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NEWS RELEASE
No. 08 - 20 |
Rye Patch Gold Drills 45.7 Metres Grading 1.34 G/T Au At Wilco
Vancouver, British Columbia, September 17, 2008 - Rye Patch Gold Corp (TSX-V: RPM and RPM.WT) ("Rye Patch" or the "Company") is pleased to release the first eleven drillholes assay results from the Company's phase-2 drilling program on the Wilco project. The phase-2 program is centered within the Willard mine area with step-out drilling within the Section Line discovery zone as well as new drilling on two outlying parallel target zones -- Old Willard Mine and Pay Dirt targets. 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 WR-049 to WR-059.
"We are very pleased to continue to drill gold and expand the Section Line discovery. These drillholes extend the oxide domain to the south and west of the original Section Line discovery which will likely enhance the metallurgical characteristics of the resource. In addition, drillhole WR-059 has intersected a new, near surface zone that is open to the north of the Section Line deposit. Additional drilling is currently being directed to this area; however, results are pending at this time", explained Rye Patch's CEO and President, William C. (Bill) Howald.
The Wilco phase-2 drill program commenced in mid-June with Eklund Drilling of Elko, Nevada. The planned program consists of 30,000 feet (10,000 metres) and will finish at the end of September. To date, a total of 25,085 feet (7,646 metres) has been completed in 32 reverse circulation drillholes. The program is centered on the Willard mine area with step-out drillholes to the north, south and west of the Section Line discovery. In addition, drillholes are planned in the 46 and Colado resource area targets. A drillhole location map is available on the company's website at www.ryepatchgold.com .
A second drill rig is finishing a 10,000-foot (3,000-metre) program at the Company's 100% controlled Jessup project. This program is scheduled to be completed at the end of September. Initial drill results for the Company's Jessup and Lincoln Hill/Gold Ridge projects will be forthcoming in the next 3 to 4 weeks. The Company should have all drilling results for Wilco, Jessup and Lincoln Hill disclosed by the end of October.
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.
Suite 1740 - 1177 West Hastings St., Vancouver, BC, V6E 2K3, Canada
Phone 604-638-1588 Fax 604-638-1589 www.ryepatchgold.com |