- 24.7 meters grading 0.5 g/t Au including 2.9 meters grading 1.9 g/t Au
- 2025 Exploration Budget - US $5,000,000
Vancouver, British Columbia--(Newsfile Corp. - March 13, 2025) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) ("Ridgeline" or the "Company") is pleased to announce final assay results for core hole SW24-007, at the Swift gold project ("Swift" or "Project"), currently being operated under an exploration earn-in agreement with Nevada Gold Mines ("NGM") (Figure 1). NGM has spent a total of US $10,078,008 in qualifying work expenditures through December 31, 2024, and has approved a 2025 exploration budget of US $5,000,000.
Drillhole SW24-007 was the second of two deep core holes completed in the 2024 program and was drilled to a total depth of 1,071.1 meters ("m"). The hole was drilled approximately 1.3 kilometers ("km") to the southwest of and down-dip of hole SW24-006, which returned the highest-grade intercept in project history including 1.1m grading 10.4 grams per tonne ("g/t") gold ("Au") within 2.7m grading 7.0 g/t Au starting at 676.3m downhole (see November 7, 2024 PR HERE). Hole SW24-007 intersected several thick, continuous intercepts of low-grade gold including a highlight intercept of 2.9m grading 1.9 g/t Au within 24.7m grading 0.5 g/t Au starting at 963.0m downhole (Figure 2).
Chad Peters, Ridgeline's President, CEO & Director commented, "Today's results continue to demonstrate the potential scale of the gold system at Swift. Hole 7 represents one of the best consolidated gram.meter intercepts drilled on the property to-date and now brackets the southern margin of a 4 square kilometer gold footprint at the Southwest Swift target."
Mr. Peters continues, "We are very encouraged by the scale of the gold system at Swift and our partners at NGM have approved an expanded drill program for 2025 as we continue vectoring towards the interpreted core of a higher-grade system."
SW24-007 Highlights
SW24-007 was designed to test favourable carbonate host rocks (Lower Plate) at the projected intersection of a north-south trending fault corridor with the southwest projection of the Mill Creek thrust fault, a significant structural control and conduit for gold mineralization at Swift (Figure 2).
- A significant portion of the targeted Roberts Mtn. and all of the Mill Creek formation host rocks were offset by a north-south fault corridor (Figure 2), which was intersected farther east than projected. However, drilling still intersected several notable mineralized zones in the Upper and Lower Plate (carbonate host rocks) and further highlights the strength of the hydrothermal gold system at Swift.
- Upper Plate intercepts include: 1.4 m grading 1.0 g/t Au within 30.2 m grading 0.4 g/t Au starting at 651.7m downhole and 1.3 m grading 1.0 g/t Au within 10.4 m grading 0.3 g/t Au starting at 714.2m downhole
- Lower Plate intercepts include: 2.4 m grading 1.2 g/t Au within 8.9 m grading 0.5 g/t starting at 908.8m downhole and 2.9m grading 1.9 g/t Au within 24.7 m grading 0.5g/t starting at 957.7m downhole (Figure 2)
For a complete table of Swift assay results click HERE.
NGM has incurred a total of US $10,078,008 in qualifying work expenditures at the Project through December 31, 2024, and must spend a minimum of US $20,000,000 in qualifying work expenditures by December 31, 2026, to earn an initial 60% interest in the Project (see September 22, 2021 press release HERE).
2025 Exploration Budget
- NGM has approved a 2025 exploration budget totaling US $5,000,000 to drill up to five deep core holes at Swift
- Drilling will test down-dip and along strike of the known mineralized corridor at Southwest Swift to vector towards the interpreted core of a higher-grade gold zone
- Drilling is expected to begin as early as late Q2 with start dates highly dependent on the pending approval of an amended Bureau of Land Management drill permit
Figure 1: Plan view map of the Cortez District showing the location of the Swift project and NGM's 2024 drill holes SW24-006 and SW24-007 (white stars) within a broader 4 square kilometer Au footprint (red)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/244411_2021f850443e098d_003full.jpg
To view long section A-A' to the NW of section B-B' Click HERE
To view the SW24-007 Core Photo Click HERE
Figure 2: Long-Section B-B' showing several thick but low-grade gold intercepts in SW24-007 as well as narrow high-grade intercepts of up to 1.1m grading 10.4 g/t Au (red star) in SW24-006
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/244411_2021f850443e098d_004full.jpg
Swift Earn-In Terms
NGM retains the right to earn an initial 60% interest in the Swift project (see September 22, 2021 press release HERE) over an initial five year term by incurring a minimum of US $20.0 million in qualifying work expenditures. NGM retains the option to increase its interest up to 70% by incurring an additional US$10.0 million in qualifying work expenditures before December 31, 2029. Within 90 days of a joint venture decision to proceed with development and construction of a mine and/or related processing facilities on Swift, NGM will have a one-time option to elect to provide, or arrange for third-party, financing of Ridgeline's portion of debt financing required for the development in consideration, in either case, for an additional 5% interest in the project for a total of 75% (or 65% if the second option was not exercised).
QAQC Procedures
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.
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" 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 200 km2 exploration portfolio across seven projects in Nevada, USA. The Company is a hybrid explorer with a mix of 100%-owned exploration assets (Big Blue, Atlas, Bell Creek & Coyote) as well as two earn-in exploration agreements with Nevada Gold Mines at its Swift and Black Ridge projects and a third earn-in with South32 at its Selena project. 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 assay results for core hole SW24-004 and the potential significance thereof. The words "potential", "anticipate", "meaningful", "significant", "pending", "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 the current objectives concerning the Swift 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.
(8) Source: Barrick Gold., 2024 Resource & Reserve Statement: https://s25.q4cdn.com/322814910/files/doc_news/2025/01/Barrick-Grows-Gold-and-Copper-Reserves-Significantly-Setting-It-Apart-From-Peers-as-It-Positions-for-Growth.pdf
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