 |
NEWS RELEASE
No. 07 - 07 |
Rye Patch Gold Corp. Drills 21 Metres of 2.74 g/t Gold New Gold Zone on Wilco Project Discovered
News Release No. 07 - 07
Vancouver, British Columbia, September 24, 2007 - Rye Patch Gold Corp (TSX-V: RPM) ("Rye Patch Gold" or the "Company") is pleased to report gold results received from the first thirteen drillholes of its phase-one drilling program on the Wilco project. From mid-July to mid-September, 48 reverse circulation drillholes were completed on the Wilco project totaling 30,520 feet (9,305 metres). The majority of the drilling, 38 drillholes, was completed in the Willard resource area. Table 1 summarizes drill interval results, using a 0.01 opt (0.34 g/t) cutoff for intervals greater than 10 feet (3 metres), for two of the Willard target zones - Section Line and East-West Draw.
Click to Enlarge
Drillholes WR-01 to WR-05 were designed to confirm and extend known high-grade gold mineralization from past shallow drilling in the Section Line target area located 1,200 feet (400 metres) west of the previously mined Willard open pits. Geologic logging of drillhole WR-02 showed visible gold in the drill cuttings between 225 to 230 feet (68.6 to 70.1 metres) down the drillhole. Gold assay results for this interval confirm this.
In addition, deeper drilling in this area intercepted a second mineralized zone which was predicted by detailed geologic mapping and cross-sectional modeling. This new discovery is within a low-angle structural zone that potentially connects to gold encountered in the E-W Draw target area located 1,500 feet (500 metres) east. The gold bearing zone is open to the east, up dip, toward the previously mined Willard pits, and its north, west and south limits have not yet been determined. This zone suggests additional, significant upside within an area of approximately1,200 feet by 1,000 feet (400 metres by 300 metres).
The gold mineralization in the new zone is potentially oxidized based on the reddish color (hematite) of the altered and brecciated host rocks. The Company's drilling discovered this new oxidized zone beneath the historic shallow drillholes in the Willard resource area.
Drillholes WR-06 to WR-13 were designed to confirm and extend known gold mineralization from past shallow drilling in the E-W Draw Pit target area. These drillholes extended known mineralization between 100 and 200 feet (33 to 67 metres) toward the northeast, and the mineralization remains open in that direction.
The drillholes presented in the table intersected intervals of low-grade gold mineralization greater than 0.005 opt (0.17 g/t). These intervals did not meet the rigorous cutoff criteria used to define the results table, but show significant thicknesses of low-grade gold material. As an example, drillhole WR-11 intersected 80 feet of 0.006 opt (24 metres of 0.20 g/t), extending known mineralization from previous mining in the pit.
All but five of the reverse circulation drillholes were directionally surveyed. The majority of the holes were drilled at an angle to intersect potentially high-grade structural zones.
William C. (Bill) Howald, CEO and President remarked, "These gold results demonstrate the Wilco project has potential for high-grade feeders and expansion of the Willard resource area. Once again, detailed geologic mapping and cross sectional modeling has proven to be the best method in understanding the Wilco project?s resource areas. This demonstrated understanding will prove beneficial when stepping out to new target areas on the Wilco project."
"The discovery of a new, potentially oxidized zone in the Willard area is extremely exciting for the project. This new zone appears to connect to a similar oxidized zone beneath the E-W Draw pit. If correct, the new zone could substantially increase the gold potential to the Willard area. I look forward to receiving the remainder of the pending gold assay results from our phase one drilling program, and I believe the results will continue to prove the predictive nature of our geologic model in the Willard and Colado target areas."
Drilling at Wilco is continuing, with one Major Drill core rig on a 3,000 feet (914 metre) core program. The first of five core holes is complete and is being logged and prepped for gold analysis. The five planned core holes will be distributed between the Colado and Willard resource areas. The core program is scheduled for completion in October.
Gold assays from the remaining drillholes will be released as they become available over the next 4 to 6 weeks. All new assay data will be incorporated into a year end resource update for the Colado and Willard resource areas. This update is anticipated in the 1st quarter of 2008.
Dr. Radu Conelea, AIPG Certified Professional Geologist #06871, the Company'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 and has reviewed the technical disclosure in this press release.
Mr. Shea Clark-Smith is overseeing the gold assay and geochemical quality control and assurance programs for Rye Patch Gold's Wilco project. He is responsible for creating, administering, and monitoring sample preparation and analytical QA/QC procedures for the drilling programs. In particular, a large suite of certified analytical standards will be part of every submittal to monitor analytical accuracy. Barren rock will be used to monitor background metal concentrations and sources of external contamination during sample preparation, while barren pulps will monitor analytical background. Duplicate splits of selected drill samples will measure laboratory precision, and randomization of the submittal at the drill site will help identify sources of systematic error. In sum, these QA/QC procedures will provide several measures of data quality and assure the Company that the data is representative of the original sample.
Samples are transported from the Wilco project to the ALS Chemex sample preparation facility in Winnemucca, Nevada, by Chemex personnel. All analytical testing is performed utilizing industry standard analytical techniques. Gold was analyzed using fire assay on a 30-gram sample 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 asset - the advanced-stage Wilco project located within the Humboldt Gold Trend in west-central Nevada and has also acquired the Jessup project in Churchill County, Nevada.
Rye Patch Gold trades on the TSX Venture Exchange under the symbol RPM and the Company's warrants trade under the symbol RPM.WT. 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:
Jon Ruby
The Buick Group
jruby@buickgroup.com
Phone: 1-877-748-0914
Rye Patch Gold Corp.
info@ryepatchgold.com
Phone: 604-638-1588
Fax: 604-638-1589
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
|