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NEWS RELEASE
No. 07 - 07 |
Rye Patch Gold Begins Drilling On Lincoln Hill And Gold Ridge
Vancouver, British Columbia, July 10, 2008 - Rye Patch Gold Corp (TSX-V: RPM and RPM.WT) ("Rye Patch" or the "Company") announces a second drill rig has been secured and has been mobilized to its Lincoln Hill-Gold Ridge project. An initial 2,000-metre, reverse circulation drilling program is underway to test new high-grade gold and silver anomalies identified by the Rye Patch exploration team at Lincoln Hill-Gold Ridge. Eklund Drilling of Elko, Nevada provided the second drill.
The Lincoln Hill-Gold Ridge drill program will target high-grade surface and underground rock-chip samples located within a highly fractured volcanic unit showing moderate to intense stockwork quartz-tourmaline vein zones. The drilling will test for high-grade gold and silver mineralization along a 1,200-metre by 300-metre east-northeast trending zone as well as test for deeper parallel features within the volcanic pile.
In addition, a second target is located in the pediment along the western flank of Lincoln Hill. This structural zone has returned anomalous gold along a 1.6-kilometre structural trend and includes alteration and significant pathfinder elements within the adjacent pediment gravel.
"We are excited to begin drilling at our Lincoln Hill-Gold Ridge project. With our program well underway at Wilco and starting a Lincoln Hill, we now have two Eklund drill rigs working at our projects searching for new zones of gold mineralization. The Lincoln Hill area shows good potential for new high-grade gold and silver intercepts. Currently, we have sufficient funding and permitting in place to increase our programs should results warrant additional drilling", stated Rye Patch's CEO and President, William C. (Bill) Howald.
As released on the Company's Wilco project on May 12, 2008, and on the Jessup project in December 11, 2007, Rye Patch Gold now holds 779,517 ounces of gold in the measured and indicated category plus 1,151,776 ounces of gold in the inferred category. The table below summarizes the resources for Rye Patch Gold's advance projects.
Table 2: Rye Patch Gold's NI43-101 Gold Resource Inventory
|
Project |
Resource Category |
|
Cutoff Grade |
Measured |
Indicated |
Inferred |
|
Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
|
Wilco |
Variable(1) |
8,091 |
0.018 |
146,701 |
32,950 |
0.015 |
478,816 |
99,978 |
0.011 |
1,124,776 |
|
Jessup(3) |
Variable(2) |
0 |
0 |
0 |
5,423 |
0.022 |
154,000 |
1,265 |
0.017 |
27,000 |
|
Total |
8,091 |
0.018 |
146,701 |
38,373 |
0.016 |
632,816 |
101,243 |
0.011 |
1,151,776 | (1) Measured and Indicated resource is reported at 0.0056 opt Au for oxide mineralisation and 0.042 opt Au for sulphide mineralisation. The Inferred resource is reported at 0.0056 opt Au for oxide, sulphide and carbonaceous ore types; however, a higher opt Au cut-off grade may be required to upgrade the inferred resource to the measured and indicated resource category. (2)Jessup 0.01 oz Au/t for oxide mineralisation, 0.015 oz Au/t for mixed material, and 0.025 oz Au/ton for all unoxidised material; (3)Jessup Resource includes Au equivalent ounces (50g/t Ag = 1g/t Au).
Dr. Radu Conelea, AIPG Certified Professional Geologist #06871, Rye Patch Gold's Chief Geologist, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program. He has verified the information and has reviewed and approved the contents of this news release.
Rye Patch Gold maintains a strict quality control program at all of its projects. ALS Chemex collects the Wilco and Lincoln Hill-Gold Ridge drill samples onsite and transports the samples directly to the ALS Chemex's preparation and analysis facility located in Reno, Nevada. Analyses are conducted on 1-assay ton prepped samples with gold determined using industry standard fire assay methods, with an atomic absorption finish.
Rye Patch Gold Corp. is a Nevada-focused and discovery-driven company building a sizeable inventory of gold resource assets in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in acquisition, exploration and development of quality resource-based gold projects. Rye Patch Gold is developing its primary assets -- the advanced-stage Wilco project located within the Humboldt Gold Trend in west-central Nevada and the Jessup project in Churchill County, Nevada. The Company is seeking gold opportunities that continue to create shareholder value and leverage the gold price. The Company's goal is to have 5-million ounces of gold inventory within the next 3 years. For more information about Rye Patch Gold, please visit our website at www.ryepatchgold.com .
On behalf of the Board of Directors
'William Howald'
William C. (Bill) Howald, CEO & President
For additional information contact:
Karen Robb, Manager Investor Relations
Rye Patch Gold Corp.
info@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604)638-1589
www.ryepatchgold.com
Renmark Financial Communications Inc.
Christine Stewart, Account Manager
cstewart@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Suite 1740 - 1177 West Hastings St., Vancouver, BC, V6E 2K3, Canada
Phone 604-638-1588 Fax 604-638-1589 www.ryepatchgold.com |