Golden Ridge Resources Completes $1,450,000 Financing; Eric Sprott Acquires 5 Million Units

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July 8, 2021 – TheNewswire - GOLDEN RIDGE RESOURCES LTD. (TSXV:GLDN) (“Golden Ridge” or the “Company”) has completed the previously announced financing (see new release of June 25, 2021) wherein the Company has issued today 5,370,370 units (the “Units”) at a price of $0.27 for gross proceeds of $1,450,000 (the “Offering”).

Each Unit consists of one common share and one-half of one common share purchase warrant (each whole warrant at “Warrant”) of Company. Each Warrant entitles the subscriber to purchase one additional common share for at an exercise price of $0.50 per common share until July 8, 2023.

Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 5,000,000 Units for total consideration of $1,350,000. Prior to the Offering Mr. Sprott beneficially owned or controlled 6,000,000 common shares and 3,000,000 warrants of the Company. As a result of the current Offering, Mr. Sprott beneficially owns or controls 11,000,000 common shares of the Company and 5,500,000 warrants collectively (the “Sprott Warrants”), representing approximately 19.6% of the issued and outstanding common shares of the Company on a non-diluted basis and approximately 26.8% of the issued and outstanding common shares of the Company on a partially diluted basis, assuming the exercise of the Sprott Warrants.

The Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Golden Ridge, including on the open market or through private acquisitions, or sell securities of the company, including on the open market or through private dispositions in the future, depending on market conditions, reformulation of plans and/or other factors that Mr. Sprott considers relevant from time to time.

A copy of Mr. Sprott’s early-warning report will be filed under Golden Ridge’s profile on SEDAR and may also be obtained by calling Mr. Sprott’s office at 416-945-3294 (200 Bay St., Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

Mr. Sprott has provided an undertaking not to exercise the Sprott Warrants (if doing so would result in his non-diluted ownership interest exceeding 20%) until the Company has obtained such shareholder approval at the Company’s next annual general meeting to be held on or before December 18, 2021.

Mr. Sprott is an insider of the Company and as such his participation in the Offering is considered a related party transaction under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and TSX Venture Exchange Policy 5.9 (which incorporates by reference MI 61-101). The Company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the Units to be purchased on behalf of Mr. Sprott nor the consideration to be paid by him exceeds 25% of the Company’s market capitalization.

Proceeds raised from the Offering will be used for general working capital and to further the Company’s Newfoundland project portfolio.

All securities issued pursuant to the Offering will be subject to a statutory four month and one day hold period under applicable securities laws expiring on November 9, 2021.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Golden Ridge

Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in Newfoundland and British Columbia. Golden Ridge is currently focused on exploration and development of its portfolio of exploration assets in Newfoundland. The company owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000 hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia and has a portfolio of exploration projects in Newfoundland.

ON BEHALF OF THE BOARD OF DIRECTORS OF

GOLDEN RIDGE RESOURCES LTD.

“Mike Blady”

Mike Blady

President and Chief Executive Officer

For more information regarding this news release, please contact:

Mike Blady, CEO and Director

T: 250-717.3151

W: www.goldenridgeresources.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking Information”, as such term is used in applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. There can be no assurance that the Fundamental Acquisition will be completed as proposed or at all.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Golden Ridge Resources Commences Exploration at the Williams Gold Property, Located within New Found Gold Corp’s Queensway South Gold Project

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Kelowna, British Columbia – TheNewswire - July 14, 2021 - Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV:GLDN) (OTC:GORIF) is pleased to announce its field crews have arrived on site and commenced the 2021 field program on the Williams Gold Property (“Williams” or “The Property”), located within New Found Gold Corp’s Queensway South Gold Project in the province of Newfoundland and Labrador (Figure 1).1

The first phase of the 2021 program will focus on prospecting, mapping and delineating precise trenching/channeling locations. Upon completion of this work the Company will immediately commence mechanized trenching and channel sampling. The program will target areas of interest identified by Golden Ridge’s successful 2020 geochemistry and prospecting program (Figure 2, see news release dated October 26, 2020).

