Golden Ridge Resources Ltd. announced that it plans to undertake a 6,000 meter drill program at the Williams Gold 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 Phase II drill program will focus on building on Phase I results as well as continuing to test new targets that were generated by recent greenfields exploration. The Company is planning to commence its Phase II drill program in the coming weeks. 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 2021primarily 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. Golden Ridge has been actively exploring the Williams Gold Property since 2020. From 2020 to 2022 Golden Ridge conducted property-wide and high-density soil sampling, prospecting, and trenching. Field work highlighted numerous targets within both the Appleton and Dog Bay Fault Corridors. Within the
Appleton Fault Corridor in the southern portion of the Property, multiple high-tenor gold-in-soil anomalies were discovered with values up to 1.5 g/t Au. Follow-up trenching established the relationship between enriched gold in bedrock, and gold-in-soil anomalies. Drilling in 2022 tested many of the soil and trenching targets.