Selena Silver-Gold project - Nevada’s Newest Oxide Discovery

0:08 Hello, everyone, and welcome to Ridgeline Minerals' live investment summit today, hosted by 6. Today, I'm joined by Chad Peters, Ridgeline's President, CEO, and Director, and Mike Harp, the company's Vice President of Exploration. Chad and Mike are going to walk us through their presentation, and after which we'll move to the live Q&A session, where we'll be accepting and answering some questions. You can submit your questions at any time using the Q&A panel found on the right-hand side of your screen, and As always, this summit is being recorded and it'll be available to watch afterwards on six.com. So without further ado, Chad, I'm gonna hand it over to you. Thanks, Cam. So thanks everyone for taking the

0:39 time to attend today. We just announced our last results from our phase 4 drill program at Salina. And Mike and I thought with all of the changes that have been going on, we're hitting this, some pretty exciting high-grade polymetallic, silver lead and zinc mineralization in the first phase of our program. We really wanted to get into the kind of weeds with you guys, walk through the model, talk about what gets us excited about the project and what our plans are moving forward into the fall and then into more drilling in 2022. So we'll just get right into it. So for those of you who aren't familiar with Celina, it's a 39 square kilometer land package. It used to be an oxide silver gold play. Now we see an oxide silver gold plus or minus lead and zinc, depending on where we're drilling on the project. So lots of discovery potential, multiple deposit types, and the system just keeps on growing. So we'll look at a bird's eye view here.

1:32 And here you can see, you know, we're right on the South Carlin trend. We're right near the Golden Butte Mine, which is owned by Nev Gold Corp and the Butte Valley Porphyry, which is owned by Katerra. That's a copper gold porphyry on the edge of the project. You look over to the Northwest, we're right on trend of the Bald Mountain and the Alligator Ridge mines. These are about 10-12 kilometers away and hosted in the same host rocks that we see at Salina. So a lot of similarities, both of them big open pit gold plus or minus silver mines. And we'll get into the details on Selena here. So here's just a quick property view as you can see we added additional claims actually just last week we announced we added about all of these claims here so in addition I think what 42 claims Mike? That would be correct yeah 42 claims off to the west side and it abuts directly up against the Butte Valley Porphyry as it sits in a mag response that we have for the area. Yeah, so we didn't have time to what we're going to be building the Butte Valley Porphyry into our model here as we go. What I want to highlight, here's where the edge of that porphyry, whoops, here's where the edge of that porphyry sits. So it's sitting right off the edge of the project, and our goal with staking this ground was to just be able to soak up as much ground as we could between our known discovery, which sits in this area, and the more than 3 kilometers of strike between the porphyry and our known hits that really has us excited for next year's program. So we'll get walking into, here's just kind of a breakdown of some of the methods that we use on the project to try to track mineralization undercover.

3:03 So this right here is our geology map over top of that. You can see we actually have arsenic soils contour. So that's Mike's handiwork there, a bit of an artist. And one thing that we've been able to show is that anytime you get nice plumes of arsenic, anammonia, lead and zinc, we also end up when we drill beneath those plumes, we typically hit mineralization. So it's been a very effective tool for us. We have some pretty nice high-grade rock chips in the juniper target. Here's a nice high-grade rock chip right here, which is right near our hole 27, which we're going to get into here shortly, give you a little more context. And what we did last year is we actually came in and we trenched across one of these fault zones and hit pretty significant mineralization. So 38 meters of 51 grams silver, 0.7 grams gold, sitting right on the hillside.

3:49 That got me pretty excited because I wasn't terribly pumped about the project back in early 2020, although Mike told me it had a lot of potential. So I came around and what we did is we came in and we drilled all the holes in yellow, or the 36 holes that we've drilled in 2020 and 2021. Here's Mike's great little silver equivalent grade thickness map, as you can see. And what we're really starting to define with this most recent program is some really strong high-grade centers that are focused along Northwest fault zones. So what I want to show you here is these, everything outlined in red here is jasperoid outcrops. And Mike, maybe you can speak to this a little bit. So what those jasperoid outcrops are following is actually the thrust sheets, the edge of thrust sheets, where you have repeated sections on top of each other. And so what we're seeing here is the expression of the system along these thrust sheets, but not necessarily where the highest grades are sitting. So you can see that those outcrops of jasperoid follow that north-south thrust fabric, but it's not until you get the intersection with the west-northwest and the northeast faults that you're starting to see those high grade zones really start to blow out. Most of our drilling in our 1st, 2nd, 3rd phases were focused on our north-south where they intersected the west-northwest, but we really weren't drilling the west-northwest fabric at that time. What we found here in our phase 4 drilling that if we isolate those intersections and drill against or perpendicular to those West Northwest faults, we start to

5:20 see those high-grade zones really start to blossom and we start to see them drag out along that West Northwest corridor. We have many of these as you can see from this map that we can isolate and start to really work on where they intersect those North Northeast faults and the thrust fabric itself, which is what those jasperoid outcrops are following. So the jasperoid outcrops at surface really are an indicator of system below, but not necessarily where the system is propagating or showing its highest grades. And I think that's a good point to point out for us is, I'm gonna highlight in yellow here, here's the stress faults that are lined out in black, right? That's where those Jasperite outcrops are tracking along. We originally thought those were actual just normal faults. We thought those were the feeder faults, right? You can see that you got these parallel thrust sheets that are going all the way along. So most of our drilling, as you can see, it mostly tracked in a north-south orientation following along the jasperoids. And that's what Mike was getting to when he says, well, just following the jasperoids isn't good enough, because you actually want to be where that thrust sheet is intersecting a northwester.