The regionally important northeast-southwest trending Appleton Fault, which is associated with New Found Gold Corp’s Keats Main Zone discovery, strategically transects the middle of the Williams Property. Golden Ridge continues to be extremely encouraged by the recent drilling results from New Found Gold Corp’s Queensway Gold project located within the Central Newfoundland Gold Belt.

Highlights of the 2020 Williams Exploration Program

“We are extremely excited to commence exploration at the Williams this year. With the Beaver Brook antimony mine in view to the west and the Appleton Fault traversing the Property at our boots, there is no question this is a Tier One exploration project that happens to be relatively unexplored.” stated Golden Ridge CEO, Michael Blady. “We would also like to thank Mr. Eric Sprott for his recent financing support and our partners in Newfoundland including, but not limited to, the Department of Industry, Energy and Technology, Government of Newfoundland and Labrador.”

1This news release contains information about adjacent properties on which Golden Ridge has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties

2 The reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the Property.

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Stock option grant

Golden Ridge has also granted options to purchase 2,100,000 shares of Golden Ridge to its directors, officers, and consultants. The options are exercisable at 32 cents per share for a period of five years from the date of grant.

Qualified Person:

Dr. Stephen Amor, PhD, PGeo, technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.

Acknowledgments:

Golden Ridge Resources acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

About Golden Ridge Resources:

Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in Newfoundland and British Columbia. Golden Ridge is currently focused on exploration and development of its portfolio of exploration assets in Newfoundland. The Company owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000-hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia and has a portfolio of exploration projects in Newfoundland.

Golden Ridge Resources Ltd.

Mike Blady

Chief Executive Officer

Tel: (250) 768-1168

Website: www.goldenridgeresources.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including: that the Company’s financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company continues to maintain a good relationship with the local project communities. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company’s Management’s Discussion and Analysis reports filed under the Company’s profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Newfoundland gold exploration heats-up – Resource World Magazine

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By Ellsworth Dickson

A claim staking rush has been taking place by numerous junior exploration companies in the large southwest to northeast-trending region known as the Central Newfoundland Gold Belt (CNGB) that stretches almost across the entire island of Newfoundland – almost 250 km in length.

New Found Gold Corp. [NFG-TSXV; NFGFF-OTC] is advancing its large 100%-owned high-grade Queensway Gold Project on the Trans-Canada Highway 15km west of Gander where a 200,000-metre drill campaign is underway. Drilling at the Keats discovery has returned 19.0 metres of 92.9 g/t gold and 18.9 metres of 31.2 g/t gold. Drilling at the Lotto Discovery returned 4.8 metres of 41.2 g/t gold and 5.2 metres of 25.4 g/t gold.

The most advanced project is Marathon Gold Corp.’s [MOZ-TSX] 100%-owned Valentine Gold Project 55 km southwest of Buchans that comprises a series of mineralized deposits along a 20-kilometre trend. A March 2021 positive Feasibility Study outlined an open pit mining and conventional milling operation over a 13-year mine life. This will be the largest gold mine in Atlantic Canada.

Sky Gold Corp. [SKYG-TSXV] is exploring its Mustang Project in east-central Newfoundland that hosts the Outlaw prospect comprised of the Mustang and Piper mineralized zones adjacent to New Found Gold’s intercept of 92.9 g/t gold over 19 metres.

Labrador Gold Corp.’s [LAB-TSXV] early-stage Kingsway Gold Project hosts two different styles of gold mineralization on the 77 km2 property along strike from the Keats and Lotto Zones of New Found Gold to the south.

Golden Ridge Resources Ltd.’s [GLDN-TSXV] field crews have arrived on site and have begun the 2021 field program on the Williams gold property located within New Found Gold Corp.’s Queensway South gold project. The first phase of the 2021 program will focus on prospecting, mapping and delineating precise trenching/channeling locations. The company also holds the Heritage and Greenfields Portfolio gold-silver properties in Newfoundland.

Sassy Resources Corp. [SASY-CSE], through its subsidiary, Gander Gold Corp., has expanded its Newfoundland property holdings from 1,381 km2 to 2,257 km2.

