Vancouver, British Columbia--(Newsfile Corp. - December 5, 2024) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) is pleased to provide an update for the ongoing Magnetotellurics ("MT") Geophysical survey being completed at the Selena Carbonate Replacement ("CRD") project ("Selena" or "Project"), currently being operated by Ridgeline under Phase 1 of the exploration earn-in agreement with a wholly owned subsidiary of South32 Limited ("South32").
The MT survey has been designed to cover all high-priority CRD targets at Selena to test for conductive anomalies (i.e., sulfide mineralization) at depth, particularly at the Chinchilla Sulfide and Skarn targets (Figure 1 & Figure 2). The MT contract has been awarded to Moombarriga Geoscience an Australian based service provider specializing in MT data collection and processing. The survey is comprised of 211 survey stations collected on a 200-meter ("m") by 400m grid pattern, with potential to infill the grid pattern as needed (Figure 1). The survey was initiated in early November and is currently on budget and schedule with an estimated 80% of the survey complete to-date.
Mike Harp, Ridgeline's Vice President, Exploration, commented, "Completion of this MT survey is a critical first step in advancing the Chinchilla Sulfide and Skarn targets to a drill program in 2025. Ridgeline drilled a single drill hole at Chinchilla Sulfide in 2022 that returned high-grade CRD mineralization in the same host horizon as the outcropping Chinchilla Oxide discovery located 2.5 kilometers to the east. However, this hole did not fully test the target horizon at depth, with the hole ending at 670 meters in low-grade CRD alteration and mineralization after hitting the maximum depth capability of the drill rig."
Mr. Harp continues, "The 2025 drill program is expected to drill to depths exceeding 1,000 vertical meters and the inclusion of the MT data into our geological model will allow us to more efficiently target the highest priority zones. We have a high degree of confidence in this survey method as South32 has already utilized MT geophysics at its Hermosa carbonate-replacement deposit in Arizona. This approach has been proven effective in identifying and interpreting mineralized trends at Hermosa and we look forward to applying the same systematic approach to exploration at Selena."
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 US$10 million in qualifying work expenditures on the Project over an initial five-year term. South32 retains the option to increase its interest in the Project to 80% by funding an additional US$10 million in qualifying work expenditures over an additional three-year term. During the Phase 2 earn-in period, South32 has the option to take over operatorship of the Project. Upon completion of the Phase 2 earn-in (US$20 million in total expenditures), South32 will provide, or arrange for third-party financing of Ridgeline's portion of debt financing (20% pro-rata) required for the development of the Project through to commencement of commercial production.
Figure 1: Plan view map of Selena showing MT survey stations (green) over silver equivalent grade thickness contours of known mineralization at the Chinchilla Oxide and Chinchilla Sulfide targets
Figure 2: Simplified Selena long section A-A' showing known mineralized intercepts between the Chinchilla Oxide and Sulfide target areas. The ongoing MT survey is focused on defining potential conductive anomalies at depth at the Chinchilla Sulfide target (red dashed lines). Note the strong contrast between the Skarn Target (strong magnetic high) and known CRD mineralization at Chinchilla Sulfide (subtle magnetic high)
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.
Technical information contained in this news release has been 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 Minerals is a discovery focused precious and base metal explorer with a proven management team and a 195 km2 exploration portfolio across six projects in Nevada, USA. The Company is a hybrid explorer with a mix of 100%-owned exploration assets (Big Blue, 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
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.
