Kelowna, British Columbia – June 10, 2022 - Golden Ridge Resources Ltd. (“Golden Ridge” or “the Company”) (TSXV: GLDN) is pleased to announce that the 2022 exploration season at the Williams Gold Property (“Williams” or “the Property”), that is surrounded by New Found Gold Corp (NFGC)’s Queensway South Gold Property in the Central Newfoundland Gold Belt of the province of Newfoundland and Labrador (Figure 1), is currently underway.1 Building on the success of previous prospecting, trenching, geophysical and geochemical programs, Golden Ridge has commenced additional high-density soil sampling to extend previously delineated gold-in-soil anomalies. These anomalies are mostly coincident with the interpreted Appleton and Dog Bay Fault Corridors that transect the property.
The maiden diamond-drilling program at Williams is expected to commence in the coming days and will target the robust gold-in-soil and gold in trench anomalies located in the south and central portions of the property where a minimum of 5,000 meters of diamond drilling will be conducted in this maiden drill program. Additional details on drilling will be released in due course.
“We expect the balance of 2022 to be a very exciting period for Golden Ridge. With a well-funded treasury, numerous high-priority targets to test, and other companies actively exploring near the southern border of the Property. The Williams property and surrounding ground owned by New Found Gold Corp are finally getting the geological attention they deserve.”, stated Mike Blady, Director, CEO and President of Golden Ridge.
1This news release contains information about adjacent properties on which Golden Ridge has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties
The Company proposes to extend the expiry date of 6,984,167 outstanding share purchase warrants that were issued pursuant to a private placement completed in July 2020 (the “2020 Warrants”). Each 2020 Warrant currently entitles the holder to purchase one common share (a "Common Share") in the capital of the Company at a price of $0.25 per Common Share at any time prior to 5:00 p.m. (Vancouver Time) on July 24, 2022 (the "2020 Warrant Expiry Date"). Subject to TSX Venture Exchange approval, the 2020 Warrant Expiry Date will be extended to July 24, 2023. All other terms of the 2020 Warrants will remain the same and the exercise price remains at $0.25.
The 2020 Warrants to be amended do not include 205,559 warrants that were issued to finders or agents.
Certain of the 2020 Warrants are held by parties who are considered to be related parties of the company. Therefore, the amendment of the related party warrants constitutes a related party transaction as contemplated by Multilateral Instrument 61-101 -- Protection of Minority Shareholders in Special Transactions, and TSX-V Policy 5.9 -- Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon because neither the fair market value of the related party warrants nor the fair market value of the consideration paid for the related party warrants exceeds 25% of the market capitalization of the Company.
Holders of warrants will not receive an amended warrant certificate, and will be required to submit their original warrant certificate in order to exercise warrants.
Golden Ridge has also granted options to purchase 1,000,000 shares of Golden Ridge to its directors, officers, and consultants. The options are exercisable at $0.13 per share for a period of five years from the date of grant.
Dr. Stephen Amor, PhD, PGeo, technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.
Golden Ridge Resources acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy, and Technology, Government of Newfoundland and Labrador.
About Golden Ridge Resources:
Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in Newfoundland and British Columbia. Golden Ridge is currently focused on exploration and development of its portfolio of exploration assets in Newfoundland. The Company owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000-hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia and has a portfolio of exploration projects in Newfoundland.
Golden Ridge Resources Ltd.
Chief Executive Officer
Tel: (250) 717-3151
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including: that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company continues to maintain a good relationship with the local project communities. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's Management’s Discussion and Analysis reports filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.