relationship between 120° trending structures that have been observed cutting across regional 020-030° trending structures on the Heritage property. These 120° trending structures could potentially play a large role in controlling mineralization at the Eagle Zone and other zones on the property (Pinnacle, Lunch Spot, Turpin,  and Whales Back) located ~600 metres east of, and parallel to, the Eagle Zone.

“Hole HE-EZ-20-02 shows that the Burin Peninsula is capable of hosting significant precious-metal deposits and to become Newfoundland’s newest gold district. We are extremely encouraged by the long intercepts of bulk-tonnage style gold mineralization intersected at the Eagle Zone, as well as its continuity and grade. Golden Ridge is the largest landholder in the Burin, with over 23,000 Ha of highly prospective ground,” said, CEO, Michael Blady. “The first two holes reported have intercepted strong ginguro-style mineralization, indicating the presence of robust mixing and boiling zones. The epithermal textures at the Eagle Zone are well developed and for the most part intact. Vectoring in on the most productive zones and building off our initial success will be the focus of the remaining meterage of the 2020 program.”

A total of 3,192 metres have been completed during the ongoing 2020 drill campaign in 16 drill holes. All holes drilled to date have been targeting the down-dip and along strike extension of epithermal Au-Ag mineralization identified by previous operators. Several holes have intersected broad intervals of epithermal style veining and ginguro style mineralization analogous to that observed in historic drilling. It has also come to the Company’s attention that a significant amount of historic core, all of which is still in good condition, have not been sent for assay. The Company plans to relog and sample intervals of interest to potentially add further mineralization to the drilling database. This program will commence following the completion of the 2020 drilling campaign.