Mr. Chad Peters reports

RIDGELINE MINERALS INTERSECTS HIGH-GRADE UPPER ZONE AND NEW LOWER MINERALIZED HORIZONS AT THE SELENA PROJECT, NEVADA

Ridgeline Minerals Corp. has released the remaining results from the company's five-hole, 2,034-metre drill program at the Selena project in Nevada. Results from the Upper Chinchilla zone returned broad intercepts of silver/lead/zinc/gold, with individual assays grading up to 795 grams per tonne silver, 25 per cent lead, 2 per cent zinc, 0.3 g/t gold and 0.2 per cent copper, which further support the high-grade tenor of the original Chinchilla zone discovery (see Jan. 24, 2023, press release).

Notably, core holes SE23-049 and SE23-050 were drilled beneath the Chinchilla zone for the first time and intersected stacked silver/lead/zinc/gold mineralized horizons ranging from 0.5-metre to 4.0-metre thickness, with individual samples grading up to 63.9 g/t Ag, 0.3 per cent Pb, 1.4 per cent Zn and 0.6 g/t Au (see attached table). These new intercepts effectively double the known vertical extent of carbonate replacement (CRD) mineralization at Chinchilla down to a depth of 690 m. Mineralization remains open at depth and along strike for over three kilometres toward the Butte Valley porphyry, the interpreted source to the Selena CRD system.

Chad Peters, Ridgeline's president and chief executive officer, commented: "The confirmation of stacked mineralized horizons beneath the high-grade Chinchilla oxide zone is a significant development for the project. Previous drilling had already confirmed that Selena is capable of hosting bonanza-grade CRD mineralization and the addition of stacked zones at depth dramatically increases the tonnage potential across all target areas."

Michael Harp, Ridgeline's vice-president, exploration, continued: "The lateral metal zonation observed across the Chinchilla oxide zone continues to support our team's interpretation that we are within the outer oxide rind of a potentially much larger CRD system that is zoning back towards the Butte Valley copper porphyry, the interpreted source to the CRD mineralization at Selena. The Chinchilla sulphide target is located downdip of the oxide zone, where a single scout hole in 2022 returned high-grade CRD intercepts but only tested the top 100 metres of the now 450-metre host-rock section drilled in 2023. The next steps are to drill the Chinchilla sulphide target, which exhibits the potential scale and proximity to the porphyry source to host a major sulphide discovery within the greater CRD footprint already defined at Selena."

Highlight drill results

SE23-050:

• 0.4 m grading 570.2 g/t Ag, 20.8 per cent Pb, 1.5 per cent Zn and 0.3 g/t Au (or 1,299.1 g/t silver equivalent (interval includes 0.13 per cent Cu not included in the AgEq calculation):
  • Within 4.9 m grading 229.7 g/t Ag, 6.5 per cent Pb, 3.5 per cent Zn and 0.2 g/t Au (or 594.6 g/t AgEq);
  • Within 24.4 m grading 134.1 g/t Ag, 2.5 per cent Pb, 2.4 per cent Zn and 0.1 g/t Au (or 321.9 g/t AgEq) starting at 248 m true vertical depth (TVD);
• 0.9 m grading 315.1 g/t Ag, 3.5 per cent Pb, 0.3 per cent Zn and 0.1 g/t Au (or 445.6 g/t AgEq) starting at 257 m TVD;

SE23-049:

• 2.2 m grading 9.26 g/t Ag, 0.02 per cent Pb, 4.2 per cent Zn and 0.1 g/t Au (or 193.1 g/t AgEq) starting at 218 m TVD; and 0.7 m grading 151.5 g/t Ag, 0.9 per cent Pb, 0.7 per cent Zn and 0.2 g/t Au (or 228.9 g/t AgEq):
  • Within 9.1 m grading 29.9 g/t Ag, 0.6 per cent Pb, 0.3 per cent Zn and 0.04 g/t Au (or 62.7g/t AgEq) starting at 242 m TVD:
    • 9.1 m intercept contained a 2.7 m interval of unrecovered core; the lost core interval was assigned an assay value of 0.0 across all metals, resulting in an estimated dilution of roughly 30 per cent to the overall composite value;
• 1.5 m grading 51.6 g/t Ag, 1.9 per cent Pb, 1.9 per cent Zn and 0.4 g/t Au (or 225.3 g/t AgEq) starting at 269 m TVD;
• 1.1 m grading 0.4 per cent Cu, 0.2 per cent tungsten, 0.3 per cent Zn and 2.0 g/t Ag starting at 417 m TVD:
  • Copper and tungsten mineralization was hosted within a quartz feldspar porphyry sill exhibiting localized garnet skarn alteration and scheelite (tungsten carbonate) mineralization;
• 0.8 m grading 57.5 g/t Ag, 0.3 per cent Pb, 1.3 per cent Zn and 0.5 g/t Au (or 161.7 g/t AgEq) starting at 554 m TVD:
  • Mineralized intercepts in the lower zone horizons are typically hosted with broad intervals (five m to 15 m) of pervasive brecciation, fugitive calcite veining (BBQ rock) and silicification;
  • Manganese-rich (greater than 1 per cent Mn) zones of bedding replacement and fracture coatings were observed throughout the lower stratigraphy, which is consistent with the distal zonation patterns of other large CRD deposits globally.

Selena project

Selena is located in White Pine county, Nevada, approximately 64 kilometres north of the town of Ely, Nev. The project shares a property boundary with the Butte Valley project, a $33-million (U.S.) earn-in agreement between Freeport-McMoRan and Falcon Butte Minerals. The 100-per-cent-owned project comprises 39 square kilometres of highly prospective exploration ground, including Ridgeline's shallow oxide 2020 silver/gold plus or minus lead/zinc Chinchilla discovery. Subsequent drilling has continued to highlight the potential for high-grade CRD-type mineralization (silver/gold/lead/zinc plus or minus copper) between Chinchilla and the Butte Valley copper/gold/silver porphyry located directly west of the property.

Quality assurance/quality control procedures

Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nev., which is a certified and accredited laboratory that is independent of the company. Independent check samples are sent to Paragon Geochemical Labs (PAL) of Sparks, Nev. Samples are prepared using industry-standard prep methods and analyzed using FA-PB30-ICP (gold; 30-gram fire assay) and ICP-5AM48 (48-element suite; 0.5-gram five-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 (certified reference material) 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.

About Ridgeline Minerals Corp.

Ridgeline Minerals is a discovery-focused precious metal and base metal explorer with a proven management team and a 204-square-kilometre exploration portfolio across six projects in Nevada and Idaho, United States.

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