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NEWS RELEASE
No. 08 - 18 |
Rye Patch Gold Reports On The Wilco Drill Program
News Release No. 08 - 18
Vancouver, British Columbia, July 29, 2008 - Rye Patch Gold Corp (TSX-V: RPM and RPM.WT) ("Rye Patch" or the "Company") reports that 3,540 metres (11,615 feet) of drilling in 14 drillholes has now been completed on the 8,000-metre (26,250-feet) phase-2 Wilco project drilling program. To date, the drilling has been centered on the new Section Line discovery in the Willard mine area. Drilling is also planned and permitted at the old Willard mine, South Willard and Area 46 target areas described in the Company's June 17, 2008 press release. Eklund drilling of Elko, Nevada is completing the work.
"It is impressive that step-out drilling in the Section Line discovery area is intersecting the mineralized zones as predicted - giving our geologic model a high level of confidence. I believe the new drilling will expand the Section Line discovery and will add additional ounces to the existing Willard resource. In addition, we have identified a second east-northeast structural zone that may be an additional feeder to the flat-lying strataform gold zone in the Section Line area. At this time, we are enthusiastically awaiting assay results. I am also encouraged by the South Willard, old Willard mine and Area 46 targets. These targets contain similar geology and mineralized structural zones that could yield additional gold to the Wilco resource", postulated Rye Patch's CEO and President, William C. (Bill) Howald.
Drilling on the Company's 100% owned Lincoln Hill-Gold Ridge project commenced on July 11, 2008. An update of this program will be forthcoming.
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 2: 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
Dr. Radu Conelea, AIPG Certified Professional Geologist #06871, Rye Patch Gold's Chief Geologist, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program. 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 and Lincoln Hill-Gold Ridge 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:
Karen Robb, Manager Investor Relations
Rye Patch Gold Corp.
info@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604)638-1589
www.ryepatchgold.com
Renmark Financial Communications Inc.
Christine Stewart, Account Manager
cstewart@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
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 |