The 876 km2 newly acquired claims cover a large portion of the Mount Peyton Intrusive and Gabbroic Complex between New Found Gold’s Keats Zone and Sokoman Minerals’ Moosehead discovery. The claims were staked by and optioned from prospector Shawn Ryan and Wildwood Exploration Inc. whose extensive area research has recently led to a new understanding of the potential of the under-explored Mount Peyton Intrusive.

Sokoman Minerals Corp. [SIC-TSXV; SICNF-OTCQB] has intersected additional high-grade gold mineralization at both the Eastern trend and South Pond zones during its Phase 6 drilling at the 100%-owned Moosehead property in central Newfoundland. Sokoman recently executed two property option agreements on behalf of the strategic alliance between the company and Benton Resources Inc. [BEX-TSXV; BNTRF-OTC] to add additional mineral claims to the Grey River gold property. Both Sokoman and Benton have other properties in Newfoundland.

Sokoman’s Crippleback property is optioned to Trans Canada Gold Corp. [TTG-TSXV] and its East Alder property is optioned to Canterra Minerals Corp. [CTM-TSXV; CTMCF-OTC].

Anaconda Mining Inc. [ANX-TSX] has an exploration program for summer and fall 2021 near the company’s 100%-owned Point Rousse operation in the Baie Verte mining district.

Canstar Resources Inc. [ROX-TSXV] has an option to acquire a 100% interest in the Golden Baie Project, a 62,175-hectare claim package with recently discovered, multiple outcropping gold occurrences on a major structural trend in south Newfoundland.

Spruce Ridge Resources Ltd. [SHL-TSXV] has received the results of an updated mineral resource estimate for the Great Burnt copper and gold property in central Newfoundland, which incorporates the results of the 2020 diamond drilling program on the Great Burnt main zone.

Great Atlantic Resources Corp. [GR-TSXV; PH0-FSE] is drilling its Golden Promise gold property in the central Newfoundland gold belt. The first hole at the Jaclyn Main Zone intersected multiple quartz veins with visible gold evident in one vein.

Maritime Resources Corp. [MAE-TSXV] has released drill results from its continuing 40,000-metre exploration program at the Hammerdown gold project and its Whisker Valley property, in the Baie Verte mining district of Newfoundland. At the Orion North Zone, a new near-surface zone traced over 550 metres, drill hole BB-21-170 intersected 12.43 g/t gold and 2.15 g/t silver over 1.20 metres, including 50.60 g/t gold and 7.90 g/t silver over 0.20 metres.

Tru Precious Metals Corp. [TRU-TSXV] has signed an option agreement to acquire five mineral licences covering 12.75 km2 in west-central Newfoundland, on which the company has found visible gold. The optioned claims are contiguous with the company’s flagship Golden Rose project. In addition, the company indirectly staked a larger land package surrounding the optioned claims.

Cartier Iron Corp. [CFE-CSE] reported diamond drilling intersected 0.62 g/t gold and 16.12 g/t silver over 13.0 metres in a low sulphidation epithermal Au-Ag system at its Big Easy Gold Project in eastern Newfoundland.

The above companies are not the only explorers targeting the Central Newfoundland Gold Belt. Considering the fact that the belt trends across most of the island, suffice to say that the Newfoundland Gold Camp is shaping up to be a major mining camp in this most favorable of mining jurisdictions.

New Found Gold Corp. [NFG-TSXV, NFGFF-OTC] is working to advance Canada’s newest high-grade gold discovery on its 100%-owned Queensway project in central Newfoundland.

On July 19, 2021, the shares were trading at $9.27 in a 52-week range of $13.50 and $1.24, leaving New Found Gold with a market cap of $1.4 billion, based on 151.7 million shares outstanding.

Palisades Goldcorp Ltd., a resource-focused merchant bank founded by New Found Gold’s Founder and Executive Chairman, Collin Kettell, owns 31% of the shares.

Backed by investor groups that include Canadian financiers Eric Sprott and Robert McEwen, the junior company raised $31.4 million last year from an initial public offering priced at $1.30 per share.

