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NEWS RELEASE
No. 08 - 27 |
Rye Patch Gold Drills 7.6 Metres Grading 9.19 G/T Au At Jessup
Vancouver, British Columbia, November 12, 2008 - Rye Patch Gold Corp (TSX-V:RPM, and OTC:RPMGF) ("Rye Patch" or the "Company") is pleased to release the remaining gold and silver assay results from its phase-1 drill program completed on the 100% controlled Jessup project. Table 1 summarizes significant drillhole intervals using a 0.34 g/t (0.01 opt) gold cutoff for intervals greater than 3 metres (10 feet).
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TABLE 1: JESSUP PROJECT: SIGNIFICANT 2008 REVERSE CIRCULATION DRILL PROGRAM RESULTS |
|
Drillhole |
Target |
Au
g/t
|
Ag
g/t |
Drillhole interval
m |
From
m |
To
m |
Total Depth
(metres) |
|
|
|
|
|
|
|
|
JR-08-031 |
Tosh Hill |
0.99 |
3.85 |
3.0 |
53.3 |
56.4 |
213.4 |
|
JR-08-031 |
Tosh Hill |
2.88 |
8.30 |
7.6 |
62.5 |
70.1 |
|
Including |
10.29 |
26.81 |
1.5 |
62.5 |
64.0 |
|
JR-08-032 |
Tosh Hill |
0.41 |
3.10 |
4.6 |
47.2 |
51.8 |
122.0 |
|
JR-08-035 |
Central Jessup |
0.99 |
1.50 |
3.0 |
4.6 |
7.6 |
74.7 |
|
JR-08-036 |
San Jascinto |
0.99 |
6.93 |
59.4 |
27.4 |
86.9 |
343.0 |
|
Including |
5.86 |
48.01 |
3.0 |
77.7 |
80.8 |
|
JR-08-036 |
San Jascinto |
2.74 |
181.74 |
3.0 |
126.5 |
129.5 |
|
JR-08-039 |
North Jessup |
0.69 |
17.80 |
6.1 |
19.8 |
25.9 |
91.5 |
|
JR-08-039 |
North Jessup |
9.19 |
26.44 |
7.6 |
35.1 |
42.7 |
|
Including |
13.92 |
33.06 |
4.6 |
35.1 |
39.6 |
|
JR-08-040 |
North Jessup |
1.30 |
61.72 |
13.7 |
12.2 |
25.9 |
91.5 |
|
Including |
9.16 |
404.62 |
1.5 |
12.2 |
13.7 |
|
JR-08-040 |
North Jessup |
0.62 |
6.86 |
22.9 |
36.6 |
59.4 |
|
JR-08-041 |
North Jessup |
1.17 |
188.60 |
6.1 |
76.2 |
82.3 |
137.2 |
|
Including |
3.67 |
346.33 |
1.5 |
79.2 |
80.8 |
|
JR-08-042 |
San Jascinto |
0.55 |
44.58 |
3.0 |
57.9 |
61.0 |
122.0 |
|
JR-08-043 |
Gold King |
1.13 |
4.40 |
3.0 |
35.1 |
38.1 |
91.5 |
The drilling tested near surface oxidised zones at San Jascinto, North Jessup and at two outlying target areas - Tosh Hill and Gold King. Almost all, 94%, of the significant gold and silver mineralisation was intersected in oxidised volcanic formations providing a high probability that the gold and silver mineralisation is oxidised.
Assay results in the North Jessup deposits indicate the oxide portion of the deposit is open in the northwest and southeast directions. In addition, the drilling shows the North Jessup deposit has significantly higher levels of silver. As examples, drillhole JR-040 returned assay intervals of 61.72g/t Ag over 13.7 metres including 404.6 g/t Ag over 1.5 metres, and in drillhole JR-041 which returned 188.6 g/t Ag over 6.1 metres. These intercepts delineate an open-ended, high-grade gold and silver corridor oriented in a northwest-southeast direction.
Drilling shows the San Jascinto deposit is limited on the east side; however, the oxidised portion of the deposit remains open to the south, northwest, and north with additional potential beneath a mapped felsic volcanic dome. This new target warrants follow up and will be addressed during the next drill program.
At the outlying targets of Tosh Hill and Gold King, drilling shows gold and silver mineralisation is associated with vein structures and pervasive hydrothermal clay alteration. At Tosh Hill, drilling intersected a vein yielding 10.29 g/t Au over 1.5 metres. The vein is oriented northeast and follow up work is required to define the full extent of the gold and silver mineralisation. These high grade structures trend toward the North Jessup deposit and may be a key to identifying higher grade gold and silver mineralisation within this deposit.
At the Gold King target, initial drilling shows mineralisation within argillically altered, oxidised volcanic rocks. The drill encountered lower grade gold within the altered zone. Additional geologic and drilling are required to understand the controls on mineralisation in this area.
"The Company is very pleased with the Jessup drill results and we recognize the gold and silver mineralisation at the San Jascinto, and North Jessup deposits is still open. As a result, management anticipates an increase in the resource estimate based on this new drilling. Now comes the task of putting these drill results into our geologic model and creating the updated resource estimate," stated Rye Patch's CEO and President Bill Howald.
The phase-1 program was completed on October 1, 2008, with a total of 5,119 metres (16,790 feet) in 45 reverse-circulation drillholes. The program intersected gold in new areas as well as expanded gold zones in the known deposits. For more information, please visit the Company's website at www.ryepatchgold.com.
The drilling programs are complete at Wilco, Jessup, and Lincoln Hill. The Company will report the remaining assay results for the Wilco and Lincoln Hill projects as they become available. Assay results for JR-001 to JR-024 were release on October 22, 2008.
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-stage projects.
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Table 2: Rye Patch Gold's NI43-101 Gold Resource Inventory |
|
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 | 1Conforms to 43-101 definitions for resources. All numbers are rounded.
2Cutoff 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.
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.
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 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
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.
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 |