Ridgeline Minerals Provides Exploration Update for the Selena CRD Project, Nevada
Ridgeline Minerals (TSXV: RDG) has provided an update on its ongoing Magnetotellurics (MT) Geophysical survey at the Selena Carbonate Replacement project in Nevada. The survey, operated under a Phase 1 exploration agreement with South32, covers high-priority CRD targets to test for sulfide mineralization at depth. The survey includes 211 stations on a 200m by 400m grid pattern and is approximately 80% complete, on budget and schedule.
The project is part of an earn-in agreement where South32 can acquire a 60% interest by funding US$10 million in work expenditures over five years, with an option to increase to 80% by funding an additional US$10 million over three years. The MT survey is preparing for a 2025 drill program that will target depths exceeding 1,000 vertical meters.
Ridgeline Minerals (TSXV: RDG) ha fornito un aggiornamento sul suo sondaggio geofisico Magnetotellurics (MT) in corso presso il progetto di Sostituzione Carbonatica Selena in Nevada. Il sondaggio, condotto nell'ambito di un accordo di esplorazione di Fase 1 con South32, copre obiettivi CRD ad alta priorità per testare la mineralizzazione da solfuri in profondità. Il sondaggio include 211 stazioni su una griglia di 200m per 400m ed è completato circa all'80%, rispettando budget e scadenze.
Il progetto fa parte di un accordo di earn-in in cui South32 può acquisire un interesse del 60% finanziando 10 milioni di dollari in spese lavorative nel corso di cinque anni, con un'opzione per aumentare all'80% finanziando ulteriori 10 milioni di dollari in tre anni. Il sondaggio MT si sta preparando per un programma di perforazione nel 2025 che mirerà a profondità superiori a 1.000 metri verticali.
Ridgeline Minerals (TSXV: RDG) ha proporcionado una actualización sobre su encuesta geofísica Magnetotellurics (MT) en curso en el proyecto de Reemplazo Carbonático Selena en Nevada. La encuesta, operada bajo un acuerdo de exploración de Fase 1 con South32, cubre objetivos CRD de alta prioridad para probar la mineralización de sulfuros en profundidad. La encuesta incluye 211 estaciones en un patrón de cuadrícula de 200m por 400m y está aproximadamente completada en un 80%, cumpliendo con el presupuesto y el cronograma.
El proyecto es parte de un acuerdo de earn-in donde South32 puede adquirir un interés del 60% financiando 10 millones de dólares en gastos de trabajo durante cinco años, con una opción para aumentar al 80% financiando 10 millones de dólares adicionales durante tres años. La encuesta MT se está preparando para un programa de perforación en 2025 que apuntará a profundidades superiores a 1,000 metros verticales.
Ridgeline Minerals (TSXV: RDG)는 네바다의 셀레나 탄산염 대체 프로젝트에서 진행 중인 자기 유도 전기 탐사(MT)에 대한 업데이트를 제공했습니다. 이 조사는 South32와의 1단계 탐사 계약에 따라 운영되며, 깊은 곳의 황화물 광물화를 테스트하기 위해 고우선 CRD 목표를 포함하고 있습니다. 이번 조사는 211개의 관측소를 포함하고 있으며, 200m x 400m 그리드 패턴으로 이루어져 있으며, 약 80% 완료되었습니다. 예산과 일정도 잘 준수하고 있습니다.
이 프로젝트는 South32가 5년 동안 1천만 달러의 작업 비용을 자금 지원함으로써 60%의 지분을 인수할 수 있는 수익 공유 계약의 일환입니다. 추가로 3년 동안 1천만 달러를 자금 지원하여 80%로 증가할 수 있는 옵션도 있습니다. MT 조사는 2025년 드릴 프로그램을 준비하고 있으며, 1,000미터 이상의 깊이를 목표로 하고 있습니다.
Ridgeline Minerals (TSXV: RDG) a fourni une mise à jour concernant son enquête géophysique par magnétotellurique (MT) en cours sur le projet de Remplacement Carbonate Selena au Nevada. L'enquête, réalisée dans le cadre d'un accord d'exploration de Phase 1 avec South32, couvre des cibles CRD prioritaires pour tester la minéralisation par sulfures en profondeur. L'enquête inclut 211 stations selon un schéma de grille de 200m par 400m et est achevée à environ 80%, respectant le budget et le calendrier.
Ce projet fait partie d'un accord d'earn-in permettant à South32 d'acquérir un intérêt de 60% en finançant 10 millions de dollars en dépenses de travaux sur cinq ans, avec une option pour augmenter à 80% en finançant 10 millions de dollars supplémentaires sur trois ans. L'enquête MT se prépare pour un programme de forage en 2025 visant des profondeurs dépassant 1 000 mètres verticaux.