6:28 And the northeaster, like Mike said, that's where we're getting high-grade blowout zones. And so if you take these off, just because that's a little busy, here's, for example, to get into the high grades Mike's talking about. You get in on one of these Northwesters, we hit our best intercept yet in hole 25, for example. That was 44 meters of 0.07 gold, 123 grams silver, percent and 0.5 lead, and half a percent of zinc. 200 meters south of that, we hit 3 meters – oh, sorry, that's a little wrong – 4.6 meters of really high-grade stuff. I think we hit, what, 421 grams silver,

7:03 multi-percent lead and zinc. I think we are 4% lead, 3.5% zinc and 0.6 grams per tonne gold. So what we're starting to see in these high grade cores, I'm going to zoom out a bit here for you because I've zoomed in too much. What we're really starting to see is as we head to the West, we're really getting into more of that silver-lead-zinc component of what we think is a CRD, a zone CRD system. So if our, just to put it in perspective, Here's the edge of this porphyry sitting on the edge of the project. The way that system is going to expand out is it's going to start as a copper-gold porphyry right on the porphyry itself, then it's going to move into a copper-gold scarn, then it's going to transition into CRDs, which is carbonate replacement deposit. It's going to be polymetallic, silver, gold, lead, and zinc. And as it moves farther and farther away from the porphyry, you're going to see that system change from the CRD. And then it's going to go to silver and gold, which is what we hit right here originally. Our original discovery is a pure silver gold play.

8:07 And as we head up to Sonic now, what we're seeing is that's turning into more of a gold rich silver pour part of the system when you say Mike, and it's just showing that transition. Exactly, And it's the most distal portion of our property to the plumbing that actually taps into what would be that porphyry system off to the West. And so, yeah, as we move North into the Sonic area, we do still see those Gold grades and Silver grades hold, but you're looking at a 10 to 1 Silver to Gold ratio as where you move into the Chinchilla area, where the main portion of our drilling, we're seeing anywhere from 25 to 1, 50 to 1, up to 100 to 1 as we move out West towards that porphyry. So we're really starting to see that zonation pattern really start to take hold and now that we're aware of that, that's really going to change how our next phase of drilling goes, especially out in that chainman where we got our new intercept in the press release we put out today.

9:00 So we're starting to see all the favorable contacts start to produce this system. And as we move out west, we're starting to see that system zone into the CRD. And then hopefully as we continue out westward, we'll see that copper scarn portion of the system as well. So there's a lot of open area westward from the GT shape that we've defined at this point. And our drilling that we did in our phase 4 out on these wide step outs to the west

9:26 are our first dips into the water. So we haven't even really played out there as much as we'd like to yet. So excited to get out there and kind of start working on the new portions of the deposit while continuing to find these high grade corners in the GT shape that we've already defined with our first phase of 4 phases of drilling. No, that's a great point. And, you know, like what, this is kind of a good example, I guess you could say, of what we believe is happening with the zonation, which I was kind of drawing and Mike was speaking to. And just something that's worth pointing out, over at the Broken Egg target, which is more than 5 kilometers away from this porphyry sitting right here. I mean, We're talking about a less than 1 to 1 Silver to Gold. We have rock chips in the Broken Egg target area that are just pure Gold, 1.5g Gold in the pilot shale at surface with no Silver component whatsoever. We really do feel that what we're seeing at Salina is we have the fully preserved metal zonation pattern of a large porphyry system.

10:19 And what we were initially looking at, we thought we just had a Silver and Gold open pit deposit, but what's really getting us

10:28 excited about next year is the potential to discover. We've already hit sediment hosted Silver and Gold. We know where the sediment-hosted Gold kind of classic Carlin type potential is on the far side of the property at Broken Egg, but we have not even barely tapped into the Silver, Lead, Zinc, CRD potential. And We think we just tagged into it on the edge of the project here. And that's where we're starting to get some of those grades I was talking about, you know, 10m of 194g Silver, multi-percent Lead and Zinc. And you know, and another thing to point out too, going back to these other slides, is that, you know, the initial focus for us was not, you know, we didn't expect to hit a polymetallic system at surface, right? I mean, we were looking, we thought it was just silver gold. So we kind of have had to adjust on the fly. Our model is quickly evolving and I think it's really important to point out that this is still extremely early days for the project. I mean, we're not in the resource delineation phase. We're still trying

11:25 to understand how big this thing could be. You know, we know we have system up at Salina or Sonic, sorry, but from what we can tell from our drilling, I think our best intercept was 15 meters of 35 grams silver equivalent, right? That's not far off of our first 4 holes at the Chinchilla discovery, which was, I think our best hit was 24 meters of about 37 gram silver equivalent. So pretty similar grades, but we do see the silver dropping off and the gold starting to pick up at Sonic. So we need to better understand the zonation of that system before we start putting more holes into it. So what gets us, Well, go ahead. That was part of the strategy of staking the ground out to the West that leaves a lot of open ground westward from Sonic in order to start working on that target itself and see if there's more legs to it out further West where we know we have some intrusive material

12:17 injecting into the system. So that's what I see for sonic is it's very shallow. It's at surface partial part of it is just eroded because it's the highest portion of our property and the least amount of stratigraphy we have preserved. So there is stratigraphy preserved out to the West and that's where sonic would likely go the same direction that the chinchilla or main portion of our drilling is focused. That all again, and then that also comes off of our juniper target, which is relatively the most untested zone out of all of it. So we have a lot of open ground here. And what I did like about the or the sonic drilling is hole 35, if you'll circle that one, the one that pulled the RGT shape up to the north.

