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NEWS RELEASE
No. 08 - 21 |
Rye Patch Gold Drills 25 Feet Grading 2.2 Ounces/Ton Au at Lincoln Hill
Vancouver, British Columbia, September 24, 2008 - Rye Patch Gold Corp (TSX-V: RPM and RPM.WT) ("Rye Patch" or the "Company") is excited to release the assay results from the Company's exploration drilling program on the Lincoln Hill-Gold Ridge project. The exploration program cut multi-ounce gold and silver intersections in drillhole LR-013 including 25 feet grading 2.2 ounces/ton gold from 90 to 115 feet downhole. In addition, there were numerous significant gold intervals encountered in the program. A total of 8,375 feet (2,550 metres) in 18 reverse circulation drillholes were completed. 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 drillholes LR-001 to LR-018.
| TABLE 1: GOLD RIDGE-LINCOLN HILL PROJECT: 2008 REVERSE CIRCULATION DRILL PROGRAM |
| Drillhole |
Target Area |
Au |
Ag |
Drillhole interval |
From |
To |
Total Depth |
| oz/ton |
oz/ton |
Feet |
feet |
Feet |
(feet) |
| LR-001 |
Gold Ridge |
0.011 |
0.289 |
20 |
235 |
255 |
600 |
| LR-002 |
Gold Ridge |
NSV |
400 |
| LR-003 |
Lincoln Hill |
0.040 |
0.213 |
15 |
135 |
150 |
350 |
| LR-003 |
Lincoln Hill |
0.017 |
0.140 |
20 |
190 |
210 |
| LR-003 |
Lincoln Hill |
0.028 |
0.158 |
10 |
245 |
255 |
| LR-004 |
Lincoln Hill |
0.012 |
0.050 |
20 |
225 |
245 |
350 |
| LR-005 |
Lincoln Hill |
0.011 |
0.054 |
10 |
10 |
20 |
550 |
| LR-006 |
Lincoln Hill |
0.018 |
0.115 |
15 |
0 |
15 |
550 |
| LR-006 |
Lincoln Hill |
0.012 |
0.196 |
30 |
95 |
125 |
| LR-006 |
Lincoln Hill |
0.015 |
0.047 |
35 |
265 |
300 |
| LR-007 |
Lincoln Hill |
0.012 |
0.378 |
35 |
50 |
85 |
400 |
| LR-008 |
Lincoln Hill |
0.013 |
0.232 |
10 |
95 |
105 |
380 |
| LR-009 |
Lincoln Hill |
0.030 |
0.248 |
40 |
45 |
85 |
370 |
| Including |
0.118 |
0.117 |
5 |
60 |
65 |
| LR-009 |
Lincoln Hill |
0.011 |
0.275 |
15 |
115 |
130 |
| LR-009 |
Lincoln Hill |
0.053 |
1.656 |
45 |
150 |
195 |
| Including |
0.127 |
0.245 |
5 |
150 |
155 |
| Including |
0.085 |
6.329 |
10 |
180 |
190 |
| LR-010 |
Lincoln Hill |
0.025 |
7.426 |
30 |
25 |
55 |
500 |
| LR-010 |
Lincoln Hill |
0.016 |
1.808 |
10 |
70 |
80 |
| LR-011 |
Lincoln Hill |
0.010 |
3.121 |
10 |
275 |
285 |
285 |
| LR-012 |
Lincoln Hill |
0.011 |
0.155 |
45 |
230 |
275 |
500 |
| LR-013 |
Lincoln Hill |
0.792 |
1.000 |
70 |
75 |
145 |
525 |
| Including |
2.200 |
2.400 |
25 |
90 |
115 |
| LR-013 |
Lincoln Hill |
0.011 |
1.000 |
30 |
325 |
355 |
| LR-013 |
Lincoln Hill |
0.025 |
1.100 |
20 |
390 |
410 |
| LR-014 |
Lincoln Hill |
0.033 |
0.699 |
15 |
70 |
85 |
400 |
| LR-014 |
Lincoln Hill |
0.020 |
1.125 |
15 |
130 |
145 |
| LR-015 |
Lincoln Hill |
NSV |
245 |
| LR-016 |
Lincoln Hill |
NSV |
500 |
| LR-017 |
Lincoln Hill |
0.015 |
0.049 |
15 |
225 |
240 |
970 |
| LR-017 |
Lincoln Hill |
0.022 |
0.098 |
35 |
330 |
365 |
| LR-017 |
Lincoln Hill |
0.025 |
0.023 |
10 |
455 |
465 |
| LR-017 |
Lincoln Hill |
0.029 |
0.830 |
15 |
855 |
870 |
| LR-018 |
Lincoln Hill |
0.069 |
0.171 |
55 |
75 |
130 |
500 |
| Including |
0.196 |
0.201 |
15 |
90 |
105 |
| LR-018 |
Lincoln Hill |
0.034 |
0.324 |
45 |
155 |
200 |
| LR-018 |
Lincoln Hill |
0.010 |
0.149 |
45 |
215 |
260 |
| LR-018 |
Lincoln Hill |
0.011 |
0.932 |
30 |
295 |
320 |
| NSV = No Significant Values |
|
|
|
TOTAL FOOTAGE |
8,375 |
The Lincoln Hill drilling intersected significant gold and silver assays; however, several drillholes had significant silver assays that did not make the rigorous cut-off criteria of Table 1 because gold values are below the gold cut-off grade. These drillholes include LR-010 which cut 75 feet grading 3.396 opt Ag starting at 25 feet, drillhole LR-016 which intersected 3 zones - 55 feet grading 0.605 opt Ag, 45 feet grading 1.059 opt Ag, and 25 feet grading 1.152 opt Ag starting at 15, 140, and 330 feet respectively. Similar silver zones were also encountered in drillholes LR-007, LR-011 and LR-012.