New Found Gold is now fully focused on the flagship Queensway project and is engaged in a 200,000-metre drill program that is currently utilizing eight drills, a number that will increase to 10 by the end of 2021.

It is well funded for this program with a working capital balance of approximately $82 million.

Queensway is host to an extensive epizonal orogenic gold system, one that is capable of generating very high-grade gold mineralization. Comparisons have been made to mineralization found in the high-grade Swan Zone at Kirkland Lake Gold Ltd.’s [KL-TSX, NYSE, KLA-ASX] Fosterville mine in Victoria, Australia.

This similarity was recognized by Dr. Qunton Hennigh during his initial review and site visit in January, 2020. Dr. Hennigh is a director of New Found Gold and Founder, Chairman and Director of Novo Resources.

The Queensway property consists of 86 mineral licenses, including 6,041 claims, comprising 151,030 hectares of land located near Gander. It is intersected by the Trans-Canada Highway and has logging roads crosscutting the property, high voltage electric power lines running through the project area, and easy access to a skilled workforce.

The project is divided by Gander Lake into Queensway North and Queensway South.

The company acquired the property rights by map staking mineral licenses and making a series of staged payments in cash and common shares from 2016 to 2019 under nine separate option agreements.

So far, New Found Gold has discovered three robust structurally controlled high-grade deposits: Keats, Lotto, Golden Joint. These discoveries occur along approximately 2.0-kilometre corridor of the Appleton Fault Zone on Queensway North.

The high-grade discoveries at Keats, Lotto and Golden Joint have each been made by following up on lower grade intervals of gold mineralization from initial drilling in the target area. There are now more than 15 additional areas along the Appleton fault that have returned significant gold mineralization that management believe are prospective for high-grade epizonal discovery. “We are continuing with interpretation work and additional drilling in the pursuit of finding additional zones of high-grade epizonal style gold along 7.8 kilometres of strike along the Appleton Fault Zone,’’ Founder and President Denis Laviolette recently stated.

In a June 30, 2021 press release, the company announced assay results from four holes drilled on the Golden Joint zone, a brand new discovery located approximately 1.0 kilometre north of the Keats Zone and approximately 850 metes south of the Lotto Zone.

These holes were drilled as part of the ongoing 200,000 metre program. Highlights included 5.25 metres of 430.17 g/t gold from 207.85 to 213.10 in hole NFGC-21-241.

Results confirmed that Lotto and Keats are just two of several high priority targets identified over 7.8 kilometres of strike along the Appleton Fault. This takes the company one step further in confirming the presence of repeated zones of high- grade epizonal style mineralization along the Appleton Fault Zone.

In a July 6, 2021, update on drilling at the Appleton Fault Zone, the company said total of 267 holes covering approximately 61,700 metres of drilling has been completed to date, representing 31% of the planned 200,000 metre program. Results for 150 holes totaling approximately 34,200 metres have been received and reported to date.

New Found Gold has a second project, the Lucky Strike, which covers 10,000 hectares in the heart of the Abitibi Greenstone belt near Kirkland Lake, Ontario.

The project is adjacent to the Upper Beaver and Upper Canada past producing mines held by Agnico-Eagle Mines Ltd. [AEM-TSX, AEM-NYSE] and containing a current resource of over 3.0 million ounces of gold, having produced over 1.5 million ounces.

The project contains the past producing Walsh Mine and two exploration shafts at the Copper King and Norwood Kirkland.

Several splay fault structures of the Victoria Creek Deformation Zone cross the property with very limited exploration and open for significant new discoveries.

New Found Gold has been cleared to apply to list its common shares on the NYSE American. The company expects to commence trading on the NYSE American in early Q3, 2021, upon receipt of final approval from the SEC and NYSE American.

Canstar Resources Inc. [ROX-TSXV, CSRNF-OTCPK] is focused on gold exploration in Newfoundland, one of the hottest areas for high-grade gold exploration in Canada.

