Ridgeline Minerals Provides Exploration Update at the Swift Project, Nevada
Click HERE for a video of Chad Peters, President & CEO discussing the highlights of today’s press release.
Vancouver, Canada, April 28, 2022 – Ridgeline Minerals Corp. (“Ridgeline” or the “Company”) (TSX-V: RDG | OTCQB: RDGMF | FRA: 0GC0) is pleased to provide an exploration update for the Swift Project (“Swift” or “Project”), located in the Cortez mining district of the Battle Mountain – Eureka Trend, Nevada (Figure 1). The Project is operated by Nevada Gold Mines (“NGM”) under an exploration earn-in agreement executed in September 2021 (see full press release HERE) with NGM holding an option to spend US$20 million in qualifying expenditures over five years to earn an initial 60% stake in the project.
SW21-001 was the first hole drilled under the earn-in agreement and returned 9.1 meters (“m”) grading 0.51 grams per tonne (“g/t”) gold (“Au”) starting at 8.5 m downhole (Figure 2). The hole also intersected Lower Plate host rocks at relatively shallow depths of 556 m but did not return significant gold intercepts throughout the Lower Plate section. The elevated gold and anomalous Carlin-Type pathfinder geochemistry observed in the upper portion of SW21-001 is encouraging and suggests mineralization is vectoring to the west. The next phase of drilling in Q2, 2022 will consist of a series of wide-spaced framework drill-holes (~1 kilometer spacing) to test this concept and help generate a comprehensive geologic model of the historically underexplored Swift project.
Chad Peters, Ridgeline’s President, CEO & Director commented, “We are thrilled to see more drilling planned at Swift in 2022 and encouraged by the initial assay results in SW21-001, which returned a near surface gold intersection in historically poor host rocks of the Upper Plate. These results further support the widespread gold and trace element footprint at Swift and highlight the potential strength of the Carlin-Type gold target at depth. The next phase of drilling will continue to shape the geologic model with this systematic exploration strategy having already led to multiple discoveries in the Cortez District. We look forward to providing regular updates for our shareholders as the next phase of drilling progresses.”
Figure 1: Regional map of the Cortez District showing the Swift project adjacent to the Nevada Gold Mines Cortez Complex.
Figure 2: Map showing SW21-001 assay results over arsenic in soils contours and gold rock chips.
Swift Project
Swift is located on the Cortez District of the historic Battle Mountain – Eureka Trend approximately 30 km south of the town of Battle Mountain, in Lander County, Nevada. The 75 km² property is on trend to the Pipeline, Cortez Hills, and Goldrush deposits (View our Swift VRIFY Presentation), which comprise the multi-million ounce Cortez Complex owned by Nevada Gold Mines (a joint venture between Barrick Gold Corp. and Newmont Corp.). Ridgeline entered into an exploration earn-in agreement with NGM on September 22, 2021, where NGM can incur a minimum US$20 million (US$4 million guaranteed) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in the Swift gold project. NGM will have further options to increase its interest to a total 75% interest, subject to additional expenditures and commitments.
Technical information contained in this news release has been provided by Nevada Gold Mines and 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 is a discovery focused gold-silver explorer with a proven management team and a 163 km² exploration portfolio across five projects in Nevada and Idaho, 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
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.