Ridgeline Minerals (TSX-V:RDG, OTCQB:RDGMF) Corp announced that it has begun its diamond core drill program at the Selena project, a silver-gold-lead-zinc carbonate replacement (CRD) style discovery in Nevada.
The precious metals-focused explorer said the drill program will complete up to 10 shallow core holes, comprising about 1,800 metres (m), across the Chinchilla, Juniper and Broken Egg targets.
“Our team has a high degree of confidence in the geologic model, and we are excited to kick-off the fall drill campaign at Selena,” Ridgeline Minerals (TSX-V:RDG, OTCQB:RDGMF) vice president, exploration Mike Harp said in a statement.
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“This program was designed to de-risk multiple shallow-oxide targets and is a critical step in the exploration process as Selena transitions to a resource delineation focus in 2023,” Harp added.
Ridgeline noted its objective at Chinchilla is to complete one core twin of reverse circulation (RC) drill hole SE21-025, which returned 44.2m grading 123.2 grams per tonne (g/t) silver, while the objective for Juniper is to complete two core holes testing the down-dip extension of historical high-grade silver-gold mineralization. The drilling objective at Broken Egg is to complete six to seven wide-spaced core holes to define oxide gold potential within a prospective but historically untested target.
As well, the company said it granted a total of 450,000 stock options to Ridgeline directors, officers, employees and consultants in accordance with its incentive stock option plan, subject to regulatory acceptance.
The incentive stock options are exercisable at $0.22 per share for a period of five years.
Ridgeline also reported that it has granted a total of 300,000 deferred share units (DSUs) to the directors of the company and 75,000 restricted share units (RSUs) to employees of the company.
The DSUs and RSUs are governed by the company's RSU/DSU Plan and will be subject to applicable securities law hold periods.
Ridgeline Minerals is a discovery-focused, gold-silver explorer with a proven management team and a 163-square kilometre exploration portfolio across five projects in Nevada and Idaho.
Contact Sean at sean@proactiveinvestors.com