Rye Patch Drills 1.24 g/t AuEq Over 19.8m at Its Gold Ridge Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 15, 2014) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCQX:RPMGF)(FRANKFURT:5TN) (the "Company" or "Rye Patch") is pleased to announce the drilling results from the 2014, drill program at its 100% owned Gold Ridge project. The drill program consisted of twelve reverse circulation drillholes located on the Silver Ridge target located immediately east and adjacent to the Lincoln Hill resource project. The Silver Ridge zone has been mapped for over 4.5-kilometres. The drill program was designed to test silicified sediments - jasperoid - within the hinge zone of a north-south oriented anticlinorium.
HIGHLIGHTS:
- GR-017 returned 0.67 g/t Au, 28.5 g/t Ag, 1.24 g/t AuEq over 19.8 metres, including 0.76 g/t Au, 86 g/t Ag over 4.6 metres from the hinge zone of the anticline;
- GR-025 drilled the east limb and reported 1.3 g/t Au, 12.2 g/t Ag, 1.54 g/t AuEq over 10.7 metres. The drillhole ended in mineralization;
- Drilling extends mineralization 500 metres northward with 4 kilometres untested;
- All drillholes returned mineralization; and
- Approximately 12 square kilometres (180 claims) staked north along strike.
The Silver Ridge target consists of a brecciated jasperoid within a receptive unit of the Prida Formation. The breccia contains fragments of quartz vein and jasperoid in an iron rich matrix. The higher grades in gold and silver are associated with jasperoid breccia containing quartz fragments. The favorable mineralized unit has inter-bedded limestone and mudstone which creates a permeable and receptive host when folded.
The host stratigraphic package is folded into a large anticlinorium with a steep dipping western limb. The hinge zone of the anticlinorium is a broad open fold with several minor parasitic anticlines and synclines. The anticlinorium has been mapped for 4.5 kilometres and rides atop a west dipping low-angle fault zone. The Company has staked an additional 180 unpatented lode mining claims covering approximately 12 square kilometres along the strike of the anticlinorium.
The 2014 drill campaign tested a portion of the anticlinorium measuring 320 metres long by 100 metres wide. The positive assay results extend the known mineralization 500 metres northward and confirm the predictive nature of the geologic model and verify the continuity of the zone. Mineralization starts immediately at surface and several drillholes ended in mineralization. The majority of the mineralization appears visually oxidized although no metallurgical testing has been completed at this time.
The 2014 drilling program extends the gold and silver zone northward approximately 500 metres from drillholes completed as part of the 2011 program (LR-004 and LR-005). Table 1 summarizes the results of the 2014 drilling. Rye Patch believes that Silver Ridge target has significant upside potential, and could enhance and expand the adjacent Lincoln Hill resource project.
| Table 1: Gold Ridge Project, Silver Ridge Target - 2014 Drill Program Results (3) | ||||||||
| Gold | Silver | AuEq (1) | Drillhole interval (2) | From | To | Total Depth | ||
| Drillhole | Remarks | g/t | g/t | g/t | (metres) | (metres) | (metres) | (metres) |
| GR-016 | Silver Ridge | 0.15 | 1.5 | 0.18 | 32.0 | 61.0 | 93.0 | 137.2 |
| GR-017 | Silver Ridge | 0.67 | 28.5 | 1.24 | 19.8 | 56.4 | 76.2 | 91.4 |
| Including | 0.76 | 87.2 | 2.50 | 4.6 | 57.9 | 62.5 | ||
| GR-018 | Silver Ridge | 0.23 | 2.8 | 0.29 | 18.3 | 0.0 | 18.3 | 76.2 |
| GR-019 | Silver Ridge | 0.24 | 5.4 | 0.35 | 24.4 | 0.0 | 24.4 | 76.2 |
| GR-020 | Silver Ridge | 0.38 | 5.7 | 0.49 | 27.4 | 13.7 | 41.1 | 91.4 |
| GR-021 | Silver Ridge | 0.56 | 7.3 | 0.71 | 16.8 | 16.8 | 33.5 | 97.5 |
| GR-021 | Silver Ridge | 0.15 | 4.3 | 0.24 | 6.1 | 71.6 | 77.7 | |
| GR-022 | Silver Ridge | 0.19 | 5.9 | 0.31 | 21.3 | 0.0 | 21.3 | 45.7 |
| GR-023 | Silver Ridge | 0.12 | 0.3 | 0.13 | 7.6 | 0.0 | 7.6 | 45.7 |
| GR-023 | Silver Ridge | 0.55 | 12.2 | 0.79 | 21.3 | 0.0 | 21.3 | |
| GR-024 | Silver Ridge | 0.37 | 7.0 | 0.51 | 30.5 | 0.0 | 30.5 | 45.7 |
| Including | 0.91 | 17.3 | 1.26 | 10.7 | 0.0 | 10.7 | ||
| GR-025 | Silver Ridge | 0.44 | 6.5 | 0.57 | 42.7 | 6.1 | 48.8 | 48.8 |
| Including | 1.30 | 12.2 | 1.54 | 10.7 | 25.9 | 36.6 | ||
| (1) AuEq is gold equivalent calculated using Ag:Au ratio of 50:1 | ||||||||
| (2) Drillhole Interval is not true thickness | ||||||||
| (3) Tabulated using a 0.10 AuEq cut off | ||||||||
Rye Patch Gold US Inc. maintains a strict quality control program at all of its projects. All reverse circulation drill samples are submitted to American Assay with prep-blanks, assay blanks, and gold and silver standards. Rye Patch Gold inserts approximately one quality control or quality assurance samples for every ten samples submitted to the assay laboratory. The reverse circulation character samples are logged and photographed on site. American Assay collects the samples and transports them to their preparation and analytical facility located in Reno, Nevada. Gold analyses are conducted on 1-assay ton prepped samples with gold determined using industry standard fire assay methods with an ICP finish. Gold values above 10 g/t gold (over limits) are confirmed using fire assay with a gravimetric finish. Silver is analyzed using a two-acid digestion and an ICP finish. Silver values are re-analyzed with a four-acid digestion and ICP finish on all samples with gold values greater than a 0.2 g/t gold assay result. Silver values over 100 g/t silver are re-analyzed using volumetric dissolution.
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 reviewed and approved the contents of this news release.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company with a royalty revenue stream from the operating Rochester silver mine and significant gold and silver resources, all located 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 US Inc. controls over 75 square kilometres (30 sq. miles) of land, and has a 3.4 % Net Smelter Return (NSR) royalty from the Rochester silver mine along the Oreana trend located in west-central Nevada. The Company is aggressively developing gold and silver resources along this emerging trend, utilizing existing funds and cash flow from the NSR royalty which is fully leveraged to the price of gold and silver. In east central Nevada, Rye Patch Gold US Inc. is exploring 66 square kilometres of exploration land along the prolific Cortez trend contiguous to Barrick's new Goldrush deposit. The Company has established gold and silver resource milestones and time frames in order to build a premier resource development company.
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; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources (and, in respect of the Coeur Rochester mine 3.4% NSR, the reliability of calculation of Coeur's mineral resources and reserves); the reliability of calculation of precious metal recoveries; the 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.