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Golden Ridge hits gold at Ball Creek

Golden Ridge Resources (TSXV: GLDN) has reported hitting 291.5m at 0.66g/t gold-equivalent in the first hole it drilled at the Goat prospect, at its recently-optioned Ball Creek property in British Columbia.
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The Ball Creek project surrounds Golden Ridge’s Hank property (pictured) in BC

Staff reporter

Golden Ridge said "strongly anomalous molybdenum and silver was encountered from top to bottom" of the hole, with molybdenum typically occurring on the shoulders of several other similar-aged copper-gold porphyry systems throughout the Golden Triangle, including KSM.

"Strong albite alteration also occurred throughout, indicating the hole intersected a deeper portion of the Ball Creek, Main Zone porphyry system," it said.

Goat is one of the seven gold-copper porphyry targets at Ball Creek, which also has four gold-silver epithermal targets.

The explorer has the option to earn 80% of Ball Creek under an option agreement with Evrim Resources struck in July.

The 524sq.km Ball Creek project surrounds Golden Ridge's 100%-owned Hank property.

The company had completed its option agreement with Barrick Gold 12 months ago to earn 100% of Hank, where it announced making the Williams and Boiling zone gold discoveries last year.

Golden Ridge shares gained 25% - or 0.5c - yesterday to close at 2.5c, capitalising it at $2.5 million (US$1.9 million).

Its shares have slid from a high of 19.5c in June to 1.5c on Monday.

The company had raised C$2.8 million in May at 12.5c per unit and 16.5c per flow-through unit.

It had just over $3 million (US$2.3 million) in working capital at June 30.