Chad Peters, President and CEO of Ridgeline Minerals (TSX.V:RDG – OTCQB:RDGMF), joins us to unpack the details of the Selena Project being optioned to South32, as well as updates at the Swift, Black Ridge, and Big Blue Projects, all located in Nevada.
We start off having Chad outline the recently announced transaction with South32 Limited, pursuant to which they can acquire up to an 80% interest in Ridgeline’s Selena carbonate replacement deposit (“CRD”). South32 pay Ridgeline a US$100,000 execution payment and fund a minimum of US$10.0 million (of which US$2.0 million is guaranteed) in qualifying exploration expenditures on the Project over an initial five-year term. Following this, South32 will have a further option to increase its ownership interest in the Project to a total of 80% by incurring an additional US$10.0 million in expenditures for an aggregate spend of US$20.0 million. Ridgeline will remain operator of the Project during the Initial Phase 1 Earn-in Option period. We discussed the work program anticipated over the next year at Selena.
Next we shifted over to reviewing the work programs at both the Swift and Black Ridge projects, in option earn-in agreements with Nevada Gold Mines. There will be a few deep drill holes drilled at the Swift Project this year by Nevada Gold Mines, searching for large Carlin-style deposits, and then earlier-stage ground work at Black Ridge, gearing up for a drill program next year.
We wrap up by reviewing the exploration plans for the 100% owned Big Blue Porphyry Project, where Chad would like to drill it this year, providing the capital can be raised at the right time and market conditions. Additionally, at the Bell Creek project, their team is looking to use it as more of a optionality non-core bargaining chip in their solid relationship with Nevada Gold Mines, due to the proximity of that land to their current operations.
If you have any follow up questions for Chad regarding Ridgeline Minerals, then please email us at either Fleck@kereport.com or Shad@kereport.com.
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