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Rye Patch Gold
Drills New Gold and Silver Zone on Lincoln Hill
Rye Patch Gold Corp ("Rye Patch" or the "Company")
reports results of the 2010 fall drilling campaign on its 100% controlled
Lincoln Hill project.
HIGHLIGHTS:
- Drilling
discovers new gold and silver zone (Jefferson) 350 metres
west of the main Lincoln Hill resource area;
- Results
show significant gold and strong silver assays located along a one
kilometer strike length with values from LR-058 grading 1.6 g/t Aueq over 9.1 metres and
LR-059 grading 1.3 g/t Aueq over 13.1 metres;
- A
geophysical survey shows the Jefferson zone has a strike potential of
1.5 kilometres and indicates additional
parallel zones; and
- Drilling
on the Lincoln Hill resource expands gold and silver mineralization to
the northwest and south and confirms the resource has expansion
potential in northwest and southeast directions (i.e. the resource is
still open).
The 2010 Lincoln Hill drilling program had two main objectives. The
first goal tested the open directions of the gold and silver resource area
defined in June 2010. Drilling to the northwest, southeast, and south was
designed to test these open mineralized directions. Although LR-050 expanded
the resource to the south, LR-048 and LR-049 define the southern boundary of
the Lincoln Hill resource; however, gold and silver expansion potential
remains open toward the northwest and southeast along the main Lincoln Hill
dyke trend. LR-053 and LR-054 returned significant gold values and expand the
Lincoln Hill resource. LR-053 returned 1.54 g/t gold over 29.0 metres including 22.6 g/t gold over 1.5 metres. Additional drilling on the Lincoln Hill resource
is in the planning stages.
The second goal was to test outlying geologic and geophysical targets on the
property. A new zone, Jefferson, was initially identified through a ground
based magnetic geophysical survey. The Jefferson corresponds to a strong
magnetic high defined in the geophysical survey. The geophysical signature is
traceable for over 1.5 kilometres and is parallel
to the main Lincoln Hill resource. The geophysical survey, which completed
over the entire Lincoln Hill property, shows additional dyke systems crossing
the Lincoln Hill property.
Drillholes LR-051, LR-055, LR-056, and LR-058 to
LR-060 tested a portion of the geophysical anomaly and returned encouraging
gold and silver values. The widely spaced drilling cut gold and silver along
the Jefferson zone for approximately one kilometer. LR-058 intersected 1.6 g/t Aueq over 9.1 meters including
a 1.5 metre interval returning 85.7 g/t silver.
In LR-059, an interval yielded 1.3 g/t Aueq over a
13.7 meters interval. The Jefferson zone has elevated silver values. Drillhole LR-056 returned 164 g/t silver over 3.0 metres. Additional drilling is warranted. The zone has
significant expansion potential for a second resource area similar to the
main Lincoln Hill resource.
William C. (Bill) Howald, the Company's President
and CEO commented, "We
are extremely pleased with the outcome of the 2010 drilling program on our
100% controlled Lincoln Hill property. The drilling shows the property has
good upside and expansion potential."
Rye Patch completed 15 drillholes totaling 2,403 metres using a reverse circulation drill rig. The
significant gold and silver assays are summarized in Table 1 using a 0.5 g/t
gold and gold equivalent (Aueq) assay cut off where
Aueq equals the gold assay plus the silver assay
divided by 50 (Aueq. = Au + (Ag/50)). A follow-up
program is being designed to address the new Jefferson discovery.
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Lincoln Hill Project - 2010 Drilling Results >0.5 g/t Aueq
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|
Drillhole
|
Area
|
Au
g/t
|
Ag
g/t
|
Aueq.
