Exploration / Development > Discovery

Golden Ridge describes assays as "remarkable"

Golden Ridge Resources (CN: GLDN) has described its second assay results from drilling at the Hank project in British Columbia’s Golden Triangle as “remarkable” with highlights including visible gold in a 60.27m intersection grading 2.6g/t gold equivalent from 52.7m.

Staff reporter

Exploration / Development > Discovery

Golden Ridge describes assays as "remarkable"

Golden Ridge Resources (CN: GLDN) has described its second assay results from drilling at the Hank project in British Columbia’s Golden Triangle as “remarkable” with highlights including visible gold in a 60.27m intersection grading 2.6g/t gold equivalent from 52.7m.

Staff reporter

Golden Ridge describes assays as "remarkable"

Drilling at the Hank project

Other highlights included 1.05g/t AuEq over 78.23m, within a broader 201.48m grading 0.73g/t AuEq.

"To drill consistent grades between holes on each section over a strike length of 1.1 km is remarkable," CEO Michael Blady said.

"Gaining an understanding of the controls on mineralization in the LAZ [Lower Alteration Zone], including the discovery of a mineralized intrusion in HNK-17-009 gives Golden Ridge a major advantage over historical operators, which only sparsely tested the zone."

The company has the option to acquire 100% of the gold-silver-lead-zinc property by spending C$1.7 million (US$1.3 million) on exploration work by the end of 2018.

Golden Ridge was acquired in a reverse takeover, finalised in October, by 88 Capital which has changed its name to Golden Ridge Resources.

It reported a net loss of $52,818 (US$41,000) for the September quarter, greater than the June quarter loss but a decrease on the previous corresponding period.

Shares in the company closed down 10.5% to C17c.

topics

loader