Ridgeline Minerals Intersects Wenban Formation and Drills 0.22 g/t Gold and 860 g/t Silver over 0.2 Meters at the Swift Project, Nevada
Vancouver, Canada, January 13, 2021 – Ridgeline Minerals Corp. (“Ridgeline” or the “Company”) (TSX-V: RDG | OTCQB: RDGMF | WKN: A2QBQ4) is pleased to announce assay results from its Phase I drill program at the Swift project in Lander County, Nevada. The program was comprised of three, wide-spaced diamond drill core holes totaling 2,413 meters (“m”). Drill holes SW20-001 and SW2-002 successfully confirmed Ridgeline’s re-interpreted geologic model and intersected several intervals of Carlin-Type mineralization and anomalous alteration with individual assays of up to 0.55 g/t gold (“Au”), 860 g/t silver (“Ag”) and 392 ppm Arsenic (“As”). Phase I results further support the Company’s belief that Swift exhibits the potential to host a Carlin-Type gold discovery and is significantly underexplored; with only five deep drill holes having tested Lower Plate target rocks across the 50 square kilometer project area. Data from the Phase I program will aid in vectoring towards higher grade gold targets in Ridgeline’s 2021 Phase II drill program.
Phase I Highlights:
- SW20-002 intersected several intervals of anomalous Carlin-Type alteration and narrow intervals of elevated gold-silver mineralization including:
- 0.2 m grading 0.22 g/t Au and 860 g/t Ag starting at 872.5 m
- 1.5 m grading 0.05 g/t Au and 19.2 g/t Ag starting at 908.8 m
- 0.9 m grading 0.55 g/t Au and 6.6 g/t Ag starting at 926.5 m
Significance – Narrow yet highest grade intercept drilled to-date (0.2m grading 0.22 g/t Au,860 g/t Ag) highlights discovery potential with additional targets to be drill-tested in Phase II program, 2021.
- SW20-001 & SW2-002 intersected Lower Plate carbonate host rocks interpreted as the Wenban and Roberts Mountains formation starting at 425 m vertical depth.
- Hole SW20-003 exhibited encouraging trace element geochemistry in the Upper Plate but did not reach its intended Lower Plate target due to challenging drilling conditions along the DDF fault zone.
Significance – The Wenban formation had not previously been intersected with historic drilling at Swift and is considered the primary gold host (see Swift Stratigraphic Section) to the Nevada Gold Mines owned Cortez Complex (34.8 Moz. Au @ 3.08 g/t Au, historical resource) approximately 7 km to the southeast (see Cortez District Map).
- SW20-001 & SW2-002 drilled the intrusive center of a large hydrothermal system evidenced by:
- Widespread high-temperature skarn alteration of Lower Plate carbonate host rocks was observed adjacent to numerous multi-phase intrusive dikes and sills
- Fossil debris flow beds that were not skarn altered typically exhibited weak to moderate decalcification textures
Significance – Many of the largest Carlin-Type gold deposits in Nevada are spatially associated with the margins of buried intrusives. Notable examples include the Nevada Gold Mines, (a joint venture between Barrick Gold and Newmont Mining Corp.) owned Goldstrike, Pipeline, Cortez Hills and Goldrush deposits.
Mike Harp, Ridgeline’s Vice President, Exploration commented, “We learned a lot from the Phase I drill program. This was the first drilling conducted at Swift in over 20 years and the intersection of the Wenban formation is a critical development for our geologic model. Phase I demonstrated that Swift has the right host lithologies and these rocks are altered and mineralized adjacent to a large buried intrusive, which we interpret as the potential heat and fluid source for the Carlin-Type gold system on the property. We will use this data to vector towards projected higher-grade gold mineralization in our Phase II drilling at the Goat Anticline and Mill Creek targets in 2021”
Figure 1: Map showing Phase I drill hole locations overlying Arsenic in soils contours
Swift is located on the Cortez District of the historic Battle Mountain – Eureka Trend immediately adjacent to the historic Elder Creek gold mine and on trend to the Pipeline, Cortez Hills, and Goldrush deposits (view our Corporate Presentation), which comprise the multi-million ounce Cortez Complex owned by Nevada Gold Mines. The property is located approximately 30 km south of the town of Battle Mountain, in Lander County, Nevada.
Table 1: Phase I and historic assay results
Figure 2: Schematic X-Section A-A’ showing Phase I drilling in relation to the Mill Creek and Goat Anticline targets to be tested in future drill programs
QAQC Procedures
All samples are submitted to Paragon Geochemical Assay Laboratories (PAL) of Sparks, NV, which is a certified and accredited laboratory, independent of the Company. Samples are run through standard prep methods and analysed using AU-OES30 (Au; 30g fire assay AQR digest/ICP+10ppb Hg by MS) and 35AR-OESm (35 element Suite; 0.5g AQR digestion/ICP-MS; 10ppb Hg) methods. PAL 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 QP, Michael T. Harp, Vice President, Exploration.
Technical information contained in this news release has been reviewed and approved by Michael T. Harp, P.Geo. 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 is a discovery focused gold explorer with a proven management team and a 125 km² exploration portfolio across four projects in the highly prospective Carlin and Battle Mountain – Eureka Trends in Nevada, USA. 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
Ridgeline Minerals Corp.
1-866-RDG-NVAU (734-6828) – toll free
info@ridgelineminerals.com
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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 timing for release of additional drill results, plans to drill test prospective targets in 2021 and the potential advancement of mineral exploration, exploration drilling, development, and/or operating programs. The words “potential,” “anticipate,” “significant,” “discovery,” “forecast,” “believe,” “estimate,” “expect,” “may,” “will,” “project,” “plan” 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 its mineral 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; 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.