Business
Ridgeline Minerals Announces Widespread Carlin-Type Alteration and Gold Mineralization from Drill Results at the Swift Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - February 16, 2023) - Ridgeline Minerals Corp. (TSX...
About this update from Ridgeline Minerals Corp
[{"type":"text","content":"Ridgeline Minerals Announces Widespread Carlin-Type Alteration and Gold Mineralization from Drill Results at the Swift Project, NevadaVancouver, British Columbia--(Newsfile Corp. - February 16, 2023) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (\"Ridgeline\" or the \"Company\") is pleased to provide a summary of assay results for the 2022 drill program at the Swift Project (\"Swift\" or \"Project\"), located in the Cortez mining district of the Battle Mountain - Eureka Trend, Nevada (Figure 1). The Project is operated by Nevada Gold Mines (\"NGM\") under an exploration earn-in agreement executed in September 2021 (see full press release HERE) with NGM holding an option to spend US$20 million in qualifying expenditures over five years to earn an initial 60% stake in the project. NGM has spent a total of US $4,900,000 on the project to-date and has now satisfied the minimum guaranteed work commitment of US $4,000,000 ahead of the scheduled deadline of December 31, 2023.Three wide-spaced (approximately 1 kilometer) \"framework\" core holes were completed by NGM between September 2022 and January 2023 for a total of 3,278 meters (\"m\") (Figure 2). Drill hole SW22-002 and SW22-003 intersected Lower-Plate carbonate host rocks between 570-830m depth with widespread intervals of Carlin-Type alteration and anomalous gold (\"Au\") mineralization intersected in both holes with individual samples grading up to 2.72 grams per tonne (\"g/t\") Au (Picture 1). Highlight intercepts include 37.2m grading 0.29 g/t Au, 2.6 g/t Ag in SW22-002 and 48.8m grading 0.45 g/t Au, 0.98 g/t Ag in SW22-003 (Figure 2). Core hole SW22-004 intersected Lower Plate host rocks at 1,065m and was drilled to a depth of 1,104m before being halted in January 2023 due to severe winter weather conditions. The hole was left cased and ready for potential re-entry at a later date in 2023. Chad Peters, Ridgeline's President, CEO & Director commented, \"Making a deep gold discovery in Nevada can be a time and capital-intensive process and we're fortunate to have our partners at Nevada Gold Mines applying their impressive track record of discovery to the Swift Project. It's well known that large Carlin-Type gold deposits tend to form kilometer-scale gold and trace element halos around them, and today's results suggest a significant gold system is pres...