Golden Ridge closes option deal with Barrick for 100% interest in Hank Project
Golden Ridge Resources (TSX-V: GLDN) has completed its option agreement with Lac Properties Inc. (LAC), a subsidiary of Barrick Gold Corporation, and now has a 100% interest in the Hank project in British Columbia’s Golden Triangle District.
LAC will continue to hold a 2% NSR on the project as well as certain back-in rights. LAC has the option to purchase a 51% interest in the Hank Project upon a mineral resource of at least 3 million ounces of contained gold or gold equivalent.
Golden Ridge has spent C$4 million on exploration at Hank since 2015 and completed nearly 11,000m of diamond drilling, as well as several geophysical and geochemical surveys. The Company is awaiting assays for the remaining holes from it’s 2018 drilling campaign at the project site.
“This methodical and systematic exploration work has led us to new discoveries at Hank, including the Williams Zone and the Boiling Zone, as well as greatly improved our geological understanding of the property.” Mike Blady, President and CEO of Golden Ridge Resources said in a media release. “All the assay results and geological data from our 2018 drill program will assist us in vectoring toward higher grades at the Williams and Boiling Zones.”