Ridgeline Minerals and Nevada Gold Mines Commence 6,000-meter Drill Program at the Swift Gold Project, Nevada

Rhea-AI Summary

Ridgeline Minerals (OTCQB: RDGMF) has launched a significant 6,000-meter drill program at its Swift gold project in Nevada, operated under an exploration agreement with Nevada Gold Mines (NGM). The program is backed by NGM's US$5 million exploration budget for 2025, building on successful 2024 results that included high-grade gold intercepts of 10.4 g/t Au over 1.1 meters.

The program includes five planned drill holes, with four targeting the SW Swift area and one testing the Mill Creek target. NGM has invested US$10.87 million in the project through June 2025 and must spend US$20 million by December 2026 to earn a 60% interest, with options to increase ownership to 75% through additional investments and development financing.

Positive

• Significant 2024 drilling success with high-grade gold intercepts of 10.4 g/t Au
• Substantial US$5 million exploration budget approved for 2025
• Project represents nearly 50% of company's total $11M exploration budget
• NGM partnership provides strong financial backing and technical expertise

Negative

• NGM's earn-in agreement could dilute Ridgeline's ownership to as low as 25%
• Significant additional exploration expenditure required to prove economic viability

Vancouver, British Columbia--(Newsfile Corp. - July 30, 2025) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) ("Ridgeline" or the "Company") is pleased to announce the commencement of a 6,000-meter program at the Company's Swift gold project ("Swift" or "Project"), currently being operated under an exploration earn-in agreement with Nevada Gold Mines ("NGM") (Figure 1).

NGM has approved a 2025 exploration budget of up to US $5,000,000. The drill program will build off the success of the 2024 framework drilling campaign where both holes delivered significant gold intercepts in the SW Swift target area including 1.1 meters ("m") grading 10.4 grams per tonne ("g/t") gold ("Au") within 2.7m grading 7.0 g/t Au in SW24-006 and 24.7m grading 0.5 g/t Au in SW24-007 (see November 7, 2024 PR HERE).

Chad Peters, Ridgeline's President, CEO & Director commented, "Swift continues to be a core asset in our exploration portfolio and represents just under 50% of our $11M exploration budget in 2025. The Nevada Gold Mines teams' systematic approach to deep exploration at Swift yielded the first ever high-grade gold intercept in our 2024 program, and we are very excited to see the results of this aggressive drill campaign in 2025."

SW Swift Target
Four of the five holes are planned to test along strike of previous high-grade gold intercepts (up to 1.1m grading 10.4 g/t Au in SW24-006) at the projected intersection of cross cutting fault zones (i.e., fluid conduits) where they intersect a modeled fold hinge (i.e., fluid trap), on the hanging wall side of the Mill Creek thrust (Figure 2).

Mill Creek Target
The fifth hole will step several kilometers to the north of SW Swift and test favourable Wenban formation (primary Cortez District host rock) limestones along the hanging wall side of the Mill Creek thrust. Historical drilling in the Mill Creek area intersected up to 3.0m grading 2.1 g/t Au within 18.3m grading 0.6 g/t Au (Figure 2).

For a complete table of Swift assay results click HERE
To view Long Section A-A' click HERE

NGM has incurred a total of US $10,869,000 in qualifying work expenditures at the Project through June 30, 2025, and must spend a minimum of US $20,000,000 in qualifying work expenditures by December 31, 2026, to earn an initial 60% interest in the Project (see September 22, 2021 press release HERE)

Figure 1: Plan view map of the Cortez District showing the location of the Swift project and NGM's 2024 drill holes SW24-006 and SW24-007 (white stars) within a broader 4 square kilometer Au footprint (red)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/260613_904e39dab48c6aa0_003full.jpg

Figure 2: Zoomed in plan view map of the Swift property showing prospective mineralized corridors to be drill-tested in 2025 at the SW Swift and Mill Creek target areas

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/260613_904e39dab48c6aa0_004full.jpg

Swift Earn-In Terms
NGM retains the right to earn an initial 60% interest in the Swift project (see September 22, 2021 press release HERE) over an initial five year term by incurring a minimum of US $20.0 million in qualifying work expenditures. NGM retains the option to increase its interest up to 70% by incurring an additional US$10.0 million in qualifying work expenditures before December 31, 2029. Within 90 days of a joint venture decision to proceed with development and construction of a mine and/or related processing facilities on Swift, NGM will have a one-time option to elect to provide, or arrange for third-party, financing of Ridgeline's portion of debt financing required for the development in consideration, in either case, for an additional 5% interest in the project for a total of 75% (or 65% if the second option was not exercised).

