Ridgeline Minerals (TSX-V:RDG, OTCQB:RDGMF) Corp has announced that its joint venture (JV) partner Nevada Gold Mines LLC (NGM) is set to begin drilling at the Swift gold project in Nevada's Cortez District.
The company said the first drill hole, consisting of 900 metres, will target mineralized fault intersections within favourable lower plate carbonate host rocks of the Wenban and Roberts Mountains formations and will be completed in the fourth quarter of this year.
“In line with our strategy to advance exploration projects to create shareholder value, we are pleased to announce that our partner, Nevada Gold Mines, has commenced drilling at the Swift gold project,” Ridgeline Minerals (TSX-V:RDG, OTCQB:RDGMF) CEO Chad Peters said in a statement.
“NGM has been working closely with Ridgeline to target this initial drill hole following the recent execution of the Earn-In Agreement,” Peters added.
Ridgeline entered into an exploration earn-in agreement with NGM, a joint venture between Barrick Gold Corp and Newmont Corp, in September 2021, under which NGM can incur a minimum US$20 million (with US$4 million guaranteed) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in the Swift gold project.
NGM will have further options to increase its interest to a total of 75%, subject to additional expenditures and commitments.
Ridgeline noted that the target area exhibits a kilometer-scale gold, coincident Carlin-type pathfinder surface soil anomalies, with rock chip samples grading up to 9.82 grams per tonne (g/t) gold.
Ridgeline Minerals (TSX-V:RDG, OTCQB:RDGMF) 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 Sean at sean@proactiveinvestors.com