VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2011) - Rye Patch Gold Corp. (TSX VENTURE: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.
- 5,000 metre phase-one, reverse circulation drilling program is fully permitted;
- Two main target areas located south of Barrick Gold's Cortez Hills gold mine; and
- Barrick is definition drilling within 3 kilometres of the northern boundary of the project along the eastern gold trend.
Permits have been received and drilling will commence on the Company's 100% owned Garden Gate Pass project. The property covers almost 1,300 hectares located immediately south of Barrick Gold's Cortez Hills gold mine and ET Blue gold deposits. At the present time, Barrick Gold is drilling within 3 kilometres of the northern border of the project along the eastern gold trend located within the Cortez mineral belt. Rye Patch geologists have identified two main mineral trends that cross the GGP project area.
The western gold trend controls mineralization at Cortez Hills, South Trench and on to the GGP property. 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.
The eastern gold trend controls gold at the Horse Canyon gold mine, and the Red Hill and ET Blue gold deposits. Barrick is drilling along the eastern gold trend just 3 kilometres north of the GGP property boundary. Rye Patch's geologic fieldwork shows the gold trend extends on to the eastern side of the GGP claims.
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 ET Blue and Red Hill deposits which is very promising.
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 Garden Gate Pass project is truly an exciting development for the Company. The targets have a geologic basis grounded in past work along the Cortez trend that could become elephants. Once you get in a Carlin district, the gold deposits tend to cluster. This has been the case at Carlin and now it is becoming true along the Cortez trend. New discoveries are being drilled adjacent to the project and the mineralized structures have been identified at Garden Gate Pass. Since Rye Patch has 100% of the project, a new discovery could propel RPM to the next level of value," stated William C. (Bill) Howald, the Company's President and CEO.
At Lincoln Hill, the core program is complete and assay results are pending. A total of 1,258 meters was completed in five core holes. The reverse circulation portion of the drilling program is in progress. A total of 5,500 meters of RC drilling is planned.
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)|
|Lincoln Hill (3)||Measured||-||-||-||-||-||-|
|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 mineralization and 1.45 g/t Au for sulphide mineralization. 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 mineralization and 0.34 g/t Au for transition and sulphide mineralization; 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 C. (Bill) Howald, CEO President
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.