Golden Ridge Resources Ltd. (GLDN:TSX.V) has announced that the TSX Venture Exchange has accepted for filing 88 Capital Corp.'s reverse takeover and related transactions, "including the acquisition of all of the issued and outstanding shares of Golden Ridge Resources." The company begins trading on the TSX Venture Exchange Oct. 19 under the symbol GLDN.
Veteran mine finder Larry Nagy chairs Golden Ridge. He was part of the discovery team at both the Eskay Creek, Canada's highest-grade gold mine, and Snip, another high-grade mine in the Golden Triangle.
The company has an option to earn 100% interest in the Hank gold-silver-copper property in the Golden Triangle in northern British Columbia. This area is home to large deposits such as Pretium's Brucejack and Seabridge Gold's KSM project.
Golden Ridge's optioned the Hank property from Barrick Gold, which acquired the project when it took over Lac Minerals. According to the company, Golden Ridge can earn a "100% interest by performing $1.7-million of exploration work by the end of 2018; this is subject to a certain back-in provision if a deposit equals or exceeds three million ounces of gold in the mineral resource category."
Historical drilling comprising 13,709 meters in 104 holes on the Hank project intercepted two zones: the Upper Alternation Zone with high-grade, epithermal sulphide veins, and the Lower Alteration Zone with a polymetallic minerals. The historical reserve is 50,000 ounces of gold at surface. The company will conduct a 7,500-meter exploration program that will drill much deeper than what was conducted historically to test the theory that grades will increase at depth.
The company announced on Sept. 1 that it has completed a $5.24 million private placement, an increase from the originally announced $3 million. Approximately 32.6 million units were issued at $0.125 per unit, and 7.5 million flow-through shares were issued at $0.15 per share.
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