Rye Patch Files Amended Technical Report
VANCOUVER, Feb. 7, 2017 /CNW/ - Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the "Company" or "Rye Patch") is pleased to report the filing of an amended technical report titled "Amended Technical Report – Preliminary Economic Assessment for the Florida Canyon Mine, Pershing County, Nevada USA" effective March 16, 2016 and dated January 27, 2017 ("Amended Technical Report"), prepared by Mine Development Associates ("MDA"). The Amended Technical Report has been prepared to correct deficiencies, identified by the British Columbia Securities Commission ("BCSC"), in the March 16, 2016 technical report revised June 23, 2016 ("Revised Report"). These deficiencies have been addressed and corrected in the Amended Technical Report and a copy will be filed on SEDAR at www.sedar.com and posted on the Company's website www.ryepatchgold.com.
The Amended Technical Report has been prepared in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101"), Companion Policy 43-101CP, and Form 43-101F1, as well as with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards For Mineral Resources and Reserves, Definitions and Guidelines" ("CIM Standards") adopted by the CIM Council on May 10, 2014.
The Amended Technical Report reflects a change to the resources reported in the Revised Report in that all sulfide material has been removed from the tabulation of Inferred resource. This change does not impact the results of the Preliminary Economic Assessment ("PEA") included in the Revised Report, and re-stated in the Amended Report, since sulfide material was not included within the economic analyses.
The Measured, Indicated, and Inferred resources calculated for the Amended Technical Report are based on a 0.006 oz Au/ton cutoff grade and were restricted to oxide material within an optimized pit. The amended resources are shown in Table 1.
| Florida Canyon March 16, 2016 Oxide Resources | |||
| Item | Tons | oz Au/ton | Ounces Au |
| Measured Indicated | 79,635.4 4,566.7 | 0.013 0.020 | 1,035.3 91.3 |
| Measured + Indicated | 84,202.1 | 0.013 | 1,126.6 |
| Inferred | 350.8 | 0.015 | 5.3 |
The mineral resources stated in Table 1 are not mineral reserves and do not have demonstrated economic viability.
Neil Prenn, P.Eng. and Paul Tietz, C.P.G. of MDA are the Qualified Persons under National Instrument 43-101 who are the authors of the Amended Technical Report and who have also reviewed and approved the technical content of this news release.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend-scale platform with operations, replacement assets and exploration upside. The combination of operations and exploration concentrated along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value added potential. For more information, please visit our website at www.ryepatchgold.com.
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.
On behalf of the Board of Directors
'William Howald'
William C. (Bill) Howald, CEO & President
SOURCE Rye Patch Gold
Contact
Rye Patch Gold Corp., info@ryepatchgold.com, Tel.: (604) 638-1588, Fax: (604) 638-1589