Ridgeline Minerals Acquires Shallow-Oxide Gold Discovery at the Robber Gulch Project, Idaho
Vancouver, Canada, January 26, 2022 – Ridgeline Minerals Corp. (“Ridgeline” or the “Company”) (TSX-V: RDG | OTCQB: RDGMF | FRA: 0GC0) is pleased to announce it has entered into an exploration earn-in option agreement to acquire a 100% interest in the Robber Gulch oxide gold project (“Robber Gulch or “The Project”) from Bronco Creek Exploration, a wholly-owned subsidiary of EMX Royalty Corp (TSX-V: EMX) (“EMX”). The Project is host to a shallow-oxide, Carlin-Type gold discovery, is historically underexplored and exhibits similar age host rocks and mineralization style to Liberty Gold’s Black Pine Deposit located 88 kilometers (“km”) to the southeast.
Robber Gulch is comprised of 117 lode mining claims totaling 9.3 square kilometers and is located 30km southeast of the city of Burley, Idaho with excellent access to local infrastructure (Figure 1). As part of the agreement the Company will also inherit a comprehensive geologic database with technical highlights and exploration earn-in terms detailed below:
Chad Peters, Ridgeline’s President, CEO & Director commented, “This is a very exciting acquisition for Ridgeline. Robber Gulch is a perfect complement to our exploration portfolio and aligns with the Company’s strategy of acquiring and systematically advancing underexplored projects in known gold districts, an approach that led to a recent earn-in exploration agreement with Nevada Gold Mines at our Swift project. Robber Gulch is a drill-ready, shallow-oxide gold discovery in a rapidly emerging gold district in southern Idaho and we look forward to getting boots-on-the-ground as soon as possible.”
To view a video of the Robber Gulch 3D geologic model, click HERE
Historical Drill Highlights
- AC-4: 12.2meters (“m”) grading 0.90 gram per tonne (“g/t”) gold (“Au”) within 57.9m grading 0.34 g/t Au starting at 21.3m with the hole bottoming in 10.7m grading 0.25 g/t Au (Figure 2)
- RG-RC-21-02: 30.5m grading 0.30 g/t Au starting from surface
- RG-RC-21-03: 12.1m grading 0.65 g/t Au starting from surface (Figure 3)
- RG-RC-21-04: 6.1m grading 1.46 g/t Au (Hole drilled to 6.1m – cased and ready for re-entry)
- RG-9: 3.1m grading 0.58 g/t Au and 4.6m grading 0.53 g/t Au within 79.2m grading 0.20 g/t Au starting from surface
For a full table of historical Robber Gulch drill intercepts click HERE
Surface Sampling Highlights
Trenching
- Trench 1: 52m grading 0.26 g/t Au & 48m @ 0.26 g/t Au
- Trench 2: 60m grading 0.40 g/t Au
- Trench 3: 189m grading 0.43 g/t Au including 45m grading 0.88 g/t Au (Figure 1 & Figure 2)
Rock Chips
- 264 rock chips with grades up to 6.5 g/t Au and a low of 0.001 g/t Au
- Zone of high-grade rock chips (6.5 & 2.7 g/t Au) located on US Forest Service (“USFS”) ground have never been drill-tested (Figure 1)
Soil Samples
- 2,053 soil samples with multi-element analysis available for the majority of samples
- Au in soils Min = 0.0 g/t Au, Med = .009 g/t Au, Max = 0.81 g/t Au
Mike Harp, Ridgeline’s Vice President, Exploration commented, “Carlin-Type mineralization at Robber Gulch is hosted within similar Pennsylvanian to Permian age host rocks to Liberty Gold’s Black Pine deposit in Idaho, as well the North Dark Star discovery in Nevada, which I was fortunate to be a part of during my time with Gold Standard Ventures. Robber Gulch is historically underexplored with only nineteen holes drilled to an average depth of only 184m, many of which returned thick oxide gold intercepts beginning at or very near surface. When combined with a kilometer-scale gold in soils anomaly that has only been sporadically tested, we see excellent potential to grow the existing oxide gold footprint and make discoveries along strike and at depth.”
Figure 1: Plan view ortho map showing property location in Cassia County, Idaho. Map includes gold in soils contours, trench and drill hole locations, surface rock chips and A-A’ to B-B’ section lines
Figure 2: Schematic X-Section A-A’ highlighting historical near-surface oxide gold intercepts with multiple untested target areas
Figure 3: Schematic X-Section B-B’ highlighting historical near-surface drill intercept AC-4 with mineralization open in all directions
Robber Gulch Project
Robber Gulch is located approximately 30km southeast of the city of Burley, Cassia County Idaho. The project area is comprised of 117 contiguous lode claims (9.3km²) that straddle both federally administered Bureau of Land Management and US Forest Service lode claims and is easily accessible through a network of county-maintained gravel roads via Idaho State Highway 30. Carlin-Type Mineralization at Robber Gulch is hosted within Pennsylvanian to Permian age silty limestones and calcareous siliciclastics that are exposed within erosional windows beneath post-mineral volcanic rocks. (view the Robber Gulch presentation HERE)
Exploration Earn-In Terms
Subject to TSX Venture Exchange approval pursuant to the Agreement, Ridgeline may earn a 100% interest in the Project by:
- Making the initial execution payment of $50,000 and all option payments totaling $750,000 (all dollar amounts in USD) over a five-year period (of which up to $350,000 may be payable in common shares for the Company; and
- Delivering 150,000 shares in Ridgeline Minerals Corp. to EMX by the second anniversary of the Agreement; and
- Completing $650,000 in exploration expenditures before the fifth anniversary of the Agreement
Commercial Terms
Upon closing of the exploration earn-in option agreement, EMX will retain a 3.25% net smelter return (“NSR”) royalty on the Project. Ridgeline can reduce the NSR royalty to 2.25% by:
- Completing an initial 0.5% royalty buyback with a payment of $1,500,000 to EMX prior to the third anniversary of the option exercise (year 8); and
- Paying $2,000,000 to EMX anytime thereafter for the remaining 0.5%.
- Ridgeline will make Annual Advance Royalty payments of $50,000 that increase to $75,000 upon completion of a Preliminary Economic Assessment or Order of Magnitude Study with payments to cease upon commencement of commercial production
- Ridgeline will make Project milestone payments (payable in cash or, at the election of the Company, in common shares) consisting of:
- $250,000 upon completion of a Preliminary Economic Assessment,
- $500,000 upon completion of the earlier of a Prefeasibility or Feasibility Study, and
- $1,000,000 upon a positive development decision.
Technical information contained in this news release is historical in nature and has been reviewed and approved by Michael T. Harp, P.Geo. the Company’s Vice President, Exploration, a qualified person within the meaning thereof under National Instrument 43-101 and responsible for all disclosure of scientific or technical information in this news 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.