 |
NEWS RELEASE
No. 08 - 28 |
Rye Patch Gold Drills 38.1 Metres Grading 2.61 G/T Au In New Target At Wilco
Vancouver, British Columbia, November 25, 2008 - Rye Patch Gold Corp (TSX-V: RPM, and OTC: RPMGF) ("Rye Patch" or the "Company") is pleased to release the fourth and final set of gold assay results from its 2008, phase-2 drill campaign on the Wilco project. The Wilco drillhole results are continuing to return significant gold assays from the newly identified North Basin target. Table 1 summarizes significant drill interval results for WR-082 to WR-087 using a 0.34 g/t (0.01 opt) gold cutoff for intervals greater than 3 metres (10 feet).
|
TABLE 1: WILCO PROJECT - 2008 REVERSE CIRCULATION DRILL PROGRAM
(WR-082 to WR-087) |
|
Drillhole |
Target |
Au |
Drillhole interval |
From |
To |
TD |
|
Area |
g/tonne |
metres |
metres |
metres |
(metres) |
|
WR-082 |
Colado Resource |
0.55 |
12.2 |
27.4 |
39.6 |
387.7 |
|
WR-082 |
Colado Resource |
2.71 |
10.7 |
57.9 |
68.6 |
|
Including |
5.52 |
3.0 |
62.5 |
65.5 |
|
WR-082 |
Colado Resource |
0.38 |
4.6 |
71.6 |
76.2 |
|
WR-082 |
Colado Resource |
0.34 |
3.0 |
80.8 |
83.8 |
|
WR-082 |
Colado Resource |
0.58 |
4.6 |
100.6 |
105.2 |
|
WR-082 |
Colado Resource |
0.45 |
4.6 |
134.1 |
138.7 |
|
WR-082 |
Colado Resource |
0.41 |
3.0 |
157.0 |
160.0 |
|
WR-083 |
Area 46 |
0.41 |
4.6 |
70.1 |
74.7 |
163.1 |
|
WR-084 |
Area 46 |
NSV |
182.9 |
|
WR-085 |
Old Willard Mine |
NSV |
152.4 |
|
WR-086 |
Old Willard Mine |
NSV |
207.3 |
|
WR-087 |
North Basin |
0.38 |
7.6 |
83.8 |
91.4 |
388.6 |
|
WR-087 |
North Basin |
0.69 |
19.8 |
97.5 |
117.3 |
|
WR-087 |
North Basin |
2.81 |
4.6 |
137.2 |
141.7 |
|
WR-087 |
North Basin |
2.61 |
38.1 |
350.5 |
388.6 |
|
Including |
14.26 |
4.6 |
353.6 |
358.1 | NSV = No Significant Values
Drillhole WR-087 followed up on significant alteration and gold mineralisation encountered in drillhole WR-081 and confirms gold mineralisation continues to the north and east in the newly identified North Basin target. The North Basin target is defined by an area covering 500 metres (1,500 feet) north-south by 300 metres (1,000 feet) east-west, and appears to be an important new discovery for the Wilco property as indicated by the results of drillhole WR-081 (36.6 metres grading 1.95 g/t Au) and WR-087 (38.1 metres grading 2.61 g/t Au). Drillhole WR-087 encountered the same blanket of quartz-stockwork alteration as cut in drillhole WR-081.
In addition, WR-082 tested the sediments for gold mineralisation beneath the Colado deposit. WR-082 also intersected quartz-stockwork alteration at the same stratigraphic position as WR-081 and WR-087 but technical issues forced early termination of the drillhole. The last samples show the alteration zone contains gold. The significance of drillhole WR-082 is its location some 1.6 kilometres (5,200 feet) north of drillholes WR-081 and WR-087 suggesting the gold mineralised quartz-stockwork blanket is wide spread and potentially underlies the entire North Basin target area. A follow-up program is being planned for the North Basin target.
"WR-087, our last and best drillhole on the Wilco project, shows the project continues to deliver new and exciting results. The North Basin target shows promise as an important new discovery area. The North Basin target coupled with the Section Line discovery area suggests the Wilco project could become an important new gold discovery for Nevada. Based on the results of our 2008, Wilco drill campaign, management anticipates the Wilco resource estimate will increase," commented Rye Patch's CEO and President, William C. (Bill) Howald.
The phase-2 program was completed on October 4, 2008, with a total of 9,841 metres (32,290 feet) in 39 reverse circulation drillholes. The Company released assay results for WR-049 to WR-081 on September 17, 2008, October 15, 2008, and October 30, 2008. A map showing the drillhole locations is available on the Company's website at www.ryepatchgold.com. Rye Patch holds the Wilco project pursuant to the terms of a lease and sublease with Newmont Mining Corporation.
The drill programs are now complete at Wilco, Jessup, and Lincoln Hill. The Company will report additional drill results from the Lincoln Hill project when they become available.
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-stage projects.
|
Table 2: Rye Patch Gold's NI43-101 Gold Resource Inventory |
|
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
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.
Mr. Shea Clark-Smith is overseeing the gold assay and geochemical quality control and assurance programs for Rye Patch Gold's drill programs at Wilco, Jessup and Lincoln Hill. He is responsible for creating, administering, and monitoring sample preparation and analytical QA/QC procedures for the drilling program. In sum, the QA/QC procedures will provide several measures of data quality and assure the Company that the data is representative of the original sample.
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 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
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.
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 |