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NEWS RELEASE
No. 10 - 14 |
Rye Patch Gold Identifies New Gold Target Along The Oreana Trend
Vancouver, British Columbia, August 11, 2010 - Rye Patch Gold Corp (TSX-V: RPM; OTC: RPMGF) ("Rye Patch" or the "Company") has identified a new gold target along the Oreana trend on its 100% owned Gold Ridge property. The new target zone, named Red Hill, has a mapped strike length of one kilometer along a northerly trend and is open to the north, south and down dip. Rock-chip sampling of the alteration has returned gold values between 0.22 g/t Au to 5.6 g/t Au from seven chip-channel samples across surface exposures of the hydrothermal breccias. The hydrothermal breccia's true thickness has yet to be determined; however, outcrop exposures of the silica altered zones are between two and twenty metres in thickness.
"Rye Patch's exploration program along the Oreana trend continues to bear fruit with the identification of the Red Hill target on our 100% owned Gold Ridge property. The Red Hill target is the fifth node discovered along the Oreana trend. With Rye Patch's mounting gold and silver resources and new drill targets alone, the Oreana trend is becoming a sizable gold/silver district in west central Nevada", commented William C. (Bill) Howald, the Company's CEO and President.
A soil samples grid totalling 195 samples was established and sampled. The gold results shows a strong positive one-kilometre long gold anomaly associated with the hydrothermal breccia as well as a second one-kilometre parallel anomaly located 200 metres to the east. A follow-up surface sampling program is in progress.
The reported gold and silver values are associated with silica cemented hydrothermal breccias that appear concordant within a sequence of westerly dipping sediments of the Triassic Auld Lang Syne Group. The silica breccias sit within a larger package of altered, brecciated limestone and clastic rock units. Based on geologic mapping, the alteration zones appear to thicken toward the north; however, poor outcrop exposures and post-mineral volcanic rocks are concealing the true thickness of the gold and silver mineralization. At this time, Rye Patch's exploration team is completing surface geologic mapping, additional rock-chip and soil sampling, and a CSAMT geophysical survey to verify the geometry of the large alteration zone. A phase-one drill program is in the planning stages with a late September start date envisioned.
The Gold Ridge property lies between and adjoins the Company's 100% controlled Wilco and Lincoln Hill projects. Rye Patch staked the claims in 2009 adding significantly to its land holdings along the Oreana trend. The Gold Ridge property has no encumbrances and the Company owns 100% of the claims. The Gold Ridge property consists of 402 unpatented lode claims covering over 21 square kilometers centered along the Oreana gold and silver trend.
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 equivalent in the measured and indicated category plus 2,727,100 ounces of gold equivalent in the inferred category. The following table summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.
|
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; |
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(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 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 Corp. is a well-funded, 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 and Gold Ridge projects located along the emerging Oreana gold trend in west-central Nevada and the Jessup project in Churchill County, 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
Investor Relations
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.
Suite 1740 - 1177 West Hastings St., Vancouver, BC, V6E 2K3, Canada
Phone 604-638-1588 Fax 604-638-1589 www.ryepatchgold.com |