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NEWS RELEASE
No. 08 - 09 |
Rye Patch Gold Outlines Oxide Characteristics Of Wilco Resource
Vancouver, British Columbia, May 12, 2008 - Rye Patch Gold Corp (TSX-V: RPM and RPM.WT) ("Rye Patch" or the "Company") reports that 90% of the gold ounces in the Wilco measured and indicated resource fall within the oxide domain as geologically defined by pervasive and fracture filled red and yellow colored staining associated with hematite and limonite - the oxide products of sulphide minerals. Although additional detailed, industry-standard metallurgical testing is required to properly define metallurgical oxide and sulphide domains, a summary of geologically defined domains, by deposit area, is tabulated below for the measured and indicated portion of the Wilco resource.
Table 1: Oxide/Sulphide Breakdown of Wilco NI43-101 Measured and Indicated Resource
Wilco Resource Areas |
Resource Category |
| Redox Domain |
Cutoff Grade OPT Au |
Measured |
Indicated |
| Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
| Willard |
Oxide |
0.0056 |
4,282 |
0.019 |
79,942 |
13,011 |
0.016 |
201,965 |
| Sulphide |
0.0420 |
106 |
0.063 |
6,701 |
342 |
0.055 |
18,840 |
| Colado |
Oxide |
0.0056 |
3,545 |
0.014 |
48,998 |
19,161 |
0.012 |
230,039 |
| Sulphide |
0.0420 |
158 |
0.070 |
11,060 |
436 |
0.070 |
27,972 |
| Total |
8,091 |
0.018 |
146,701 |
32,950 |
0.015 |
478,816 |
In addition, a refined Wilco Project resource estimate yielded more gold ounces in the measured and indicated category for the Willard deposit over the April 30, 2008, disclosed resource. The increase in the measured and indicated category of 92,000 ounces of gold and a decrease in the inferred resource of 187,000 ounces of gold is the result of a refined oxide/sulphide geologic model that upgraded a portion of the inferred resource to the measured and indicated category. As a result, the Wilco project now has 625,517 ounces of gold in the measured and indicated category and 1,124,776 ounces of gold in the inferred category.
Table 2: Updated NI43-101 Refined Wilco Resource Estimate
Wilco Resource Areas |
Resource Category |
| Cutoff Grade |
Measured |
Indicated |
Inferred |
| Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
| Willard |
Variable(1) |
4,388 |
0.020 |
86,643 |
13,353 |
0.017 |
220,805 |
20,849 |
0.015 |
313,323 |
| Colado |
Variable(1) |
3,703 |
0.016 |
60,058 |
19,597 |
0.013 |
258,011 |
79,129 |
0.010 |
811,453 |
| Total |
8,091 |
0.018 |
146,701 |
32,950 |
0.015 |
478,816 |
99,978 |
0.011 |
1,124,776 |
(1) Measured and Indicated resource is reported at 0.0056 opt Au for oxide mineralisation and 0.042 opt Au for sulphide mineralisation. The Inferred resource is reported at 0.0056 opt 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.
This improved resource estimate represents an increase of 146,700 ounces of gold in the measured category and a 100% increase in the ounces of gold reporting to the indicated category over the September 6, 2007, Wilco resource estimate. Table 2 summarizes the adjusted Wilco resource estimate using the same estimation parameters described in the Company's April 30, 2008, press release.
Scott E. Wilson Consulting, Inc. (SEWC) of Denver, Colorado, completed the updated resource estimate under the direction of Scott E. Wilson, who is a qualified person as defined by NI43-101. The NI43-101 Wilco project technical report will be posted on SEDAR at www.sedar.com on or before June 1, 2008.
As released on the Company's Jessup project (December 11, 2007) along with the revised Wilco resource estimate, Rye Patch Gold now controls 779,517 ounces of gold in the measured and indicated category plus 1,151,776 ounces of gold in the inferred category. Table 3 summarizes the resources for Rye Patch Gold's Wilco and Jessup projects.
Table 3: Rye Patch Gold NI43-101 Resources
| Project |
Resource Category |
| Cutoff Grade |
Measured |
Indicated |
Inferred |
| Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
Tons (X1,000) |
Grade OPT Au |
Gold Ounces |
| Wilco |
Variable(2) |
8,091 |
0.018 |
146,701 |
32,950 |
0.015 |
478,816 |
99,978 |
0.011 |
1,124,776 |
| Jessup(4) |
Variable(3) |
0 |
0 |
0 |
5,423 |
0.022 |
154,000 |
1,265 |
0.017 |
27,000 |
| Total |
8,091 |
0.018 |
146,701 |
38,373 |
0.016 |
632,816 |
101,243 |
0.011 |
1,151,776 |
(2) Measured and Indicated resource is reported at 0.0056 opt Au for oxide mineralisation and 0.042 opt Au for sulphide mineralisation. The Inferred resource is reported at 0.0056 opt 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. (3)Jessup 0.01 oz Au/t for oxide mineralisation, 0.015 oz Au/t for mixed material, and 0.025 oz Au/ton for all unoxidised material; (4)Jessup Resource includes Au equivalent ounces (50g/t Ag = 1g/t Au).
Drilling on the Wilco project will commence this summer with one reverse circulation drill rig. An exploration program totaling US$750,000 and consisting of 8,000 metres of drilling is planned and currently being permitted.
In addition to the Company's Wilco project, Rye Patch is planning and permitting drill programs on its 100% owned Jessup and Lincoln Hill/Gold Ridge properties. These programs will commence immediately following the completion of the Wilco drill program scheduled for June 2008.
Mr. William C. (Bill) Howald, AIPG, Certified Professional Geologist # 11041, Rye Patch Gold's CEO and President, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program. He has verified the information and has reviewed and approved the contents of this news release.
Rye Patch Gold Corp. is a Nevada-focused and discovery-driven company building a sizeable inventory of gold 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 projects. Rye Patch Gold is developing its primary assets -- the advanced-stage Wilco project located within the Humboldt Gold Trend in west-central Nevada and the Jessup project in Churchill County, Nevada. The Company is seeking gold opportunities that continue to create shareholder value and leverage the gold price. 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:
Karen Robb, Manager Investor Relations
Rye Patch Gold Corp.
info@ryepatchgold.com
Phone: 604-638-1588
Fax: 604-638-1589
Renmark Financial Communications Inc.
James Buchanan :jbuchanan@renmarkfinancial.com
Josh Rivard: jrivard@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
The TSX Venture Exchange does not accept 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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