Your GLDN Ticket Has Arrived
Golden Ridge Resources (CVE:GLDN, FRA:44G)
At 34 years old, Mike Blady is a self-made millionaire. He has started companies; he has exited companies. As an investor, Mike has proven serially successful: so much so that investors flock to him for ideas. And when Mike has a big idea? Investors stroke serious checks to get in – Palisade Global is part and parcel to that group.
It is not a stretch to say that Mike does not need to be running a junior exploration company; he wants to… That’s because despite his early successes, he is deficient one major accolade – as a geologist, Mike has yet to log a bona-fide discovery to his name. And so this year he set out to change that.
In April, Mike announced a $3 M financing to RTO his private resource company, Golden Ridge Resources, into a venture-listed shell. Bay Street took to him like bees on honey; $3 M turned into $5.24 M.
But due to delays with the TSX-V exchange, that $5.24 M was forced to sit in escrow for 3 long months – 3 months Mike could not afford to lose. With winter fast approaching in the Golden Triangle, Mike personally bankrolled $500,000 of drilling on his flagship Hank Gold-Silver Project.
Today’s news release outlines initial results of the program. On the surface, the grades from the first two holes are good, really good in fact.
HNK-17-001 – 24.15 g/t AuEq over 4.13 meters
HNK-17-002 – 107.90 g/t AuEq over 0.55 meters
The intercepts themselves are likely to raise eyebrows and set off a frenzy of buying, particularly following the nearby successes of GT Gold and Garabaldi.
The real story in this release is that Mike managed to hit mineralization on all 13 holes – some holes that were drilled completely away from any historic drilling and resource.
As the below map demonstrates, the 13 holes cover a 1,200-meter strike length (this is getting really big, really fast). Hole 1 and 2 are at the very south of the mineralized trend, meaning 11 more assays will be released over the following weeks, which will paint a picture of the true potential of the discovery.
Geologically speaking, the drill results demonstrate a robust intermediate-sulfidation gold-silver system in the Lower Alteration Zone (LAZ). Historically, the lion’s share of exploration was focused on the high-grade, low-sulfidation type epithermal veins exposed at the surface in the Upper Alteration Zone (UAZ).
Only 15% of historical work was done in the LAZ. However, the widespread distribution of anomalous gold throughout the LAZ indicates the presence of a very robust system.
The mineralization remains open along strike and at depth in all LAZ holes. Surface mapping outlines a strike length of at least 2.5 kilometers. Furthermore, anomalous gold values occur throughout the 170-meter true width of the LAZ surrounding the higher-grade structure.
These initial results and whispers of what is to come on this 13 hole campaign will likely catapult Mike and GLDN among the icons of explorers in the Golden Triangle. So while the world of mining may not know that Mike is a stud – we do. And today’s news release is likely to begin to change that.
Mike’s Golden Ticket has arrived.
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 is obtained 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.