Golden Ridge In The Golden Triangle
One of the hottest areas of British Columbia in the past few years is an area known as the Golden Triangle. This area has produced more high grade mines than any other area in the province and with gold prices poised to start a new rally here in 2019, it's little wonder that there is so much excitement surrounding some of the companies that have a foot hold here.
Over the past few years this area has become fairly well known from drilling results from a handful of juniors. The top three juniors in the area that have recieved most investor attention have been Garribaldi GGI, GT Gold GTT and Metalis MTS and of course there is Aben ABN. Companies like Garribaldi have caught the eye of big money like Sprott because of some of the assays that have been recorrded from various drill locations. Just a while back GT Gold got a huge seventeen million dollar cash infusion from Newmount Goldcorp. This money will be used to drill an additional 10,000 meters this season.
But while everyone seems focused on these 3-4 major players there are a few other juniors out there that deserve a look. One of these companies is Golden Ridge Resources GLDN.
Golden Ridge is a relatively new junior having only being listed on the exchanges since 2017 and is comprised of a team of well seasoned explorers who have spent extensive time in the triangle. Executive Chairman Larry Nagy was the person who was responsible for Delaware's acquisition and development of the SNIP property, which saw it's stock run from $1 up to $28 in a share takeover. He also aquired Eskay Creek property for Calpine and Stikine Resources. This property evetually became one of the highest grade properties in Canada. The stock price ran from $1 to become a $67 takeover.
which is exploring it's Hank property which was previously owned by Barrick but basically sat dormant for around 20 years with no exploration. Through an option agreement a few years back and work expenditures completed, Golden Ridge now owns this property 100%.
In 2017, Golden Ridge carried out its first ever drill program, the first in over 24 years on the Property. Several strong Au-Ag-Pb-Zn intercepts were encountered including:
Last season the company drilled 6700 meters in 16 drill holes. Some highlights include:
- HNK-17-001: 4.13m of 24.15g/t AuEq (100 gram-meters/t)
- HNK-17-008: 60.27m of 2.60g/t AuEq (157 gram-meters/t)
- HNK-17-009: 21.62m of 7.04g/t AuEq (152 gram-meters/t)
- 20.00 meters of 11.63 g/t AU and 13.8 AG
- 319 meters of 0.42 AU - 0.34 CU - 2.20 g/t AG
The company also has the Option to earn 100% of the Royalle Au-Ag Project property. This project located along trend from the Bralorne and Pioneer and King mines which produced 4.15 million ounces of gold from 1928-1971 at a average head grade of half-an-ounce per ton. There is also a 2019 drill program planned for this property as well.
Golden Ridge also has a property up the old Canol road which is optioned to Fireweed Zinc FWZ
The company at this time has 80 million share outstanding and just under 100 million fully diluted. At the time of this writing the stock price is 15 cents and is seeing increases in daily volume. Drilling on the Hank property could start any day here with completion before fall of 2019. Results similar to last year have the potential to push the stock price up 1-200% from where is sits today. From a May 23 news release the company wrote:
Golden Ridge Resources Ltd. has provided the 2019 drill plans for its 100-per-cent-owned Hank project, located in British Columbia's prolific Golden Triangle. The company had a very successful 2018 campaign, which included new drilling discoveries at the Williams zone porphyry target (HNK-18-013 intersected 318.73 metres of 0.42 gram per tonne (g/t) gold, 0.34 per cent copper and 2.20 g/t silver) and the Boiling zone epithermal target (HNK-18-010 intersected 20.00 metres of 11.63 g/t gold and 13.8 g/t silver). Both zones remain open at depth and laterally and the 2019 campaign will utilize a Zinex A5 heli-portable drill rig with drilling capabilities down to 1,325 metres (NQ), which will allow the company to test these zones at far greater depths than possible during the 2018 campaign. A 4,000-metre phase 1 program is planned to start the 2019 drilling campaign. Immediately following, the company will initiate a phase 2 program contingent on phase 1 results. Due to light snow pack conditions in the Golden Triangle, the company will begin mobilization to the property in early June.
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