Ridgeline Minerals Identifies New Porphyry Target at Depth with Drone Magnetics Survey at the Selena CRD Project, Nevada To view a summary of today's press release by Ridgeline CEO Chad Peters, click HERE
Ridgeline Minerals Identifies New Porphyry
Target at Depth with Drone Magnetics Survey
at the Selena CRD Project, Nevada
To view a summary of today's press release by Ridgeline CEO Chad Peters, click
HERE
Vancouver, British Columbia--(Newsfile Corp. - March 14, 2024) - Ridgeline Minerals Corp. (TSXV:
RDG) (OTCQB: RDGMF) (FSE: 0GC0) ("
Ridgeline
" or the "
Company
") is pleased to announce the
results of its expanded high-resolution drone magnetics geophysical survey at the Selena ("Selena")
CRD Project, Nevada. The survey was completed by EarthEx Geophysical Solutions in late 2023 and
added 398 line-kilometers ("line-km") to the original 389 line-km survey completed in 2022 for a total
surveyed area of 787 line-km. Highlights of the survey include:
Magnetic Survey Highlights
Identification of a new porphyry anomaly located 1.0 kilometer ("km") to the southeast of the
Chinchilla Oxide discovery
Magnetic anomaly has never been drilled, measures approximately 2.0 km x 1.0 km across
and is interpreted to have intruded to depths of roughly 600-650 meters ("m") below surface
(
Figure 1a
)
Anomaly directly correlates with a coincident gravity anomaly suggesting a significant density
contrast between the porphyry anomaly and surrounding sediments (
Figure 1b
)
Porphyry target is interpreted as the potential source to a northwest trending, Jurassic-age
dike swarm that is intimately associated with both silver ("Ag") - lead ("Pb") - zinc ("Zn) - gold
("Au") and high-grade Copper ("Cu") - Tungsten ("W") mineralization beneath the Chinchilla
Oxide zone (a potential vector towards the porphyry target) (
Figure 2
&
Figure 3
)
Highlights a strong magnetic anomaly on the southwest corner of the property interpreted as sulfide
skarn mineralization directly off the eastern edge of the Butte Valley copper porphyry (Freeport-
McMoRan & Falcon Butte Minerals joint venture) (
Figure 4
&
Figure 5
)
Survey significantly improved the structural resolution in the geologic model and expanded the
strike extent of the high-priority Chinchilla Sulfide target to 2+km north/south (
Figure 4
)
Michael Harp, Ridgeline's Vice President, Exploration commented, "The identification of a second
potential porphyry source at Selena is a very exciting development for the project and would indicate
the presence of a long lived, multi-phase porphyry complex between Selena and the Butte Valley
porphyry located four kilometers to the west, which is currently being explored by Freeport-McMoRan.
Large porphyry districts tend to form as clusters with skarn and CRD systems depositing on the
margins of these porphyry centers. We are beginning to see the same potential at Selena, with the
Chinchilla Oxide CRD discovery located one kilometer northwest of the Selena porphyry target and
the Chinchilla Sulfide and Skarn targets located one kilometer to the east of the Butte Valley
Porphyry."
Mike Harp continues, "A second porphyry source only increases the discovery potential at Selena
and reinforces our belief that the greater Butte Valley porphyry system is a significantly underexplored
porphyry and CRD district in Nevada."
Figure 1
:
Residual magnetic intensity (RMI) map (1a) above residual gravity map (1b) showing the
consistent but subtle magnetics anomaly (mag response is subdued in comparison to strong Butte
Valley mag high) combined with a strong gravity response (i.e. high-density contrast) over the proposed
Selena porphyry target.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/201711_a1bdcf6914c7ab58_002full.jpg
Figure 2
:
Inclined Long Section looking northwest with 3D magnetic inversion overlay showing km-scale
magnetic highs of similar intensity at the Butte Valley Porphyry (Freeport-McMoRan JV) and the
proposed Selena Porphyry anomaly to the southeast of the Chinchilla Oxide CRD discovery. Note the
majority of the Selena Porphyry anomaly is obscured by a km-scale basal thrust fault.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/201711_a1bdcf6914c7ab58_003full.jpg
Figure 3
:
Inclined X-Section looking northeast with 3D magnetic inversion overlay showing the
Chinchilla Oxide zone at surface and the Selena Porphyry anomaly (a possible source to Cu-W
mineralization) ~1km to the southeast. Note CRD mineralization is hosted within magnetic lows including
high-grade Ag-Cu-W endoskarn intercepts beneath the Chinchilla Oxide zone.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/201711_a1bdcf6914c7ab58_004full.jpg
Magnetic Survey Interpretation
Data Processing
- The 2023 magnetic survey expanded on the existing 389 line-km survey (25
m-50 m line spacing) drone magnetics survey completed in 2022 (see March 22, 2022 press
release
HERE
) for a total of 786.5 line-km covering the core of the project
Survey collected baseline data over the Butte Valley Porphyry expanded on the Chinchilla
Sulfide, Skarn and Revival targets
Due to the large survey size and significant magnetic high associated with the Butte Valley
porphyry it was necessary to process three different datasets to isolate and enhance different
aspects of the 3D model including:
Butte Valley Porphyry inversion - Highlights both the Butte Valley and Selena porphyry
anomalies and utilizes the entire magnetics dataset (
Figure 1a
&
Figure 2
)
Selena Porphyry inversion - Removes Butte Valley and Skarn magnetic anomalies to isolate
and enhance dataset around the Selena Porphyry anomaly (
Figure 3
)
Structural inversion - Removes the Butte Valley porphyry data to minimize magnetic
interference allowing the inversion to highlight structural details within the Skarn, Chinchilla
Sulfide and Chinchilla Oxide targets (
Figure 5
)
Selena Porphyry Target
- A previously unidentified magnetic anomaly (
Figure 1a
) south of the
Chinchilla Oxide zone is interpreted as a possible Jurassic porphyry with associated dike swarms
that correlate with mapped QFP dikes at surface and
a coincident gravity high anomaly (
Figure
1b
).
