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.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2011) - Rye Patch Gold Corp (News - Market indicators)(OTCQX:RPMGF) ("Rye Patch" or the "Company") completes final three holes of core drilling program on the Company's 100% controlled Wilco project along the emerging Oreana gold and silver trend located in Nevada.
- The interpreted intersection zone between the Section Line antiform, and the North Basin high-grade zone returned 124.9 metres grading 0.606 g/t gold;
- Drilling has extended the North Basin high-grade zone to 600 metres along strike;
- WRC-017 and WRC-018 extend a 12 to 15 metre thick upper oxide zone starting at 100 metres down the drillhole to the northwest;
- Core drilling has improved the geologic model and provide systematics for predicting the gold zones; and
- A follow-up 5,000-metre reverse-circulation drill program is permitted and ready to implement.
Table 1 summarizes the significant drillhole intervals of the remaining three drill holes with gold and silver assays using a 0.30 g/t gold cut off grade, and shows gold equivalent (Aueq) where Aueq equals the gold assay plus silver assay divided by 50 (Aueq = Au + (Ag/50)).
(1) TRUE THICKNESS UNKNOWN
|Table 1: Wilco Project - 2011 Core Drilling Program|
"The North Basin and intersection zones are newly identified gold and silver mineralization that has not been incorporated into the Section Line resource estimate. With significant thickness of gold and silver encountered in WRC-016 and the high-grade gold and silver cut in drillholes WRC-005, WRC-006, WRC-007, WRC-009, WRC-012, and WRC-013, the North Basin and Intersection zones show potential for additional gold and silver ounces in Wilco resource," stated William C. (Bill) Howald, the Company's President and CEO.
Drillhole WRC-016 tested the interpreted intersection of the Section Line antiform with the North Basin high-grade structural zone. WRC-016 encountered 124.9 metres grading 0.606 g/t gold, encompassing the typical horizons containing the Section Line Resource, down through the zones hosting the high grade North Basin mineralization, and terminated in the basement claystone lithologies with gold and silver mineralization continuing to the end of the drillhole. This is the first time mineralization was encountered within the footwall claystone formation and confirms the dynamic nature of mineralization surrounding the intersection zone. A follow-up drill program is permitted and ready for implementation on this exciting new drill target. The intersection target sits at the western end of the near east-west trending North Basin high-grade gold and silver zone.
A secondary target was identified along the high-grade North Basin structural zone. By simply aligning the drillhole intercepts in WRC-006 and WRC-009, an apparent northwest orientation was derived. Drillhole WRC-017 tested this structural orientation; however, bad ground conditions forced WRC-017 to terminate prematurely. A second drillhole, WRC-018, was completed in the target. WRC-017 and WRC-018 encountered significant alteration and gold mineralization in a 12 to 15 metre oxidized zone starting at 100 metres down drillhole, but only WRC-018 penetrated the claystone basement. WRC-018 shows the northwest trend is less important than the main east-west North Basin high-grade trend.
To better resolve the North Basin structural zone, a CSAMT program to identify the North Basin controlling features will be conducted later this summer. The geophysical survey should define the near vertical features that are believed to control emplacement of high-grade gold and silver mineralization.
Since the news release dated May 9, 2011, three additional core holes totalling 972.3 metres have been completed. To date, a total of 5,067 metres have been completed in 14 core holes as part of the 2011, Wilco core program. A follow-up reverse circulation drill program is permitted and ready to implement pending arrival of the drill rig.
Rye Patch Gold maintains a strict quality control program at all of its projects. All reverse circulation and core samples are submitted to the lab with prep-blanks, assay blanks, and gold and silver standards. Rye Patch Gold inserts approximately one quality control or quality assurance samples for every twenty samples submitted to the assay laboratory. The drill core and RC chips are logged and photograph on site. American Assay collects the samples and transports them to their 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 values above 10 g/t gold (over limits) are confirmed using fire assay with a gravimetric finish. Silver is analyzed using a four-acid digestion and an AA finish. Silver values over 100 g/t silver are re-analyzed using volumetric dissolution.
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 along the Oreana trend 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. Table 2 summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.
|Table 2: Rye Patch Gold's NI43-101 Resource Inventory(1)|
|Tonnes (X 1,000)
||Gold Grade (g/t)
||Silver Grade (g/t)
||Contained Gold Ounces
||Contained Silver Ounces
||Contained Gold & Gold Equivalent Ounces (4)|
|Total Oreana Trend Measured & Indicated Resources
|Total Oreana Trend Inferred Resources
|(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.|
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 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.
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.