2020 News

 

VANCOUVER, BC / July 15, 2020 / Ridgestone Mining Inc. (TSX.V: RMI) (OTCQB: RIGMF) (FRANKFURT: 4U5) ("Ridgestone") is pleased to report the first three holes from a recently completed 1,674 metre drill program on its wholly-owned Rebeico gold-copper project in Sonora, Mexico. The holes were part of a maiden drill program conducted on the New Year Zone to investigate the subsurface extent of significant gold and copper mineralization previously sampled on surface.

Highlights

  • Hole 20REB013D intersected 2.13 g/t gold and 1.79% copper over a 16.25 metre interval from 3.05 metres to 19.30 metres, including a higher-grade 4.35 metre interval @ 5.25 g/t gold and 1.46% copper.
  • Copper mineralization in hole 20REB013D commenced from surface for 19.3 meters averaging 1.56 % copper.
  • Holes 20REB014D and 20REB015D collared 60 metres west and about 10 metres south of 20REB13D encountered significant copper mineralization from near surface to 18 metres.
  • Pervasively hydrothermally altered rocks with variable amounts of pyrite, magnetite, and chalcopyrite were encountered in all three of these holes.

Mr. Jonathan George, CEO, commented “We are very pleased that all three of these holes intersected multiple runs of elevated copper and visible chalcopyrite over tens of metres of length down-hole from the reported, near-surface significant results.  As well, extensive intercepts with veinlets containing variable mixtures of pyrite, chalcopyrite, magnetite, chlorite, calcite and quartz, and the intercepts of hydrothermal breccia, taken together confirm we have penetrated a highly-prospective copper and gold bearing mineral system.” 

Hole 20REB13D was drilled vertically to a depth of 98 metres (Table 1), encountering abundant iron and copper oxides and sulphides in veinlets and disseminations in brecciated and silicified andesite and hydrothermal breccia from surface to greater than 19 metres (Figure 1 and Figure 2).  Narrower intervals of hydrothermal breccia were penetrated to depths of 68 metres.  Pyrite and minor amounts of chalcopyrite ± magnetite were observed in more extensive intervals in veinlets and as disseminated grains, as well as in narrow veins with calcite and/or quartz.

 

Table 1: Summary of Drill Intercepts

Hole #

Azimuth (deg)

Inclination (deg)

Final Depth (m)

From (m)

To (m)

Interval (m)

Gold (g/t)

Cu (%)

20REB013D

0

-90

98.5

0

19.30

19.30

1.80

1.56

including    

3.05

19.30

16.25

2.13

1.79

which also includes    

8.65

13.00

4.35

5.25

1.46

20REB014D

0

-90

170.1

1.6

17.8

16.2

n.s.i

0.25

20REB015D

270

-55

167.2

1.80

12.70

10.90

n.s.i

0.19

n.s.i. = no significant interval

 

Figure 1: New Year Zone Phase 1 Drill Collar Location

 

Figure 2: Cross Section 3,188,100N

Holes 20REB014D and 20REB015D were collared approximately 60 metres west and 10 metres south of 20REB13D (Figure 3) and drilled vertically and west at -55 degrees, respectively. Hole 20REB014D was drilled to depth of 170.10 metres and intersected 16.2 metres grading 0.25 % copper from 1.6 to 17.8 meters (Table 1). Hole 20REB15D was drilled to a depth of 167.20 metres and intersected 10.90 metres at a grade of 0.19% copper from 1.80 meters to 12.70 metres (Table 1). Both of these mineralized intervals were within brecciated andesite.  Multiple zones of hydrothermal breccia were intersected in 20REB014D from 100 to 155 metres, and both holes intersected multiple intervals with veinlets and disseminated grains of sulphides as well as anomalous gold and copper values at various depths. 

 

Figure 3: Cross Section 3,188,090N

 

Figure 4: Core Photo from 20REB013D Assaying 7.79 g/t Gold and 1.66% Copper

The New Year Zone diamond-drill core program was completed by Layne de Mexico under the guidance of Steve Weiss (Chief Technical Advisor) and Jonathan George (CEO), with onsite supervision by geologists from Ridgestone’s partner YQ Gold. Drill core of HQ size was recovered by conventional wireline methods and was transported daily from the drill sites to a secure logging and sample storage area.

After logging by geologists, intervals selected for sampling were sawed in half lengthwise. The ½-core samples were placed in pre-numbered sample bags and weighed. Blanks and certified reference material samples were inserted into the sample stream for Quality Assurance / Quality Control ("QA/QC") purposes.  The samples were transported by YQ Gold personnel to the ALS Chemex ("ALS") preparation laboratory in Hermosillo, Sonora.  At ALS the samples were crushed in their entirety to 70% less than 2 mm, then riffle split to obtain a 250 gram sub-sample that was pulverized to > 85% passing 75 microns.  After preparation, the sample pulps were air-freighted by ALS to their assay laboratory in North Vancouver, British Columbia.  All samples were analyzed for gold by 30-gram fire assay with an atomic absorption (“AA”) finish (ALS method code AuAA23).  The samples were also analyzed for multiple minor and trace elements by inductively-coupled plasma-emission mass-spectrometry (“ICP-MS”) following a 4-acid digestion (ALS method code ME-MS61).

The technical information in this news release has been reviewed and approved by Mr. Steven I. Weiss, PhD, CPG, a qualified person as defined by National Instrument 43-101.  Mr. Weiss is independent of Ridgestone Mining and YQ Gold, and all their respective subsidiaries.

 

About Ridgestone Mining Inc.

Ridgestone is a Canadian mineral exploration company focused on its wholly-owned, high-grade Rebeico gold-copper project located in Sonora, Mexico.

 

For further information, please contact:

MarketSmart Communications Inc.

Telephone: 877-261-4466

info@marketsmart.ca

 

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.

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