QAQC Procedures
Samples are submitted to ALS Minerals, Elko Nevada, which is a certified and accredited laboratory, independent of Nevada Gold Mines. Samples are prepared using industry-standard prep methods and analysed using Au-AA23 (Au; 30 g fire assay) and ME-MS61 (48 element Suite; 0.25 g 4-acid digestion/ICP- MS) methods. ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Nevada Gold Mines QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed internally by Nevada Gold Mines technical personnel.

Technical information contained in this news release has been prepared under the supervision of, and approved by, Michael T. Harp, CPG, the Company's Vice President, Exploration. Mr. Harp is a "qualified person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Ridgeline Minerals Corp.
Ridgeline Minerals is a discovery focused precious and base metal explorer with a proven management team and a 200 km² exploration portfolio across seven projects in Nevada, USA. The Company is a hybrid explorer with a mix of 100%-owned exploration assets (Big Blue, Atlas, Bell Creek & Coyote) as well as two earn-in exploration agreements with Nevada Gold Mines at its Swift and Black Ridge projects and a third earn-in with South32 at its Selena project totaling up to US $60 million in combined partner-funded exploration expenditures. More information about Ridgeline can be found at www.ridgelineminerals.com.

On behalf of the Board
"Chad Peters"
President & CEO

Further Information:
Chad Peters, P.Geo.
President, CEO & Director Ridgeline Minerals Corp.
+1 775 304 9773
cpeters@ridgelineminerals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release

Cautionary Note regarding Forward Looking Statements
Statements contained in this press release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the assay results for core hole SW24-004 and the potential significance thereof. The words "potential", "anticipate", "meaningful", "significant", "pending", "believe", "estimate", "expect", "may", "will", "project", "plan", "historical", "historic" and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to, assumptions that the current objectives concerning the Swift project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline's public disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events, or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

(8) Source: Barrick Gold., 2024 Resource & Reserve Statement: https://s25.q4cdn.com/322814910/files/doc_news/2025/01/Barrick-Grows-Gold-and-Copper-Reserves-Significantly-Setting-It-Apart-From-Peers-as-It-Positions-for-Growth.pdf

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260613

FAQ

What are the key details of RDGMF's 2025 Swift gold project drill program?

The program includes 6,000 meters of drilling with five planned holes, supported by a US$5 million exploration budget from Nevada Gold Mines. Four holes will target the SW Swift area, and one will test the Mill Creek target.

What were the significant gold intercepts from Ridgeline Minerals' 2024 drilling at Swift?

The 2024 drilling program yielded significant intercepts including 1.1 meters grading 10.4 g/t gold within 2.7m grading 7.0 g/t Au in SW24-006, and 24.7m grading 0.5 g/t Au in SW24-007.

What are the terms of Nevada Gold Mines' earn-in agreement with RDGMF for the Swift project?

NGM must spend US$20 million by December 2026 to earn a 60% interest, with options to increase to 70% with an additional US$10 million investment, and potentially 75% by financing Ridgeline's portion of development costs.

How much has Nevada Gold Mines invested in the Swift project so far?

NGM has invested US$10.87 million in qualifying work expenditures through June 30, 2025, representing about 54% of the required US$20 million to earn their initial 60% interest.

What is the significance of the Mill Creek target in RDGMF's drilling program?

The Mill Creek target represents an expansion opportunity, with historical drilling yielding 3.0m grading 2.1 g/t Au within 18.3m grading 0.6 g/t Au. One of the five planned holes will test favorable Wenban formation limestones in this area.