Golden Ridge Resources Ltd. announced that it has commenced the Phase II, 6,000 meter, drill program at the Williams Gold Property, that is surrounded by New Found Gold Corp. (NFG)'s Queensway South Gold Property in the Central Newfoundland Gold Belt of the province of Newfoundland and Labrador. The Phase II drill program will focus on targeting untested high priority greenfield targets, infilling the numerous gold geochemical trends and building on successful Phase I drill results.

Phase II targets typically lie along strike from the New Found Gold Corp.'s 2022 drilling on the Queensway South Gold Property. Highlights: 2023 will be Golden Ridge's largest-ever drill program, with goals to expand known mineralization and test greenfields high priority targets; Drilling is underway, with plans to complete 6,000 meters using a more agile Duralite 1400 track mounted drill rig; Golden Ridge will be using its proprietary targeting matrix to prioritize drilling during Phase II. Similarities to the New Found Gold Queensway South Gold Property: Williams Gold Property is located between Devils Pond and Nebula zones and along strike from the Astronaut, Nova, and Goose Zones; Both properties show small high grade visible gold intervals as well as broad intervals of mineralization; Gold mineralization within both properties likely is associated the Appleton Fault Zone; Mineralized zones in the Queensway South Gold Property associated with high tenor gold-in-soil anomalies, gold-in-grab samples, and till anomalies.

Recap of the 2022 Phase I Drill Program: 29 holes were drilled for a total of 4,186 meters; Identified a 1.5 kilometer mineralized corridor within the Appleton Fault Corridor which remains open in all directions; Gold mineralization (minimum 1 g/m Au) was encountered in over 90% of the holes drilled in 2022; Drilling was focused on testing soil anomalies and following up on trenching done in 2021 primarily with short 100-150 meter holes; WIL-22-14: 0.5 meters of 50.45 g/t Au from 11 to 11.5 meters; WIL-22-12: 37.8 meters of 0.7 g/t Au from 6.24 to 44.07 meters; WIL-22-21: 14.4 meters of 1.51 g/t Au from 88.10 to 102.50 meters, including 4.6 meters of 2.49 g/t Au;· WIL-22-20: 30.0 meters of 0.62 g/t Au from 64.00 to 94.00 meters.