Ridgeline Minerals Provides 2025 Budget Guidance for the Selena CRD Project, Nevada
OTCQB: RDGMF | FRA: 0GC0) is pleased to provide budget guidance for a 2025 drill program at the Selena Carbonate Replacement (“CRD”) project (“Selena” or “Project”) (Figure 1). The Project is currently being operated by Ridgeline under Phase 1 of an earn-in agreement with a wholly owned subsidiary of South32 Limited (“South32”). All dollars noted are US dollars.
South32 has spent a total of $329,842 in qualifying work expenditures through December 31, 2024, and will spend a total of $602,000 through June 30, 2025, constituting Year-1 of the 5-year, Phase 1 earn-in period. South32 has also approved a Year-2 exploration budget of $3,450,000 for the year ending June 30, 2026, to drill up to three deep core holes (4,500 metres total) targeting the high-priority Magnetotellurics (“MT”) anomaly that was recently identified at the Chinchilla Sulfide CRD target (Figure 2 & Figure 3). All requisite exploration permits are in hand, with drilling anticipated to begin in June 2025.
Chad Peters, Ridgeline’s President, CEO & Director commented, “Chinchilla Sulfide has been a high-priority CRD target for our team since 2022 and we are thrilled to see a drill program confirmed with the backing of our partners at South32. The recently identified MT anomaly has significantly increased our confidence in the geologic controls for the CRD system and this first pass program will test the entire strike of the Chinchilla Sulfide target from multiple orientations. We look forward to updating shareholders as we commence the drill program in June.”
Earn-In Terms – South32 retains the right to earn an initial 60% interest in the Selena project (see August 22, 2024, press release HERE) by funding a minimum of $10 million in qualifying work expenditures on the Project over an initial five-year term, following which South32 will have a further option to increase its interest in the Project to a total of 80% by funding an additional $10 million in qualifying work expenditures (for an aggregate spend of $20 million) over an additional three-year term. During the Phase 2 earn-in period, South32 has the option to take over operatorship of the Project. Before the exercise of the Phase 2 option, South32 will arrange for and provide draft definitive documentation in respect of a debt facility from which (if executed) Ridgeline may draw on to sufficiently fund Ridgeline’s share of costs (20% pro-rata) associated with development of a mine at Selena through to commercial production.
Figure 1: Plan view map of the Selena project showing the locations of the three planned core holes (red stars) that will test the multikilometer-scale MT anomaly at the Chinchilla Sulfide target.
Figure 2: Simplified Long Section A-A’ showing planned core hole #2 (1,600m) testing the highly conductive MT anomaly on both sides of the interpreted thrust fault, which is inferred as a key structural control to the CRD system
Figure 3: Simplified Chinchilla Sulfide Cross Section B-B’ showing planned core holes 1-3 testing the 2+ kilometer strike extent of the MT anomaly, which is interpreted as a highly conductive sulfide CRD target
QA/QC Procedures
Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Independent check samples are sent to Paragon Geochemical Labs (PAL) of Sparks, Nevada. Samples are prepared using industry-standard prep methods and analysed using FA-PB30-ICP (Au; 30g fire assay) and ICP-5AM48 (48 element Suite; 0.5g 5-acid digestion/ICP-MS) methods. AAL 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 Qualified Person, Michael T. Harp, Vice President, Exploration.
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.
Selena Project
Selena is located in White Pine County, Nevada, approximately 64 kilometers (“km”) north of the town of Ely, NV. The Project is currently being operated by Ridgeline under Phase 1 of an earn-in agreement with a wholly owned subsidiary of South32 Limited (“South32”) and shares a property boundary with the Butte Valley project, a $33M earn-in agreement between Freeport-McMoRan and the underlying owner, Falcon Butte Minerals. The Project is comprised of 39 square kilometers 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)
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 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.