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Ridgeline Minerals Intersects High-Grade Zone of 6.1 Meters of 480 g/t Silver, 12.0% Lead, 6.4% Zinc and 0.1 g/t Gold at the Selena Project, Nevada

24.01.2023  |  Newsfile

To view a summary of today's press release by Ridgeline CEO Chad Peters, click HERE

Vancouver, January 24, 2023 - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) ("Ridgeline" or the "Company") is pleased to announce high-grade grade silver ("Ag") - lead ("Pb") - zinc ("Zn") - gold ("Au") intercepts with localized tungsten ("W") mineralization from the Chinchilla Zone at the Selena ("Selena") project, Nevada (Figure 1).

Highlight intercepts from two diamond core holes at the Chinchilla Zone include high-grade zones of 6.1 meters ("m") grading 480 grams per tonne ("g/t") Ag, 12.0% Pb, and 6.4% Zn, 0.1 g/t Au in SE22-045 and 0.5m grading 1,793 g/t Ag and 2.2% W in SE22-039 (Figure 2 & Table 1). Both intercepts are hosted within 30-50 m wide zones of strongly oxidized carbonate replacement ("CRD") style alteration and mineralization. A total of 7 core holes were completed during the fall 2022 drill program with assays pending on the remaining 5 holes, which are located at the Juniper and Broken Egg targets.

Mike Harp, Ridgeline's Vice President, Exploration commented, "Hole 45 represents the single best drill intercept in the project's history and highlights the need for an aggressive infill program in 2023 to upgrade the Chinchilla Zone to a maiden resource. Drilling to-date suggests the potential to define both open-pit and underground mining scenarios at Chinchilla, with significant upside remaining along strike and within un-tested and highly prospective carbonate host rocks at depth."

Highlight Drill Intercepts

  • SE22-045: 32.5 m grading 153.42 g/t Ag, 2.51% Pb, 1.60% Zn, 0.09 g/t Au, starting at 235 m true vertical depth ("TVD") (Figure 1 & Figure 2);
    • Including 6.1 m grading 480.52 g/t Ag, 12.0% Pb, and 6.39% Zn, 0.14 g/t Au in SE22-045;
      • Including 0.7 m grading 1,347.73 g/t Ag, 28.89% Pb and 12.02% Zn, 0.11 g/t Au.
  • SE22-039: 15.9 m grading 83.5 g/t Ag, 0.10% Pb, 0.14% Zn, 0.02 g/t Au, (No significant values of W) in SE22-039 starting at 230 m TVD;
    • Including 0.5 m grading 1,793 g/t Ag, 2.2% W, 0.08% Pb and 0.15% Zn, 0.09 g/t Au, (Figure 2 & Figure 3).

Summary of Drill Results
Drillhole SE22-045

  • SE22-045 returned the single best Ag-Au-Pb-Zn CRD drill intercept in the project's history (see core photo of high-grade zone HERE);
    • And if calculated on a silver equivalent ("AgEq") basis, the highlight intercept returned 6.1 m grading 1,137.20 g/t AgEq (metal prices $20 Ag, $0.90 Pb, $1.25 Zn, $1800 Au, no recovery factory applied).
  • The core hole twinned and confirmed CRD mineralization originally intercepted in reverse circulation ("RC") drill hole SE21-025 (see June 15, 2021 press release HERE).
  • Geometry of the zone and its proximity to the "feeder" fault intersected in SE22-039 suggests holes SE22-045 and SE21-025 intersected a high-grade "chimney" horizon that remains open along strike and dip.

Drillhole SE22-039

  • High-grade silver-tungsten mineralization in SE22-039 is hosted within a quartz-feldspar porphyry ("QFP") infilled fault zone and is the first instance of tungsten at Selena with additional infill drilling required to define the potential of this new mineralized zone.
    • Porphyry hosted tungsten further supports the interpretation that Freeport-McMoRan's adjacent Butte Valley porphyry system is the source to CRD mineralization in the district.
  • Stringer to semi-massive sulfide mineralization from 231.7 - 235.1 m (Table 1 & Photo #2) is encouraging and suggests infill drilling may define additional zones of sulfide mineralization.

2023 Exploration Plans
The permitting of a Bureau of Land Management administered Plan of Operations ("PoO") is ongoing with an anticipated approval in Q2, 2023. The PoO will allow for two hundred (200) acres of proposed disturbance across the Chinchilla, Juniper and CRD targets and enable the Company to begin delineating a maiden resource at the Chinchilla zone as well as conduct exploration drilling from more favourable drill pad locations at the Juniper and CRD targets. Ridgeline's technical team is in the process of remodeling the Chinchilla deposit to better reflect the "chimney" and "manto" style geometries observed in drilling to-date. Exploration at the Broken Egg and Revival targets are operated under separate five (5) acre Notice of Intent permits with minor revisions required in 2023 to continue advancing each target.



