Ridgeline Minerals Receives Exploration Plan of Operations Permit at the Selena CRD Project, Nevada

Rhea-AI Summary

Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) has received approval for its Exploration Plan of Operations (PoO) permit at the Selena CRD project in Nevada. The permit allows for up to 200 acres of surface disturbance, including exploration drill roads and pads. Key highlights include:

- Phase 1 disturbance covers 34.0 acres
- Systematic testing of the mineralized CRD corridor
- High-priority targets: Skarn and Chinchilla Sulfide
- Annual work plan revisions allowed
- Additional disturbance beyond Phase 1 requires further surveys and bonding

The approval is a significant milestone, enabling Ridgeline to plan the next phase of exploration at Selena, focusing on depth and strike towards Freeport-McMoRan's adjacent Butte Valley Porphyry project.

Positive

• Approval of Exploration Plan of Operations permit for up to 200 acres of surface disturbance
• Ability to systematically test known mineralized CRD corridor
• Flexibility to revise annual work plans for future exploration phases
• Adjacent to Freeport-McMoRan's Butte Valley project with a US $33M earn-in agreement

Negative

• Additional disturbance beyond Phase 1 requires further surveys and bonding
• Reclamation bond posting required before permit activation

Vancouver, British Columbia--(Newsfile Corp. - August 15, 2024) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) ("Ridgeline" or the "Company") is pleased to announce another significant permitting milestone for the Selena CRD project ("Selena") with the approval of its Exploration Plan of Operations ("PoO") permit. Upon posting of the required reclamation bond with the Bureau of Land Management ("BLM"), the permit will allow the Company to complete up to 200 acres of surface disturbance, including exploration drill roads and pads (Figure 1) for future exploration programs at Selena.

Plan of Operations Highlights

• The PoO will allow for up to 200 acres of combined surface disturbance to be conducted within the PoO boundary (see green box - Figure 1)

• The approved Phase 1 disturbance, as highlighted by white dots denoting drill pad locations (Figure 1) accounts for roughly 34.0 acres of total surface disturbance.
  • Phase 1 was designed to systematically test the known mineralized CRD corridor between the Butte Valley Porphyry (Freeport-McMoRan) and Ridgeline's outcropping Chinchilla Oxide discovery
    • High priority targets include the Skarn and Chinchilla Sulfide targets (Figure 1)
      
      
• The Company will provide an annual work plan to the BLM where it will have the opportunity to revise the Phase 1 road and drill pad locations as needed to support future phases of exploration
  • Additional disturbance requirements outside of the 34.0-acre Phase 1 footprint will require additional baseline surveys and reclamation bonding to support the permit

Michael Harp, Ridgeline's Vice President, Exploration commented, "The approval of our plan of operations is a significant permitting milestone for Selena, and we sincerely appreciate the support of the BLM and local permitting agencies who helped make this happen. The Chinchilla Sulfide and Skarn targets continue to be the Company's highest priority exploration targets with two 2022 scout drillholes at the Chinchilla Sulfide target intersecting robust CRD mineralization over 2 kilometers down-dip of the outcropping Chinchilla Oxide discovery. We can now begin planning the next phase of exploration at Selena, which will be aggressively explored at depth and along strike towards Freeport-McMoRan's Butte Valley Porphyry project adjacent to our western claim boundary."

Figure 1: Plan view map of the Selena project showing the Phase 1, Plan of Operations (green box) boundary and approved drill pads (white dots) within the existing mineralized footprint of the Chinchilla Oxide and Sulfide CRD discoveries

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/220012_5fc31849a401bb42_002full.jpg

Selena Project
Selena is located in White Pine County, Nevada, approximately 64 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 the underlying owner, Falcon Butte Minerals. The 100% owned project is comprised of 39 square km's of highly prospective exploration ground including Ridgeline's shallow-oxide Ag-Au ± Pb-Zn Chinchilla Oxide and deeper Chinchilla Sulfide discoveries. Subsequent drilling has continued to highlight the potential for high-grade CRD type mineralization (Ag-Au-Pb-Zn ±Cu-W) between Chinchilla Oxide and Freeport-McMoRan's Butte Valley Cu-Au-Ag-Zn porphyry located directly west of the property. (View the Selena VRIFY Deck Here)

The technical information contained in this news release has been prepared under the supervision of, and approved by Michael T. Harp, CPG, the Company's Vice President, Exploration. Mr. Harp is a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Ridgeline Minerals Corp.
Ridgeline Minerals is a discovery focused, precious and base metal explorer with a proven management team and a 192 km² exploration portfolio across five projects in Nevada, USA. The Company retains a highly prospective and 100% owned exploration portfolio consisting of the Selena and Big Blue projects, as well as two earn-in exploration agreements with Nevada Gold Mines at the Swift and Black Ridge gold projects. 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 Earn-In Agreement and the transactions contemplated thereby (collectively the "Earn-In Transaction"). 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 the Earn-In 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220012

FAQ

What is the significance of Ridgeline Minerals (RDGMF) receiving the Exploration Plan of Operations permit?

The permit allows Ridgeline Minerals to conduct up to 200 acres of surface disturbance for exploration activities at the Selena CRD project in Nevada, enabling systematic testing of the mineralized corridor and planning for future exploration phases.

How much surface disturbance is approved for Phase 1 of Ridgeline Minerals' (RDGMF) exploration at Selena?

The approved Phase 1 disturbance accounts for approximately 34.0 acres of total surface disturbance within the Plan of Operations boundary at the Selena project.

What are the high-priority targets for Ridgeline Minerals (RDGMF) at the Selena project?

The high-priority targets at the Selena project include the Skarn and Chinchilla Sulfide targets, which are part of the known mineralized CRD corridor between the Butte Valley Porphyry and Ridgeline's Chinchilla Oxide discovery.

How does Ridgeline Minerals' (RDGMF) Selena project relate to Freeport-McMoRan's Butte Valley project?

The Selena project shares a property boundary with Freeport-McMoRan's Butte Valley project, which has a US $33M earn-in agreement. Ridgeline plans to explore along strike towards the Butte Valley Porphyry project adjacent to their western claim boundary.