Earlier this week I had the chance to talk to Mike Blady, CEO of Golden Ridge Resources. We talked about their recent financing, the drilling program that they’ve just started, and what might be next for Gold.
Hi Mike, welcome back to The Next Bull Market Move. Let’s begin by talking about the team you have at Golden Ridge. At the beginning of the year you announced the appointment of Duane Lo to your board. What does his experience bring to Golden Ridge? And go over the importance of having someone like Larry Nagy on your team?
We are very excited to add Mr. Lo to the team. Duane is a financial executive in the mining industry with 20 years of experience in financing, business developmwnt, management and administration of mining operations and development projects in multiple jurisdictions including USA, Africa, Brazil and Mongolia. He has worked for some of largest miners in the world, such as First Quantum Minerals and has a great track record of creating shareholder value. He recently was the CFO of Mason Resources Corp and was instrumental in the sale to Hudbay.
Larry is a Golden Triangle veteran, who’s first summer in the Triangle was in 1965. Since then he has been a part of many discoveries in the Triangle and across the globe. Two of his more prominent finds in the Triangle were the Snipp Mine and Eskay Creek. Larry gives us a lot of insight and knowledge from his 50 + years spent unlocking the geological treasures of the GT.
Your hank project is in the heart of the golden triangle. Do you feel the area itself, with improved access and more money invested, is now in a position to become a district play for juniors like yourself?
I believe that every dollar that gets put into the ground in the Golden Triangle is great news for junior explorers in the area. Each year there are more and more large companies looking for opportunities to enter the Triangle and this is directly correlated to the amount of money raised and deployed by the junior explorers. As the price of gold hits six-year highs and the exploration season picks up, I foresee an exciting 2019 for Golden Ridge and its peers in the Golden Triangle.
You recently began your summer exploration program - give us some details of where you are targeting first? And what does a successful drill program look like to you for this summer?
This year we will be focusing our drilling on the Williams Zone (WZ) as well as following up with some of our high-grade gold hits from last year. We have a much larger and more powerful drill rig this year which will allow us to test the Williams Zone at depth as well as continue to expand the strike length of the zone. Last year we saw an overall increase in grade at depth on the WZ but we were limited by our smaller drill rigs. This year we are going to try and drill some deep holes to get a true picture of the potential of the WZ.
For us a successful drill campaign would be to increase the size of the Williams zone both laterally and at depth and we hopefully will have enough drill data from the last two years to start working towards a maiden resource at the Hank.
You did a recent financing, so how much cash do currently have now? And I understand you have been buying on the open market?
Yes, we recently closed a financing for just over $2.8 million. We had $4.0 million in the treasury at the commencement of this year’s exploration season. I have been a fairly steady buyer of my Companies stock over the past year as I believe we are undervalued relative to our peers. Because of the cyclicity of norther explorer stocks I try and concentrate most of my buying in the fall and winter seasons and ride the excitement in the Spring and Summer!
What are your current views on gold, and what does this mean for the junior gold mining space? Will a stronger gold price bring back renewed confidence to this forgotten sector and perhaps more money for exploration projects in general?
I think a lot of investors have forgotten what it feels like to be a gold bull market as the price has languished over the past 5 plus years. A sustained gold bull market is unlike any other bull market and it bodes well for producers first and quickly trickles down to the development and explorations stage companies. It will bring back renewed confidence to the sector if it persists for more than a couple of months but at the same time companies who have gold exploration projects will need to be well financed and well managed to have any hope of capitalizing on the situation. Investors are constantly becoming more savy, well-informed, so it may not be a tide that rises all boats. My outlook for the gold price is strong over the next 12 months. I think $1500 gold is very possible by the end of the year.
And finally, what is the goal for Golden Ridge for the rest of this year after the summer?
Our goal is to cement our Company as a preeminent explorer in the Golden Triangle. We have been up there for 3 years now and have been able to continually build on our success. Hopefully a commodity bull market and continued exploration success will get us to our goals.
Many thanks Mike.
The Next Bull Market Move
For more information on Golden Ridge Resources go to https://www.goldenridgeresources.com
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