Ridgestone Provides an Update on Copper & Gold Exploration Initiatives
Vancouver, British Columbia--(Newsfile Corp. - March 30, 2021) - Ridgestone Mining Inc. (TSXV: RMI) (OTCQB: RIGMF) (FSE: 4U5) ("Ridgestone") is pleased to provide an update of activities following the closing of two over-subscribed private placements raising $2.32 million earlier this year. The capital raised allows Ridgestone to advance its two principal Mexican properties: the Guadalupe y Calvo gold-silver project in Chihuahua and the Rebeico copper-gold project in Sonora.
At Guadalupe y Calvo (GyC), the Company has been working to review and incorporate all the historical data on the project with the aim of formulating a phased exploration drill program for later this year. The GyC project has undertaken over 78,000 metres of historical drilling since the early 2000's. In addition, there has been a significant amount of generative exploration work including prospecting, mapping, sampling, and numerous geophysical and surveying campaigns. The Company anticipates a phased exploration drill program which will serve to confirm the continuity within the historical resource area, in addition to targeting a significant expansion of known mineralization. The Company is finalizing the arrangements for this program, which includes obtaining all the necessary permits and securing a drilling contractor.
At the Rebeico project, the Company has been evaluating both exploration and strategic initiatives for the project. Specifically, in the context of the current copper price environment, the project has attracted a significant amount of interest given the widespread high-grade copper and gold mineralization encountered in multiple drilling and sampling programs over the past three years. The project is host to a number of copper exploration targets, including the Alaska Vein and New Year Zone, both of which have intersected significant intervals of copper mineralization in drilling, in addition to a number of prospective targets including the Elena outcrop, El Cobre past-producing mine, and the sizable anomaly identified through an extensive IP geophysical survey. The Company is currently recompiling and reinterpreting the results from prior exploration campaigns and anticipates providing an update in the near-term.
"With the acquisition and financing behind us, we are eager to move forward with both the Rebeico and GyC projects" stated Jonathan George, Ridgestone's CEO and Director. Both projects represent significant opportunities for the Company in their own right. The current strength in copper prices, coupled with a bullish consensus market outlook, has created a lot of interest in the high-grade and near-surface copper mineralization we have identified on our Rebeico project. At GyC, our technical team have identified a number of potential targets warranting further exploration which we aim to drill later this year."
About Ridgestone Mining Inc.
Ridgestone is a Canadian mineral exploration company focused on its high-grade Guadeloupe y Calvo (Gold/Silver) and its wholly owned Rebeico (Gold/Copper) 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/78852