Vancouver, BC – June 23, 2021 – Ridgestone Mining Inc. (OTCQB: RIGMF) (TSX.V: RMI) (FRA:4U5) (“Ridgestone” or the “Company”) is pleased to announce a maiden drill program on the El Cobre copper target on it’s wholly-owned Rebeico copper-gold project in Sonora, Mexico.
The program will be comprised of 14 reverse circulation (RC) drill holes for a total of approximately 2,700 metres and will be conducted along the main El Cobre structure, where recent rock-chip sampling returned up to 3.5% copper, 53 g/t silver and 0.52 % Mo over widths of up to 5.0 metres. Historical records of past mining by Asarco in the 1960’s show that high- grade copper was extracted from two levels to a depth of 180 metres, and that the structure remains open along strike and to depth.
In preparation for the drill program, permits have been applied for with approval anticipated within the upcoming weeks, after which drill pads will be constructed and road improvements undertaken. Drill quotes have also been solicited.
- El Cobre: sampling from the mineralized structure outcropping on surface returned up to 3.5% copper over 1.0 metres, with sampling from the historic dumps ranging from 2.01 to 2.65% copper.
- Regional: Multiple mineralized structures and artisanal workings were encountered, with sampling returning up to 3.11% copper and up to 3.45 g/t gold from surface.
- Permitting: Permitting underway for a drill program to test the high-priority copper targets, including the El Cobre mine.
- Geological Model: Geological mapping has revealed mineralized breccias within and peripheral to volcanic intrusive rocks, contact skarns and hornfels within the sedimentary carbonate and siltstone rocks where they were in contact with volcanic intrusive rocks which are typical for a copper-gold porphyry system.
“We are highly encouraged by the work completed on our Rebeico claims with significant copper/gold/silver results sampled on surface from the breccia zones and around the El Cobre mine, in addition to geological mapping results, geophysical results and alteration associated with the volcanic intrusions” commented Jonathan George, CEO. “We believe that these aggregated results indicate the possible presence of a sub-surface copper porphyry system. The upcoming drill program will follow-up on the high-grade copper mineralization encountered on surface to determine the source of and potential extensions of the mineralization. The majority of the targets have not seen any follow-up or investigated by modern-day exploration.”
El Cobre Mine
A total of fourteen (14) samples were collected around the historic mine, nine (9) of which were along a 200-metre-long structure exposed at surface with the balance taken from outcrops and historic dumps. Highlights from sampling of the main mineralized structure exposed on surface included 3.5% copper plus 0.32 g/t gold over 1.0 metre and 1.5% copper plus 0.44 g/t gold over 1.5 metres. Additionally, sampling from waste dumps from historical mining included 2.65% copper over 3.0 metres, 2.62% copper over 1.0 metre, 2.21% copper over 1.5 metres, and 2.01% copper over 3.0 metres.
The El Cobre mine was put into production by Asarco during the sixties and was developed on two levels, with the upper level having over 230 metres of drift development and the lower level having over 100 metres long of drift development at a depth of 180 metres below surface. The main structure, with widths varying from 1 to 5 metres, has been emplaced within a granodiorite intrusive and remains open along strike and at depth. There has been no modern-day exploration at the El Cobre mine or surrounding area since production ceased, making it an ideal target for future exploration. Significant results are presented in Figure 1 below.
Figure 1: El Cobre Sampling Highlights (rock-chips except where noted)
|Sample#||Description||Width (m)||Cu (%)||Au (g/t)||Ag (g/t)||Mo (%)|
Regional Geophysical Anomalies:
A detailed mapping and sampling program was conducted over a 5.25 square kilometre area, focusing on geophysical anomalies identified by past surveys. In 2018 and 2019 the Company completed 31 line-kilometres of Induced Polarization/ Resistivity surveys covering an area of approximately 9 sq kilometres. The surveys outlined a significant chargeability anomaly over an 800 metre by 1,200 metre area with depths ranging from near surface to 300 metres. The Alaska Vein, the mineralized New Year Breccia Zone and artisanal Elena copper workings all occur within the surveyed area. A total of eighteen distinct geophysical anomalies were identified, mapped, and sampled. Multiple mineralized structures and numerous artisanal workings were encountered and sampled during the program. Significant results from the program are highlighted in Figure 2 below.
From the completed program, the results of the geophysical survey, geological mapping, prospecting, sampling and the field results between alteration assemblages and assay results, the results may indicate the presence of a copper porphyry system below the surface of the property.
Figure 2: Regional Sampling Highlights (rock-chips except where noted)
|Sample#||Description||Width (m)||Cu (%)||Au (g/t)||Ag (g/t)|
|63119||Old Working (grab)||–||3.11||2.46||3|
|63184||Vein (2 m wide)||0.8||1.37||0.04||22|
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 Mining has assembled a highly-experienced and dynamic team to explore and advance its projects in Mexico. The Guadalupe y Calvo gold-silver project, for which Ridgestone can earn a 100% interest, is host to an Indicated Resource of 356,000 gold-equivalent ounces plus an Inferred Resource of 460,000 gold-equivalent ounces. Ridgestone’s 100%-owned Rebeico copper-gold project has high-grade copper and gold pervasive throughout the property with highlights including 1.56% copper plus 1.80 g/t gold intersected over 19.3 metres from surface at the New Year Zone and 2.78% copper plus 8.69 g/t gold over 2.0 metres from the Alaska Vein.
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.