Rye Patch Announces Results of 2011 Lincoln Hill Drill Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/08/11 -- Rye Patch Gold Corp. (TSX VENTURE: RPM)(OTCQX: RPMGF) ('Rye Patch' or the 'Company') is pleased to announce the assay results of its 2011 drill program at the 100% owned and controlled Lincoln Hill project. The Lincoln Hill project was acquired in 2007, by a combination of staking unpatented lode mining claims and completing lease agreements with two separate local prospectors.
Highlights:
-- In-fill drilling on the Lincoln Hill resource connects the Main zone
with the Shaft zone along a near-surface, stratabound gold and silver
zone. The drilling may add additional resource ounces to the Lincoln
Hill resource;
-- Step-out drilling on the Lincoln Hill resource shows expansion potential
down dip and to the northeast. Four drillholes define an area measuring
250 metres by 70 metres with gold and gold equivalent grades reaching
5.87 g/t Aueq over 4.6m; and
-- Exploration drilling on the Jefferson zone defines an area measuring 300
metres by 80 metres where drillhole LR-061 cut three metres grading 0.25
g/t Au and 509.5 g/t Ag for a gold equivalent grade of 10.44 g/t Aueq.
The drill campaign completed 8,288 metres in 40 reverse circulation (RC) drillholes, and 1,258 metres in 5 core holes located in the Central and North Jefferson zone, Washington target, Western Dyke target and in-fill drilling within the Lincoln Hill resource. The drilling program was designed to test new targets, expand the existing resource, and in-fill drilling to increase the confidence and upgrade the Lincoln Hill resource. Three drillholes were completed in the Washington zone, ten drillholes in Central Jefferson zone, ten drillholes in the North Jefferson zone, two drillholes in the Western Dyke target, and twenty in-fill drillholes in the Lincoln Hill resource.
'The Company is delighted by the results of the Lincoln Hill drilling program. Management believes the drilling within the Lincoln Hill resource has upgraded the confidence of a portion of the resource as well as expanded the current resource. Drilling in the Jefferson zone returned good mineralization in the North sector where drilling has defined a new zone 300 metres by 80 metres, and drilling between the shaft and main zone is now connected by a near-surface, flat-lying stratabound zone. In 2012, Rye Patch will return to drill the Lincoln Hill resource, Jefferson zone, Washington trend and the newly identified Roosevelt target,' stated William C. (Bill) Howald, the Company's President and CEO.
Lincoln Hill Resource Expansion Drilling
At Lincoln Hill LR-074 (0.31 g/t Aueq. over 32m) and LRC-007 (0.39 g/t Aueq. over 22.4m) targeted an untested lamprophyre dyke beneath a dumortierite cap unit. The dyke is located southwest of Lincoln Hill resource area. The dyke has an exposure of 400 metres and shows thick intervals of gold and silver mineralization. The newly identified area has expansion potential to the southeast and will be addressed in next year's drilling program.
LR-077 tested the deep extension of the lamprophyre dyke below the historic Lincoln Hill underground mine. Low-grade mineralization was intercepted at 262.1 to 271.3 (0.56 g/t Aueq. over 9.1m). LR-078 also tested the shaft zone in depth. A new breccias zone was intercepted at a depth of 218m. The breccia body may indicate a more robust system at depth and will be follow up.
Drillholes LR-079, LR-080, LR-081 and LR-092 are expansion drilling around the Lincoln Hill resource. Large low-grade mineral envelopes surrounding higher grade zones were delineated in these drillholes. Significant mineralized thicknesses were found starting at the surface. Drillhole LR-079 returned 0.44 g/t Aueq. over 166 metres, LR-080 intersected 0.4 g/t Aueq. over 76.2 metres, and LR-081 cut 65.5 metres grading 0.45 g/t Aueq. High-grade zones within the low-grade envelope returned 5.87 g/t Aueq. over 4.6m, and 7.5 g/t Aueq over 3m in drillholes LR-079 and LR-092 respectively. The four holes represent an expansion of the Lincoln Hill resource area towards the northeast covering an area of 250 metres by 70 metres.
Lincoln Hill Resource In-Fill Drilling
LR-075 and LR-76 are in-fill drilling to test down dip mineralization along the lamprophyre dykes within the Lincoln Hill resource. LR-075 hit 3.64 g/t Aueq. at a depth of 71.6 metres to 73.2 metres showing mineralization is open down dip. Both drillholes returned thick low-grade intercepts starting from the surface.
