Ridgeline Minerals and Nevada Gold Mines Commence 6,000-meter Drill Program at the Swift Gold Project, Nevada
NGM has approved a 2025 exploration budget of up to US $5,000,000. The drill program will build off the success of the 2024 framework drilling campaign where both holes delivered significant gold intercepts in the SW Swift target area including 1.1 meters ("m") grading 10.4 grams per tonne ("g/t") gold ("Au") within 2.7m grading 7.0 g/t Au in SW24-006 and 24.7m grading 0.5 g/t Au in SW24-007 (see November 7, 2024 PR HERE).
Chad Peters, Ridgeline's President, CEO & Director commented, "Swift continues to be a core asset in our exploration portfolio and represents just under 50% of our $11M exploration budget in 2025. The Nevada Gold Mines teams' systematic approach to deep exploration at Swift yielded the first ever high-grade gold intercept in our 2024 program, and we are very excited to see the results of this aggressive drill campaign in 2025."
SW Swift Target
Four of the five holes are planned to test along strike of previous high-grade gold intercepts (up to 1.1m grading 10.4 g/t Au in SW24-006) at the projected intersection of cross cutting fault zones (i.e., fluid conduits) where they intersect a modeled fold hinge (i.e., fluid trap), on the hanging wall side of the Mill Creek thrust (Figure 2).
Mill Creek Target
The fifth hole will step several kilometers to the north of SW Swift and test favourable Wenban formation (primary Cortez District host rock) limestones along the hanging wall side of the Mill Creek thrust. Historical drilling in the Mill Creek area intersected up to 3.0m grading 2.1 g/t Au within 18.3m grading 0.6 g/t Au (Figure 2).
For a complete table of Swift assay results click HERE
To view Long Section A-A' click HERE
NGM has incurred a total of US $10,869,000 in qualifying work expenditures at the Project through June 30, 2025, and must spend a minimum of US $20,000,000 in qualifying work expenditures by December 31, 2026, to earn an initial 60% interest in the Project (see September 22, 2021 press release HERE)
Figure 1: Plan view map of the Cortez District showing the location of the Swift project and NGM's 2024 drill holes SW24-006 and SW24-007 (white stars) within a broader 4 square kilometer Au footprint (red)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/260613_904e39dab48c6aa0_003full.jpg
Figure 2: Zoomed in plan view map of the Swift property showing prospective mineralized corridors to be drill-tested in 2025 at the SW Swift and Mill Creek target areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/260613_904e39dab48c6aa0_004full.jpg
Swift Earn-In Terms
NGM retains the right to earn an initial 60% interest in the Swift project (see September 22, 2021 press release HERE) over an initial five year term by incurring a minimum of US $20.0 million in qualifying work expenditures. NGM retains the option to increase its interest up to 70% by incurring an additional US$10.0 million in qualifying work expenditures before December 31, 2029. Within 90 days of a joint venture decision to proceed with development and construction of a mine and/or related processing facilities on Swift, NGM will have a one-time option to elect to provide, or arrange for third-party, financing of Ridgeline's portion of debt financing required for the development in consideration, in either case, for an additional 5% interest in the project for a total of 75% (or 65% if the second option was not exercised).
QAQC Procedures
Samples are submitted to ALS Minerals, Elko Nevada, which is a certified and accredited laboratory, independent of Nevada Gold Mines. Samples are prepared using industry-standard prep methods and analysed using Au-AA23 (Au; 30 g fire assay) and ME-MS61 (48 element Suite; 0.25 g 4-acid digestion/ICP- MS) methods. ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Nevada Gold Mines QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed internally by Nevada Gold Mines technical personnel.
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" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Ridgeline Minerals Corp.
Ridgeline Minerals is a discovery focused precious and base metal explorer with a proven management team and a 200 km 2 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 totaling up to US $60 million in combined partner-funded exploration expenditures. 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 assay results for core hole SW24-004 and the potential significance thereof. The words "potential", "anticipate", "meaningful", "significant", "pending", "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 the current objectives concerning the Swift 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.
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ALS is an independent, ISO/IEC 17025-accredited laboratory. Assays from the DDGM lab are used for operational purposes and are disclosed where ALS results are pending. The Company maintains a rigorous QA/QC program, including the insertion of certified reference materials, blanks, and duplicates, to ensure assay accuracy and precision across both laboratories. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
