Ridgeline Minerals (TSX-V:RDG, OTCQB:RDGMF) Corp provided an update on its four Nevada-based exploration projects — Swift, Carlin-East, Selena, and Bell Creek — highlighting the closing of a US$20 million earn-in exploration agreement with Nevada Gold Mines (NGM) at its Swift project.
Ridgeline said it has received a US$372,763 closing reimbursement cash payment for Swift as part of its earn-in exploration agreement with NGM. The first steering committee meeting for the project is expected to be held in November of this year.
The company's technical team is working closely with NGM to complete the project hand-off, with soil sampling programs, field mapping, prospecting, and target generation in progress at Swift. The Phase I framework drilling campaign will begin in the fourth quarter of 2021.
READ: Ridgeline Minerals strikes US$20M earn-in agreement with Barrick-Newmont joint venture Nevada Gold Mines for its Swift project
At its Carlin-East project, Ridgeline said it had completed a Phase II campaign in October for a total of 2,272 meters drilled. The assay results are pending.
Ridgeline told shareholders that due to difficult drilling conditions, the company has deferred additional drilling until results from CE21-003 are received and incorporated into the geologic model to determine next exploration steps at the project. Drilling intersected a thick section of more than 1,000 metres, of heavily faulted and structurally complex upper plate rock, which the company reported to have slowed down the progress.
Carlin-East’s drilling samples have been logged, split, and submitted to the lab for analysis with results expected in the fourth quarter.
Meanwhile, Ridgeline Minerals (TSX-V:RDG, OTCQB:RDGMF) reported that infilling of soil sampling and field mapping is in progress over carbonate replacement targets at the Selena project, where its technical team is focused on delineating high-priority targets previously identified in the 2021 drill program.
At Bell Creek, Ridgeline highlighted NGM's recent consolidation of the nearby South Arturo mine, which it said "highlights (the) strategic nature" of the property.
"It's been a very busy 2021 exploration campaign since completing our IPO last year. In this short time frame, we've executed an earn-in agreement on the Swift Project with Nevada Gold Mines, identified a new CRD target at our shallow-oxide Selena discovery, and completed our deep drill program at the Carlin-East project,” said Mike Harp, Ridgeline's vice president, exploration, in a statement.
“With our team's systematic approach to exploration, we will continue to seek, identify and create shareholder value by advancing assets with the greatest upside and we anticipate multiple catalysts for the company heading into our 2022 exploration programs," Harp added.
Ridgeline is a discovery-focused gold-silver explorer with a proven management team and a 154-square kilometre exploration portfolio across four projects in the highly prospective Carlin and Battle Mountain - Eureka Trends in Nevada, US.
Contact Ritika at ritika@proactiveinvestors.com