Golden Ridge Resources Ltd. announced the signing of an exploration drilling contract with Cabo Drilling (Pacific) Corp. for a minimum of 5,000 metres diamond drilling 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.

Golden Ridge expects to begin drilling in late May to take advantage of optimal weather conditions. Golden Ridge reported the full receipt of rock and soil assays from the 2021 field program, aimed at expanding gold mineralization targets in the Dog Bay and Appleton Fault Corridors within the property. Continued Expansion of Gold In Soil Anomalies Along the Dog Bay and Appleton Fault Corridors: The final assays 430 (of 1,316) soil samples, 51 (of 305) chip and channel samples, and 28 (of 208) grab samples from the 2021 field program have recently been received by Golden Ridge.

The 2021 field program had previously highlighted soil anomalies 800m, 425m, and 350m long, which remain open along strike and include values up to 1.50 g/t and 1.05g/t Au in soil. The final batch of assays from the 2021 field sampling program contained numerous gold in subcrop and float grab samples in the northern Dog Bay Fault Corridor portion of the property, with up to 2.71 g/t and 1.23 g/t Au. These samples contain strong pyrite and arsenopyrite mineralization and were collected on the western edge of a 650m gold-in-soil anomaly identified during the 2021 field program.

The 2021 field program noted gold mineralization and evidence of hydrothermal activity along the entire 5km of the Dog Bay Fault Corridor; in addition, historical float grab samples assayed up to 51.60 and 44.24 g/t Au. Soil sampling on smaller recon grids conducted in the Appleton Fault corridor to the west along strike of the large anomalies returned numerous anomalous gold-in-soil values up to 0.72 g/t Au. The Company plans to aggressively continue to soil sample along strike of these anomalies and also conduct drill testing.

Drill Contract Signed for Summer 2022 Drill Program: The maiden drill program on the Williams Gold Property will commence in late May. Drilling will systematically test soil and trench gold anomalies within the Dog Bay and Appleton Fault Corridors discovered during the 2021 field program. Golden Ridge will use methodologies fine-tuned in New Found Gold's work on its similar trending Queensway North Gold Project, to target anomalies.

A very limited amount of drilling has been conducted previously in the area, with the most recent work targeting mineralization in the Paul's Pond area roughly 500m from the Williams Gold Property's southern border. Due to increased exploration activity in Newfoundland, and the consequent demand for analytical services, the Company experienced significant delays on reporting results in 2021. For 2022 the Company will be implementing a new strategy to cut down on these delays and keep exploration and news flow in line with industry norms.