13:06 So those holes right there really show that there's some thick zones in which we can start to drill out there. But what it's really showing is the system is expanding out to the west and we may not have hit the best zones yet because we weren't focused in 100% on those west-northwest faults when we started this program and like Chad said we adjusted on the fly and we started turning the rigs to hit those more squarely but there's still a lot more opportunity out there So if we're in phase 4 of the whole entire project, Sonic only saw its first phase of drilling and our drilling out to the west, which

13:38 is getting into that CRD portion, would be considered a phase 1. And if you look at the center of our GT shape, that's 3 phases of drilling honing in on those really high grade corners. We have those opportunities and they still exist as we move out and hit these same intersections at different lithological horizons. That's why the chainman is so important as a hit, as

14:00 having a good solid number coming off of that contact with the Johanna. That shows us that that contact is alive. We can bring our mineralization shallower. And as we move West, we have stacked horizons that we really have to start honing in on, especially at these structural intersections because they're important as you can see here at Salina. You bet. And what I'm going to do here is just to give you guys some context, Mike, I'm going to start walking through DD Prime. We'll look at hole 27. Hole 27 is right here, folks. And it drilled this direction. We're going to go DD Prime and then we're just going to walk through each high grade center all the way to the north. These are about 200 meters apart, maybe even a little bit more, close to 300 meters apart. So we're talking

14:41 just around a kilometer of strike in the north-south already defined of high grade centers and there's some pretty impressive continuity across them. So we'll go to DD Prime first. There we go.

14:56 All right, so Mike, do you want to show them why we're excited about this? So our first couple of holes we put into that area was much like what we did on our original trenches. We drilled where we saw the surficial expressions and really tried to hit it at depth and offset it as we moved westward. What we realized is that the Tyrant fault or the middle fault on this picture is one of those stronger, more powerful faults along with the Maximus out to the West. So the interesting thing that I have here is we have a wide open Tyrant fault, which at the moment hosts most of the highest grades we're seeing on the property. 2, we have book ended hits between SE 2136 and then SE 10 that we drove last year all the way out to our new hole 27 to the west. And we're still seeing those high grades and we're still seeing the same zonation pattern as we moved westward. So we have a big wide open zone right there and a geochemical anomaly in soils and in rock chips that says that there should be something also in this area as well. And we also see one of our larger silver hits in soils for this area.

16:05 There you go. So really strong signature.

16:10 And so that's what we're excited about. I mean, the pilot shale, which is the main unit that's in the middle of that cross section, that light blue to dark blue, the Joanna to the dark blue is the pilot. That is a very constrictive unit. And so that doesn't let many mineralizing fluids up, but it does come up where the big faults, the cracks are. And so that's where you're seeing those higher-grade

16:35 soils and rock chips are right on that fault. So there's a hidden, kind of like a hidden chance right there between the 2, and we see the systems alive. And so that'll be one of those areas we really focus in on. And we already have permitted pads and roads for this area. And one of those areas I'd like to get in next year to show that that Tyrant Fault is still alive as we move south and west towards the Butte Valley Port Free. Whoops. Yeah. And you know, like one of the another thing to point out, this is the first time right here that I'm circling. First time we've ever hit a mineralized intercept in the chain. And it's pretty high grade stuff. I mean, that's as good a Silver as we hit in our original discovery. It's showing pops of lead, pops, little pops of lead, little pops of gold. We don't think we're fully onto the main part of the system yet. And it's really encouraging to see something out in the middle of essentially a 500 meter step out from the closest hole in being hole 21. And then on top of that, we hit these intercepts here. I mean this is 1.2 kilometers.

17:34 You can fit the width of the entire defined zone between up to the north in that 1.2 kilometer section. So there's tons of potential to expand the system out here. We're gonna start stepping to the north And you can really see what I want you to notice is most of the grade is focused on this fault, just like Mike was saying. So, you know, we've kind of, like you said, we bookended the system out here with this section DD prime, lots of potential for infill. As we step, you know, 200m here to the north, you can really see how this starts to take off, right? You got 44 meters

18:07 right there in hole 21, 44 meters of 75 gram silver, 0.2 gold, 1% lead, 0.3% zinc. That's certainly not the high-grade lead zinc we've seen farther to the north, but it's starting to get into that. We also hit in hole 28, which was announced today, 108 meters of 13 and a half grams silver equivalent. Now, that is certainly not a screaming hot grade. Well, Mike and I would be the first person to admit that we would have loved

18:31 to have seen that been 100 metres at 80 or 90 or 100 grams. But to put in perspective, the Rochester mine out here in Nevada is the only silver mine in operation, open pit silver mine. Their average grades are in the range of 21 grams per tonne silver equivalent for their average head grade. Their lower cut off, I believe, is even lower than that. It will be lower than that. So it shows scale. It shows that we can mineralize large widths of rock, 108m. That's a significant intercept. And then alongside that, we have some high-grade pops, 71m of 21g, higher grade, not super high-grade, 44m of 75g. So there's that potential to continue growing this thing. We haven't tested any holes out this direction. And so it really blows out here. Then we step another 200m to the north again, and this is probably our best section we've drilled, at least from a high-grade perspective, wouldn't you say, Mike? Yeah, as a high-grade perspective, and then as a comment on the previous section you were just on, that is what I like about Salina, is not only do we know we can hit high-grade centers, but we do have the opportunity

19:35 for the larger zones. 108 meters is pretty significant. If we can get 108 meters with those higher grades that we see out of, say, hole 21 or 25, we're really in the ballpark for a big system here. And that's what this thing looks like it's starting to produce. And so that's why I was excited. Although a low grade intercept, 108 meters is nothing to shake a stick at, not to mention the fact that you have right behind it in a similar position, 44.2 meters of 75.6 grams, you know, and then you're starting to see that polymetallic system start to propagate from

20:05 there. And so that's what I really like about this section, but then as we move north to that really the high grade section where we, in the last crush release, we released holes 24 and 25. That's what this system really has going for it. It can really do that. And moving out westward and testing that Tyrant Fault in different locations, I think we'll continue to see these high grade zones and hopefully thicker high grade zones than we've seen in our drilling at this point. But we're really starting to get a handle on what's controlling our system, how thick it can be, and we've also started to apply an XRF unit out in the field to better gear our drilling to make sure we're not TDing early or TDing at the appropriate time knowing that we're out of system. Yeah, we're trying to understand the metrics of our system, apply that, and vector in the best directions possible. Yeah, you know, like these 3 holes were all drilled in 2020. Now we have an XRF.