LR-082 through LR-086, LR-090 and LR-091 are in-fill drilling at the Lincoln Hill resource. The drilling confirms the presence of thick, near surface, stratabound gold-silver zone that connects the main zone and the shaft zone. This new drilling is expected to upgrade and add ounces to the Lincoln Hill resource.
LR-087 (356 g/t Ag over 1.5m) tested the southwest extension of the shaft zone beneath the dumortierite cap. It expands mineralization 85 metres to the southwest. The Shaft zone is open to southwest. LR-089 tested the extension of the stratabound mineralization beneath the dumortierite.
Jefferson Zone Drilling
In the North Jefferson zone, drillholes LR-061 through LR-066 intersected quartz tourmaline veins with significant silver grades. Drillhole LR-061 cut three metres grading 0.25 g/t Au and 509.5 g/t Ag for a gold equivalent grade of 10.44 g/t Aueq. Drillholes LR-062 to LR-066 targeted several lamprophyre dykes with surface gold anomalies. Both the lamprophyre dykes and the quartz tourmaline veins are oriented northwest within a mineralized envelope measuring 80-metres in width and approximately 300 metres in length. Gold and silver mineralization is open along strike to the northwest and southeast.
Drillholes LR-067 through LR-071, LR-073, LRC-006 and LRC-008 are located in the Central Jefferson zone. Mineralization in this portion of the Jefferson zone is silver dominated with minor gold. Mineralization is associated with lamprophyre dykes adjacent to the rhyolite-andesite volcanic contact and at the intersection of faults and lamprophyre dykes. Additional work is warranted to understand the mineralization controls and geometry.
LR-072 and LR-094 targeted a ground magnetic anomaly parallel to the Jefferson zone called the Western Dyke target. The magnetic anomaly suggested a third lamprophyre dyke zone. Drilling intercepted a weakly altered lamprophyre dyke; however, no mineralization was encountered.
Washington Zone Drilling
LRC-005 intercepted 7.2 g/t Aueq. over 1.1 metres in the Washington zone and expanded the zone 360 metres to the southwest.
Table 1 summarizes the assay results of the Lincoln Hill drilling program using a 0.2g/t Aueq cutoff.
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Table 1: Lincoln Hill Project - 2011 Drilling Program Results
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Drillhole Total
Au Ag Aueq interval From To Depth
Drillhole Remarks g/t g/t g/t metres (1) metres metres Metres
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LRC-005 Washington zone 0.03 40.5 0.84 0.5 75.7 76.1
--------------------------------------------------------------------- 273.71
LRC-005 Washington zone 5.90 64.9 7.20 1.1 150.1 151.2
----------------------------------------------------------------------------
LRC-006 Central Jefferson NSA 277.37
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LRC-007 Lincoln Hill 0.24 6.2 0.36 22.4 115.0 137.4 202.69
----------------------------------------------------------------------------
LRC-008 Central Jefferson 0.15 21.3 0.58 18.7 185.8 204.5
--------------------------------------------------------------------- 229.73
Including 0.78 126.0 3.30 1.2 202.1 203.3
----------------------------------------------------------------------------
LRC-009 North Jefferson 0.02 38.0 0.78 1.2 118.3 119.5 274.32
----------------------------------------------------------------------------
LR-061 North Jefferson 0.25 509.5 10.44 3.0 41.1 44.2 135.64
----------------------------------------------------------------------------
LR-062 North Jefferson 0.35 1.5 0.38 12.2 74.7 86.9 144.78
----------------------------------------------------------------------------
LR-063 North Jefferson 0.12 12.9 0.38 51.8 48.8 100.6
---------------------------------------------------------------------
Including 0.13 13.4 0.40 16.8 48.8 65.5
--------------------------------------------------------------------- 124.97
Including 0.19 11.6 0.42 3.0 74.7 77.7
---------------------------------------------------------------------
Including 0.17 26.9 0.71 10.7 86.9 97.5
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LR-064 North Jefferson NSA 160.02
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LR-065 North Jefferson 0.19 2.3 0.24 12.2 102.1 114.3 167.64
----------------------------------------------------------------------------
LR-066 North Jefferson 0.28 6.3 0.41 12.2 7.6 19.8
---------------------------------------------------------------------
LR-066 North Jefferson 0.03 20.0 0.43 13.7 41.1 54.9 152.40
---------------------------------------------------------------------
