Register for a Big Blue Webinar at 12:00 pm ET September 19, 2024 - HERE
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2024) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FRA: 0GC0) ("Ridgeline" or the "Company") is pleased to announce the results of its induced polarization ("IP") geophysical survey at the Big Blue ("Big Blue") porphyry copper ("Cu") - gold ("Au") project in Elko County, Nevada. The pole-dipole survey was collected in August 2024 by Moombarriga Geoscience and consisted of an initial 28 line-kilometer ("line-km") survey across nine IP lines to cover the high priority Delker and Ohio porphyry targets (Figure 1). Merlin Geophysics oversaw data processing and subsequent interpretation of the raw IP data with highlights of the survey below.
Michael Harp, Ridgeline's Vice President, Exploration commented, "The results of the initial IP survey at Big Blue have exceeded our expectations and confirmed the potential for at least two porphyry targets on the property. The highly chargeable porphyry anomaly beneath Skarn Hill fits our geologic model and interpretation of the greater Delker Mine trend. Drill permit amendments are in process to support a maiden drill program, which will target both the shallow, high-grade copper skarn and the deeper porphyry targets at Delker.
Michael Harp continues: "The big surprise for our team came from the Ohio target, where IP lines 70250N and 70900N highlight a strong chargeability anomaly under alluvial cover, less than 1 kilometer south of recently announced high-grade rock chip samples of up to 3.9% copper and 16.3 g/t gold. The consistent copper grades as well as highly elevated gold and molybdenum values compared to the nearby Delker trend suggest the mineralizing system may be increasing in strength to the west. The Ohio target represents a potential standalone porphyry system, or the faulted off portion of the Delker porphyry and our team is very excited to drill-test both targets in our maiden program."
IP Survey Highlights
Delker Porphyry Target: IP Line 71500N identified a significant chargeability anomaly (20-25 mV/V) located directly down-dip of the Skarn Hill Adit (Figure 2)
- Chargeability high is interpreted as the potential porphyry source to the greater Delker Mine trend
- Coincident resistivity high beneath Skarn Hill is interpreted as calc-silicate alteration (i.e.: skarn) related to the QFP dike swarm that is known to carry high-grade Cu-oxide mineralization over 1.5km of strike across the greater Delker Mine trend (Figure 2)
- IP Line 72900N was collected across the Delker Mine and shows a subtle chargeability high (5-10 mV/V) that parallels the QFP dike swarm and is interpreted as a zone of potassic alteration with potential to host chalcopyrite ± bornite - magnetite - gold (Figure 3).
- Based on results from line 71500N (collected at the end of the IP survey). The Company intends to extend line 72900N to the east in the future to fully cover the strike potential of the 20-25 mV/V porphyry anomaly identified with 71500N
- A secondary chargeability high (10-18 mV/V) to the south of the Delker Mine represents a high potential target under shallow cover that parallels the Delker trend (Figure 3)
Ohio Porphyry Target: IP Line 70250N has identified a significant chargeability anomaly (15-20 mV/V) located under alluvial cover and roughly 1 km south of high-grade rock chips previously announced at the Ohio target (Figure 4) on June 27, 2024 (see press release HERE) and September 5, 2024 (see press release HERE).
- Chargeability high is interpreted as either a standalone porphyry target, or a fault offset portion of the Delker porphyry system located roughly 2km to the east (Figure 4)
- Well documented younger extension occurred across the Great Basin and would significantly post-date the interpreted age (Jurassic to Cretaceous) of the Big Blue porphyry system
Figure 1: Plan view map showing IP line locations (black lines) for the 28 line-km IP survey completed across the Ohio and Delker porphyry Cu-Au targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/222968_5c7d59a504dde8e8_002full.jpg
Figure 2: Interpretive X-Section of IP line 71500N showing a 1km-wide chargeability anomaly (avg. 20-25 mV/V) interpreted as the potential porphyry source to the Delker Mine trend. Note, the coincident resistivity high beneath Skarn Hill, which is interpreted as calc-silicate (i.e. skarn) alteration
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/222968_5c7d59a504dde8e8_003full.jpg
Figure 3: Interpretive X-Section of IP line 72900N showing a chargeability plus coincident resistivity anomaly beneath the historical Delker Mine and secondary charge high (10-18 mV/V) target to the south
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/222968_5c7d59a504dde8e8_004full.jpg
Figure 4: Interpretive X-Section of IP line 70250N across the Ohio target highlighting a strong chargeability anomaly (15-20 mV/v) at depth, representing a potential porphyry target that correlates well with a coincident magnetic high identified with historical magnetics data
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/222968_5c7d59a504dde8e8_005full.jpg
QAQC 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 shipped to Paragon Geochemical Labs (PAL) of Sparks, Nevada. Samples are prepared using industry-standard prep methods and analysed using FA-PB30-ICP (Au; 30 g fire assay) and ICP-5AM48 (48 element Suite; 0.5 g 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.
Big Blue Project
Big Blue is located in Elko County, Nevada, approximately seventy-five kilometers ("km") southeast of the city of Elko, NV. The Project includes the past producing Delker Mine, which historically produced 94,434 pounds of copper at an average grade of 6.2% between 1916-1917 1 from structurally controlled skarn deposits outcropping between the Delker Mine and Skarn Hill Adit. The property shares its southern boundary with Reyna Silver's Medicine Springs Ag-Pb-Zn Carbonate Replacement ("CRD") project and had seen limited modern exploration in over a century until Ridgeline staked the property in 2023. The primary target at Big Blue is porphyry-skarn Cu-Au ± Ag-Mo mineralization, with potential to discover polymetallic, carbonate replacement deposit (CRD) style mineralization as the system zones outward over 6 + kilometers of strike towards the Medicine Springs project. This target model is analogous to the Butte Valley porphyry Cu-Au system, which is inferred to be the source of CRD mineralization at the Company's nearby Selena project. Big Blue is 100% owned by the Company and is comprised of a total of 50 square kilometers of highly prospective exploration ground that will benefit from Ridgeline's systematic approach to discovery (view Ridgeline's Corporate Deck HERE).
About Ridgeline Minerals Corp.
Ridgeline Minerals is a discovery focused precious and base metal explorer with a proven management team and a 201km2 exploration portfolio across five projects in Nevada, USA. The Company is a hybrid explorer with a mix of 100%-owned exploration assets (Big Blue and Bell Creek) 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
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 potential benefits of the Earn-In Agreement (including the Proposed Work Program, Year 1) and the transactions contemplated thereby (collectively the "Earn-In Transaction"). 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; that all conditions precedent to the Earn-In will be satisfied in a timely manner; the current objectives concerning the Project and the Company's other projects 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. In addition, this news release contains information about adjacent properties on which Ridgeline has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties. 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.
Sources
1Delker Mine Historic Production (Page 57): Smith, R.M., 1976, Mineral resources of Elko County, Nevada: U.S. Geological Survey Open-File Report 76-56, 201 p.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222968
