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NEWS RELEASE
No. 09 - 11 |
Rye Patch Plans Program for High-Grade Gold at Lincoln Hill Project
Vancouver, British Columbia, June 10, 2009 - Rye Patch Gold Corp (TSX-V: RPM; OTC: RPMGF) ("Rye Patch" or the "Company") reports it has refined the geologic model for the Lincoln Hill project over the past several months. Using the results of the surface mapping, rock-chip sampling data, and detailed geologic cross section work, the Company believes it understands the controls of the high-grade gold and silver drilled in LR-013. Based upon the geologic drill sections, there are 14 additional targets within the project that could host similar high-grade gold and silver. The high-grade targets are located within a wider and more extensive area of alteration and stockwork mineralization that represents a secondary, near-surface bulk-tonnage target.
The Company is using its surface rock-chip sampling, geologic mapping and drill cross sections along with an emphasis on surface and down-hole geochemistry to identify the high grade zones, and determine their geometry. Higher grade areas tend to have silver to gold ratios (Ag:Au) of roughly 1:1 similar to the ratio reported in LR-013 and LR-018. Areas proximal to the high grade have Ag:Au ratios of 10:1 as seen in LR-009, while ratios peripheral to the higher grade zones show Ag:Au ratios of >40:1 (LR-010). The targets are being prioritized with the intent of drilling the best targets first. High-grade gold is defined as gold values greater than 8.0 ppm (0.233 opt Au). Table 1 summarizes the above mentioned drill results.
|
Table 1: Lincoln Hill Project - Selected 2008 Reverse Circulation Drilling Results |
|
Drillhole |
Target |
Au |
Ag |
Drillhole
interval |
From |
To |
Total
Depth |
|
g/t |
g/t |
Metre |
metre |
metre |
(Metres) |
|
LR-009 |
Lincoln Hill |
2.91 |
217 |
3.0 |
54.9 |
57.9 |
112.8 |
|
LR-010 |
Lincoln Hill |
0.86 |
254 |
9.1 |
7.6 |
16.8 |
152.4 |
|
LR-013 |
Lincoln Hill |
27.16 |
34 |
21.3 |
22.9 |
44.2 |
160.1 |
|
Including |
75.44 |
82 |
7.6 |
27.4 |
35.1 |
|
LR-018 |
Lincoln Hill |
8.92 |
9 |
3.0 |
29.0 |
32.0 |
152.4 |
"As reported in last year's drilling campaign, the Lincoln Hill project has the potential for high-grade gold and silver mineralization. The geologic team has developed a set of criteria that disclose the potential location of high grade gold and silver mineralization on the property. Given the Company's finding costs to date, a program of $1 million dollars could establish a substantive resource of high-grade gold. This would increase the current resource estimates along the Oreana gold trend and show the trend has potential for high-grade gold deposits", stated William C. (Bill) Howald, the Company's CEO and President.
The program is being designed and will incorporate a combination of core and RC drilling. A total of 3,000 metres (9,000 feet) of RC and 2,000 metres of core are being considered.
As announced on May 11, 2009 and June 2, 2009, Rye Patch Gold's resources consist of 1,164,000 ounces of gold and gold equivalent in the measured and indicated category plus 2,177,315 ounces of gold and gold equivalent in the inferred category. Table 2 summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.
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Table 2: Rye Patch Gold�s NI43-101 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 |
8,296
34,660
134,303 |
0.020
0.015
0.012 |
0.134
0.105
0.148 |
164,000
522,000
1,660,000 |
1,111,000
3,638,000
19,871,000 |
188,000
600,000
2,084,315 |
|
Jessup2 |
Measured
Indicated
Inferred |
8,571
13,936
4,954 |
0.015
0.012
0.016 |
0.255
0.209
0.231 |
128,000
172,000
77,000 |
2,184,000
2,906,000
1,146,000 |
161,000
215,000
93,000 |
|
Total Measured Resources
Total Indicated Resources
Total Inferred Resources |
292,000
694,000
1,737,000 |
3,295,000
6,544,000
21,017,000 |
349,000
815,000
2,177,315 |
1 Conforms to 43-101 definitions for resources. All numbers are rounded.
2 Cutoff grade for Wilco 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. Cut-off grade for Jessup is reported at 0.005 opt Au for oxide mineralisation and 0.010 opt Au for transition and sulphide mineralisation;
3 Wilco and Jessup Resource includes Au equivalent ounces (Aueq.); where Aueq. = (Ag opt X $Ag/oz) + (Au opt X $Au/oz)/$Au/oz, for Au/oz = $750, and Ag/oz = $16. Metallurgical recoveries and net smelter returns are assumed to be 100%.
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 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 project located within 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.
'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
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 |