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Rye Patch Gold Corp (TSX VENTURE:RPM
- News; OTCBB:RPMGF - News; "Rye
Patch" or the "Company") reports initial results from its 2011
drilling campaign on its 100% controlled Wilco
project.
HIGHLIGHTS:
-- Core
drilling confirms the high-grade gold zone on north side of the
Section Line
resource along the North Basin structural zone;
-- Core drilling intersects
high-grade gold at multiple locations along
strike; and
-- Gold zone is open to the
west-southwest.
The 2011 Wilco
drilling program has several objectives to complete. The first objective is
to understand the high-grade gold zone located on the north side of the
Section Line discovery. The core-drilling program suggests the geologic model
is predictive and the Company is able to target and intersect the high-grade
zone. Drillhole results from WRC-005 and WRC-006
show continuity for over 100 metres along the zone.
Table 1 summarizes the results using a 0.30 g/t gold cut off from the results
received to date. Aueq equals the gold assay plus
the silver assay divided by 50 (Aueq. = Au +
(Ag/50)).
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Table 1: Wilco Project - North Basin High Grade Zone
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Drillhole
Au Ag Aueq interval From To Total Depth
Drillhole Remarks g/t g/t g/t metres metres metres metres
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WRC-005 North
Basin 3.489 9.781 3.685 10.6 337.7 348.4 377.4
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Including 9.980 5.650 10.093 3.0 339.6 342.6
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WRC-006 North
Basin 1.826 11.441 2.055 31.1 315.5 346.6 361.8
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Including 5.971 22.197 6.415 4.9 331.5 336.4
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The second objective of the program is
to step out along the zone to the west. As presently understood, the North
Basin high-grade zone is 100 metres wide and 200 metres long. The zone is open to the west and has
geologic potential along a one-kilometre strike
length. The high-grade zone is sub-parallel to the Section Line anticline
that is the host for the bulk of the Section Line deposit. The orientation of
the North Basin high-grade zone suggests the zone will intersect the Section
Line anticline approximately 900 metres west-southwest
of the current drilling pattern. The area between the current drilling and
the proposed intersection will be tested with this round of drilling.
William C. (Bill) Howald,
the Company's President and CEO commented, "We are extremely pleased with
the start of the 2011 core drilling program on our 100% controlled Wilco property. The drilling shows the property has good
upside and expansion potential that could add to the existing resource."
The program is budgeted for 10 core
holes totaling 2,500 metres. At present, two drillholes have been completed, one is in progress, and
five more are planned in the high-grade North Basin zone. The Company will
drill two core holes in the Section Line resource. The holes will test
extensions of the resource to the west.
As announced on May 18, 2010, May 11,
2009, and June 2, 2009 in respect of the Lincoln Hill, Wilco,
and Jessup projects, Rye Patch Gold's resource inventory now totals 1,182,780
ounces of gold and gold equivalent in the measured and indicated category
plus 2,727,100 ounces of gold and gold equivalent in the inferred category.
Table 2 summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.
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Table 2: Rye Patch Gold's NI43-101 Resource Inventory (1)
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Contained Au
Tonnes Gold Silver Contained & Au
Resource (X Grade Grade Contained Silver Equivalent
Property Category 1,000) (g/t) (g/t) Gold Ounces Ounces Ounces (4)
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Wilco Measured 7,526 0.69 4.595 164,000 1,111,000 186,220
(2) Indicated 30,844 0.51 3.601 522,000 3,638,000 594,760
Inferred 121,838 0.41 5.075 1,660,000 19,871,000 2,057,420
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Jessup Measured 7,775 0.51 8.745 128,000 2,184,000 171,680
(2) Indicated 12,642 0.41 7.167 172,000 2,906,000 230,120
Inferred 4,494 0.55 7.922 77,000 1,146,000 99,920
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Lincoln Measured - - - - - -
Hill (3) Indicated - - - - - -
Inferred 17,215 0.69 17.143 380,000 9,488,000 569,760
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Total Measured & Indicated Resources 986,000 9,839,000 1,182,780
Total Inferred Resources 2,117,000 30,505,000 2,727,100
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(1) All resources on 100% basis. Metallurgical recoveries and net smelter
returns are assumed to be 100%. Conforms to 43-101 resource definitions;
(2) Cutoff grade for Wilco Measured and Indicated resource is reported at
0.2 g/t Au for oxide mineralisation and 1.45 g/t Au for sulphide
mineralisation. The Inferred resource cut-off grade is reported at 0.2 g/t
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. Cut-off grade for Jessup is
reported at 0.2 g/t Au for oxide mineralisation and 0.34 g/t Au for
transition and sulphide mineralisation; and
(3) The Inferred resource is reported at a cut-off grade of 0.34 g/t (0.01
opt) Aueq for oxide and transitional ore types;
(4) Wilco, Jessup and Lincoln Hill resources includes Au equivalent ounces
(Aueq.); where Aueq. = (Au ozs) + (Ag ozs X $Ag/oz)/$Au/oz, for Au/oz =
$900, and Ag/oz = $18.
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Mr. William Howald,
AIPG Certified Professional Geologist #11041, Rye Patch Gold's CEO and
President, is a Qualified Person as defined under National Instrument 43-101.
He has verified the information contained in, 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. Drill samples are picked up
on site by American Assay's preparation and analytical facility located in
Reno, Nevada. Gold analyses are conducted on 1-assay ton prepped samples with
gold determined using industry standard fire assay methods with an atomic
absorption finish. Gold over limits are determined using fire assay with a
gravimetric finish. Silver is analyzed using a four-acid digestion and an AA
finish.
Rye Patch Gold Corp. is exploring
well-known mineral trends in Nevada - the world's fourth-richest gold region.
Starting with 150,000 inferred ounces of gold in mid-2007, this well-funded
Company now has 1.2-million ounces of gold and gold equivalent in the
measured and indicated category, plus 2.7-million ounces of gold and gold
equivalent in the inferred category. Rye Patch Gold is a Tier 1,
Nevada-focused and discovery-driven company seeking to build a sizeable
inventory of gold and silver 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 and
silver projects. Rye Patch Gold is developing its primary assets - the
advanced-stage Wilco, Lincoln Hill, Jessup, and
Gold Ridge projects located along the emerging Oreana
gold trend in west-central Nevada. The Company has established gold and
silver resource milestones and time frames in order to build a premier
resource development company. For more information about Rye Patch Gold,
please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
William C. (Bill) Howald,
CEO & President
This news release contains
forward-looking statements, which address future events and conditions, which
are subject to various risks and uncertainties. The Company's actual results,
programs and financial position could differ materially from those
anticipated in such forward-looking statements as a result of numerous
factors, some of which may be beyond the Company's control. These factors
include: the availability of funds; the timing and content of work programs;
results of exploration activities and development of mineral properties, the
interpretation of drilling results and other geological data, the
uncertainties of resource and reserve estimations, receipt and security of
mineral property titles; project cost overruns or unanticipated costs and
expenses, fluctuations in metal prices; currency fluctuations; and general
market and industry conditions.
Forward-looking statements are based on
the expectations and opinions of the Company's management on the date the
statements are made. The assumptions used in the preparation of such
statements, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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