Golden Ridge Resources Ltd. announced initial results from the maiden drill program 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 The maiden drill program consisted of 29 holes for a total of 4,186 meters. Initial assays from the Property indicate numerous near-surface zones of gold mineralization throughout the Property.

Drilling at Williams was focused along the main forest service road accessing the southeastern portion of the project. Holes were staged from this access road and provided important geological and analytical information, which was used to form the basis of Golden Ridge's geologic model which will continue to progress as additional assays are reported. The drilling program at the Williams Gold Property follows up extensive prospecting, high density soil sampling, and trenching by Golden Ridge.

The initial drill results show multiple mineralized fault zones associated with the previously reported large gold-in-soil anomalies. The 2022 drill program was focused on testing the large gold-in-soil anomalies and trench sampling. Gold mineralization is associated with minor to pervasive sericite alteration surrounding quartz-carbonate veins with variable pyrite, chalcopyrite, pyrrhotite, arsenopyrite and antimony sulfides.

As is the case with most projects located near the Appleton Fault Corridor structural controls play an important part in the development of gold mineralization on the Property.