VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCQX:RPMGF) ("Rye Patch" or the "Company") is pleased to announce an update on the Company's 100% owned Garden Gate Pass project located along the Cortez trend - one of Nevada's most prolific gold trends.
- Barrick Gold has connected the Red Hill and Goldrush deposits and doubled the gold resource from their September 6, 2011 announcement;
- The gold trend has 8 kilometres of gold deposits starting from the Horse Canyon mine to the ET Blue gold deposit and remains open toward the Garden Gate Pass project;
- Rye Patch's 2011 drilling campaign intersected lower plate lithologies in 4 of 6 drillholes, and encountered thick zones of Carlin-style alteration with geochemically anomalous gold and pathfinder elements; and
- Using the data points generated from the 2011 drill program, Rye Patch is refining its drill targets and plans to commence drilling in May 2012 pending drill rig availability.
On February 16, 2012, Barrick announced a new resource on their Red Hill and Goldrush complex of 1.3Mozs gold in the indicated category, and 5.7Mozs gold in the inferred category. The new resource doubles the resource previously announced on September 6, 2011, and shows the immense potential of the district. Barrick's drilling along the north-south trend has connected the two discoveries and indicates the gold zone is open in multiple directions including toward the Garden Gate Pass project.
"Barrick's recent summary of the Goldrush and Red Hills gold complex shows the gold system is extremely strong with robust gold grades and gold intercepts immediately north of the Company's Garden Gate Pass project. Rye Patch's 2011 drill program confirmed the presence of lower-plate host lithologies along with thick alteration zones with geochemically anomalous gold and known Carlin-style pathfinder elements. A refinement of the target areas using the drillhole information and re-processing our gravity and magnetic geophysical surveys will provide better resolution on the target areas for the next round of drilling," stated William C. Howald, President and CEO of Rye Patch Gold.
Using the depth to lithology, structure and alteration in the six drillholes completed in 2011, Rye Patch's contract geophysicist, Terry White, will constrain the geophysical gravity and magnetic models to honor the recently acquired sub-surface information. The new constrained models will better define the gold trend and depth to the permissive lower-plate lithologies. This iteration process is required for projects with pediment gravels or cover rocks above the ore zones. The Garden Gate Pass project lies within a gravel covered valley. The claims cover an area of 13 square kilometres immediately adjacent to Barrick's newly discovered Goldrush and Red Hill gold deposit complex. Drill results to date indicate the project is along a major gold trend with significant upside potential that will be addressed in the upcoming drill program.
The size of the summer drill program has not yet been determined but will employ a combination of reverse circulation pre-collars with core tails. This drill methodology will give the geologic team a better understanding of the host rock lithologies, structure and potential ore zones. A budget of $1,000,000 is proposed.
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 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 the acquisition, exploration, and development of quality resource-based gold and silver projects. Rye Patch Gold is developing gold and silver resources along the emerging Oreana trend, located in west-central Nevada, and is exploring 66 square kilometres along the Cortez trend near Barrick's two new gold discoveries. 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 financial position of Rye Patch to pursue legal undertakings; the outcome of legal action relating to the Rochester property and the LH unpatented claims, 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. Litigation is inherently uncertain and factors that could cause actual results to differ materially from those in forward-looking statements include unexpected judicial findings of fact, previously unknown facts arising, and decisions which depart from past legal precedent and similar events.
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.