To view a summary of today's press release by Ridgeline CEO Chad Peters, click HERE
Vancouver, British Columbia--(Newsfile Corp. - February 25, 2025) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) ("Ridgeline" or the "Company") is pleased to announce the results of the Magnetotellurics ("MT") Geophysical survey completed in late 2024 at the Selena Carbonate Replacement ("CRD") project ("Selena" or "Project") (Figure 1). The MT survey has identified a strong, kilometer-scale conductive anomaly that suggests the potential for the Chinchilla Sulfide target to host a robust silver ("Ag") - gold ("Au") - lead ("Pb") - zinc ("Zn") CRD system at depth. Given these results, budgeting and planning in support of an accelerated 2025 Phase I drill campaign is currently in progress.
The Project is currently being operated by Ridgeline under Phase 1 of the earn-in agreement with a wholly owned subsidiary of South32 Limited ("South32"). Highlights of the MT survey are detailed below.
Mike Harp, Ridgeline's Vice President, Exploration commented, "The CRD target coming together at Chinchilla Sulfide has exceeded our teams' expectations in every way. The scale and intensity of the MT anomaly, combined with two high-grade intercepts drilled by our team in 2022 that tested the edges of the previously unknown MT anomaly now suggests we are vectoring towards a sulfide CRD horizon at depth."
Mr. Harp continues, "Drill planning is in progress for our 2025 program and the inclusion of the MT data into our geological model has allowed us to more efficiently target the highest priority anomalies at depth. We have a high degree of confidence in the MT interpretation given that our partners at South32 have utilized MT geophysics to identify mineralized CRD trends at the Taylor deposit, part of South32's Hermosa project in Arizona."
MT Survey Highlights
- Chinchilla Sulfide - Geologically constrained 3D inversion modeling of the MT survey has identified a large conductive anomaly with dimensions of approximately 1.5 kilometers ("km") wide by 600 meters ("m") in estimated thickness, and extends for over 2.0 km along strike (Figure 2 & Figure 3)
- The "core" of the MT anomaly ranges from 25.0 - 100.0-ohm meters ("Ω.m"), which is highly conductive and interpreted as a broad zone of CRD alteration and sulfide mineralization
- Reverse circulation ("RC") hole SE22-037 (2022 DDH) intersected 3.0m grading 40.2 grams per tonne ("g/t") Ag, 7.0% Pb-Zn and 3.0 g/t Au (or 605.3 g/t AgEq) within 15.3m grading 12.30 g/t Ag, 1.7% Pb-Zn and 0.8 g/t Au (or 156.3 g/t AgEq) starting at 735m downhole
- RC hole SE22-038 intersected 1.5m grading 97.4 g/t Ag, 5.0% Pb-Zn and 0.4 g/t Au (or 342.9 g/t AgEq) starting at 765m downhole
- Holes 37 and 38 were drilled on either side of the MT anomaly and were targeting magnetic highs, which are now interpreted as system bounding fault structures
- Due to the depth limitations of the RC rig, both holes were stopped directly above the 100-250 Ω.m MT contours, which is interpreted as the outer extents of the sulfide CRD horizon (Figure 2 & Figure 3)
- Holes 37 and 38 were drilled on either side of the MT anomaly and were targeting magnetic highs, which are now interpreted as system bounding fault structures
- Chinchilla Oxide - The MT survey highlights a weakly conductive anomaly (500 -1,000 Ω.m) that directly correlates with known oxide CRD mineralization (Figure 2).
- Supports the Company's interpretation that shallow oxide mineralization (less conductive) is transitioning to sulfide mineralization (more conductive) at the Chinchilla Sulfide target
- Geologic Controls - The geometry of the Chinchilla Sulfide MT anomaly is directly controlled by:
- East verging thrust faults and northeast striking normal faults, and;
- Intersection of the aforementioned structures with reactive carbonate host rocks of the Guilmette, Simonson and Sevy Formations, which exceed 500m in total thickness (Figure 3)
Figure 1: Plan view map of the Selena project showing MT contours across the Chinchilla Sulfide target. The contours highlight a 2+ kilometer long anomaly ranging from 25 Ω.m (highly conductive) to 250 Ω.m (moderately conductive). The anomaly is interpreted as a broad zone of potential CRD alteration and mineralization, which is supported by high-grade CRD intercepts from 2022 drilling that flank the anomaly
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/242238_bb56febec47e4ae9_002full.jpg
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, following which South32 will have a further option to increase its interest in the Project to a total of 80% by funding an additional US$10 million in qualifying work expenditures (for an aggregate spend of US$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 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 2: Simplified long section A-A' showing the 3D MT inversion overlying the geologic model. Note the subtle MT response between known oxide CRD mineralization (250 -1,000 Ω.m in yellow - blue contours) at Chinchilla Oxide vs. a strong MT anomaly (25-100 Ω.m in purple - orange contours) at Chinchilla Sulfide
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/242238_bb56febec47e4ae9_003full.jpg
Figure 3: Simplified Chinchilla Sulfide x-section B-B' showing the 3D MT inversion overlying the geologic model. The eastward verging thrust faults and northeast trending normal faults are interpreted as key structural controls to the mineralizing CRD system. Note drill hole 37 and 38 returned high-grade CRD intercepts in 2022 but stopped short of the core of the MT anomaly at depth
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/242238_bb56febec47e4ae9_004full.jpg
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 shares a property boundary with the Butte Valley project, a US $33M earn-in agreement between Freeport-McMoRan and the underlying owner, Falcon Butte Minerals. The 100% owned project is comprised of 39 square km's 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242238
SOURCE: Ridgeline Minerals Corp.
