Vior Announces Increased Investment to 9.9% in Private Nevada Gold Explorer
Friday, January 17, 2020 8:30 AM
MONTREAL, QC / ACCESSWIRE / January 17, 2020 / SOCIÉTÉ D'EXPLORATION MINIÈRE VIOR INC. ("Vior"), (TSXV:VIO)(FRANKFURT: VL51) - is pleased to announce a further strategic investment in Ridgeline Minerals Corp("Ridgeline")(formerly Carlin-Type Holdings Ltd.). This is an arm's length transaction. Ridgeline is a private "Corporation", incorporated under the Business Corporations Act (British Columbia) whose wholly owned Nevada subsidiary holds the option to acquire a 100% interest in three highly prospective Carlin-Type gold exploration projects in the world-class Carlin and Battle Mountain Eureka Trends of Nevada.
Vior has made an additional investment of $247,500 in the 1st tranche of Ridgeline's second round of financing, providing it with a non-diluted equity interest of approximately 9.9% in Ridgeline. Vior has also been granted a Participation Right to maintain its 9.9% equity interest( pro-rata basis) in Ridgeline's 2nd tranche (expected early February, 2020) of this second round of private placement equity financing.
Ridgeline's highly prospective Carlin-East (1,700 hectares), Swift (2,792 hectares) and Selena (2,590 hectares) projects (Figure 1) represent a unique opportunity to make a new discovery in proven mining districts within the No.1 ranked mining jurisdiction in the world.
Figure 1: Location of Ridgeline's properties on the Carlin and Battle Mountain - Eureka Trends
Ridgeline will further increase the odds of discovery by leveraging its strategic partnership with Envirotech Drilling LLC to significantly reduce direct drilling costs, ensuring exploration dollars are going in the ground during the early phase of the exploration cycle.
Carlin-East is a 33-square kilometer underexplored core land position in the Carlin Trend that is on trend with Newmont's multi-million ounce Leeville-Turf gold mine and adjacent to Barrick's multi-million ounce Goldstrike complex. The primary ore controlling structures (Leeville Corridor) of the Leeville-Turf mine extend onto the Carlin-East property and coincide with a pronounced gravity geophysics high. A single Ridgeline drillhole (CE19-001) in 2019 confirmed a depth to Lower Plate of 790 vertical meters (2,600 ft.) within this structural corridor. Ridgeline has since defined a highly prospective conceptual Carlin-Type exploration target 2,000 meters along strike to the north and is in the process of completing additional geophysics, sampling, mapping, and historic data review to advance this target to a 2020 drilling decision.
Swift is a 49-square kilometer core land position in the Cortez District of the Battle Mountain-Eureka trend. The property is directly on trend of the multi-million ounce Nevada Gold Mines operated Cortez Mining Complex comprised of the prolific Pipeline, Cortez Hills and Goldrush mines. The property exhibits altered and mineralized Upper Plate rocks as well as kilometer-scale Au and Carlin-Type pathfinder element, soils anomalies across the untested DDF and Goat anticline target areas. Historic drilling defined a depth to Lower Plate target stratigraphy of 580 meters (1,900 ft.) and yielded multiple intervals of highly anomalous Carlin-Type Au mineralization that did not receive follow-up drilling.
Selena is a 25-square kilometer early stage Carlin-Type Au exploration project located within the Alligator district of the South-Carlin Trend. The property lies at the southern end of the Cherry Creek Range to the east of Kinross Gold's Bald Mountain and Alligator Ridge mines and directly south of McEwen Mining's Golden Butte and Resurrection Ridge projects. Ridgeline will focus on a newly identified Oxide Au structural target that has been highlighted by multiple EMX Royalty Corp. grab samples collected across this zone that averaged 1.09 g/t Au (n=16), with a high of 6.02 g/t Au ( The Company cautions that grab samples are selective by nature and the results are not necessarily indicative of the mineralization on the property). The structural target is untested by drilling and appears to widen as it cuts up-section and continues under shallow cover to the West where it is projected to intersect the Pilot Shale, a regionally important host to gold mineralization.
"We are excited and privileged to be a part of this exciting new Nevada exploration company. Ridgeline will be well capitalized following the final close of this equity private placement in February, 2020 and is ready to execute on their 2020 exploration programs. Chad Peters, B.Sc., P.Geo. (President & CEO) and Mike Harp, M.Sc., P.Geo (Senior Exploration Geologist) bring an outstanding exploration track record to the Ridgeline team in their quest for the next great Nevada discovery. This investment will also provide Vior with the opportunity to capitalize on Ridgeline's experienced technical skills and Nevada know-how. We look forward to working closely with the Ridgeline team!", stated Mark Fedosiewich, Vior's President and CEO.
The technical content disclosed in this press release was reviewed and approved by Mr. Marc L'Heureux, P.Geo., who is the Company's Qualified Person as per NI 43-101.
Vior is a junior mining exploration company based in Quebec whose corporate strategy is to generate, explore, and develop high quality projects in proven and favourable mining jurisdictions in North America. Through the years, Vior's management and technical team have demonstrated their ability to discover several gold deposits and many high-quality mineral prospects.
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This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Vior's periodic reports including the annual report or in the filings made by Vior from time to time with securities regulatory authorities.
SOURCE: Vior, Inc.