Ridgeline Minerals acquires Trench gold project near its Atlas Project, Nevada
Ridgeline Minerals Corp. [TSXV: RDG; OTCQB: RDGMF; FSE: 0GC0] has entered into an exploration earn-in option agreement to acquire a 100% interest in the Trench oxide gold project from Bronco Creek Exploration, a wholly owned subsidiary of EMX Royalty Corp. [TSXV: EMX].
The project is host to an outcropping and historically underexplored Carlin-Type gold system that exhibits similar age host rocks and mineralization style to Ridgeline’s adjoining Atlas project.
Trench is comprised of 31 Bureau of Land Management lode mining claims totaling 2.2 km2. The project is located approximately 30 km southwest of the town of Carlin, Nevada, with excellent access to local infrastructure.
The area was previously explored in the 1990’s by several groups with surface trenching and limited drilling (results unknown). Anomalous, widespread gold mineralization and structurally controlled higher-grade gold grading up to 5.6 g/t gold is hosted within a sequence of prospective Ordovician to Pennsylvanian-Permian age rocks cut by a series of Tertiary dikes.
These Tertiary dikes may represent a potential source to the Carlin-Type gold system and are a likely mineralizing control to the higher-grade rock chips taken to-date. As part of the agreement, the company will inherit a surface geochemical database with technical highlights and exploration earn-in terms detailed below:
Mike Harp, Ridgeline’s Vice President, Exploration, commented, “This is a great acquisition for Ridgeline as we further consolidate our Atlas oxide gold project in advance of a maiden drill program this spring. The Trench claims are contiguous with the greater Atlas project and exhibit high-grade gold at surface but has seen limited modern exploration. This consolidation expands the Atlas mineralized footprint to over four kilometers of combined strike and aligns with the company’s strategy of acquiring and systematically advancing underexplored projects in known gold districts.”
Surface Sampling Highlights: 34 reconnaissance rock chips were taken between the EMX and Ridgeline teams with grades up to 5.6 g/t Au.
A series of high-grade rock chips ranging from 1.8 g/t Au to 5.6 g/t Au were taken from reclaimed trench locations that were originally built by operators in the 1990’s.
The current dataset at Trench is encouraging but limited in size. The Company plans to complete an expanded rock chip sampling and field mapping campaign in H2, 2025 to supplement the existing surface geochemical database.
Subject to TSX Venture Exchange approval under the Agreement, Ridgeline may earn a 100% interest in the Project by making the initial execution payment of 250,000 Ridgeline common shares within 5 days of TSX Venture Exchange approval; and all option payments totaling $650,000 over a five-year period; and completing $500,000 in exploration expenditures before the fifth anniversary of the Agreement
Upon closing of the exploration earn-in option agreement, EMX will retain a 3.0% net smelter return (NSR) royalty on the Project. Ridgeline can reduce the NSR royalty to 2.0% by completing an initial 0.5% royalty buyback with a payment of $1,500,000 to EMX prior to the third anniversary of the option exercise (year 8); and paying $2,000,000 to EMX anytime thereafter for the remaining 0.5%
Ridgeline will make annual advance royalty payments of $50,000 with payments to cease upon start of commercial production.
Ridgeline will make Project milestone payments (payable in cash or, at the election of the company, in up to 50% in common shares) consisting of $250,000 upon completion of a Resource Milestone: $500,000 upon completion of a Pre-Development Milestone; and $1,000,000 upon reaching a positive Development Milestone.
Atlas is a six km2 land package located in Eureka County, Nevada, approximately 30 km southwest of the town of Carlin. The property exhibits classic Carlin-Type alteration and gold mineralization within outcropping Pennsylvanian to Permian age carbonate to siliciclastic host rocks. The primary target at Atlas is a bulk tonnage, oxide, Carlin-Type gold system, which is analogous to the nearby Dark Star gold deposit (part of the greater Railroad Mining District), which is currently owned by Orla Mining and advancing towards mine development.
The 100% owned project is comprised of a total of eight km2 of highly prospective exploration ground that will benefit from the Ridgeline teams’ systematic approach to discovery.
Ridgeline Minerals is a discovery focused precious and base metal explorer with a proven management team and a 200 km2 exploration portfolio across seven projects in Nevada, USA. The company is a hybrid explorer with a mix of 100%-owned exploration assets (Big Blue, Atlas, Bell Creek & Coyote) as well as two earn-in exploration agreements with Nevada Gold Mines at its Swift and Black Ridge projects and a third earn-in with South32 at its Selena project.