Golden Ridge Resources Ltd. announced the completion of the maiden 4,185m drill program on the Williams Gold Property (Williams or the Property) within the Appleton and Dog Bay Fault Corridors. The Property is surrounded by New Found Gold Corp. (NFGC)'s Queensway South Gold Property in the Central Newfoundland Gold Belt, where the inaugural drill program of 7,254m was completed in 2022 (Figure 1, see New Found Gold Corp.

Golden Ridge's diamond drill program tested numerous robust gold anomalies, in soil and trenches, in the south and central portions of the Property. The drill program followed up two successful field seasons in 2020 and 2021, which included extensive prospecting, property-wide and focused infill soil sampling, and follow-up trenching. Golden Ridge is also pleased to announce the completion of the first large-scale geochemical program on its district-scale Heritage Property, located within the Burin Epithermal Gold/Silver Belt.

Williams Gold Property Maiden Drill Program: The maiden diamond drill program consisted of 4,185m over 29 drill holes. Drill holes were predominantly in the 100m to 200m range, to target and test soil and bedrock anomalies, which included float samples assaying up to 281 g/t Au and soil samples up to 1,503 ppb Au. Drilling was successful, with most of the holes intersecting sulfide mineralization and alteration commonly associated with gold mineralization in the area.

Golden Ridge had planned to complete 5,000m of drilling within 2022; however, with the onset of winter conditions and contractor delays, the Company decided to utilize the remainder of the budget when conditions are more favorable. Heritage Project Till Geochemistry Program: Golden Ridge completed a 973-sample basal till sampling program focused on defining and broadening mineralized zones within the Point May Epithermal System, delineated during the Company's earlier diamond-drilling programs. Significant portions of the 22,875-ha Heritage Project area are covered by thick till and bog requiring a sampling method that can penetrate through the overburden. Historically discoveries were made within Heritage Project through traditional prospecting.

Within the areas known to be underlain by mineralization, a tighter 200m x 25m grid was completed, with a broader 400m x 50m grid over the underexplored parts of the project area.