20:59 We knew we were still in system. We took this thing all the way down here and we hit a much wider intercept. So certainly there's potential to go back, drill wider intercepts.

21:06 And it's worth mentioning too that hole 28 right here is about 100 meters or 80 meters to the north of this high grade intercept here. So these holes aren't actually stacked right on top of each other. It's just a nice wide section to show the system. And then as we step to the north, like Mike was saying, we really start getting into, you know, this is kind of the best hole we've certainly ever drilled on the project was hole 25 right there. I mean, 44m of 123g

21:32 per tonne Silver, 0.1 Gold, 2% lead, 0.6% zinc. We had 13m of an including that was over a percent lead zinc and almost 200g per tonne silver. So there is both an open pit potential to this system. You know, we have outcropping silver gold mineralization at surface and we're starting to see grades that are actually within the realm of underground mineable grades. You know, when you look at like hole 29, this hole, we ran out of drill rods, right? Like You were out at the drill rig and you're like, man, we're right heading into the system. The XRS started popping right here. We hit 56 meters of 2 grams per ton silver equivalent. And we just, you know, we were 6 hours out away from the driller's main site. They can only fit 1600 feet of core, or I guess it'd be what, I don't know, meters, 1600 feet of core,

22:23 of core RC rods onto the truck. So we ran into rods, you know, ideally we would have liked to have taken this hole right to about there, give or take, to make sure we fully tested this system on the other side of the fault zone. So, you know. Agreed. And on this section, you can see we haven't even tested the Juniper fault or the Tyron fault proper. These were our first tests out into these zones just to see what was going to happen. 25 being specifically zoned in on the intersection,

22:50 applying what we had learned over the previous 3 phases. And that was the result, and it was a good one. And I like that those, the main fault zones themselves remain untested, and we're going to come back and work on those as well. And yeah, running out of drill rods is never something somebody wants to do, but when you're going after shallow oxide, you don't plan on going further than 1600 feet. And we didn't understand the throw on the Tyron fault when we were drilling it, or I'm sorry, on the juniper fault when we were drilling it. So that was another thing. So next time we'll come a little bit more prepared and a rig that has a deeper capacity. Now that we know we're going after both the CRD component and eventually, hopefully the copper portion of, the Copper Scarn portion of the zonation pattern. Yeah, because as we, you know, here's where we are sitting just to give some perspective here. You know, we got the Silver equivalent. Here's the Porphyry again, just to orient yourself right about here is the edge of the Porphyry. We're getting our high grade centre right here, Hole 29 hit hundreds of feet of alteration, low grades, silver, gold. And we think as we continue to step out this direction, which if you look to the section, is out into the chainman, even out here, almost a kilometer away, you have a historic drill hole that tapped into 32m of 2g per tonne Silver. They never followed the hole deeper. We think this system is still strong, bleeding up the Tyrant Fault as well.

24:14 There's great potential to hit significant high-grade Silver, Lead and Zinc all the way out along these zones and start hitting into these areas as well. Again, it's still really early for us. Like Mike was saying, we pretty much evolved our interpretation on the fly to go after some of these deeper targets to the West. And I think as we work on our model throughout this fall, we're gonna do more mapping, more soils, more geophysics. We're really gonna try to tie in what that total metal zonation pattern looks like so we can better target our holes out in these areas under shallow cover. So you look to this main kind of, here's our main section has the highest density of drilling, really shows that continuity, right? I mean, right here, what's this Mike, almost 1.5. Yeah, that's Right around 1.2 kilometers from here to here, system outcrops at surface, dip shallowly undercover, you know, and we can, you know, this is just, that's our best drilled section, but if you think about what that section where hole 27 was, this would be the equivalent of hole 27 right here, where we hit the high grade in the chainman and then the extension of the zone. This would be the equivalent of those ratty drill holes that are on the edge of the juniper target. And here's 1.2

25:25 kilometers in between the 2. So I think that's where we really are starting to see, you know, this is a big system. It's got lots of potential to grow, and the better we understand it, the more success we're having with the drill bits. If we look to surface, for example,

25:45 we've defined these high-grade centers right here, and you look every time you see one of these nice cross-cutting fault zones, the northwesters, that's where we get our high-grade mineralization. So the last section we want to show you guys would be going up to the Tyron fault because you can see there's our jasperoids. Our best developed jasperoid is obviously within our discovery footprint, but I really want to show up you know what we think we can find up at Juniper. So if we step to the north, go ahead Mike. I'm just trying to switch it over. There we go.

26:23 Okay, so yeah that's what I was talking about earlier as we move west. So with the thrusting we've identified in the area and what has been mapped in the past, we see that we're missing most of our pilot formation and we have the Joanna just put on top of the gill net limestone below. Out to the west we have preserved section, we believe we still have some chainmen out there based on some evidence from old drilling and some of the logs, but it remains untested out there. And they were seeing

26:50 these lower grade intercepts. Some of that was tied to what would be a fanglomerate, which is just an eroded portion of the deposit that's now sitting in a fault scarp or the drop down portion, and it fills in the gap with some of the mineralization from up top. But as we moved out west and as the historic drilling moved out west, they started getting more consistent intercepts as they got down through the Joanna and into the Gilmet, but didn't drill far enough into the Gilmet. So we started testing that. And as you can see out of hole, some of the historical, they hit down in what would be the Gilmet. Some of our holes didn't hit there yet. But it's really moving out to where you have that preferred contact of pilot on top of the gill net because the pilot pilot acts more as an aquitard or a restrictive unit whereas the Joanna can absorb a lot of the mineralization and become the jasperoids we're seeing it surface and so that Joanna is the jasperoid we're seeing it surface and the edge of that thrust sheet. And that's how we're able to track the thrust so easily.

