Mr. Michael Harp reports

RIDGELINE MINERALS IDENTIFIES NEW PORPHYRY TARGET AT DEPTH WITH DRONE MAGNETICS SURVEY AT THE SELENA CRD PROJECT, NEVADA

Ridgeline Minerals Corp. has released the results of its expanded high-resolution drone magnetics geophysical survey at the Selena carbonate replacement deposit (CRD) project, Nevada. The survey was completed by EarthEx Geophysical Solutions in late 2023 and added 398 line-kilometres to the original 389 line km survey completed in 2022 for a total surveyed area of 787 line km. Highlights of the survey include:

Magnetic survey highlights:

• Identification of a new porphyry anomaly located one kilometre to the southeast of the Chinchilla oxide discovery:
  • Magnetic anomaly has never been drilled, measures approximately two km by one km across and is interpreted to have intruded to depths of roughly 600 to 650 metres below surface;
  • Anomaly directly correlates with a coincident gravity anomaly suggesting a significant density contrast between the porphyry anomaly and surrounding sediments;
  • Porphyry target is interpreted as the potential source to a northwest-trending, Jurassic-age dike swarm that is intimately associated with both silver-lead-zinc-gold and high-grade copper-tungsten mineralization beneath the Chinchilla oxide zone (a potential vector toward the porphyry target).
• Highlights a strong magnetic anomaly on the southwest corner of the property interpreted as sulphide skarn mineralization directly off the eastern edge of the Butte Valley copper porphyry (Freeport-McMoRan and Falcon Butte Minerals joint venture);
• Survey significantly improved the structural resolution in the geologic model and expanded the strike extent of the high-priority Chinchilla sulphide target to over two km north/south.

Michael Harp, Ridgeline's vice-president, exploration, commented: "The identification of a second potential porphyry source at Selena is a very exciting development for the project and would indicate the presence of a long lived, multiphase porphyry complex between Selena and the Butte Valley porphyry located four kilometres to the west, which is currently being explored by Freeport-McMoRan. Large porphyry districts tend to form as clusters with skarn and CRD systems depositing on the margins of these porphyry centres. We are beginning to see the same potential at Selena, with the Chinchilla oxide CRD discovery located one kilometre northwest of the Selena porphyry target and the Chinchilla sulphide and skarn targets located one kilometre to the east of the Butte Valley porphyry."

Mr. Harp continues, "A second porphyry source only increases the discovery potential at Selena and reinforces our belief that the greater Butte Valley porphyry system is a significantly underexplored porphyry and CRD district in Nevada."

Magnetic survey interpretation:

• Data processing -- the 2023 magnetic survey expanded on the existing 389 line km survey (25 m to 50 m line spacing) drone magnetics survey completed in 2022 (see March 22, 2022, press release) for a total of 786.5 line km covering the core of the project:
  • Survey collected baseline data over the Butte Valley porphyry expanded on the Chinchilla sulphide, skarn and revival targets.
• Due to the large survey size and significant magnetic high associated with the Butte Valley porphyry it was necessary to process three different data sets to isolate and enhance different aspects of the 3-D model including:
  • Butte Valley porphyry inversion -- highlights both the Butte Valley and Selena porphyry anomalies and utilizes the entire magnetics data set;
  • Selena porphyry inversion -- removes Butte Valley and skarn magnetic anomalies to isolate and enhance data set around the Selena porphyry anomaly;
  • Structural inversion -- removes the Butte Valley porphyry data to minimize magnetic interference allowing the inversion to highlight structural details within the skarn, Chinchilla sulphide and Chinchilla oxide targets.
• Selena porphyry target -- a previously unidentified magnetic anomaly south of the Chinchilla oxide zone is interpreted as a possible Jurassic porphyry with associated dike swarms that correlate with mapped QFP (quartz feldspar porphyry) dikes at surface and a coincident gravity-high anomaly:
  • One drill core sample of QFP intrusive material from the Chinchilla oxide zone was sent for U-Pb zircon dating at University of Arizona in 2023 that returned a Jurassic age of 160.8 million years (plus or minus 980,000). The Selena porphyry anomaly is interpreted as the potential source to these Jurassic-age Cu-W-bearing QFP dikes and sills;
    • The Butte Valley porphyry is dated as Cretaceous, indicating a potentially earlier phase of magmatism at Selena;
  • QFP dikes and sills intersected in drilling have returned intervals of high Ag-Cu-W in multiple core holes including 1.5 m grading 581 grams per tonne Ag, 2.2 W, 0.5 per cent Cu in SE22-039A and 0.1 m grading 3,335 g/t Ag, 1.3 per cent Pb, 1.1 per cent Cu, 3.4 per cent W in SE23-050.
• Skarn and Chinchilla sulphide targets -- the magnetic survey and its corresponding 3-D inversion highlights northwest-oriented magnetic highs (warm colours) interpreted as dike-filled fault zones. Corresponding magnetic lows (cooler colours) are interpreted as silica flooding associated with CRD mineralization along northwest normal faults and east-verging thrust faults, which coincide with high-grade intercepts at Chinchilla oxide and represent high-priority drill targets at Chinchilla sulphide:
  • A strong magnetic response on the southwest portion of the property is interpreted as possible skarn alteration associated with the margins of the Butte Valley porphyry located less than one km to the west of the property boundary;
  • Limited drilling in the upper portions of the Chinchilla Sulphide target in 2022 returned three m grading 605.3 g/t silver equivalent in SE22-037 and 1.5 m grading 342.9 g/t AgEq in SE22-038 but did not drill deep enough to fully test prospective host rocks to depth;
    • Mineralization in SE22-037 was transitioning to semi-massive sulphide at the base of the mineralized intercept;
  • Pronounced magnetic low beneath SE23-037 is interpreted as a major zone of fluid flow and permeability.

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 km of highly prospective exploration ground including Ridgeline's shallow-oxide 2020 Ag-Au plus or minus Pb-Zn Chinchilla discovery. Subsequent drilling has continued to highlight the potential for high-grade CRD-type mineralization (Ag-Au-Pb-Zn plus or minus Cu-W) between Chinchilla and the Butte Valley Cu-Au-Ag-Zn porphyry located directly west of the property.

Quality assurance/quality contrnol procedures

Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nev., which is a certified and accredited laboratory, 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 (Au; 30-gram fire assay) and ICP-5AM48 (48-element suite; 0.5-gram five-acid digestion/inductively coupled plasma mass spectrometry) 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 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, Mr. Harp, vice-president, exploration.

Technical information contained in this news release has been reviewed and approved by Mr. 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 and base metal explorer with a proven management team and a 192 square km exploration portfolio across five projects in Nevada, United States. The company boasts two earn-in exploration agreements with Nevada Gold Mines at its Swift and Black Ridge projects, which are being aggressively explored in 2024.

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