Nevada Gold Mines Commences Drill Program at Ridgeline Minerals's Swift Gold Project, Nevada
Nevada Gold Mines Commences Drill Program
at Ridgeline Minerals's Swift Gold Project,
Nevada
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2023) - Ridgeline Minerals Corp. (TSXV:
RDG) (OTCQB: RDGMF) (FSE: 0GC0) ("
Ridgeline
" or the "
Company
") is pleased to announce that
Nevada Gold Mines LLC ("
NGM
" or "
Nevada Gold Mines
"), a joint venture between Barrick Gold and
Newmont Corp., has mobilized a drill rig to the Swift Gold Project ("
Swift
") located in the Cortez District
of the Battle Mountain - Eureka mine trend (
Figure 1
). Ridgeline entered into an exploration earn-in
agreement with NGM on September 22, 2021 (see press release
HERE
) where NGM can incur a
minimum of US$ 20 million (of which US$ 5 million has been spent to-date) in qualifying work
expenditures over an initial five-year term to earn an initial 60% interest in Swift, and will have further
options to increase its interest to a total 75% interest. Details of the proposed drill program are
highlighted below.
Drill Program Highlights
Drill hole SW23-005 will target the intersection of proposed low-angle structures and favourable
lower plate carbonate host rocks of the Wenban and Roberts Mountains Formations.
Drill hole will provide key litho-structural information between historical drill intercepts in hole
MCK-99-5A (18.3 meters ("m") grading 0.64 grams per tonne ("g/t") gold ("Au")) and 2022
NGM drill intercepts in SW22-002 (41.9 m grading 0.26 g/t Au) and SW22-003 (48.8 m
grading 0.45 g/t Au), (see
Figure 2
and February 16, 2023 press release
HERE
)
Drill hole SW22-004 will be extended from a starting depth of 1,104 m where the hole was
previously halted by NGM in January 2023 due to severe winter weather conditions.
Drilling returned up to 3.0 m grading 2.27 g/t Au in Upper Plate rocks prior to intersecting
Lower Plate host rocks at 1,065 m (
Figure 2
).
Hole will be extended through prospective host rocks to an anticipated depth of 1,500+
meters.
Chad Peters, Ridgeline's President, CEO & Director commented, "To date, we are very encouraged
by the exploration results at Swift with early results highlighting the potential to discover a large Carlin-
Type gold system. The Nevada Gold Mines team has done an exceptional job generating a property-
wide geologic model and SW23-005 will target a highly prospective structural corridor bounded by
mineralized gold intercepts on both sides. We look forward to updating our shareholders as results are
received."
Figure 1
: Plan view map showing the location of the Swift exploration earn-in agreement with Nevada
Gold Mines. Modified from Barrick Investor Day presentation¹ (November 18, 2022 Presentation
HERE
)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/176708_79cf3f51c4ab1966_002full.jpg
Figure 2
: Ridgeline's conceptual long section A-A' interpreted from drilling to-date highlights past
exploration results and proposed 2023 drill holes
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/176708_79cf3f51c4ab1966_003full.jpg
Swift Project
Swift is located on the Cortez District of the historic Battle Mountain - Eureka Trend approximately 30
kilometers ("km") south of the town of Battle Mountain, in Lander County, Nevada. The district-scale 75
km² property is on trend to the Pipeline, Cortez Hills, and Goldrush deposits
(View our Swift VRIFY
Presentation)
, which comprise the multi-million ounce Cortez Complex owned by Nevada Gold Mines (a
joint venture between Barrick Gold and Newmont Corp.). Ridgeline entered into an exploration earn-in
agreement with NGM on September 22, 2021, where NGM can incur a minimum US$20 million (of which
US$ 5 million has been spent to-date) in qualifying work expenditures over an initial five-year term to
earn an initial 60% interest in the Swift gold project. NGM will have further options to increase its interest
to a total 75% interest (subject to additional expenditures and commitments).
QAQC Procedures
Samples are submitted to ALS Minerals, Elko Nevada, which is a certified and accredited laboratory,
independent of Nevada Gold Mines. Samples are prepared using industry-standard prep methods and
analysed using Au-AA23 (Au; 30 g fire assay) and ME-MS61 (48 element Suite; 0.25 g 4-acid
digestion/ICP-MS) methods. ALS also undertakes its own internal coarse and pulp duplicate analysis to
ensure proper sample preparation and equipment calibration. Nevada Gold Mines QAQC program
includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a
stringent review of all results completed internally by Nevada Gold Mines technical personnel.
Technical information contained in this news release has been reviewed and approved by Michael T.
Harp, CPG. the Company's Vice President, Exploration, who is Ridgeline's Qualified Person under
National Instrument 43-101 and responsible for technical matters of this release.
About Ridgeline Minerals Corp.
Ridgeline is a discovery focused gold-silver explorer with a proven management team and a 192 km²
exploration portfolio across six projects in Nevada and Idaho, USA. More information about Ridgeline
can be found at
www.RidgelineMinerals.com
.
On behalf of the Board
"Chad Peters"
President & CEO
Further Information:
Chad Peters, P.Geo.
President & CEO
Ridgeline Minerals Corp.
(775) 304-9773 |
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
Cautionary Note regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts are "forward-looking information" or "forward-looking statements"
(collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated benefits of the Earn-In
Agreement and the transaction contemplated thereby. The words "potential", "anticipate", "meaningful", "discovery", "forecast", "believe",
"estimate", "expect", "may", "will", "project", "plan", "historical", "historic" and similar expressions are intended to be among the statements that
identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may
cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing
the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to,
assumptions that TSX Venture Exchange approval will be granted in a timely manner subject only to standard conditions; the current objectives
concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic
conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking
Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements
of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking
Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen
delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline's public
disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events,
or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or
results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on Forward-Looking Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions
to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/176708