Vancouver, BC – May 11, 2021 – Ridgestone Mining Inc. (TSX.V: RMI) (OTCQB: RIGMF) (FRA:4U5) (“Ridgestone”) is pleased to announce a maiden National Instrument 43-101 (NI 43-101) Mineral Resource Estimate for it’s Guadalupe y Calvo (“GyC”) gold-silver project in Chihuahua, Mexico. The maiden mineral resource was estimated for two principal mineralized structures, the Rosario and Nankin veins, captured within a combined pit-constrained and underground mineral resource model. Mineralization at GyC remains open for expansion both along strike and down-dip at depth. The GyC project is comprised of 20 square kilometres. Ridgestone entered into an option agreement with Endeavour Silver in December 2020 to acquire a 100% interest in the property.
- Indicated Mineral Resource: 356,000 ounces of gold-equivalent at an average grade of 72 g/t AuEq
- Inferred Mineral Resource: 460,000 ounces of gold-equivalent at an average grade of 65 g/t AuEq
* Mineral Resource Estimate for a combined pit constrained and underground scenario at a cut-off grade of 0.27 g/t AuEq in-pit and 1.33 g/t AuEq underground
“We are very pleased with this significant initial mineral resource estimate” commented Jonathan George, CEO “which is a material milestone for any junior exploration company and provides a solid foundation as we move forward to expand the resource both along strike and at depth. We are currently finalizing plans for an upcoming drill program which is planned for this fall after the rainy season. We believe this year will be an exciting and transformational year for the Company as we continue to concurrently advance our Rebeico copper-gold project in conjunction with our GyC gold-silver project.”
The estimate was completed by Marc Jutras, P.Eng., M.A.Sc. of Ginto Consulting Inc. and complies with National Instrument 43-101 (“NI 43-101”) and guidelines developed in 2014 by the Canadian Institute of Mining and Metallurgy (“CIM”). Mr. Jutras is a registered professional engineer in the provinces of British Columbia, Quebec and Newfoundland and is independent of Ridgestone. In accordance with NI 43-101 a Technical report will be filed on SEDAR within 45 days of this release.
Table 1: Guadalupe y Calvo Indicated and Inferred Mineral Resource Estimate
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues. The CIM definitions (2014) were followed for classification of Mineral Resources. The quantity and grade of reported inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred Mineral Resources as an indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured Mineral Resource category.
The resource was prepared by Marc Jutras, P.Eng. of Ginto Consulting, an independent QP, with an effective date of May 10, 2021.
The mineral resources are presented at a 0.27 g/t AuEq cut-off grade in pits and 1.33 g/t for underground, without dilution. A specific gravity of 2.55 was utilized based on measurements and comparable project analysis. Assay grades were capped at 40 g/t gold for the Rosario vein and at 25 g/t gold for the Nankin vein, from 1m composited assays. Metallurgical recoveries of 95% were assumed for both gold and silver. Commodity prices of US$1,700/oz gold and US$23/oz silver were assumed.
The Whittle pit-constrained resource assumed a mining cost of US$1.50/t, processing cost of US$12.50/t, G&A of $4/t and an internal pit wall angle of 45 degrees.
Underground mineral resources are defined as material outside of the Whittle pit shell and assumed a mining cost of US$60/t, processing cost of US$12.50/t, and G&A of $4/t.
Rounding of estimates may result in summation differences
QA / QC
Reverse Circulation and Diamond types of drilling were conducted at GyC Project. The drilling was mainly focused on mineral resource definition by previous owners. The samples are sent for preparation to SGS in Mexico and assayed at their analytical facilities for fire assay with atomic absorption finish and by gravimetric finish for grades above 10gpt Au. It is the view of the QP that industry-standard QA/QC procedures to the program using reference materials, blanks, standards, and duplicates.
The estimate was prepared by Mr. Marc Jutras of Ginto Consulting Inc. (“Ginto”), an independent Qualified Person in accordance with the requirements of NI 43-101, who has reviewed and approved the contents of this news release.
Noris Del Bel Belluz, P. Geo., Vice-President of Exploration, is a “qualified person” as defined under NI 43-101 and has reviewed and approved the content of this news release.
About Ridgestone Mining Inc.
Ridgestone is a Canadian mineral exploration company focused on its Guadalupe y Calvo (gold/silver) and Rebeico (copper/gold) projects located in Mexico.
For further information, please contact:
Rad Rajaram – Manager Corporate Relations and Business Development
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.