Golden Ridge Resources Ltd. said Aug. 14 that it discovered a new copper-gold porphyry deposit, drilling 327 meters grading 0.31% copper, 0.35 g/t of gold and 1.94 g/t of silver at the Hank project in British Columbia's Golden Triangle.
It was the first drillhole Golden Ridge has reported in an area known as the Williams zone, a copper-gold anomaly at surface. Golden Ridge has yet to report assays from subsequent drillholes but described hitting a "porphyry discovery" in several holes over a "200 meter strike length to a depth of 585 meters below surface." The intercept began 72 meters down hole.
The company, which has a 100% option on the Hank project, could not immediately be reached for comment.
IDM Mining Ltd. President and CEO Rob McLeod called the hit "a legitimate discovery." McLeod is not associated with the project but knows the region well in advancing the Red Mountain gold project, which is also in the Golden Triangle. The area is home to copper and gold mines that includes Imperial Metals Corp.'s Red Chris copper-gold asset.
McLeod pointed to expansion drillholes that suggested the footprint of the porphyry deposit could extend beyond the discovery drillhole, although results of more mineral assays are still pending.
If the deposit proves significant, its proximity to infrastructure, including a road and electricity, may be a benefit. "By Northern BC standards, this has quite a decent location," McLeod said.
Golden Ridge's share price, which has been rising in recent weeks, had jumped about 22% as of press time to 28 Canadian cents apiece on news of the drilling.