Canstar President and CEO Robert Bruggeman is backed by a highly experienced technical team that consists of director Dr. David Palmer, exploration advisors Dr. Lawrence Winter and Dr Laurie Curtis. All three have decades of experience and track records of success in mineral exploration.

Canstar’s key asset is an option to acquire a 100% interest in the Golden Baie Project, a district-scale gold property with numerous gold occurrences located over a 40-kilometre strike length in south Newfoundland. It is a huge land package that has seen very little exploration the last 30 years.

Covering 62,175 hectares, Golden Baie is typical of productive Paleozoic orogenic gold deposits worldwide with a style of mineralization that is similar to that of Kirkland Lake Gold Ltd.’s [KL-TSX, NYSE, KLA-ASX] Fosterville deposit in Australia, where visible gold is found as disseminated fine specks of gold within quartz veins, as well as New Found Gold Corp.’s [NFG-TSXV] Queensway project in central Newfoundland.

“There is a lot of [surface] gold there over a large area and we just need to identify the structures controlling that mineralization in the ground,’’ said Bruggeman during a recent interview.

Canstar secured the option in August, 2020, under an agreement with Altius Resources Inc. [ALS-TSX] (and other arms-length parties), which currently has a 9% interest in Canstar. Lawrence Winter has been vice-president, exploration at Altius since 2006.

Canstar also holds the Buchans-Mary March polymetallic project and other mineral exploration properties in Newfoundland. Buchans-Mary is located in central Newfoundland, 20 kilometres northeast and within the same geological group of rocks that host the former Buchans Mine.

Buchans deposits rank as the world’s highest grade polymetallic deposits with a zinc equivalent grade of 48%. The Buchans Mine produced 16.2 million tones at 14.5% zinc, 7.6% lead, 1.33% copper, 126 g/t silver and 1.37 g/t gold.

After completing initial surface exploration on Golden Baie last year, the company has said it sees considerable exploration upside over the entire property with excellent potential for new discoveries.

Recently, Canstar said it planned to double the size of a diamond drill program that commenced on Golden Baie in June 8, 2021, to at least 5,000 metres. The decision is based on positive visual observations of drill core in the initial holes.

Assay results for the first drill hole samples are expected in late July, 2021.

Drilling to date has focused on the Kendell Target on the central portion of the Golden Baie project where exploration crews are targeting the continuation of gold mineralization previously identified at surface through trenching.

Kendell is the site of the best grab samples (up to 4,485 g/t gold) and the best trench intercepts encountered on the project so far.

Trench TGB-20-21 was excavated in the fall of 2020 and intercepted northeast-southwest trending quartz veins of varying thicknesses along a strike length of approximately 70 metres, approximately 16 metres of which contained visible gold.

Seven channels were saw cut and sampled with the best results being 10.17 g/t gold over 3.0 metres and 6.20 g/t gold over 5.0 metres.

Grab samples from the quartz veins in the trench at Kendell assayed up to 211 g/t gold and the initial drilling in the 2021 program targeted the extension of these quartz veins.

To date, 22 drill holes have been completed on the Kendell target for a total of approximately 1,200 metres. Visible gold has been observed in quartz veins in eight of the 12 holes logged to date.

The drill rig was recently moved to another target area (the Hillside Target), located approximately 950 metres north-northeast of Kendell.

Drilling is now expected to continue until early September 2021 on the area containing the Kendell and Blow Out targets. The company holds permits for approximately 4,000 metres of drilling at the Kendell Target, the Blow Out Target, 22 West, and Wolf Pond.

“I’m very pleased that the initial drill holes contain visible gold in quartz veins within broader intercepts of arsenopyrite, which tends to be associated with disseminated gold mineralization on the Golden Baie Project,’’ said Bruggeman.

“This is a great start to the program and gives us the confidence to double the planned meterage,’’ he said. “We look forward to getting assay results from the drill hole samples and reporting those to our investors and the market.’’

On July 19, 2021, Canstar shares were trading at 42 cents in a 52-week range of 53 cents and $0.065, leaving the company with a market cap of $40 million based on 87.1 million shares outstanding.

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