Ridgeline Minerals Commences Phase I Drill Program at the Swift Gold Project, Nevada
Ridgeline Minerals Commences Phase I Drill
Program at the Swift Gold Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - September 23, 2020) -
Ridgeline Minerals Corp.
(TSXV: RDG) ("
Ridgeline
" or the "
Company
") is pleased to announce that it has mobilized
a reverse
circulation ("RC") drill rig to its Swift gold project located in Lander County, Nevada (
Figure 1.0
). The
project is fully permitted for up to 15 drill sites with the initial Phase I program totaling 2,000 meters ("m")
across three RC scout holes. Drilling will target Carlin-Type gold mineralization at the Fallen City target
which falls within a highly anomalous zone of structurally controlled surface geochemistry bounded by the
northwest trending Cortez Structural Corridor. Assay results will be published following completion of the
Phase I drill program.
Swift Target Methodology
The Cortez Structural Corridor is a northwest trending fault zone interpreted as a key structural
control to mineralization for multiple targets across the Swift property.
This corridor coincides with a pronounced gravity geophysics high, mapped dike swarms,
and surface soils (gold-arsenic-antimony) anomalies at multiple target areas which include
the Fallen City, Goat and Mill Creek targets.
Historic exploration on the property returned a highlight intercept of
16.8m @ 0.72 g/t Au, 0.50 g/t
Ag
starting at 727m in core hole MCK-99-5A drilled by Phelps-Dodge in 1999, which never
received follow-up drilling by previous operators.
The Fallen City target is located 1.0 km to the northeast of MCK-99-5A and is interpreted as a
shallower block of Lower Plate carbonate host rocks adjacent to the faulted and down-dropped
block
intersected in the MCK-99-5A drill intercept.
For more project information click
Here
Chad Peters, Ridgeline's President and CEO commented, "
The Phase I, 2,000m drill program will be
the first drill-holes on the property to test the Fallen City target, which is one of three high-priority
targets identified by the company in 2020. Our re-interpreted geologic model highlights the Fallen
City as a potential structural trap for Carlin-Type gold mineralization where it intersects favourable
carbonate host rocks on a previously untested portion of the Cortez Structural Corridor."
Swift Project
Swift is a Carlin-Type gold exploration project located on the Cortez District of the Battle Mountain -
Eureka Trend in Nevada with Ridgeline holding the option to earn a 100% interest in the project. The
Property is immediately adjacent to the historic Elder Creek gold mine as well as directly on trend of The
Pipeline, Cortez Hills and Goldrush deposits which comprise the Nevada Gold Mines owned and
operated Cortez Complex. Throughout 2019 and the first half of 2020, Ridgeline completed property-
wide gravity and airborne magnetics geophysics, surface soil sampling, and field mapping while
completing its 3D geologic model.
Figure 1.0
: Cortez Trend regional plan view showing the 51km² Swift property directly on-trend
of multiple producing gold mines that comprise the Nevada Gold Mines operated Cortez
Complex
To view an enhanced version of Figure 1.0, please visit:
https://orders.newsfilecorp.com/files/7298/64450_524fb53454cefa46_002full.jpg
Qualified Person
Michael T. Harp, P.Geo., Vice President, Exploration for Ridgeline Minerals Corp., and a qualified
person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the
technical information contained in this release.
Ridgeline Engages Market Maker
Ridgeline has, subject to regulatory approval, retained Independent Trading Group (ITG) Inc. ("ITG") to
provide market-making service and to provide assistance in maintaining an orderly trading market for
the common shares of the Company.
The market-making service will be undertaken by ITG, a registered broker, in compliance with the
applicable policies of the TSX Venture Exchange (TSX-V) and other applicable laws. For its services,
Ridgeline has agreed to pay ITG $3,500 CAD per month. Ridgeline and ITG act at arm's length, and ITG
has no present interest, directly or indirectly, in Ridgeline or its securities. The services commenced on
September 21, 2020, with an initial term of three months and thereafter will automatically renew for
successive one-month terms until terminated by either party upon thirty days written notice.
There are no
performance factors contained in the agreement between ITG and Ridgeline and ITG will not receive any
shares or options from the Company as compensation for services it will render.
About Ridgeline Minerals Corp.
Ridgeline is a discovery focused gold explorer with a proven management team and a 116 km²
exploration portfolio across three projects in the highly prospective Carlin and Battle Mountain - Eureka
Trends in Nevada, 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.
Forward Looking Statements
This press release contains certain forward-looking statements as well as historical information.
Readers should not rely on information in this summary for any purpose other than for gaining
general knowledge of Ridgeline Minerals Corporation ("Ridgeline", or the "Company"). Forward-
looking statements include, but are not limited to, the advancement of mineral exploration,
development, and operating programs. The words "potential," "anticipate," "significant," "forecast,"
"believe," "estimate," "expect," "may," "project," "plan" and similar expressions are intended to be
among the statements that identify forward-looking statements. Although Ridgeline believes that its
expectations as reflected in any forward-looking statements, are reasonable, such statements involve
risks and uncertainties and no assurance can be given that actual results will be consistent with these
forward-looking statements. Except as required by law, the Company undertakes no obligation to
update these forward-looking statements in the event that management's beliefs, estimates, opinions
or other factors should change.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/64450