Vancouver, British Columbia--(Newsfile Corp. - September 23, 2020) - Ridgeline Minerals Corp. (TSXV: RDG) ("Ridgeline" or the "Company") is pleased to announce that it has mobilized a reverse circulation ("RC") drill rig to its Swift gold project located in Lander County, Nevada (Figure 1.0). The project is fully permitted for up to 15 drill sites with the initial Phase I program totaling 2,000 meters ("m") across three RC scout holes. Drilling will target Carlin-Type gold mineralization at the Fallen City target which falls within a highly anomalous zone of structurally controlled surface geochemistry bounded by the northwest trending Cortez Structural Corridor. Assay results will be published following completion of the Phase I drill program.
Swift Target Methodology
- The Cortez Structural Corridor is a northwest trending fault zone interpreted as a key structural control to mineralization for multiple targets across the Swift property.
- This corridor coincides with a pronounced gravity geophysics high, mapped dike swarms, and surface soils (gold-arsenic-antimony) anomalies at multiple target areas which include the Fallen City, Goat and Mill Creek targets.
- Historic exploration on the property returned a highlight intercept of 16.8m @ 0.72 g/t Au, 0.50 g/t Ag starting at 727m in core hole MCK-99-5A drilled by Phelps-Dodge in 1999, which never received follow-up drilling by previous operators.
- The Fallen City target is located 1.0 km to the northeast of MCK-99-5A and is interpreted as a shallower block of Lower Plate carbonate host rocks adjacent to the faulted and down-dropped block intersected in the MCK-99-5A drill intercept.
For more project information click Here
Chad Peters, Ridgeline's President and CEO commented, "The Phase I, 2,000m drill program will be the first drill-holes on the property to test the Fallen City target, which is one of three high-priority targets identified by the company in 2020. Our re-interpreted geologic model highlights the Fallen City as a potential structural trap for Carlin-Type gold mineralization where it intersects favourable carbonate host rocks on a previously untested portion of the Cortez Structural Corridor."
Swift Project
Swift is a Carlin-Type gold exploration project located on the Cortez District of the Battle Mountain - Eureka Trend in Nevada with Ridgeline holding the option to earn a 100% interest in the project. The Property is immediately adjacent to the historic Elder Creek gold mine as well as directly on trend of The Pipeline, Cortez Hills and Goldrush deposits which comprise the Nevada Gold Mines owned and operated Cortez Complex. Throughout 2019 and the first half of 2020, Ridgeline completed property-wide gravity and airborne magnetics geophysics, surface soil sampling, and field mapping while completing its 3D geologic model.
Figure 1.0: Cortez Trend regional plan view showing the 51km² Swift property directly on-trend of multiple producing gold mines that comprise the Nevada Gold Mines operated Cortez Complex
To view an enhanced version of Figure 1.0, please visit:
https://orders.newsfilecorp.com/files/7298/64450_524fb53454cefa46_002full.jpg
Qualified Person
Michael T. Harp, P.Geo., Vice President, Exploration for Ridgeline Minerals Corp., and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Ridgeline Engages Market Maker
Ridgeline has, subject to regulatory approval, retained Independent Trading Group (ITG) Inc. ("ITG") to provide market-making service and to provide assistance in maintaining an orderly trading market for the common shares of the Company.
The market-making service will be undertaken by ITG, a registered broker, in compliance with the applicable policies of the TSX Venture Exchange (TSX-V) and other applicable laws. For its services, Ridgeline has agreed to pay ITG $3,500 CAD per month. Ridgeline and ITG act at arm's length, and ITG has no present interest, directly or indirectly, in Ridgeline or its securities. The services commenced on September 21, 2020, with an initial term of three months and thereafter will automatically renew for successive one-month terms until terminated by either party upon thirty days written notice. There are no performance factors contained in the agreement between ITG and Ridgeline and ITG will not receive any shares or options from the Company as compensation for services it will render.
About Ridgeline Minerals Corp.
Ridgeline is a discovery focused gold explorer with a proven management team and a 116 km² exploration portfolio across three projects in the highly prospective Carlin and Battle Mountain - Eureka Trends in Nevada, 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
info@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.
Forward Looking Statements
This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of Ridgeline Minerals Corporation ("Ridgeline", or the "Company"). Forward-looking statements include, but are not limited to, the advancement of mineral exploration, development, and operating programs. The words "potential," "anticipate," "significant," "forecast," "believe," "estimate," "expect," "may," "project," "plan" and similar expressions are intended to be among the statements that identify forward-looking statements. Although Ridgeline believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions or other factors should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64450