27:50 And now we're trying to track those West Northwest where they intersect. And we'll keep hammering that point, but that's the point of where these higher grade zones are. And we have a lot of those intersections and a lot of places where that lithologic contact between the pilot shale and the Gilmette limestone are preserved. And that's what we want. Yeah. And it's, you know, I think that, you know, although the results from Sonic, we would have loved to have seen wider intercepts, higher grades, no doubt about it. But it is important to point out, I mean, these are right at surface, right? Just like, you

28:21 know, so they are low grade, but yeah, you know, if you have a heap leach scenario happening on site, maybe at the main discovery area, there's a good chance that some of this material is still going to end up on top of the leach pad. And it's worth pointing out that a lot of this material is actually the silver equivalent grades are largely being supported by gold grades. You're seeing that the gold grades are picking up, the silver grades are reducing. So as we head north towards Sonic, there might be potential for more of a gold-rich system, whereas as you head down towards the porphyry into our main discovery, you're into more of that silver-lead-zinc

28:54 type of system. So, you know, one other thing that's pretty interesting is, if you just were going to tilt this up, put the faults on here. Here is, trying to get the right stuff on, Mike. There we go. You look at the high grade center that we have right along the Chinchilla fault, cutting right through here, right?

29:17 We have 1 drill hole, which just tagged into the edge. I think 35 hit roughly 12 meters of somewhere around 35, 30 grams per ton, equivalent right on the edge. But that fault cuts right up through here and that's exactly where that preserved pilot sits. So if we just look down the strike of that, whoops, gotta go down here. That's that same fault we wanna be tracking, right? So we may be on the edge of like Mike was saying up here, it's partially eroded, the main host rocks have been kind of thrusted up and eroded down, meaning it's not an optimal target. And where we want to be going, now that we've drilled these confirmation holes and validated the old data, is certainly the main target area to go after the higher grade gold targets is probably right along that structure. I've got to zoom in more. Sorry, that's really, There we go.

30:01 That better?

30:02 Yeah, so you start tracking these high-grade Northwesters, and you realize that every time you hit an intersection point with a Northwest fault with the right host rocks preserved, you can get a really nice blowout zone. And I think we'll be able to target that really effectively heading into next year's program. So then just looking at the bigger picture, we've now defined 2 plus km of mineralized strike. The main core of the system sits here. This is about 1.2km north-south and 1.3km

30:35 in the east-west. We have a pretty significant size system already. There's potential for both open pit along outcropping mineralization here, and then as we get deeper out to the west, we're getting into much higher grades. There's potential for this thing to maybe transition to an underground type of scenario if we keep on hitting high-grade mineralization. So then on top of that, you have the Sonic target out here. There's still room to flesh that out with some well-placed drilling in the future and the juniper target. So just going back to that, there's that hole 27 right, where is it? Right there, right? Yeah. And the dip between those 2 zones, the juniper drilling, SE10 and 36, and then over here, that is mostly pilot limestone, or I'm sorry, pilot shale or Joanna limestone that's exposed its surface that has been thrusted up that we're seeing at the sonic target. But we're seeing that there with a completely preserved section, which is what's really exciting about the juniper. Yeah.

31:31 So the same- It's been my favorite target since the beginning. It's been under drilled at this time because we were focused on the main core where we were hitting these high grades. But there's a lot of potential out there along a parallel structure to that main chinchilla zone and the chinchilla target that rips right through the juniper target and you have an opportunity at both the juniper fault and the tyrant fault out there for some real joy. Yeah, no, I completely agree, bud. And like you look at this and the same core of the system that we've kind of defined that's running along the Northwest,

32:03 Northeast intersections right here, there's really good potential that we can fill that in and get another high-grade section just like that. And that's, you know, we've bookended the zone. We have 3 meters of 90-gram silver here, 4.5 meters of 150-gram silver here. That's 1.2 kilometers apart with not 1 drill hole sitting in between them. So lots of upside potential. I think going back to the bigger picture of what we see for Salina,

32:32 we've defined this thing as a large system. We know it can produce high grades, it's shallow, it's oxide, and as this model has evolved here, I think what we see as the main target here would be right here, right, Mike? The CRD, defining that CRD potential. Yep, the CRD potential and then the expansion of the silver gold or the silver gold sediment hosted portion through the juniper area. Yeah. And then we'll start really bringing the broken egg target along with the rest of the targets this next year, as it's its own area of that zonation pattern that could really have some joy with plus-gram rock chips taking its surface over there and some pretty stellar soils as well. Yeah, absolutely. So, you know, what we see is a massive property that has multiple deposit types potentially preserved and I think we're just right now, we're in the middle of sorting out what that zonation pattern is

33:27 and I mean, just to give it a little perspective, if you were to look at this same schematic of what we think this looks like in 3D, a section looking here, this is kind of what we think is going on. So, if this is an idealized porphyry model by Dick Sillitoe, we've just kind of come in and if we were to assume that this right here is the equivalent of the Butte Valley Porphyry, which sits on the edge of our property, then what have we defined so far? We've hit the sediment-hosted gold and silver right here. We know that broken egg would be kind of sitting out in the edge right here. We got broken egg, the original discovery right here, and what we just started hitting into with holes 24 25 27 Is the edges of that carbonate replacement silver lead zinc system? So what we have now left for us is we've already tapped into the edge of that system And we have over 3 kilometers of strike between the porphyry and that system.

34:20 We could hit some more Scarn. We believe we're gonna be able to hit some more Silver Lead Zinc as well. And I think it could be an exciting year next year with the drill. I agree.

