VANCOUVER, BC / April 30, 2019 / Ridgestone Mining Inc. (TSX.V: RMI) (OTCQB: RIGMF) (“Ridgestone Mining”) is pleased to provide a review of results from exploration on its Rebeico gold-copper project, Sonora, Mexico.
After optioning the project in April 2018, the Company commissioned Steven Weiss, PhD., CPG, of Mine Development Associates (MDA), Reno, Nevada, to prepare a NI 43-101 Technical Report on the project, which was completed on April 25th, 2018.
The report makes reference to two styles of mineralization recognized on the Rebeico property, both containing copper, gold and silver: the over one kilometre-long north-south trending Alaska vein, and the intensely altered breccia zones southwest of the vein.
Both styles of mineralization contain similar minor elements such as bismuth, suggesting that they are related to each other and may be close to a possible copper-gold porphyry at depth.
To further investigate this possibility, the author recommended a Phase 1 exploration program consisting of an induced potential and resistivity survey, mapping and rock-chip geochemical sampling, and diamond drilling.
An Induced Polarization (IP) geophysical survey, comprised of 18 line-kilometres, was carried out in 2018 by Zonge International of Tucson, Arizona. The IP survey consisted of nine east-west lines at 200 metre spacing by two kilometres in length.
In a preliminary interpretation of data obtained from the survey, Zonge observed a high chargeability anomaly which begins to be evident below where the mineralized breccia zone is observed on surface. Here, the anomaly appears at a depth of between 200 to 300 meters and progressively increases in size and intensity towards the last survey line, 600 meters to the south, remaining open.
Zonge also noted that the top of the zone of high chargeability appeared to decrease in depth going south and could reach surface near the Company’s Elena mining concession. Subsequent field investigations in the Elena concession encountered several mineralized outcrops, some of which were sampled. The rock chip samples were submitted for analysis and the assay results are reported here:
|Sample ID||Width(m)||Cu (%)||Au(g/t)||Ag(g/t)|
These high copper values and the underlying large and intense chargeability anomaly provide further evidence that a substantial mineralized system may be present on the property. An extensive exploration program is required to further evaluate this exciting possibility.
Ridgestone also completed a 12-hole, 1,430 metre diamond drill program in December 2018, as summarized in the Company’s news releases of December 13, 2018 and January 17, 2019. The drill program was designed to test for gold and copper mineralization beneath historical underground workings located along a 500 metre portion of the Alaska vein, which can be traced at surface for approximately 1.2 kilometres. The southern part of the Alaska vein is located approximately 900 metres northwest of the copper mineralized outcrops in the Elena claim with samples reported above.
The first ever drill program encountered significant gold and copper mineralization in eight of the twelve holes. Of the remaining four holes, two holes failed to intersect the vein, one was abandoned due to fracturing, and one intersected anomalous mineralization. Hole 19REB1 intersected the underground workings and was stopped.
A summary of all significant results is as follows:
In summary, Ridgestone’s exploration results since optioning the Rebeico property have proven very fruitful and justify a more comprehensive program including detailed mapping and sampling, further geophysical surveys, and extensive diamond drilling.
The Management and Board of Ridgestone would also like to extend our gratitude to Mr. Ron Birch, who passed away suddenly on January 9th this year, for his vision and faith in both the Rebeico project and the company. Ron was a founding Director, a guiding hand, and a true friend. He will be greatly missed by us all.
The technical information disclosed in this news release has been reviewed and approved by Steven I. Weiss, C.P.G., Ph.D., with Mine Development Associates (“MDA”) of Reno, Nevada, USA. Mr. Weiss is a Qualified Person under NI 43-101 and the author of the technical report prepared by MDA and filed on SEDAR titled “NI 43-101 Technical Report on the Rebeico Gold-Copper Project; Central Sonora, Mexico”.
Investor Relations Agreement
Ridgestone Mining has retained the services of MarketSmart Communications Inc. (“MarketSmart”), a Vancouver- based corporate communications company.
MarketSmart will work to develop and implement a strategic corporate communications program to increase visibility and exposure for Ridgestone Mining among industry stakeholders and investors across Canada. MarketSmart has been in operation since 2002.
In connection with the engagement, which is subject to TSXV approval, MarketSmart has been awarded a one-year investor relations contract effective April 23rd, 2019. Pursuant to the terms of the contract, MarketSmart will be paid $6,000 + GST per month.
About Ridgestone Mining Inc.
Ridgestone is a TSX Venture Exchange-listed junior mineral exploration company with offices in Taipei and Vancouver, B.C. The Company’s focus is on precious metals and copper in Sonora, Mexico, and specifically the Rebeico Gold-Copper project.
For further information, please contact:
Erwin Wong, CFO & Director
Ridgestone Mining Inc.
This news release contains forward-looking statements or information (collectively referred to herein as “forward-looking statements”). Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. In this news release such statements include but are not limited to the preparation of a definitive agreement and the requirement of TSX Venture Exchange approval therefor. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including those described in the Company’s Prospectus dated February 9, 2018 available on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company’s course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this news release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
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