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NEWS RELEASE
No. 07 - 07 |
Rye Patch Gold Reports Lincoln Hill - Gold Ridge Drilling Complete
Vancouver, British Columbia, August 19, 2008 - Rye Patch Gold Corp (TSX-V: RPM and RPM.WT) ("Rye Patch" or the "Company") is pleased to announce the phase-1 drilling campaign at the Company's 100% owned Lincoln Hill -- Gold Ridge project is complete. Eklund drilling completed a total of 8,375 feet (2,553 metres) in 18 reverse circulation drillholes. An additional 1,875 feet (570 metres) was added to the originally planned 6,500 feet (2,000 metres) drill program. All drill samples have been collected from the site and assay results are pending.
"The Company is very pleased with the observed results of the completed phase-1 drilling program on the Lincoln Hill-Gold Ridge project. Originally, the Company budgeted a total of 6,500 feet of drilling; however, given the thicker than expected oxide and alteration zones observed in the drilling, it was warranted to add the additional 1,875 feet of drilling to this phase. Although assay results are pending, I believe the program achieved its geologic and technical objectives", boomed Rye Patch's CEO and President, William C. (Bill) Howald.
The Lincoln Hill drilling equipment has now been mobilized to the Company's 100% owned Jessup project to complete the budgeted 10,000 feet (3,000 metres) program. In addition, drilling continues on the Company's Wilco project with an Eklund drill rig completing step-out drilling on the Section Line discovery and new drilling in the newly identified Pay Dirt and the Old Willard mine target areas.
At the Keystone South project, located on the Cortez trend, the Company completed detailed gravity and magnetic geophysical surveys as well as detailed surface mapping and surface geochemistry. The data is being compiled and initial drill targets will be generated later this fall.
As released on the Company's Wilco project on May 12, 2008, and on the Jessup project in December 11, 2007, Rye Patch Gold now holds 779,517 ounces of gold and gold equivalent in the measured and indicated category plus 1,151,776 ounces of gold and gold equivalent in the inferred category. The table below summarizes the resources for Rye Patch Gold's advance projects.
Table 1: Rye Patch Gold's NI43-101 Gold Resource Inventory
|
RYE PATCH GOLD RESOURCES |
|
Property |
Resource
Category1 |
Tons
(X 1,000) |
Gold
Grade
opt |
Silver
Grade
opt |
Contained
Gold
Ounces |
Contained
Silver
Ounces |
Contained
Gold & Gold Equiv.
Ounces3 |
|
Wilco2 |
Measured
Indicated
Inferred |
8,091
32,950
99,978 |
0.018
0.015
0.011 |
NC
NC
NC |
146,701
478,816
1,124,776 |
NC
NC
NC |
146,701
478,816
1,124,776 |
|
Jessup2 |
Measured
Indicated
Inferred |
0
5,423
1,265 |
0
0.022
0.017 |
0
0.31
0.23 |
0
120,000
22,000 |
0
1,655,000
286,000 |
0
154,000
27,000 |
|
Total Measured Resources
Total Indicated Resources
Total Inferred Resources |
146,701
598,816
1,146,776 |
0
1,655,000
286,000 |
146,701
632,816
1,151,776 |
1 Conforms to 43-101 definitions for resources. All numbers are rounded.
2 Cutoff grade for Willard 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. Cutoff grade for Jessup is 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;
3 Jessup Resource includes Au equivalent ounces (50g/t Ag = 1g/t Au). NC = not calculated
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 maintains a strict quality control program at all of its projects. ALS Chemex collects the Wilco, Lincoln Hill-Gold Ridge, and Jessup drill samples onsite and transports the samples directly to the ALS Chemex's preparation and analysis facility located in Reno, Nevada. Analyses are conducted on 1-assay ton prepped samples with gold determined using industry standard fire assay methods, with an atomic absorption finish.
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. The Company's goal is to have 5-million ounces of gold inventory within the next 3 years. 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
Karen Robb, Manager, Investor Relations
info@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589
www.ryepatchgold.com
Renmark Financial Communications Inc.
Christine Stewart, Senior Account Manager
cstewart@renmarkfinancial.com
Tel.: (416) 644-2020
Fax: (416) 644-2021
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 |