Ridgeline Minerals Announces Widespread Carlin-Type Alteration and Gold Mineralization from Drill Results at the Swift Project, Nevada
Ridgeline Minerals Announces Widespread
Carlin-Type Alteration and Gold Mineralization
from Drill Results at the Swift Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - February 16, 2023) - Ridgeline Minerals Corp. (TSXV:
RDG) (OTCQB: RDGMF) (FSE: 0GC0) ("Ridgeline" or the "Company") is pleased to provide a
summary of assay results for the 2022 drill program at the Swift Project ("Swift" or "Project"), located in
the Cortez mining district of the Battle Mountain - Eureka Trend, Nevada (
Figure 1
). The Project is
operated by Nevada Gold Mines ("NGM") under an exploration earn-in agreement executed in
September 2021 (see full press release
HERE)
with NGM holding an option to spend US$20 million in
qualifying expenditures over five years to earn an initial 60% stake in the project. NGM has spent a
total
of US $4,900,000
on the project to-date and has now satisfied the minimum guaranteed work
commitment of US $4,000,000 ahead of the scheduled deadline of December 31, 2023.
Three wide-spaced (approximately 1 kilometer) "framework" core holes were completed by NGM
between September 2022 and January 2023 for a total of 3,278 meters ("m") (
Figure 2
). Drill hole
SW22-002 and SW22-003 intersected Lower-Plate carbonate host rocks between 570-830m depth with
widespread intervals of Carlin-Type alteration and anomalous gold ("Au") mineralization intersected in
both holes with individual samples grading up to
2.72
grams per tonne ("g/t") Au
(
Picture 1
). Highlight
intercepts include
37.2m grading 0.29 g/t Au, 2.6 g/t Ag
in SW22-002
and 48.8m grading 0.45 g/t
Au, 0.98 g/t Ag in SW22-003
(Figure 2). Core hole SW22-004 intersected Lower Plate host rocks at
1,065m and was drilled to a depth of 1,104m before being halted in January 2023 due to severe winter
weather conditions. The hole was left cased and ready for potential re-entry at a later date in 2023.
Chad Peters, Ridgeline's President, CEO & Director commented, "Making a deep gold discovery in
Nevada can be a time and capital-intensive process and we're fortunate to have our partners at
Nevada Gold Mines applying their impressive track record of discovery to the Swift Project. It's well
known that large Carlin-Type gold deposits tend to form kilometer-scale gold and trace element halos
around them, and today's results suggest a significant gold system is present at Swift. Holes two and
three were drilled 800 meters apart and still returned the strongest Lower Plate gold intercepts at the
project to-date. These results add key geochemical and structural pieces to the geologic model and
will help future exploration programs vector towards potentially higher-grade gold zones. Nevada Gold
Mines is planning on conducting additional framework drilling in 2023 and we look forward to updating
our shareholders as the program progresses."
Highlight Drill Results:
SW22-002:
7.0m grading 0.76 g/t Au
, 0.49 g/t Ag starting at 565.1m downhole (
Figure 2
)
51.1m grading 0.19 g/t Au, 1.14 g/t Ag
including
1.5m grading 1.51 g/t Au, 0.16 g/t Ag
starting at 667.5m and
37.2m grading 0.29 g/t Au, 2.60 g/t Ag
starting at 874.5m
SW22-003:
43.0m grading 0.27 g/t Au, 0.51 g/t Ag starting at 598.3m
48.8m grading 0.45 g/t Au, 0.98 g/t Ag
starting at 667.5m including
3.4m grading 1.92 g/t
Au,
no significant values of Ag
starting at 804.8m (
Picture 1
)
1.5m grading 0.15 g/t Ag, 64.3 g/t Ag starting at 999.6m
SW22-004:
3.0m grading 2.27 g/t Au, 0.36 g/t Ag starting at 724.5m in Upper Plate Valmy Fm.
To view the full assay composite table, click
HERE
.
Summary of 2022 Exploration Program
NGM drilling to-date has confirmed:
Gold
- The presence of strong Carlin-Type alteration with broad zones of decalcification, elevated
trace elements and thick zones of anomalous gold including grades up to 2.7 g/t Au
Host Rocks
- A consistent depth to Lower Plate host rocks at targetable depths between 500 to
800m
Structure
- A complex structural framework dominated by low angle (thrust) faults that appear to
control alteration and gold mineralization at Swift
NGM has spent a total of US $4,900,000 on the project to-date and has now satisfied the guaranteed
work commitments of US $4,000,000 ahead of the scheduled deadline of December 31, 2023 (see
September 2021 press release
HERE
).
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/7298/155015_2889fd71f4d5494d_002full.jpg
Figure 2
: Plan view map of the Swift project with hole locations and highlight assay intercepts for the
2022 drill program (NSV = No Significant Values).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/155015_2889fd71f4d5494d_003full.jpg
Swift Project
Swift is located on the Cortez District of the historic Battle Mountain - Eureka Trend approximately 30 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 Corp. 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 (US$4 million
guaranteed) 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).
Picture 1
: SW22-003 Core Photo from 2785-2803 feet (848.9-854.4m) with gold assays. Note
pervasive calcite veining throughout with increased decalcification associated with the sample grading
2.72 g/t Au
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/155015_2889fd71f4d5494d_004full.jpg
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 precious and base metal explorer with a proven management team
and board of directors credited with numerous gold discoveries in North America. The Company
controls 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.
1-866-RDG-NVAU (734-6828) - toll free |
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.
Sources
1
Barrick 2022 Investor Day - Exploration (q4cdn.com)
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/155015