34:30 So that's it in a nutshell. Just an update, I guess, on what we're up to right now. We're also drilling at Carlin East. We're about 2,700 feet, no, 2,600 feet down, sorry. Still in upper plate rocks, and we'll be providing updates to the market for that project as we move along. So did I? Yeah, we have all 3 pre-collars have been completed and drawing the first core tail now. Yep, no, absolutely. So that's all I have so far today. I guess We can see if anyone has any questions.

35:02 Yeah, absolutely. Thank you for that, guys. That was a great, great presentation. So I'd just like to take a second and remind everyone in the audience that you can ask any questions you like using the Q&A panel found on the right-hand side of your screen. But to start, I have a few questions that I'd like to ask. Given the silver gold discovery last year and now the discovery of base metals, can you provide some context on what you think you have at Celina? This question was asked in advance of today's summit. Okay.

35:27 Yeah, no, for sure. We, you know, I think what we're realizing now is we have a really large zoned pore-free system. I think that's why the project was probably forgotten about for the last 20 years is because people always looked at it as just a gold open pit target, right? And if you look at it as just a gold target, it's kind of a piss poor target to be fair, you know, kind of thing. So, But when you look at it from a silver, lead, zinc, and plus or minus gold scenario, it suddenly starts getting pretty exciting. So we think we have a very large system, and I think we're going to continue to make discoveries in 2022. Agreed.

35:59 That's great to hear. Another question, what's the significance of discovery of a new mineralized horizon in the Chainman Shale? Do you want to take that one, Mike? Yeah, the significance of that is that, 1, as we get deeper, that allows for shallower intercepts across the whole property, as a matter of fact. Because one of our main concerns is that if we continue to get deeper, and we don't have those high grades, we're going to start to lose the ability to have this thing be an underground mine. So being able to bring in some of the, what would be waste rock as actual ore, really starts to become important to the metrics of the Salina system. Now, the other important thing is, is that this lithologic contact between the Chaymen and the Joanna,

36:43 elsewhere on the South Carlin trend is a main host, ore can host significant ore bodies, as well as the pilot gill met contacts. So bringing that into the fold really keeps the metrics of Selina moving in the proper direction, along with the metallurgy we're working on as well. But more the fact that if there's going to be another gold system or another system propagating, it's going to be at that contact. We know that that's a preferential contact in the area. Yep, absolutely.

37:13 Okay. Thanks for that, guys. A question that's coming in, You state in today's press release that one of the priority target areas was to expand the known silver gold lead zinc mineralization. Were you successful?

37:25 Well, you know, it's funny, like Mike mentioned, we kind of adjusted on the fly. So we started seeing, you know, We drilled hole 27 and we liked what we saw. So we went up and we drilled 29, which was almost 500 meters to the north. So really wide space step outs, but we were primarily focused on trying to figure out what was going on at Sonic. And when we hit a good hole at 27, which was truly just a wildcat hole, big step out. We added in hole 29. I think that overall between the intercepts in hole 24, 25, 28 and 27, this was a very successful program overall. It showed that the system has continuity and that it had room to grow. Yeah. Great. There's actually a little follow up to that same question. The other target area was to test the shallow oxide silver gold mineralization at the sonic target area. What's the significance of the results at sonic given the grades drilled?

38:16 Well, like I said during that we mentioned here, Mike and I both would have liked to have seen higher grades, certainly, and wider intercepts. So I think that Sonic would suggest to us that the system may be weakening a bit away from that porphyry, which would make sense, right? It's another kilometre to the north of that porphyry system. You're farther away. The gold and silver has to go farther to get up there. So, you know, I think that Sonic still has, like Mike and I mentioned, I'd say it's a pretty interesting target out to the west undercover there, Mike, along the Chinchilla fault. It is. And the one thing we learned about the sonic area is that portions of it are eroded off. It's going to be the highest portion of our entire drilled package. And so it's going to be the most eroded and the most exposed to surficial processes like that. So what it told me as a geologist that moving down as you cross these West Northwest and you're dropping and preserving some of your section that maybe it's not there to the North directly but off to the West, it could still be preserved undercover but that also keeps us from drilling holes in an area we might not think is the most productive, and it starts to have us vector towards those areas that would be.

39:28 So I still like SONIC a lot. There's nothing wrong with the target itself. It's just we drilled some confirmation holes to old data, but again, we'd like to see higher grades and we'll drill some of the deeper holes off to the west this next program and really try to see if that system is still very much alive out there, which we believe that it is. But we're hoping to see better grades, but the silver just wasn't there, which shows us that we're, like Chad said, further out from the zonation pattern of that porphyry. And we hope to zone in on the better portions this next drill season. Yeah, it's really, you know, it's important to point out, you know, like this is 1 to 1, like I mentioned, right? 1 to 1 silver, 10 to 1 silver, you know, here, 25 to 1, 50 to 1.

40:16 We're all the way out to like, I think we've seen up to like 1000 to 1 Silver to Gold out in these areas, right Mike? So you're just very consistent. You know, as we drill out in these different areas, you're seeing a very consistent zonation to the system. So essentially, if the porphyry is sitting right on the edge, right here, you're just seeing everything bleeding out in all directions, right? So the farther you get away, you're up into the, you know, 10 to 1 to 1 to 1 Silver up in that far corner. And the closer you get, the more Silver you're going to see as well, as well as base metals. And if you put, will you put the faults on real quick, Chad, at least the West Northwest and Northeasters? Oh, you're so needy. Okay. All right. All right. So you can really see without the thrust if you take if you take that fabric kind of out of the larger picture you can see that those faults actually tap into where the Butte Valley Porphyry is, the Northeaster specifically, which would be open at the time of mineralization, where we're getting an opening of this area.

