Ridgeline Minerals (TSX-V:RDG) has sold four of its exploration projects to Nevada Gold Mines (NGM) for US$23.15 million ($33 million) cash.
The transaction will see NGM, a joint venture between Barrick Mining (TSX:ABX) and Newmont (NYSE:NEM), acquire Ridgeline’s interests in the Swift, Black Ridge, Bell Creek, and Atlas projects.
The former two, located on the Carlin and Battle Mountain–Eureka trends, have been explored in partnership with NGM, while the latter two were fully owned by Ridgeline.
Chad Peters, Ridgeline’s CEO, says the deal further validates the company’s hybrid prospect generator business model, noting that it represents “a more than 350% return on invested capital across the four transacted projects.”
Following the sale, Ridgeline will still have a 97km² exploration portfolio in Nevada, including its flagship Selena project, where exploration is being funded by South32 (ASX:S32) through an earn-in agreement.
The property, consisting of 467 contiguous federal lode claims totaling 39km², hosts a silver-gold-lead-zinc carbonate replacement deposit (CRD) that Ridgeline discovered in 2020. The project is located about 1km to the west of the Butte Valley copper-gold porphyry system being developed by a Freeport-McMoRan (NYSE:FCX) joint venture.
In addition to Selena, the company will also retain its Big Blue porphyry copper and CRD project, where drilling last year returned 3,297 grams per tonne silver, 0.7% copper, and 2.6% tungsten.
Ridgeline Minerals is a discovery-focused precious and base metal hybrid explorer with a track record of discovery in Nevada.
Write to Jackson Chen at Mining.com.au
Image: Ridgeline Minerals
