 |
NEWS RELEASE
No. 10 - 12 |
Rye Patch Gold Files Technical Report on Lincoln Hill Resource
Vancouver, British Columbia, June 30, 2010 - Rye Patch Gold Corp (TSX-V: RPM; OTC: RPMGF) ("Rye Patch" or the "Company") has filed on SEDAR a National Instrument 43-101 compliant Technical Report supporting the mineral resource estimate at the Lincoln Hill Project in Nevada (see the Company's news release dated May 18, 2010). The resource table below shows the new Lincoln Hill gold and silver inferred resource estimate using a 0.343 g/t (0.01 opt) gold and gold equivalent (gold equivalent or Aueq) cut-off grade.
|
Cutoff Grade
(Gm/Tonne) |
Tonnes
(1000's) |
Au
(Gm/Tonne) |
Gold
Ozs |
Ag
(Gm/Tonne) |
Silver
Ozs |
|
0.343 |
17,215 |
0.686 |
380,000 |
17.143 |
9,488,000 |
Using US$900 per ounce for gold and US$18 per ounce for silver, an inferred gold equivalent resource of 569,760 ounces with an average grade of 1.029 g/t Aueq was estimated. The resource is stockwork zone located at the surface with high-grade feeder structures internal to the main mineralized body.
"The new Lincoln Hill resource demonstrates the untapped potential of the Oreana trend. The Company is starting exploration along its 100% controlled land holdings located between the Wilco and Lincoln Hill projects. This portion of the Oreana trend will benefit from our geologic knowledge and expertise gained from Wilco and Lincoln Hill, and the Company anticipates to generate additional high-quality drill targets from this program", commented William C. (Bill) Howald, the Company's CEO and President.
Scott E. Wilson Consulting, Inc. (SEWC) used industry-accepted practices and standards to classify the Lincoln Hill resource. Geologic interpretations were incorporated into the new resource for greater confidence in the resource estimate. Cut-off grades were calculated based on referencing up-to-date costing structures that are publically available.
The resource is classified using a combination of distance to the nearest sample, the number of samples, and number of holes used to estimate each block, while also taking into account project history, database quality, sample integrity and geologic understanding. Because the Lincoln Hill drillholes are few and widely spaced, SEWC classified the resource as inferred. Additional drilling may result in upgrading the inferred resource to measured and indicated resources.
Scott Wilson of SEWC is a qualified person as defined in National Instrument 43-101 and is responsible for, and approves of, the technical disclosure relating to the Lincoln Hill Project contained in this news release.
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;
(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. |
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
info@ryepatchgold.com
T: (604) 638-1588 F: (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 |