Golden Ridge drills visible gold in Newfoundland CanadiansInvest
-TSXV] shares were active Monday after the company announced initial results from a maiden drill program at its Williams gold property in central Newfoundland. The project is surrounded by the Queensway project, where New Found Gold Corp. [NFG-TSXV] has discovered three robust structurally controlled high-grade deposits: Keats, Lotto, Golden Joint. These occur along an approximately 2.0-kilometre corridor of the Appleton Fault Zone on the Queensway North area.
Drilling highlights include the intersection of visible gold in hole WIL-22-014, which returned 0.5 metres of 50.45 g/t gold from 11.0 to 11.5 metres. Hole Will-22-12 returned 37.8 metres of 0.7 g/t gold from 6.24 to 44.07 metres. The drilling program at the Williams Gold property follows up extensive prospecting, high density soil sampling, and trenching. The initial results show multiple mineralized fault zones associated with the previously reported large gold-in-soil anomalies.
Golden Ridge recently granted Kingfisher Metals Ltd. [KVR-TSXV] the right to earn a 100% interest in the Hank property, subject to a 3.0% net smelter return royalty held by a third party. Kingfisher can earn the interest by making cash payments and issuing shares over the next four years. Kingfisher must also spend $3.0 million on mining work on or before the fourth anniversary of the effective date of the agreement.
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