Ridgeline Minerals (TSXV: RDG; US-OTC: RDGMF) has executed an earn-in agreement on its 75 sq. km Swift gold property in Nevada with Nevada Gold Mines (NGM), a joint venture between Barrick Gold (TSX: ABX; NYSE: GOLD) and Newmont (TSX: NGT; NYSE: NEM).
Under the deal, NGM may acquire an initial 60% interest in the project for a minimum of US$20 million (of which US$4 million is guaranteed) in qualifying work expenditures over a five-year period. The joint-venture company will serve as the project operator.
NGM will have further options to increase its interest to 75%. These include a one-time option to earn a 10% interest by sole-funding an additional US$10 million in work expenditures by the end of 2029, plus a one-time option for a 5% interest by arranging to finance Ridgeline’s portion of debt should the joint-venture decide to proceed with mine development.
Ridgeline’s 2020 Phase I drill program at the project in the Cortez district of the Battle Mountain-Eureka Trend, intersected typical Lower Plate carbonate host rocks of the Cortez district including the Wenban formation, the primary host to all gold deposits above 5 million ounces in the area.
“Our singular focus as a company is to create value per share through discovery, and we are delighted to partner with the Nevada Gold Mines team as they apply their proven track record of discovery to the Swift gold project,” Chad Peters, Ridgeline’s president and CEO commented in a press release.
The Swift project is about 30 km south of the town of Battle Mountain, in Lander County, and is on trend to the Pipeline, Cortez Hills, and Goldrush deposits, which make up Nevada Gold Mines’ multi-million oz. Cortez complex.
Previous explorers on the property have included Placer Dome, Phelps Dodge, Minterra and Barrick.
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