|
Rye Patch Gold
Drills Thick Zones of Gold and Silver at Gold Ridge
Vancouver, British Columbia, February 8, 2011 - Rye Patch Gold Corp (TSX.V:
RPM; OTCBB: RPMGF) ("Rye Patch" or the "Company") reports
final results from the 2010 drilling campaign on its 100% owned Gold Ridge
project.
HIGHLIGHTS:
- Scout
drilling confirms gold and silver assays along a 2.0 kilometre zone at
the Silver Ridge target;
- All
Silver Ridge drillholes intersected reportable gold and silver assay
intervals;
- Red
Hill drilling cut thick gold and silver intervals along altered dike
system with intense alteration; and
- Drillhole
results show Silver Ridge and Red Hill are potential new discoveries
along the Oreana trend.
The drill program tested two targets within 2,160 hectare Gold Ridge
property. A total of 1,772 meters of reverse circulation drilling was
completed in thirteen drillholes before safety concerns associated with
winter storms stopped the program. At Silver Ridge, three of ten drillholes
were finished while at the Red Hill target ten drillholes were completed.
Table 1 summarizes the significant gold and silver assays from all drilling
at the Silver Ridge target using a 0.20 g/t Aueq cut off grade, where Aueq
equals the gold assays plus silver assay divided by 50 (Aueq = Au + (Ag/50)).
|
Table
1: Gold Ridge Project - Silver Ridge Target
|
|
Drillhole
|
Target
Area
|
Au
|
Ag
|
Aueq
|
Drillhole
interval
|
From
|
To
|
Total
Depth Metre
|
|
g/t
|
g/t
|
g/t
|
metre
|
metre
|
metre
|
|
GR-001
|
Silver
Ridge
|
0.25
|
4.8
|
0.35
|
6.1
|
68.6
|
74.7
|
152.4
|
|
GR-001
|
Silver
Ridge
|
0.19
|
6.6
|
0.32
|
6.1
|
79.2
|
85.3
|
|
GR-002
|
Silver
Ridge
|
0.28
|
9.0
|
0.46
|
39.6
|
54.9
|
94.5
|
114.3
|
|
Including
|
0.98
|
18.5
|
1.35
|
3.0
|
91.4
|
94.5
|
|
GR-003
|
Silver
Ridge
|
0.01
|
60.1
|
1.20
|
1.5
|
211.8
|
213.4
|
221.0
|
At the Silver Ridge target, the drilling program successfully intersected
significant thicknesses of gold and silver mineralization in the northern
portion of the target. Gold and silver mineralization was first identified in
outcropping quartz vein alteration zones located on the east flank of a
gently dipping anticline. Anomalous gold (10ppb to 300 ppb gold) and silver
(1ppm to 238 ppm silver) were reported in surface rock-chip samples.
Drillhole GR-002 targeted the core of the altered anticline and intersected a
silicified and quartz-veined zone starting at a depth of 56.4 metres. The
newly identified zone contains a significant thickness of gold and silver -
0.28 g/t gold and 9 g/t silver over 39.6 metres including a three metre
intercept grading 0.98 g/t gold and 18.5 g/t silver. The significance of this
intercept is the thickness of alteration and mineralization within the axial
zone of the anticline suggesting a strong metal system is present. The
anticline is oriented north to south and has been mapped for two kilometres.
GR-001, located 1.7 kilometres south of GR-002, intersected mineralization in
a parallel quartz vein alteration zone outside of the main anticline axis.
Drillhole GR-003 targeted a quartz vein altered fault zone on the east side
of the Silver ridge anticline. Significant silver was encountered in the
fault zone - 60.1 g/t silver from a 1.5 metre zone. Only drillhole GR-002
tested the anticline target.
The initial test of the Silver Ridge target shows potential for another
significant mineralized zone along the Oreana trend. A re-start of the
originally planned program will commence once snow and safety concerns are
mitigated. Future fieldwork will include drilling, mapping, lithogeochemistry
and ground-based geophysics to better define the anticline target toward the
south.
On the Red Hill target, a total of ten widely spaced drillholes were
completed in the surface rock-chip and soil anomaly. The drilling pattern
covered an area measuring 800 metres long by 500 metres wide. The drilling
targeted a 20-metre thick hydrothermal breccia zone and an area of flat lying
silicified and altered sediments. Table 2 summarizes the significant gold and
silver assays from drillholes in the Red Hill target using a 0.20 g/t Aueq
cut off grade, where Aueq equals the gold assays plus silver assay divided by
50 (Aueq = Au + (Ag/50)).
|
Table
2: Gold Ridge Project - Red Hill Target
|
|
Drillhole
|
Target Area
|
Au
|
Ag
|
Aueq
|
Drillhole interval
|
From
|
To
|
Total Depth Metre
|
|
g/t
|
g/t
|
g/t
|
metre
|
metre
|
metre
|
|
RH-001
|
Red Hill
|
0.31
|
7.1
|
0.45
|
29.0
|
3.0
|
32.0
|
129.5
|
|
RH-006
|
Red
Hill
|
0.20
|
2.8
|
0.26
|
18.3
|
18.3
|
36.6
|
121.9
|
Based on the results of the drilling, a new interpretation of the mineralized
zone is developing. Drillholes RH-001 and RH-006 returned significant
thicknesses of gold and silver mineralization, 29 metres and 18.3 metres
respectively, and were drilled adjacent to a mafic dike and intense
silicification. The thick, near-surface intercepts suggest a strong mineral
system with mafic dikes and silicification controlling gold and silver. A
drill program targeting the dikes is being designed.
William C. (Bill) Howald, the Company's President and CEO stated, "We are pleased with the
results of this first-pass scout drilling program on two of the targets at
our 100% owned Gold Ridge property. The program shows significant thicknesses
of gold and silver located within favorable geologic traps. Our goal with the
next phase of drilling will be to target the higher-grade heart of each
gold-silver system. The Gold Ridge project has several other targets that
will be addressed in future drill programs; however, the Silver Ridge and Red
Hill are already bearing fruit."
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. Table 3 summarizes Rye Patch Gold's
precious metal inventory in Nevada, USA.
|
Table
3: Rye Patch Gold's NI43-101 Resource Inventory (1)
|
|
Property
|
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)
|
|
Wilco (2)
|
Measured
|
7,526
|
0.69
|
4.595
|
164,000
|
1,111,000
|
186,220
|
|
Indicated
|
30,844
|
0.51
|
3.601
|
522,000
|
3,638,000
|
594,760
|
|
Inferred
|
121,838
|
0.41
|
5.075
|
1,660,000
|
19,871,000
|
2,057,420
|
|
Jessup(2)
|
Measured
|
7,775
|
0.51
|
8.745
|
128,000
|
2,184,000
|
171,680
|
|
Indicated
|
12,642
|
0.41
|
7.167
|
172,000
|
2,906,000
|
230,120
|
|
Inferred
|
4,494
|
0.55
|
7.922
|
77,000
|
1,146,000
|
99,920
|
|
Lincoln Hill (3)
|
Measured
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Indicated
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Inferred
|
17,215
|
0.69
|
17.143
|
380,000
|
9,488,000
|
569,760
|
|
Total Measured & Indicated
Resources
|
986,000
|
9,839,000
|
1,182,780
|
|
Total Inferred Resources
|
2,117,000
|
30,505,000
|
2,727,100
|
|
(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 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.
|