Drilling completed at the adjacent pediment zone located within the Gold Ridge portion of the property indicates a potential new discovery. The pediment target intersected mineralized Tertiary fanglomerate similar to the Colado deposit at Wilco. This target has never been addressed and offers potential for a new discovery on the project. A drillhole location map is available on the company's website at www.ryepatchgold.com.
"These are truly phenomenal results for our first drill program on the Lincoln Hill - Gold Ridge property. The new drill intercepts on the Lincoln Hill target show the gold and silver mineralization are related to northeast structures that contain significant high-grade gold and silver values. The pediment target located on the west side of the property is within a similar geologic environment as the Colado deposit located at Wilco and could prove to have significant size. With Lincoln Hill-Gold Ridge and Wilco located within 20km of each other along easy access, the potential exists for a mining district with multiple mining operations. Similar examples exist in Nevada where a single operator has several deposits within a radius of a single mill and administration. Without getting ahead of ourselves, this drilling certainly demonstrates the merits of the project, and additional work is very much warranted", exclaimed Rye Patch's CEO and President, William C. (Bill) Howald.
At this time drill rigs are operating at Wilco and Jessup. These programs are scheduled to be completed at the end of September. The Company will have additional drill results for Wilco and Jessup over the next 10 weeks.
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 and gold equivalent in the measured and indicated category plus 1,151,776 ounces of gold and gold equivalent 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 |
| RYE PATCH GOLD RESOURCES |
| Property |
Resource
Category1 |
Tons
(X 1,000) |
Gold
Grade
opt |
Silver
Grade
opt |
Contained
Gold
Ounces |
Contained
Silver
Ounces |
Contained
Gold & Gold Equiv.
Ounces3 |
| Wilco2 |
Measured
Indicated
Inferred |
8,091
32,950
99,978 |
0.018
0.015
0.011 |
NC
NC
NC |
146,701
478,816
1,124,776 |
NC
NC
NC |
146,701
478,816
1,124,776 |
| Jessup2 |
Measured
Indicated
Inferred |
0
5,423
1,265 |
0
0.022
0.017 |
0
0.31
0.23 |
0
120,000
22,000 |
0
1,655,000
286,000 |
0
154,000
27,000 |
Total Measured Resources
Total Indicated Resources
Total Inferred Resources |
146,701
598,816
1,146,776 |
0
1,655,000
286,000 |
146,701
632,816
1,151,776 |
1 Conforms to 43-101 definitions for resources. All numbers are rounded.
2 Cutoff grade for Willard 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. Cutoff grade for Jessup is 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). NC = not calculated |
Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold's CEO and President, is the Qualified Person as defined under National Instrument 43-101. He has verified the information and has reviewed and approved the contents of this news release.
Mr. Shea Clark-Smith is overseeing the gold assay and geochemical quality control and assurance programs for Rye Patch Gold's drill programs at Wilco, Jessup and Lincoln Hill. He is responsible for creating, administering, and monitoring sample preparation and analytical QA/QC procedures for the drilling program. In sum, the QA/QC procedures will provide several measures of data quality and assure the Company that the data is representative of the original sample.
Rye Patch Gold maintains a strict quality control program at all of its projects. ALS Chemex collects the Wilco, Lincoln Hill-Gold Ridge, and Jessup 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:
Rye Patch Gold Corp
Karen Robb, Manager, Investor Relations
info@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589
www.ryepatchgold.com
Renmark Financial Communications Inc.
Christine Stewart, Senior Account Manager
cstewart@renmarkfinancial.com
Tel.: (416) 644-2020
Fax: (416) 644-2021
www.renmarkfinancial.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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Suite 1740 - 1177 West Hastings St., Vancouver, BC, V6E 2K3, Canada
Phone 604-638-1588 Fax 604-638-1589 www.ryepatchgold.com |