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Rye Patch Gold Corp.

Publié le 13 septembre 2011

is Drilling at Garden Gate Pass Project

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Rye Patch Gold is Drilling at Garden Gate Pass Project

Vancouver, British Columbia, September 13, 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:

  • A 5,000 metre phase-one, reverse circulation drilling program is in progress;
  • The Garden Gate Pass project lies along strike and is within three kilometres of Barrick Gold's new Red Hill and Goldrush discoveries; and
  • One drillhole was lost to bad ground conditions, one drillhole was competed to target depth, and one drillhole is in progress. All have intersected bedrock with similar lithologies as described in Barrick's September 7, 2011 announcement.


Drilling started on the Company's 100% owned Garden Gate Pass project in late August. The property covers approximately 13 square kilometres (5 square miles) located immediately south of Barrick Gold's Cortez Hills gold mine and along strike of Barrick's newly discovered Red Hill and Goldrush gold deposits. Rye Patch geologists have identified two main mineral trends that cross the GGP project area, and Barrick Gold is currently drilling within three kilometres of the northern border of the project along the eastern gold trend.

On September 7, 2011, Barrick Gold announced that it had made two significant gold discoveries, known as Red Hill and Goldrush, on its Cortez property in Nevada. An inferred resource of 3.5 million oz/ton gold from 28,756,602 tons grading 0.123 ounces per ton gold has been defined by Barrick at Red Hill and mineralization remains open in all directions (see Barrick's website for details). The Goldrush and Red Hill deposits follow a structural zone along the western margin of the Northern Nevada Rift (NNR). While the NNR is a younger feature, it marks a structural zone with deep plumbing that contains thick, high-grade gold (greater than 50 metres grading 31 g/t Au) as shown on the map accompanying Barrick's news release. This zone can be traced geologically and geophysically on and crossing the GGP project. Rye Patch has drillholes permitted and is currently drilling this structural zone.

On the west side of GGP, Rye Patch has identified the western gold trend that controls gold at Cortez, Cortez Hills, and South Trench. 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. One drillhole was attempted on the western zone; however, difficult ground conditions forced our geologist to terminate the drillhole in the overlying Ordovician Vinni mudstone. The drillhole encountered an intensely broken zone interpreted as the Roberts Mountain thrust contact between the overlying Ordovician Vinni mudstone and the carbonate target rocks beneath the thrust (calcareous siltstone). GGR-001 was our first drillhole on the property, and as a result of the difficult ground conditions, a new mud system was brought in to ensure drillholes would go to target depth. Further drilling on the western target will be completed before the program is over. Meanwhile, the drilling program is focusing on the eastern mineral trend.

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 Goldrush and Red Hill deposits.

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 phase-one drilling campaign will be completed in October.

"Since 1991, there has been approximately 35 million ounces of gold discovered along the Cortez trend between the Pipeline and Cortez Hills deposits. With Barrick's announcement of two new discoveries and new drilling along the trend, it is easy to see the Cortez trend becoming a significant contributor to Nevada's already impressive gold production. The GGP targets have a geologic basis grounded in past work, knowledge and experience along the Cortez trend. Carlin-type deposits are elephants, and the gold deposits tend to cluster. We are seeing the clustering effect now along the Cortez trend - new discoveries are being drilled adjacent to the project and the mineralized structures have been identified at Garden Gate Pass", stated William C. (Bill) Howald, the Company's President and CEO.

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


This email was sent to: .com

 

Rye Patch Gold Corp.

EXPLORATEUR
CODE : RPM.V
ISIN : CA7837271005
CUSIP : 783727 10 0
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Rye Patch Gold est une société d’exploration minière d'or basée au Canada.

Rye Patch Gold détient divers projets d'exploration en USA.

Ses principaux projets en exploration sont LINCOLN HILL, JESSUP, WILCO, GARDEN GATE PASS et GOLD RIDGE NEVADA en USA.

Rye Patch Gold est cotée au Canada. Sa capitalisation boursière aujourd'hui est 410,5 millions CA$ (318,7 millions US$, 273,4 millions €).

La valeur de son action a atteint son plus bas niveau récent le 20 février 2009 à 0,10 CA$, et son plus haut niveau récent le 19 janvier 2018 à 1,66 CA$.

Rye Patch Gold possède 387 300 000 actions en circulation.

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Financements de Rye Patch Gold Corp.
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15/12/2009Announces Private Placement
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Attributions d'options de Rye Patch Gold Corp.
11/06/2008Grants Stock Options
Nominations de Rye Patch Gold Corp.
22/10/2007Hires Manager Of Investor Relations
Projets de Rye Patch Gold Corp.
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28/05/2008to be featured on CEO Clips airing on BNN
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03/04/2008 Retains Renmark Financial Communications
28/02/2008Releases Project Programs And Budgets For 2008
06/02/2008Options Cortez Trend Gold Play From Barrick
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