41:09 So the Northeasters are open, the West Northwest are the most damaged and oldest fabric of the area. So that's why we're seeing what we're seeing. And those are probably the tap roots into the main system, which is what we're tracking. You bet. Great. That's awesome guys. Thank you. Nathan in the audience, looking for some clarification on polymetallic zones versus gold silver zones. What are the advantages of each in the Celina project? Well, I think what's really interesting there is anytime you have multiple metals, it gives you more flexibility. Maybe zinc prices are high, silver is high, gold's high. So it's nice. The more the better in our opinion. The polymetallic system is just part of the bigger zonation pattern. So we're going to see, you know, polymetallic or CRD as we refer to it, carbonate replacement type deposits. We're going to see just more typical silver gold and all the way out towards broken egg in this area we're seeing just pure gold, not pure gold I wish, but just gold, just gold plus or minus silver. So I think it's a good sign for the project. It shows just how big and how strong the system is that you can get multiple deposit types mineralizing all in the same area. Yep. Yep. Okay, great.

42:23 Francois in the audience asks if you guys have any idea of the extractive metallurgical characteristics of the polymetallic ore body? That's a tough one. We're actually doing bottle rolls right now. We have 10 bottle rolls going throughout the core of the deposit area here. We're going to be testing lead and zinc bottle roll recoveries, but typically lead and zinc don't heap leach very well. So what we kind of see as the next step in our metallurgy program is we'd like to define, you know, that the silver and gold, how well they leach throughout this core area. And then we'll probably be doing a phase 2 program, which would look at potential milling and float type testing to see how can we get out the polymetallic mineralization. So I think at any oxide project in Nevada or elsewhere for that matter, metallurgy is a lot of time is the biggest hurdle to overcome and I think we need to try to address it early because we know we have a big system here and we need to know that we can get the metal out of it. And that feeds back into the previous question of why it's important to isolate these different deposit types across this property because the metallurgy changes, depth changes its metrics and so it becomes a really big deal on how you treat these things. That's why we're doing the metallurgy early like Chad said, so that we can understand these things and continue to drill them the proper way or chase the right mineralization for what we're trying to accomplish as we get deeper to the West or shallower to the East, depending on where we are in that donation pattern. If we find out we can't get the lead and zinc out of there, we're going to be a heck of a lot less excited about going after

43:54 a CRD type of deposit. But there is pretty standard milling techniques for those types of deposits. They're well established elsewhere in the world, And I think that we should be able to have some success figuring out what works best for this project. OK, great. Thanks, guys. Eric asks this. So your cash position is approximately $5.5 million. What is the corporate burn rate? In terms of mining, permitting, are there social, animal, habitat, water issues? Yeah, so we're actually, we're in the process of, in the early stages of a plan of operations permit for Salina. So we're actually addressing all of those surveys. We've already done a bunch of biological surveys, etc. We have no serious, kind of, if you want to call it hurdles to overcome from a permitting perspective. This is very simple geology, no endangered species, etc.

44:41 At Salina. Our burn rate is right in around, I think if you look at our corporate rate burn rate for the year is about 1 million dollars a year. That means everything from pencils to geo salaries to that fancy Ridgeline shirt that Mike's wearing. So we're about 1 million bucks there. Obviously when we're drilling, we can be considerably higher burn rate than that. But from a corporate perspective, our GNA is right in around 1 million. And that includes land payments by the way as well. Yeah. Great, thanks for that. Rob wants to know if you could go over the varied projections you're working on. The projections. Could you, sorry, could you repeat that? He's asked, could you go over the varied projections you're working on?

45:27 You know, we could see, you know, Rob, if you'd like to get more specific, please. I think David's actually in the back end saying, projects. So we're also drilling the Carlin East project right now, which is, if we look, here's Carlin East right here. And it is a kind of a classic Carlin type gold target, right in the heart of the North Carlin trend. You can see we have over about 150 million ounces of gold have been discovered along the post-fault structure, which sits right, where are you? Trying to find it, there we go. There we go, there's the Carlin Trend kind of framework fault system. You know, most of the faults, or the mineralization has been discovered all the way along this post fault. What's now been realized is this 4 Corners Fault is just as productive, it's just deeper. So the Leeville fault or the Leeville mine, which is 15 million ounces of underground is sitting right there.

46:24 And then you look to what Barrick has now discovered along the Leeville corridor. They've made a new discovery just on trend of Leeville that's looking like a pretty significant system. So they've hit 12m of 18g, 3m of 1g, 32m of 16g over a kilometre and a half of strike. And Mike was just out there today, and where would you suggest they are, Mike? Are they sitting right about, Verick is now drilling right about here. Would that be, whoops, let me get that down. Would that be appropriate right there? Yeah, right about there. Yeah, that's where that radio tower is about. Yeah, so they're drilling, they're now less than 2 kilometers. They're about a kilometer and a half from the edge of our property. They're continuing to march up this fault zone, which is the main mineralizing structure to the whole Leighville structural corridor. And we're actually drilling at the crash zone right here. So we're drilling right along the projection of that fault, along the intersection of a big intrusion on our project.

47:15 And I'll show you what that looks like in section. So that is right there. And this is what we're going after. So this is just kind of the classic, we've built this, our geologic model off of barracks, cross sections, et cetera, that they've put out there. So this is the same 4 corners fault right there. And I got to update this section because what we actually did is we drilled a vertical hole and it's right about there. We think it's sitting right above the lower plate contact at this point. We probably will hit it sometime in the next 300 to 500 feet. And we'd be going after a classic just Carlin type deposit in the Bootstrap Formation, which is the host to the North Levelle Discovery. We're really excited about how that project could turn out. That could be a total game changer for the company. I think what's really exciting about our company is we have this shallow, relatively cheap project at Salina that we can advance very quickly. And then on top of that, we're really kind of swinging for the fences with Carlin East and our Swift project as well, which is a similar, deeper target.