Ridgeline Minerals (TSXV: RDG) hat ein Update zu seiner laufenden Magnetotellurics (MT) geophysikalischen Untersuchung im Selena Carbonate Replacement Projekt in Nevada bereitgestellt. Die Untersuchung, die gemäß einer Phase-1-Erkundungsvereinbarung mit South32 durchgeführt wird, umfasst hochpriorisierte CRD-Zielgebiete, um die Sulfidmineralisierung in der Tiefe zu testen. Die Untersuchung umfasst 211 Stationen auf einem Rastermuster von 200m x 400m und ist zu etwa 80% abgeschlossen, im Budget und Zeitplan.
Das Projekt ist Teil einer Earn-In-Vereinbarung, bei der South32 einen 60%igen Anteil erwerben kann, indem es über fünf Jahre 10 Millionen US-Dollar in Arbeitsausgaben investiert, mit der Option, auf 80% zu erhöhen, indem zusätzlich 10 Millionen US-Dollar über drei Jahre finanziert werden. Die MT-Untersuchung bereitet sich auf ein Bohrprogramm 2025 vor, das Tiefen von über 1.000 vertikalen Metern anvisiert.
- South32 to fund up to US$20 million in project expenditures through earn-in agreement
- South32 will provide financing for Ridgeline's 20% portion of development costs upon Phase 2 completion
- MT survey is 80% complete, on budget and on schedule
- Previous 2022 drill hole at Chinchilla Sulfide failed to fully test target horizon due to drill rig depth limitations
Vancouver, British Columbia--(Newsfile Corp. - December 5, 2024) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) is pleased to provide an update for the ongoing Magnetotellurics ("MT") Geophysical survey being completed at the Selena Carbonate Replacement ("CRD") project ("Selena" or "Project"), currently being operated by Ridgeline under Phase 1 of the exploration earn-in agreement with a wholly owned subsidiary of South32 Limited ("South32").
The MT survey has been designed to cover all high-priority CRD targets at Selena to test for conductive anomalies (i.e., sulfide mineralization) at depth, particularly at the Chinchilla Sulfide and Skarn targets (Figure 1 & Figure 2). The MT contract has been awarded to Moombarriga Geoscience an Australian based service provider specializing in MT data collection and processing. The survey is comprised of 211 survey stations collected on a 200-meter ("m") by 400m grid pattern, with potential to infill the grid pattern as needed (Figure 1). The survey was initiated in early November and is currently on budget and schedule with an estimated
Mike Harp, Ridgeline's Vice President, Exploration, commented, "Completion of this MT survey is a critical first step in advancing the Chinchilla Sulfide and Skarn targets to a drill program in 2025. Ridgeline drilled a single drill hole at Chinchilla Sulfide in 2022 that returned high-grade CRD mineralization in the same host horizon as the outcropping Chinchilla Oxide discovery located 2.5 kilometers to the east. However, this hole did not fully test the target horizon at depth, with the hole ending at 670 meters in low-grade CRD alteration and mineralization after hitting the maximum depth capability of the drill rig."
Mr. Harp continues, "The 2025 drill program is expected to drill to depths exceeding 1,000 vertical meters and the inclusion of the MT data into our geological model will allow us to more efficiently target the highest priority zones. We have a high degree of confidence in this survey method as South32 has already utilized MT geophysics at its Hermosa carbonate-replacement deposit in Arizona. This approach has been proven effective in identifying and interpreting mineralized trends at Hermosa and we look forward to applying the same systematic approach to exploration at Selena."
Earn-In Terms - South32 retains the right to earn an initial
Figure 1: Plan view map of Selena showing MT survey stations (green) over silver equivalent grade thickness contours of known mineralization at the Chinchilla Oxide and Chinchilla Sulfide targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/232583_d3bb64a1c49cd82f_002full.jpg
Figure 2: Simplified Selena long section A-A' showing known mineralized intercepts between the Chinchilla Oxide and Sulfide target areas. The ongoing MT survey is focused on defining potential conductive anomalies at depth at the Chinchilla Sulfide target (red dashed lines). Note the strong contrast between the Skarn Target (strong magnetic high) and known CRD mineralization at Chinchilla Sulfide (subtle magnetic high)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/232583_d3bb64a1c49cd82f_003full.jpg
QA/QC 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; 30g fire assay) and ICP-5AM48 (48 element Suite; 0.5g 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 195 km2 exploration portfolio across six projects in Nevada, USA. The Company is a hybrid explorer with a mix of
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 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.
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FAQ
What is the status of Ridgeline Minerals' (RDGMF) MT survey at Selena project?
What are the terms of South32's earn-in agreement with Ridgeline Minerals (RDGMF)?
When is Ridgeline Minerals (RDGMF) planning to start drilling at Selena project?
