Vancouver, British Columbia--(Newsfile Corp. - May 19, 2021) - Ridgestone Mining Inc. (TSXV: RMI) (OTCQB: RIGMF) (FSE: 4U5) ("Ridgestone") is pleased to announce it has completed another phase of exploration at its wholly-owned Rebeico project in Mexico. The program, which was previously announced on April 13th, 2021, was comprised of geologic mapping, prospecting and sampling with assays expected in the coming weeks. Work to date has been positive and continues to suggest that the identified surface copper-gold mineralization on the Rebeico claims may be related to a much larger unexposed subsurface mineralized system.
Exploration Program Highlights:
- The program included detailed geological mapping, prospecting and sampling around the past producing El Cobre copper mine, in addition to all significant chargeability and resistivity anomalies ('geophysical anomalies') identified from the 2018/2019 IP surveys which covered the New Year Zone, Elena Concession, and other significant mineralized areas.
- A total of 93 samples were collected with assays anticipated in the coming two to six weeks.
El Cobre Mine
A total of fourteen (14) samples were taken from the main mineralized structure and historical dumps, and detailed geological mapping of the surrounding area was undertaken. The main mineralized structure is oriented north-south with a dip of 50 degrees to the east, varying in thickness from one to three metres. The system is characterized as a high sulfidation vein system, strongly oxidized on surface, with quartz veinlets with chalcopyrite, molybdenite, and pyrite. Historical samples taken in 1960 by the National Nuclear Energy Commission (Comisión Nacional de Energía Atómica) reported copper grades from sampling of underground workings of 0.34%, 1.10%, 3.21%, 5.28%, 6.12%, 9.58%; and molybdenum values of 0.002%, 0.16%, 1.57%, and 1.58%. Additionally, a recent radiometric survey conducted by the Mexican Geological Survey over the area, indicated elevated potassium levels. Approximately four kilometres east of the El Cobre workings, a prominent, highly oxidized and altered gossan measuring 200 by 250 metres was mapped and twenty (20) rock-chip samples taken. Taking a global view of these positive occurrences on the Rebeico claims, these mineralized occurrences are related and may support the hypothesis that the source is a porphyry system being present below the surface.
Regional Geophysical Anomalies
A detailed mapping and sampling program was conducted over a 5.25 square kilometre area, focusing on geophysical anomalies identified by past surveys. In 2018 and 2019 the Company completed 31 line-kilometres of Induced Polarization/ Resistivity surveys covering an area of approximately 9 sq kilometres. The surveys outlined a significant chargeability anomaly over an 800 metre by 1,200 metre area with depths ranging from near surface to 300 metres. The Alaska Vein, the mineralized New Year Breccia Zone and artisanal Elena copper workings all occur within the surveyed area. A total of eighteen distinct geophysical anomalies were identified for follow up on the current program, which were mapped and a total of 62 samples were collected. Over the majority of targets, significant mineralization was identified on surface. Taken in a regional context, with the presence of high sulfidation copper bearing veins, mineralized breccias that are interpreted as diatreme breccias and in conjunction with surface geochemistry and historical records, RMI finds that this may be evidence that the source may be a sub-surface porphyry-type system that is responsible for the numerous mineralized occurrences encountered in the project area.
Qualified Persons
Noris Del Bel Belluz, P. Geo., Vice-President of Exploration, is a "qualified person" as defined under NI 43-101 and has reviewed and approved the content of this news release.
About Ridgestone Mining Inc.
Ridgestone is a Canadian mineral exploration company focused on its Guadalupe y Calvo (gold/silver) and Rebeico (copper/gold) projects located in Mexico.
For further information, please contact:
Rad Rajaram - Manager Corporate Relations and Business Development
Telephone: 416-732-0604
This news release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements"). Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. In this news release such statements include but are not limited to any ongoing drilling programs, timing of such programs, or exploration results. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including those described in the Company's regulatory filings available on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this news release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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