48:15 Great. Thanks for that. David asks, are polymetallic ore bodies common in Nevada or just mainly gold or silver deposits? You know what? They are fairly common, but they're kind of overshadowed by the fact that Nevada is such a hugely endowed gold state. Right. So there's all kinds of examples of deposits that are polymetallic systems that are directly adjacent to Karlin type systems, whether it's the Mike deposit on the North Karlin trend, you go down to Eureka, which is on the southern tip of the Battle Mountain Eureka trend. And there's, I mean, it's mostly polymetallic mineralization down there. So it's, I think it's far more common than people realize. And I think it's, you know, I hope, I hope at least with Selena that we'll start seeing some more excitement. Yeah. Great. That's awesome. How much more drilling do you think you need to do at Salina to feel really comfortable with the geologic model?

49:05 Drill forever. No, Don't ask the geologist that they'll tell you there's always one more hole I I think that we're getting pretty darn confident with the model now I think we'd probably want to see about 10 holes, wouldn't you think, Mike, out to the west to try to figure? Yeah, that'd be accurate, right? To really vector in and away from some of the intercepts we've already had out there, and then test a couple of new areas we haven't gotten to yet. But it would take at least 10, maybe 15, like Chad said, I'll keep adding them on there if you let me, but between 10 and 15 really would help us define what we're looking for, give us some of those structural intersections and another place to leap forward from any kind of success from those holes. And we need to know scale, right? So I mean, if you're looking, you know, if we are able to go out and we define a good polymetallic zone here, that's all well and good, but to do a resource, you know, we need to drill this thing on, you know, at the bare minimum, 100 foot center. So we're talking, you know, tons of drill holes all in here. They're shallow, but they take time and we're going to need our plan of operations permit to really let us get into that stuff. So I think the first step is let's figure out how big this system could truly be and then try to define what maybe a resource might start looking like here. And I think that would be something we could start looking into later in 2022.

50:22 Agreed. And we have under our existing NOI the ability to test those those larger step-outs to show the scale before the plan of operations would go into effect. So it's a really good timeline for us to continue exploring and then be ready for the bigger push of the infill drilling and further definition of targets out to the West. After that, say 10 to 15 hole program would have been executed. Drill a bunch of holes out to the West, get her sorted out and then we'll go from there. Yeah. Okay, great. What else do you wanna demonstrate to the markets before you sell Celino? You know, I think that we really need to understand this polymetallic story, right? Because I'm, and not to refrain over, probably referring to an amazing deposit, which is the Taylor Discovery and which was sold to South32 in 2018.

51:09 I'm not saying we have Taylor here, but what's really interesting is that Taylor started as Wildcat Silver. So before Arizona mining, it was Wildcat Silver. They were looking for a shallow oxide silver system, which they called Hermosa. It wasn't until Don Taylor came in, drilled underneath the silver system and started hitting high-grade silver lead zinc that that project really took off. I think we're just starting to tag into, you know, we thought we had a silver system, we've just tagged into the silver lead zinc. And I think there's huge potential here for a large discovery, but until we get this sorted out in the Valley, we wouldn't be interested in selling this project in any way. Yeah, we definitely have to give it the true legs that it has or the true value if it's there before it ever got let go. And that's just to honor our shareholders. At this point, Selena is our cheapest to drill.

51:57 What is our per foot cost of discovery so far? Oh, geez. Well, our average cost per foot of drilling has been rated around 15 to 17 bucks a foot. I think we did a rough mineral inventory just internally, and it was looking like it was roughly in the 25 cents per silver ounce that we were looking at per ounce. So we obviously that's very loose and we need to tighten that up. It just means that we can get in there cheaply and continue to explore this property and give it that expansion that it so desperately needs because there's a lot of potential out there and I'm excited to get a drill back out there and start working on it for sure. Yeah, absolutely. Right, thanks guys. Well, just to remain cognizant of timing, you know, maybe we move on to a portion where you could maybe please summarize again what your plans are going forward at Salina here. Sure okay well you know I think what we're gonna be doing the rest of the year we're obviously pretty focused on carlinese we want to make sure we knock that out of the park. In the late fall we're probably gonna go out we'll start mapping we'll do additional potentially additional soils You can see here we've only got soils data for a portion of the project, right? Since we've made this discovery, we've expanded the land package by this much here and by this much here. So we need to grow that, we need to do soils, we need to do more geophysics, an IP survey across here would be incredibly effective at potentially tracking these polymetallics. So I think this fall will be data collection, building out the model, and then next spring we'll be heading into

53:28 that 10 to 15 old row program that Mike and I were previously discussing. Yeah. Okay, great. You know, we do have a couple minutes left still, and Eric in the audience has asked this. The Celina budget for 2021 and 2022 would be of what order? Could you remind us of the potential royalty situation? Yeah, so we've spent 1.5 million, give or take, at Salina in 2020 and 2021. Actually, sorry, that was 2019 through 2021. So the total life of the project, we've put 1.5 million in the ground. I think we've gotten a lot back in return. And sorry, what was the second half of the question? The royalties on it. Right, so this whole project is 3.25% that can be bought down to 2.25% for $3 million.

54:19 Okay, well, thanks a lot guys. I really appreciate you coming on today, and I'd like to thank also everyone in the audience. You know, Chad, if you have any closing remarks, please feel free to at this time. Well, you know, This is a really quickly evolving story for us. We've really hit it hard. That being said, we can't cover everything all in 1 day, although I think we did an all right job today. So I really encourage folks, if you want to talk to Mike or I, I'm at cpeters at RidgelineMinerals.com. Mike's at mharp at RidgelineMinerals.com. Send us an email. We'd be happy to walk you through this thing in more detail or walk through our other projects. So I'd say, you know, Selina is just part of the story and Carlin East, I think is going to be a pretty exciting fall for us. So I guess we'll stay tuned on that. Okay. Well, thanks guys again. And I hope you guys have a good rest of your day.

55:05 Thank you. Appreciate it. Cheers.