Ridgeline Minerals (TSX-V:RDG, OTCQB:RDGMF) Corp said it is pleased with early drilling at its Swift project located in the Cortez mining district in Nevada, which is currently under option to Nevada Gold Mines.
Ridgeline CEO Chad Peters said the company was encouraged to see the initial assay results in SW21-001 return a near surface gold intersection in historically poor host rocks of the upper plate.
Peters told investors that the results "further support the widespread gold and trace element footprint at Swift and highlight the potential strength of the Carlin-Type gold target at depth."
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The first hole drilled under the exploration agreement, SW21-001, returned 9.1 metres grading 0.51 grams per tonne gold, starting at 8.5 metres downhole, Ridgeline said in a statement.
The company said the hole also intersected lower plate host rocks at relatively shallow depths of 556 metres but did not return significant gold intercepts throughout the lower plate section.
Swift is currently parrt of an exploration earn-in agreement with Nevada Gold Mines who hold an option to spend US$20 million in qualifying expenditures over five years in exchange for initial 60% stake in the project.
“The elevated gold and anomalous Carlin-Type pathfinder geochemistry observed in the upper portion of SW21-001 is encouraging and suggests mineralization is vectoring to the west,” Ridgeline said.
The company said the next phase of drilling in 2Q 2022, would consist of a series of wide-spaced framework drill-holes to test this concept and generate a comprehensive geologic model of the “historically underexplored” Swift project.
“The next phase of drilling will continue to shape the geologic model with this systematic exploration strategy having already led to multiple discoveries in the Cortez district," CEO Peters added.
Ridgeline Minerals (TSX-V:RDG, OTCQB:RDGMF) is a discovery-focused gold and silver explorer with a 163-square kilometre exploration portfolio across five projects in Nevada and Idaho in the United States.
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