Rye
Patch is Ready to Drill Garden Gate Pass Project
Vancouver, British Columbia, August 9, 2011 - Rye Patch Gold Corp (TSX.V: RPM; OTCQX: RPMGF) ("Rye Patch" or
the "Company") is
pleased to update the status
of the Company's 100% owned
Garden Gate Pass (GGP) project.
HIGHLIGHTS:
- 5,000 metre phase-one,
reverse circulation drilling program is fully permitted;
- Two main target areas located south of Barrick Gold's Cortez Hills gold mine; and
- Barrick is definition
drilling within 3 kilometres of the northern
boundary of the project
along the eastern
gold trend.
Permits have been received
and drilling will
commence on the Company's 100% owned
Garden Gate Pass project. The property covers almost 1,300 hectares located immediately south of Barrick Gold's Cortez Hills gold mine
and ET Blue gold deposits. At
the present time, Barrick
Gold is drilling within 3 kilometres of the northern border of the project along the eastern gold trend located within the Cortez mineral belt. Rye Patch geologists have identified two main mineral trends that cross the GGP project
area.
The western gold trend controls mineralization
at Cortez Hills, South
Trench and on to the GGP property. This trend has localized felsic Eocene dikes and sills that have been mapped to the north and south of the pediment covered GGP project. The dikes mark important mineral
conduits that control gold in the Cortez district.
The eastern gold trend controls
gold at the Horse Canyon gold mine, and the Red Hill and ET Blue gold deposits.
Barrick is drilling along the eastern gold trend just 3 kilometres north of the GGP property boundary. Rye Patch's geologic fieldwork shows the gold trend extends
on to the eastern side of
the GGP claims.
The western and eastern target
zones have been identified through
geologic mapping and geophysical surveys. The geophysical gravity survey data shows a gravity
high -- interpreted as lower
plate host rock assemblage -- crossing the eastern side of the project area. This lower plate
anticline has a similar aeromagnetic-low
as seen over the top of the ET Blue and Red Hill deposits which is very
promising.
The phase-one drill program will consist of eight to ten drillholes with depths of 600 metres. Target depths are interpreted between 400 metres to 600 metres below surface. The geologic
setting and the geophysical anomalies within the Garden Gate Pass claim block look similar
to other gold deposits in
the region.
"The Garden Gate Pass
project is truly an exciting development for the Company.
The targets have a geologic basis grounded in past work along
the Cortez trend that could
become elephants. Once you get in a Carlin district,
the gold deposits tend to cluster. This has been
the case at Carlin and now
it is becoming
true along the Cortez
trend. New discoveries are being
drilled adjacent to the project
and the mineralized structures have been identified at Garden Gate Pass. Since
Rye Patch has 100% of the project, a new discovery could propel RPM to the next level of value", stated
William C. (Bill) Howald, the Company's
President and CEO.
At Lincoln Hill, the core
program is complete and assay results are pending. A total of 1,258 meters
was completed in five core holes. The reverse
circulation portion of the drilling program is in progress. A total of
5,500 meters of RC drilling
is planned.
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)
|
Property
|
Resource
Category
|
Tonnes (X 1,000)
|
Gold Grade (g/t)
|
Silver Grade (g/t)
|
Contained Gold Ounces
|
Contained Silver Ounces
|
Contained Gold & Gold 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 Oreana Trend Measured & Indicated Resources
|
986,000
|
9,839,000
|
1,182,780
|
Total Oreana Trend 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 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.
Suite 1740 - 1177 West Hastings
St., Vancouver, BC, V6E 2K3, Canada
Phone 604-638-1588 Fax
604-638-1589 www.ryepatchgold.com
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