g/t
|
Drillhole
interval
metres
|
From
metres
|
To
metres
|
Total
Depth
metres
|
|
LR-046
|
Washington
|
0.33
|
19.4
|
0.7
|
1.5
|
64.0
|
65.5
|
152.4
|
|
LR-046
|
Washington
|
NSA
|
54.7
|
1.1
|
1.5
|
83.8
|
85.3
|
|
LR-046
|
Washington
|
NSA
|
39.4
|
0.8
|
3.0
|
115.8
|
118.9
|
|
LR-046
|
Washington
|
0.16
|
33.1
|
0.8
|
1.5
|
125.0
|
126.5
|
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LR-047
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Washington
|
0.09
|
54.9
|
1.2
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7.6
|
88.4
|
96.0
|
164.6
|
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LR-050
|
Lincoln Hill
|
0.12
|
42.3
|
1.0
|
10.7
|
64.0
|
74.7
|
228.6
|
|
Including
|
0.21
|
72.5
|
1.7
|
3.1
|
70.1
|
73.2
|
|
LR-051
|
Jefferson
|
0.26
|
21.2
|
0.7
|
9.1
|
146.3
|
155.4
|
182.9
|
|
LR-052
|
Washington
|
Drillhole lost at 111 meters
|
111.0
|
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LR-053
|
Lincoln Hill
|
1.54
|
3.9
|
1.6
|
29.0
|
24.4
|
53.3
|
121.9
|
|
Including
|
22.60
|
8.2
|
22.8
|
1.5
|
24.4
|
25.9
|
|
Including
|
3.43
|
11.7
|
3.7
|
1.5
|
51.8
|
53.3
|
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LR-053
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Lincoln Hill
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3.77
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3.5
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3.8
|
12.2
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100.6
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112.8
|
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Including
|
9.44
|
3.4
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9.5
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4.6
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100.6
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105.2
|
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LR-054
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Lincoln Hill
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1.23
|
7.7
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1.4
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9.1
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99.1
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108.2
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152.4
|
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Including
|
1.87
|
16.3
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2.2
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3.0
|
99.1
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102.1
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LR-055
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Jefferson
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0.35
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10.2
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0.6
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12.2
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199.6
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211.8
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249.9
|
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LR-056
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Jefferson
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0.72
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164.0
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4.0
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3.0
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201.2
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204.2
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213.4
|
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LR-058
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Jefferson
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1.02
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28.2
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1.6
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9.1
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12.2
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21.3
|
152.4
|
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Including
|
3.70
|
85.7
|
5.4
|
1.5
|
18.3
|
19.8
|
|
LR-058
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Jefferson
|
2.90
|
8.9
|
3.1
|
3.0
|
96.0
|
99.1
|
|
Including
|
|
4.65
|
14.0
|
4.9
|
1.5
|
96.0
|
97.5
|
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LR-058
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Jefferson
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2.99
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4.2
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3.1
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3.1
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147.8
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150.9
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Including
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4.55
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4.5
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4.6
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1.5
|
147.8
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149.4
|
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LR-059
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Jefferson
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1.10
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8.4
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1.3
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13.7
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10.7
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24.4
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100.6
|
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Including
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5.46
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11.2
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5.7
|
1.5
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12.2
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13.7
|
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LR-060
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Jefferson
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Drillhole lost at 38.1metres
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38.10
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Drillholes LR-051 and LR-052 were drilled at the
intersection of the Jefferson and Washington structurals.
LR-051 returned significant silver values with 21.2 g/t silver over 9.1
meters. Intense pervasive silica alteration was encountered in LR-052 and caused
poor drilling conditions. The drillhole was lost
before reaching its designed target depth.
Drillholes LR-046 and LR-047 tested the extension
of the Washington zone. Low gold and silver grades were encountered in the
drilling. The assay outcome indicates the Washington zone has a discrete
elevation controlling the mineralization.
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. The following table
summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.
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Rye Patch Gold�s
NI43-101 Resource Inventory(1)
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Property
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Resource
Category
|
Tonnes
(X 1,000)
|
Gold Grade
(g/t)
|
Silver Grade
(g/t)
|
Contained Gold
Ounces
|
Contained Silver
Ounces
|
Contained
Au & Au
Equivalent Ounces(4)
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|
Wilco(2)
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Measured
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7,526
|
0.69
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4.595
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164,000
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1,111,000
|
186,220
|
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Indicated
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30,844
|
0.51
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3.601
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522,000
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3,638,000
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594,760
|
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Inferred
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121,838
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0.41
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5.075
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1,660,000
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19,871,000
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2,057,420
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Jessup(2)
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Measured
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7,775
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0.51
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8.745
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128,000
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2,184,000
|
171,680
|
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Indicated
|
12,642
|
0.41
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7.167
|
172,000
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2,906,000
|
230,120
|
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Inferred
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4,494
|
0.55
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7.922
|
77,000
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1,146,000
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99,920
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Lincoln Hill(3)
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Measured
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Indicated
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Inferred
|
17,215
|
0.69
|
17.143
|
380,000
|
9,488,000
|
569,760
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Total Measured
& Indicated Resources
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986,000
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9,839,000
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1,182,780
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Total Inferred Resources
|
2,117,000
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30,505,000
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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 Howald'
William C. (Bill) Howald, CEO & President
For additional information contact:
Rye Patch Gold Corp
info@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589
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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