Figure 1: Plan view map showing reported intercepts from SE22-039 and SE22-045 at the Chinchilla zone. Assays pending from the remaining 2022 drill holes at the Juniper and Broken Egg targets.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7298/152248_2557f809d466d973_002full.jpg

Table 1: Table of significant drill intercepts from the two core holes drilled at Chinchilla in Q4, 2022. Note: The SE22-039 intercept from 277.3-277.8m also included 2.2% Tungsten (not included in Table 1).

Chinchilla Zone - Q4 2022 Drill Program
Drill hole Az/Dip From
(m)
To
(m)
Interval
(m)
Ag (g/t) Pb (%) Zn (%) Au (g/t) TVD
(m)*
Redox
State
SE22-045 007/-70 246.3 278.8 32.5 153.42 2.51 1.60 0.09 235 Oxide
Including 252.4 258.5 6.1 480.52 12.00 6.39 0.14
Including 253.9 254.6 0.7 1,347.73 28.89 12.02 0.11
and 270.6 273.3 2.7 452.96 1.42 0.54 0.15
SE22-039 015/-70 231.7 235.1 3.4 83.90 1.45 1.92 0.02 224 Sulfide
240.9 244.5 3.6 57.97 0.53 0.43 0.06 230 Oxide
263.6 279.5 15.9 83.51 0.10 0.14 0.02
Including 277.3 277.8 0.5 1,739.00 0.08 0.16 0.09
*TVD - True Vertical Depth to the top of the drilled intercept. (To the extents known, true widths estimated at 70-90% of drilled intercept)

For a complete table of all Chinchilla Zone assay results click HERE



Figure 2: X-Section B-B' highlighting SE22-039 and SE22-045 drill intercepts with geometry of high-grade structurally controlled "chimney" and stratabound "manto" horizons shown with grade contours.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/7298/152248_2557f809d466d973_003full.jpg



Figure 3: Long-Section A-A' highlighting intercepts in SE22-039 and SE22-045 which have confirmed and upgraded grades returned in previous RC drill intercepts in SE21-025.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/7298/152248_2557f809d466d973_004full.jpg

To view property-wide Chinchilla long-section A-A', click HERE.

Selena Project
Selena is located in White Pine County, Nevada, approximately 64 kilometers ("km") north of the town of Ely, NV. The project shares a property boundary with the Butte Valley project, a US $33M earn-in agreement between Freeport-McMoRan and Falcon Butte Minerals. The 100% owned project is comprised of 39 square kms of highly prospective exploration ground including Ridgeline's shallow-oxide 2020 Ag-Au-Pb-Zn Chinchilla discovery. Subsequent drilling has continued to highlight the potential for high-grade CRD type mineralization (Ag-Au-Pb-Zn ±Cu) between Chinchilla and the Butte Valley Cu-Au-Ag porphyry located directly west of the property. (View the Selena VRIFY Deck Here)

QAQC Procedures
Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Samples are prepared using industry-standard prep methods and analysed using FA-PB30-ICP (Au; 30 g fire assay) and ICP-5AM48 (48 element Suite; 0.5 g 5-acid digestion/ICP-MS) methods. AAL also undertakes its 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.

Technical information contained in this news release has been reviewed and approved by Michael T. Harp, CPG. the Company's Vice President, Exploration, who is Ridgeline's Qualified Person under National Instrument 43-101 and responsible for technical matters of this release.

About Ridgeline Minerals Corp.
Ridgeline is a discovery focused gold-silver explorer with a proven management team and a 163 km² exploration portfolio across five projects in Nevada and Idaho, USA. More information about Ridgeline can be found at www.RidgelineMinerals.com.

On behalf of the Board
"Chad Peters"
President & CEO

Further Information:
Chad Peters, P.Geo.
President & CEO
Ridgeline Minerals Corp.
1-866-RDG-NVAU (734-6828) - toll free | info@ridgelineminerals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note regarding Forward Looking Statements
Statements contained in this press release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated benefits of the Earn-In Agreement and the transaction contemplated thereby. The words "potential", "anticipate", "meaningful", "discovery", "forecast", "believe", "estimate", "expect", "may", "will", "project", "plan", "historical", "historic" and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to, assumptions that TSX Venture Exchange approval will be granted in a timely manner subject only to standard conditions; the current objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline's public disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events, or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152248


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