Vancouver, BC – April 13, 2021 – Ridgestone Mining Inc. (TSX.V: RMI) (OTCQB: RIGMF) (FRA:4U5) (“Ridgestone”) is pleased to announce a phased exploration plan at it’s wholly-owned Rebeico project in Mexico. Work to date has been positive and indicates that the identified copper-gold mineralization on the Rebeico claims may be part of a much larger mineralized system and is most likely related to this system.
The current exploration phase will be comprised of geologic mapping, sampling and prospecting with the aim of delineating additional targets for follow-up exploration drilling. Specifically, the program will focus on the New Year Zone, the Santa Elena outcrop, and the El Cobre mine. In addition, the program will evaluate a number of copper and gold prospects identified on the project.
“We are excited to remobilize to the Rebeico project specifically given the significant past exploration efforts which have already delineated a number of high-grade copper and gold opportunities within the expansive property package” stated Jonathan George, Ridgestone’s CEO and Director. “Our focus of this next phase of exploration is to refine and prioritize the numerous copper and gold targets within the project area for a follow-up drill program and extend the areas of known mineralization.”
New Year Zone
Exploration efforts at the New Year Zone will follow up on the successful 2020 exploration program, which outlined a large zone of widespread copper and gold mineralization with rock chip sampling returning up to 0.65% copper and 12.95 g/t gold. The subsequent drill program confirmed the sub-surface extension of widespread mineralization identified on surface, with highlights including 1.56% copper plus 1.8 g/t gold over 19.30 metres from surface and 0.54% copper over 29.15 metres from surface. Based on geological interpretations of past exploration data, the Company will focus follow-up exploration to the east and north-east where mineralization is expected to be more pervasive.
Elena Concession
Previous rock-chip samples from the Elena concession returned assays of 3.77% copper over 1.5 metres and 3.42% copper over 1.5 metres, where artisanal workings are observed in a stockwork/breccia zone with abundant copper oxides. The Elena concession is underlain by an intense chargeability anomaly, which may represent a potential source of the copper mineralization observed at surface. Approximately 450 meters west of Elena, three rock-chip samples collected from outcrop returned from 1.31% to 2.13% copper suggesting a possible extension of the mineralized zone. Additionally, approximately 600 metres north of Elena, channel samples collected from outcrop returned 2.42% copper and 4.35% copper over a 1.5 metre interval.
El Cobre Mine
The El Cobre mine was a high-grade underground copper mine operated by Asarco during the 1960’s. Based on historical records, the mine was developed on three levels down to a depth of 130 metres with over 180 metres of lateral development on each level. Historical sampling of waste material discarded from prior operations ranged between 2.07% to 2.41% copper with notable gold, silver and molybdenum credits. The current exploration program will focus on prospecting around the El Cobre mine and surrounding area for extensions to the high-grade copper mineralization and delineating targets for follow-up drill testing.
Regional Exploration
The Company’s wholly-owned 3,459-hectare land position that comprises the Rebeico property has seen little to no modern-day exploration. The exploration program will focus on following up on a number of high-grade artisanal workings documented by Mexican Government reports and the Mexican Geological Survey (Servicio Geológico Mexicano or “SGM”).
The Company has engaged Prospeccion y Desarrollo Minero del Norte S.A. de C.V. or ProDeMin of Mexico to assist with the exploration efforts. ProDeMin engages primarily in project management, in addition to exploration efforts such as geological mapping and sampling, surveying, prospecting and project generation. ProDeMin’s clients include senior gold companies such as Kinross Gold, Argonaut Gold, and Alio Gold, as well a number of Mexican-focused exploration companies.
Qualified Person:
Mr. Noris Del Bel Belluz, P.Geo and VP Exploration, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information in this news release.
About Ridgestone Mining Inc.
Ridgestone is a Canadian mineral exploration company focused on its high-grade Guadeloupe y Calvo (gold/silver) and Rebeico (copper/gold) and gold project located in Mexico.
For further information, please contact:
Rad Rajaram – Manager Corporate Relations and Business Development
Telephone: 416-732-0604
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 any ongoing drilling programs, timing of such programs, or exploration results. 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 regulatory filings 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Ridgestone Mining Inc.
