VANCOUVER, BC / January 28, 2020 / Ridgestone Mining Inc. (TSX.V: RMI) (OTCQB: RIGMF) ("Ridgestone Mining" or “The Company”), is pleased to announce results from a recently completed rock-chip sampling program conducted on its Rebeico Gold & Copper Project, Sonora, Mexico.
The sampling focused on the New Year Zone, where reconnaissance rock chip sampling by Agnico Eagle Mines (AEM-T) in 2012 and later by Ridgestone’s exploration team, returned up to 2 g/t gold and 0.63% copper.
- Widespread gold and copper mineralization at surface distributed over and area of 125 meters by 175 meters (2.2 hectares);
- High-Grade gold, up to 12.95 g/t, including 8 rock-chip samples assaying > 4.0 g/t gold, 30 samples > 1.0 g/t gold and 33 samples between 0.1 to 1.0 g/t gold;
- Copper: 73 samples > 0.1% Cu, including 14 samples > 0.4% Cu (maximum 0.65 % Cu); and
- High Bismuth associated with significant gold and copper assays indicates a proximal intrusion-related mineralized system.
The sampling program involved the initial collection of 115 rock-chip samples over a grid covering an area of approximately 200 meters by 180 meters. These averaged 1.0 meter in width and were collected from outcrops and weathered talus. Another 73 rock-chip samples, each of approximately 3.0 meters in width were then collected along road cuts and nearby outcrops.
Altogether, a total of 188 samples, with an average weight of 4.5 kilograms, were collected and submitted to ALS Chemex for analysis for gold, copper and multi-elements.
Significant gold and copper mineralization occurs over an area of approximately 125 meters by 175 meters in the eastern part of the sampled area as shown in Figure 1 and Figure 2. Mineralization is hosted by brecciated andesite with variable amounts of gossan +/- magnetite, +/- quartz as well as chloritized and fractured andesite peripheral to the brecciated zones. Bismuth is strongly elevated and associated with gold and copper as shown in Figure 3.
A sample collected and analyzed by Agnico Eagle in 2012 from the northeastern part of the New Year Zone, that assayed 26.6 g/t gold has now been attributed to material believed to be from the southern part of the Alaska vein.
Jonathan George, CEO, comments, “These excellent results showing widespread gold and copper mineralization over such a large area are very encouraging, and provide compelling targets for drilling to test the extent of mineralization at depth.”
Further, “The occurrence of highly elevated bismuth with gold and copper provides promising evidence of a proximal intrusion-related mineralized system”.
The Company intends to conduct detailed geological mapping to support a diamond drilling program to test this promising mineralized zone anticipated to commence in Q1/2020.
The 2019 Rebeico sampling program was managed by Ridgestone’s partner, YQ Gold S.A. de C.V. Samples were transported by YQ Gold personnel from the sample sites to a secure sample storage area on a daily basis. Blank samples were inserted into the sample stream for Quality Assurance / Quality Control (“QA/QC”) purposes. YQ Gold personnel transported the samples to the ALS Minerals (“ALS”) preparation laboratory in Hermosillo, Sonora. After preparation, sample pulps were air-freighted by ALS to their assay laboratory in North Vancouver, British Columbia. Gold was determined by fire-assay fusion with an atomic absorption finish. Samples with >10 g Au/t were re-assayed for gold by fire-assay fusion with a gravimetric finish. Silver and 31 major, minor and trace elements were determined by ICP-AES following 4-acid digestion.
The technical information disclosed in this news release has been reviewed and approved by Steven I. Weiss, C.P.G., Ph.D., and consulting geologist for Ridgestone. Mr. Weiss is a Qualified Person under NI 43-101 and the author of the technical report filed on SEDAR titled “NI 43-101 Technical Report on the Rebeico Gold-Copper Project; Central Sonora, Mexico”.
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.
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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 or exploration results, or any results from the MarketSmart program. 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.
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