Mr. Chad Peters reports
RIDGELINE MINERALS ACQUIRES HIGH-GRADE OXIDE GOLD PROJECT, FURTHER CONSOLIDATING LAND POSITION AT THE ATLAS PROJECT, NEVADA
Ridgeline Minerals Corp. has entered into an exploration earn-in option agreement to acquire a 100-per-cent interest in the Trench oxide gold project from Bronco Creek Exploration, a wholly owned subsidiary of EMX Royalty Corp. The project is host to an outcropping and historically underexplored Carlin-type gold system that exhibits similar age host rocks and mineralization style to Ridgeline's adjoining Atlas project.
Trench is composed of 31 Bureau of Land Management lode mining claims totalling 2.2 square kilometres. The project is located approximately 30 kilometres southwest of the town of Carlin, Nev., with excellent access to local infrastructure. The area was previously explored in the 1990s by several groups with surface trenching and limited drilling (results unknown). Anomalous, widespread gold mineralization and structurally controlled higher-grade gold grading up to 5.6 grams per tonne gold are hosted within a sequence of prospective Ordovician to Pennsylvanian-Permian age rocks cut by a series of Tertiary dikes. These Tertiary dikes may represent a potential source to the Carlin-type gold system and are a likely mineralizing control to the higher-grade rock chips taken to date. As part of the agreement, the company will inherit a surface geochemical database with technical highlights and exploration earn-in terms detailed below.
Mike Harp, Ridgeline's vice-president, exploration, commented: "This is a great acquisition for Ridgeline as we further consolidate our Atlas oxide gold project in advance of a maiden drill program this spring. The Trench claims are contiguous with the greater Atlas project and exhibit high-grade gold at surface but has seen limited modern exploration. This consolidation expands the Atlas mineralized footprint to over four kilometres of combined strike and aligns with the company's strategy of acquiring and systematically advancing underexplored projects in known gold districts."
Surface sampling highlights
Thirty-four reconnaissance rock chips were taken between the EMX and Ridgeline teams with grades up to 5.6 grams per tonne gold:
- A series of high-grade rock chips ranging from 1.8 g/t Au to 5.6 g/t Au was taken from reclaimed trench locations that were originally built by operators in the 1990s.
- Rock chip statistics: Minimum equals 0.001 g/t Au, medium equals 0.33 g/t Au and maximum equals 5.64 g/t Au.
The current data set at Trench is encouraging but limited in size. The company plans to complete an expanded rock chip sampling and field mapping campaign in second half 2025 to supplement the existing surface geochemical database.
Exploration earn-in terms: All dollar amounts are in U.S. dollars. Subject to TSX Venture Exchange approval pursuant to the agreement, Ridgeline may earn a 100-per-cent interest in the project by:
- Making the initial execution payment of 250,000 Ridgeline common shares within five days of TSX Venture Exchange approval; and
- All option payments totalling $650,000 over a five-year period; and
- Completing $500,000 in exploration expenditures before the fifth anniversary of the agreement.
Commercial terms
Upon closing of the exploration earn-in option agreement, EMX will retain a 3.0-per-cent net smelter return royalty on the project. Ridgeline can reduce the NSR royalty to 2.0 per cent by:
- Completing an initial 0.5-per-cent royalty buyback with a payment of $1.5-million to EMX prior to the third anniversary of the option exercise (year eight); and
- Paying $2-million to EMX any time thereafter for the remaining 0.5 per cent.
Ridgeline will make annual advance royalty payments of $50,000 with payments to cease upon commencement of commercial production:
- Ridgeline will make project milestone payments (payable in cash or, at the election of the company, in up to 50 per cent in common shares) consisting of:
- $250,000 upon completion of a resource milestone;
- $500,000 upon completion of a predevelopment milestone; and
- $1-million upon reaching a positive development milestone.
Quality assurance/quality control procedures
Samples are submitted to American Assay Laboratories of Sparks, Nev., which is a certified and accredited laboratory, independent of the company. Independent check samples are sent to Paragon Geochemical Labs 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 at AAL and analyzed using a photon assay (gold-silver, 500 grams) at Paragon. AAL and Paragon also undertake their 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.
The 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 as defined under National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
Atlas project
Atlas is a six-square-kilometre land package located in Eureka county, Nevada, approximately 30 kilometres southwest of the town of Carlin, Nev. The property exhibits classic Carlin-type alteration and gold mineralization within outcropping Pennsylvanian- to Permian-age carbonate to siliciclastic host rocks. The primary target at Atlas is a bulk tonnage, oxide, Carlin-type gold system, which is analogous to the nearby Dark Star gold deposit (part of the greater Railroad mining district), which is currently owned by Orla Mining and advancing toward mine development. The 100-per-cent-owned project is composed of a total of eight square kilometres of highly prospective exploration ground that will benefit from the Ridgeline teams' systematic approach to discovery.
About Ridgeline Minerals Corp.
Ridgeline Minerals is a discovery-focused precious and base metal explorer with a proven management team and a 200-square-kilometre exploration portfolio across seven projects in Nevada, United States. The company is a hybrid explorer with a mix of 100-per-cent-owned exploration assets (Big Blue, Atlas, Bell Creek and 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.
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