- Ridgeline (RDG) is reporting that Nevada Gold Mines has mobilized a drill rig to its Swift Project in Nevada
- Nevada Gold Mines is a joint venture between Barrick Gold (ABX) and Newmont
- The JV can earn up to a 75-per-cent interest in Ridgeline’s Swift Project subject to work expenditures and other commitments
- Caroline Egan spoke with CEO Chad Peters about what the earn-in agreement means to the company
- Ridgeline is a discovery focused gold-silver explorer with a 154 km² exploration portfolio across four projects in Nevada
- Ridgeline (RDG) is up by 5.88 per cent and is currently trading at $0.36 per share
Ridgeline (RDG) is reporting that Nevada Gold Mines has mobilized a drill rig to its Swift Project in Nevada.
Nevada Gold Mines is a joint venture between Barrick Gold (ABX) and Newmont.
As per Ridgeline’s exploration earn-in agreement with NGM, the latter can incur a minimum of US$20 million (US$4 million guaranteed) in qualifying work expenditures over an initial five-year term to earn a 60-per-cent interest in Swift. NGM will have further options to increase its interest to 75 per cent.
The 75 km² Swift property is on trend to the Pipeline, Cortez Hills and Goldrush deposits, which comprise the multi-million ounce Cortez Complex owned by Nevada Gold Mines.
The single-hole drill program slated for Q4 2021 will consist of the following:
- The 900 m hole will target mineralized fault intersections within favorable lower-plate carbonate host rocks of the Wenban and Roberts Mountains formations
- The target area exhibits km-scale gold-coincident Carlin-type pathfinder surface soil anomalies and rock chip samples grading up to 9.82 g/t gold
- Assay results should be ready by Q1 2022
Caroline Egan was joined by CEO Chad Peters to discuss the agreement between the three companies.
Ridgeline is a discovery-focused gold-silver explorer with a 154 km² exploration portfolio across four projects in Nevada.
Ridgeline (RDG) is up by 5.88 per cent and is currently trading at $0.36 per share as of 10:35 am EST.
