Golden Ridge Resources – Continued Mineralization Discoveries at the Williams Zone
Golden Ridge Resources (TSX-V:GLDN) today released results from HNK-18-005 and HKN-18-002. Both holes intercepted similar geology and mineralization to the HNK-18-001 (previously announced with 327m of 0.31% Copper, 0.35g/t gold and 1.94g/t silver).
These two newest holes are located adjacent to hole HNK-18-001 and firm up the continuity of the mineralization at Williams. HNK-18-005, which drills North West, intersected 326m of potassic alterated monzonite and Stuhini volcanics at grades of 0.29% copper, 0.36 g/t gold and 1.92g/t silver.
HNK-18-002 – drilled from the same collar as HNK-18-005 but in the same direction as HKN-18-001 – intercepted 276.15m of similarly altered geology at grades of 0.31% copper, 0.24g/t gold and 2.33 g/t silver.
What these results tell us is that the mineralization is of a similar thickness and grade throughout the current 100m tested strike length. . .
What these results also show us is the presence of a normal fault – which appears to have had the hanging wall downthrown and as such, the mineralized lithologies could be occurring at depth. (see section below).
The alteration above the fault is phyillic in nature, this type of alteration typically caps porphyry copper/gold projects so the company can be confident that the higher grade central stuff has been displaced to depth. The company has used IP to help establish this and the raw results are currently being processed. This will aid in drilling the deeper juicy mineralization.
There are still five holes pending results from this round of drilling. These holes are likely to prove up the size and scope of the deposit and has utilited drilling in all orientation to help understand the geometry of the mineralization.
Next up is likely to be hole HNK-18-13 which has already been reported to have similar alteration and mineralization characteristics to the currently reported holes. If this hole hits mineralization like the other three holes have, the strike extent of the mineralization would total over 200m and still open in all directions – especially to the north and north east.
These are very exciting times for Golden Ridge and we are looking forward to seeing this geologically strong story develop – along strike and at depth. The market is eargerly anticipating this next round of results in order to further understand grade, continuity and size of this deposit.
The recent share price decline from speculators taking profits is a good time to buy a ‘tranche’ (open a position or add to a position). As always – buy the dips of quality companies
Palisade Global Investments Limited holds shares of Golden Ridge Resources. We receive either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate. The information contained in such write-ups is not intended as individual investment advice and is not designed to meet your personal financial situation. Information contained in this report’s from sources we believe to be reliable, but its accuracy cannot be guaranteed. The opinions expressed in this report are those of Palisade Global Investments and are subject to change without notice. The information in this report may become outdated and there is no obligation to update any such information. Do your own due diligence.