The company intersected 20m at 11.63g/t gold and 13.8g/t silver from 116m, saying unlike other zones on the property, the mineralisation was associated with a quartz-carbonate-pyrite vein stockwork which cut altered Stuhini volcanic rocks.

"This new mineralisation style has not been encountered before on the Hank property and signifies a new high-grade gold discovery," Golden Ridge said.

It said extended turnaround times at northern BC laboratories meant assay results were pending for nine remaining drill holes.

On a day the gold price improved, investors were less enthused, sending the stock down 25% yesterday or C7c to 21c, capitalising Golden Ridge at $16.6 million.

The company had last month reported copper-gold mineralisation assays at the Williams zone including 326m of potassic altered monzonite and Stuhini volcanic rocks grading 0.36g/t gold, 0.29% copper and 1.92g/t silver.

Its shares have fluctuated since hitting a 52-week high of C54c at the end of August, soon after claiming the copper-gold porphyry discovery in the Williams zone at Hank and then reporting an IP survey that delineated a strong chargeability anomaly.

Golden Ridge has an option to earn 100% of Hank from Barrick Gold and said it had working capital of about C$3 million in July.