Share Price: C$0.225
Shares Outstanding: 73.6M
Market Capitalization: C$12.5M
Cash: ~C$3.0M
Total Liabilities: ~C$0.6M
Two months ago – we wrote about Golden Ridge Resources Ltd (V:GLDN) and the asymmetric (low risk – high reward) opportunity it was for speculators..
And this morning, Golden Ridge announced a major breakthrough at their flagship property – the ‘Hank Project’ – in British Colombia’s Golden Triangle – more specifically at the Williams Zone.
The Williams Zone target was a new copper-gold porphyry discovery which was made following up on a copper/gold soil and airborne magnetic anomaly.
The anticipation is finally over as Hole HNK-18-001 intersects. . .
“327 meters of 0.31% Cu, 0.35 g/t Au, 1.94 g/t Ag, with additional holes along strike intersecting similar mineralization, assays pending”
Assays from this first hole indicate that it’s a gold rich system currently open in all directions.
Copper and gold mineralization also extend for a substantial distance into the surrounding volcanic rocks.
The mineralization shows great continuity along strike and at depth. . .
The company’s still waiting on assays for holes two and three from the Williams Zone – but the core shows significantly longer intercepts of mineralized monzonite with visually higher grades of mineralization.
What does this mean? That hole two and three have the potential to extend the strike-length over 250m. . .
At the Kaip Zone, Golden Ridge intersected the same ‘illite breccia’ that yielded 7.05 g/t AuEq over 21.62 meters – but this time with significantly longer intercepts. . .
Assays are still pending from two holes on the Kaip Zone.
At the Boiling Zone, the company’s drilled two holes – both encountering mineralization.
Lastly, Golden Ridge drilled a hole that started in the Boiling Zone and connected all the way to the LAZ-Extension. This hole is nearly 500-meters deep and is well-mineralized.
Golden Ridge is on pace to drill 15 holes this year – most of which are 400+ meters – something the property hasn’t seen historically.
We can’t wait to see what they dig up. . .