Ridgeline Minerals Provides Exploration Portfolio Update
Ridgeline Minerals has announced a comprehensive 2024 exploration update for its five projects in Nevada. The company anticipates a total exploration spend of up to $5.5 million, with Nevada Gold Mines funding $5 million for the Swift and Black Ridge projects. Swift will see 3-5 core holes drilled, and Black Ridge will undergo field mapping and geochemical surveys.
Ridgeline will conduct a 3D IP survey at its Big Blue project and is finalizing permits for advanced exploration at its Selena project. This year marks Ridgeline's largest exploration budget to date, driven by partner funding. The Selena project is in the final permitting stages, with approval expected in early Q3 2024, allowing significant exploration advancements.
Key highlights include a proposed $5 million budget for Swift, $200,000 for Black Ridge, and the commencement of the Big Blue survey in early Q2 2024. The Selena project will facilitate up to 200 acres of total surface disturbance for exploratory activities.
- Anticipated total exploration spend up to $5.5 million.
- Nevada Gold Mines funding $5 million for Swift and Black Ridge projects.
- Swift project to see 3-5 core holes drilled.
- Field mapping and geochemical surveys at Black Ridge project.
- 3D IP survey planned at Big Blue project.
- Selena project in final permitting stages, with approval expected in early Q3 2024.
- Largest exploration budget in Ridgeline's history.
- Significant de-risking event expected with Selena project permit approval.
- No immediate revenue generation from exploration activities.
- Dependence on partner funding for majority of exploration budget.
- Exploration activities carry inherent risks and uncertainties.
- Potential delays in contractor availability for Big Blue survey.
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2024) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FRA: 0GC0) ("Ridgeline" or the "Company") is pleased to provide a 2024 exploration update across its portfolio of five projects in Nevada, two of which are being fully funded under earn-in exploration agreements with Nevada Gold Mines ("NGM") (Figure 1).
Ridgeline anticipates a 2024 exploration spend up to US
Chad Peters, Ridgeline's President, CEO & Director commented, "2024 is shaping up to be Ridgeline's largest exploration budget in Company history, with the majority of that budget being funded by our partners at Nevada Gold Mines. We will continue to explore our
Mr. Peters continues, "Our Selena Plan of Operations exploration permit is in the final permitting stages with approval anticipated in early Q3 of this year. This will be a significant de-risking event for the project and will allow us to accelerate exploration at the Chinchilla Sulfide and Selena Porphyry targets."
2024 Exploration Program Highlights
Swift Project - NGM (Swift project operator) has proposed a 2024 exploration budget of up to US
- Exploration permitting is well advanced and drilling is expected to commence in mid to late June.
See September 21, 2021 press release HERE for details on the Swift project earn-in terms
Black Ridge Project - NGM (Black Ridge project operator) has proposed a 2024 exploration budget of up to US
- Field work has commenced at Black Ridge and is anticipated to continue throughout the summer.
See July 17, 2023 press release HERE for details on the Black Ridge project earn-in terms
Big Blue Project - Ridgeline expects to complete the proposed 3D IP survey in early Q2 2024 pending contractor availability
- The 3D IP survey will look to identify a proposed porphyry source at depth beneath the historical Delker and Skarn Hill copper mines, which collectively produced a reported 94,434 pounds of copper ("Cu") at an average grade of
6.2% Cu between 1916-1917 1 (Figure 4).
Selena Project - The Selena exploration Plan of Operations is currently in the final steps of the permitting process before receiving final approval from state and federal agencies
- Once approved, Ridgeline will be able to complete up to 200 acres of total surface disturbance (drill roads, pads, etc.) with the first phase of exploration in the permit proposing up to 240 drill pads totaling approximately 34 acres of disturbance (Figure 5). Further exploration details will be announced in due course following receipt of the PoO.
Figure 1: Ridgeline's 195 km² exploration portfolio in Nevada. The Black Ridge and Swift projects are located on the world-class Carlin and Battle Mountain - Eureka trends
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/211082_9c811ecfe4e74b6f_002full.jpg
Figure 2: Ridgeline's conceptual long section A-A' at Swift highlighting past exploration results, which include significant gold intercepts in SW22-002 & SW22-003 as well as MCK-99-5A
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/211082_9c811ecfe4e74b6f_003full.jpg
Figure 3: Plan view map of the Carlin Trend showing Ridgeline's Black Ridge project currently being operated by Nevada Gold Mines under an earn-in option agreement
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/211082_9c811ecfe4e74b6f_004full.jpg
Figure 4: Map of Big Blue showing the proposed area of interest for the 3D IP survey
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/211082_9c811ecfe4e74b6f_005full.jpg
Figure 5: Plan view map of the Selena project showing the proposed Phase 1 drill pads (white dots)in the pending Plan of Operations exploration permit. Note that the Phase 1 drill pads and access roads encompass ~34.1 acres out of a total 200-acre exploration permit
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/211082_9c811ecfe4e74b6f_006full.jpg
QAQC Procedures
Nevada Gold Mines 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.
Ridgeline Minerals 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 195km2 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
cpeters@ridgelineminerals.com
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-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; 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 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 Delker Mine Historic Production (Page 57): Smith, R.M., 1976, Mineral resources of Elko County, Nevada: U.S. Geological Survey Open-File Report 76-56, 201 p.
9 Barrick Gold Q4, 2022 Quarterly Reporting: https://s25.q4cdn.com/322814910/files/doc_presentations/2023/Barrick_Q4_2022_Results_Presentation.pdf
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211082
FAQ
What is the total anticipated exploration spend for Ridgeline Minerals in 2024?
How much funding will Nevada Gold Mines provide for Ridgeline's Swift and Black Ridge projects?
What are the planned exploration activities for the Swift project in 2024?
When is the 3D IP survey at Big Blue project expected to commence?
When is the Selena exploration permit expected to be approved?
What is the proposed exploration budget for the Black Ridge project in 2024?
How much surface disturbance is proposed under the Selena Plan of Operations?