One drill core sample of Quartz Feldspar Porphyry ("QFP") intrusive material from the
Chinchilla Oxide zone was sent for U-Pb zircon dating at University of Arizona in 2023 that
returned a Jurassic age of 160.8 Ma (± 0.98). The Selena Porphyry anomaly is interpreted
as the potential source to these Jurassic age Cu-W bearing QFP dikes and sills.
The Butte Valley Porphyry is dated as Cretaceous, indicating a potentially earlier
phase of magmatism at Selena.
QFP dikes and sills intersected in drilling have returned intervals of high Ag-Cu-W in multiple
core holes including
1.5m grading 581.0 grams per tonne ("g/t") Ag, 2.2 W, 0.5% Cu in
SE22-039A and 0.1m grading 3,335 g/t Ag, 1.3% Pb, 1.1% Cu, 3.4% W in SE23-050
(
Figure 3
)
Skarn and Chinchilla Sulfide Targets
- The magnetic survey and its corresponding 3D inversion
highlights northwest oriented magnetic "highs" (warm colours) interpreted as dike-filled fault zones.
Corresponding magnetic "lows" (cooler colours) are interpreted as silica flooding associated with
CRD mineralization along northwest normal faults and east verging thrust faults, which coincide
with high-grade intercepts at Chinchilla Oxide and represent high-priority drill targets at Chinchilla
Sulfide. (
Figure 4
and
Figure 5
).
A strong magnetic response on the southwest portion of the property is interpreted as
possible skarn alteration associated with the margins of the Butte Valley porphyry located
less than 1 km to the west of the property boundary
(Figure 4
)
Limited drilling in the upper portions of the Chinchilla Sulfide target in 2022 returned
3.0 m
grading 605.3 g/t silver equivalent ("AgEq")
in SE22-037 and
1.5m grading 342.9 g/t
AgEq
in SE22-038 but did not drill deep enough to fully test prospective host rocks to depth
(
Figure 5
)
Mineralization in SE22-037 was transitioning to semi-massive sulfide at the base of
the mineralized intercept
Pronounced magnetic "low" beneath SE23-037 is interpreted as a major zone of fluid flow
and permeability (
Figure 5
)
Figure 4
: iView2 Magnetics map (EarthEx processing method) has removed the Butte Valley porphyry
data in order to better highlight northwest trending magnetic highs (fault zones) and coincident magnetic
"lows" (alteration zones) at the Chinchilla Sulfide and Skarn targets.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/201711_a1bdcf6914c7ab58_005full.jpg
Figure 5
: Long-section A-A' with the 2023 magnetic inversion overlay showing a strong magnetic high at
the Skarn target directly adjacent to the Butte Valley copper porphyry. The Chinchilla Sulfide target
exhibits high-grade Ag-Au-Zn-Pb intercepts (see hole SE22-037 & SE22-038) but was not drilled deep
enough in 2022 to fully test the proposed sulfide CRD target at depth.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/201711_a1bdcf6914c7ab58_006full.jpg
Selena Project
Selena is located in White Pine County, Nevada, approximately sixty-four kilometers ("km") north of the
town of Ely, NV. The Project shares a property boundary with the Butte Valley project, a US $33M earn-in
agreement between Freeport-McMoRan and Falcon Butte Minerals. The 100% owned project is
comprised of 39 square kms of highly prospective exploration ground including Ridgeline's shallow-
oxide 2020 Ag-Au ± Pb-Zn Chinchilla discovery. Subsequent drilling has continued to highlight the
potential for high-grade CRD type mineralization (Ag-Au-Pb-Zn ±Cu-W) between Chinchilla and the
Butte Valley Cu-Au-Ag-Zn porphyry located directly west of the property.
(View the Selena VRIFY Deck
Here)
QAQC Procedures
Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nevada, which is a certified
and accredited laboratory, independent of the Company. Independent check samples are sent to
Paragon Geochemical Labs (PAL) of Sparks, Nevada.
Samples are prepared using industry-standard
prep methods and analysed using FA-PB30-ICP (Au; 30 g fire assay) and ICP-5AM48 (48 element
Suite; 0.5 g 5-acid digestion/ICP-MS) methods. AAL also undertakes its own internal coarse and pulp
duplicate analysis to ensure proper sample preparation and equipment calibration. Ridgeline's QA/QC
program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream
with a stringent review of all results completed by the Company's Qualified Person, Michael T. Harp,
Vice President, Exploration.
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 Minerals is a discovery focused precious and base metal explorer with a proven management
team and a 192km
2
exploration portfolio across five projects in Nevada, USA. The Company boasts two
earn-in exploration agreements with Nevada Gold Mines at its Swift and Black Ridge projects, which are
being aggressively explored in 2024. 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 & Director
Ridgeline Minerals Corp.
+1 775 304 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 potential
benefits of the Transaction and the anticipated timing for completion of the Transaction and filing of
the material change report in respect thereof. 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-
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and other factors which may cause the actual results to be materially different from any future results
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not limited to, assumptions that TSX Venture Exchange approval will be granted in a timely manner
subject only to standard conditions; that all conditions precedent to completion of the Transaction will
be satisfied in a timely manner; the current objectives concerning the Project and the Company's
other projects 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
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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/201711