Golden Ridge Resources Ltd. announced additional results from its maiden drill program at the Williams Gold Property, that is surrounded by New Found Gold Corp.'s Queensway South Gold Property in the Central Newfoundland Gold Belt of the province of Newfoundland and Labrador. The maiden drill program consisted of 29 holes for a total of 4,186 meters. So far, the program has led to the discovery of numerous near-surface zones of gold mineralization within the Appleton Fault Corridor of the Williams Property.

Highlights: WIL-22-21: 14.4 meters of 1.51 g/t Au from 88.10 to 102.50 meters including 4.6 meters of 2.49 g/t Au. WIL-22-20: 30.0 meters of 0.62 g/t Au from 64.00 to 94.00 meters. Gold mineralization (minimum 1 g/m Au) was encountered in over 90% of the holes drilled in 2022.

Mineralization now stretches over 1.5 kilometers within and parallel to the Appleton Fault Corridor and remains open in all directions. The Company is fully funded for exploration in 2023 with numerous targets yet to be tested. Holes 15 29 continued to test multiple zones indicated in previous prospecting, high-density soil sampling, and trenching by Golden Ridge.

The 2022 drilling program was focused on testing the large gold-in-soil anomalies, and results of subsequent trench sampling. Gold mineralization in drill core is typically associated with minor to pervasive sericite alteration surrounding quartz-carbonate veins with variable pyrite, chalcopyrite, pyrrhotite, arsenopyrite, and antimony sulfides. Golden Ridge is currently interpreting structural data from the AFC within the Property.

Structural controls play an important role in the development of mineralization at most gold occurrences in the Appleton Fault Corridor. Planning for the 2023 drill program is currently underway. The final fifteen holes of the 2023 program at the Williams Gold Property confirm multiple gold-bearing fault systems throughout the AFC.

Intersecting meaningful amounts of gold mineralization in twenty- seven.