Vior Maintains Its 9.9% Equity Interest in Nevada Focused Ridgeline Minerals Corp.
MONTREAL, CANADA, March 11, 2020 – SOCIÉTÉ D’EXPLORATION MINIÈRE VIOR INC.(“Vior”), (TSX-Venture: VIO, FRANKFURT: VL51) is pleased to announce a further strategic investment in Ridgeline Minerals Corp. (”Ridgeline”)(formerly Carlin -Type Holdings Ltd.). This is an arm’s length transaction. Ridgeline is a private ”Corporation”, incorporated under the Business Corporations Act (British Columbia) whose wholly owned Nevada subsidiary holds the option to acquire a 100% ownership interest in three highly prospective Carlin-Type gold projects in the world-class Carlin and Battle Mountain-Eureka Trends of Nevada.
Vior has made an additional investment of $167,750 in the 2nd tranche of Ridgeline’s second seed round of financing, providing it with a non-diluted equity interest of 9.9% in Ridgeline. This brings Vior’s total investment in Ridgeline to $625,850 for a total of 3,642,500 shares. Ridgeline is targeting an initial public offering (IPO) and listing on the TSX.V in 2nd Quarter 2020.
Ridgeline’s highly prospective 110-km exploration portfolio which includes the Carlin-East, Swift and Selen projects (Figure 1), represents a unique opportunity to make a new discovery in proven mining districts within the No.1 ranked mining jurisdiction in the world.
Figure 1: Location on Ridgeline’s properties on the Carlin and Battle Mountain – Eureka Trends
Ridgeline will further increase the odds of discovery by leveraging its strategic drilling partnership with Envirotech Drilling LLC to significantly reduce direct drilling costs at a 60% discount to market rates through 2022. This will ensure that more exploration dollars are going in the ground early in the exploration cycle.
Carlin-East is a 34-square kilometer underexplored core land position in the Carlin Trend that is on trend with Newmont’s multi-million ounce Leeville-Turf gold mine and adjacent to Barrick’s multi-million ounce Goldstrike complex. The primary ore controlling structures (Leeville Corridor) of the Leeville-Turf mine extend onto the Carlin-East property and coincide with a pronounced gravity geophysics high. A single Ridgeline drillhole (CE19-001) in 2019 confirmed a depth to Lower Plate of 790 vertical meters (2,600 ft.) within this structural corridor. Ridgeline has since defined a highly prospective conceptual Carlin-Type exploration target 2,000 meters along strike to the north and is in the process of completing additional geophysics, sampling, mapping, and historic data review. The 2020 drill program will look to test the high priority Crash Zone target.
Swift is a 51-square kilometer core land position in the Cortez District of the Battle Mountain- Eureka trend. The property is directly on trend of the multi-million ounce Nevada Gold Mines operated Cortez Mining Complex comprised of the prolific Pipeline, Cortez Hills and Goldrush mines. The property exhibits altered and mineralized Upper Plate rocks as well as kilometerscale Au and Carlin-Type pathfinder element, soils anomalies across the untested DDF fault zone and Goat anticline target areas. Historic drilling defined a depth to Lower Plate target stratigraphy of 580 meters (1,900 ft.) and yielded multiple intervals of highly anomalous Carlin- Type Au mineralization that did not receive follow-up drilling. Ridgeline has recently identified multiple km-scale Au anomalies within an untested 18-km2 NW-trending structural corridor.
Selena is a 25-square kilometer early stage Carlin-Type Au exploration project located within the historic Limousine Butte district of the South-Carlin Trend. The property lies at the southern end of the Cherry Creek Range to the east of Kinross Gold’s Bald Mountain and Alligator Ridge mines and directly south of McEwen Mining’s Golden Butte and Resurrection Ridge projects. Ridgeline will focus on a newly identified Oxide Au structural target that has been highlighted by multiple EMX Royalty Corp. grab samples collected across this zone that averaged 1.09 g/t Au (n=16), with a high of 6.02 g/t Au (The Company cautions that grab samples are selective by nature and the results are not necessarily indicative of the mineralization on the property). The structural target is untested by drilling and appears to widen as it cuts up-section and continues under shallow cover to the West where it is projected to intersect the Pilot Shale, a regionally important host to gold mineralization.
”We are excited about Ridgeline’s 2020 exploration program which will include a $2.5M CAD exploration budget and 5,400m of drilling across all three projects. Ridgeline is very well capitalized and will be ready to fully execute on their 2020 exploration program following the close of their planned 2nd Quarter 2020 IPO. Chad Peters, B.Sc., P.Geo. (President & CEO) and Mike Harp, M.Sc., P.Geo (Senior Exploration Geologist) bring an outstanding exploration track record to the Ridgeline team in their quest for the next great Nevada discovery. We look forward to working closely with the Ridgeline team!” stated Mark Fedosiewich, Vior’s President and CEO.
The technical content disclosed in this press release was reviewed and approved by Mr. Marc L’Heureux, P.Geo., who is the Company’s Qualified Person as per NI 43-101.