LR-066 North Jefferson 0.21 6.6 0.34 7.6 115.8 123.4
----------------------------------------------------------------------------
LR-067 Central Jefferson 0.23 27.8 0.79 47.2 207.3 254.5
--------------------------------------------------------------------- 281.94
Including 0.87 121 3.29 1.5 210.3 211.8
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LR-068 Central Jefferson NSA 121.92
----------------------------------------------------------------------------
LR-069 Central Jefferson 0.06 7.0 0.2 13.7 192.0 205.7 243.84
----------------------------------------------------------------------------
LR-070 Central Jefferson NSA 152.40
----------------------------------------------------------------------------
LR-071 Central Jefferson 0.15 5.6 0.26 7.6 184.4 192.0
--------------------------------------------------------------------- 220.98
LR-071 Central Jefferson 0.06 10.8 0.28 9.1 205.7 214.9
----------------------------------------------------------------------------
LR-072 Western Dyke NSA 123.44
----------------------------------------------------------------------------
LR-073 Central Jefferson NSA 138.68
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LR-074 Lincoln Hill 0.18 6.4 0.31 32.0 91.4 123.4
--------------------------------------------------------------------- 220.98
Including 0.55 28.9 1.13 4.6 118.9 123.4
----------------------------------------------------------------------------
LR-075 Lincoln Hill 0.26 5.7 0.37 88.4 12.2 100.6
--------------------------------------------------------------------- 208.79
Including 3.1 27.1 3.64 1.5 71.6 73.2
----------------------------------------------------------------------------
LR-076 Lincoln Hill 0.11 4.7 0.21 93.0 33.5 126.5 178.31
----------------------------------------------------------------------------
LR-077 Lincoln Hill 0.21 6.6 0.34 32.0 61.0 93.0
---------------------------------------------------------------------
LR-077 Lincoln Hill 0.09 8.0 0.25 35.1 161.5 196.6 304.80
---------------------------------------------------------------------
LR-077 Lincoln Hill 0.21 17.6 0.56 9.1 262.1 271.3
----------------------------------------------------------------------------
LR-078 Lincoln Hill 0.08 6.0 0.20 39.6 1.5 41.1 260.60
----------------------------------------------------------------------------
LR-079 Lincoln Hill 0.16 14.1 0.44 166.1 0.0 166.1
--------------------------------------------------------------------- 196.60
Including 1.83 202 5.87 4.6 153.9 158.5
----------------------------------------------------------------------------
LR-080 Lincoln Hill 0.17 11.6 0.40 76.2 0.0 76.2
---------------------------------------------------------------------
LR-080 Lincoln Hill 0.06 8.3 0.23 13.7 93.0 106.7
--------------------------------------------------------------------- 190.50
LR-080 Lincoln Hill 0.12 4.7 0.21 4.6 120.4 125.0
---------------------------------------------------------------------
LR-080 Lincoln Hill 0.13 4.1 0.21 29.0 158.5 187.5
----------------------------------------------------------------------------
LR-081 Lincoln Hill 0.25 10.1 0.45 65.5 0.0 65.5
---------------------------------------------------------------------
LR-081 Lincoln Hill 0.70 0.7 0.71 3.0 112.8 115.8 167.64
---------------------------------------------------------------------
LR-081 Lincoln Hill 0.11 14.2 0.39 15.2 144.8 160.0
----------------------------------------------------------------------------
LR-082 Lincoln Hill 0.09 7.2 0.23 45.7 0.0 45.7
---------------------------------------------------------------------
LR-082 Lincoln Hill 0.09 13.4 0.36 36.6 123.4 160.0 230.12
---------------------------------------------------------------------
LR-082 Lincoln Hill 0.48 128 3.04 1.5 123.4 125.0
----------------------------------------------------------------------------
LR-083 Lincoln Hill 0.21 9.2 0.39 36.6 0.0 36.6 105.16
----------------------------------------------------------------------------
LR-084 Lincoln Hill 0.2 11.9 0.44 123.4 0.0 123.4 152.40
----------------------------------------------------------------------------
LR-085 Lincoln Hill 0.08 8.9 0.26 27.4 18.3 45.7
--------------------------------------------------------------------- 156.97
LR-085 Lincoln Hill 0.1 12.4 0.35 59.4 76.2 135.6
----------------------------------------------------------------------------
LR-086 Lincoln Hill 0.1 26.3 0.63 24.4 18.3 42.7
--------------------------------------------------------------------- 149.35
LR-086 Lincoln Hill 0.06 12.7 0.31 44.2 100.6 144.8
----------------------------------------------------------------------------
LR-087 Lincoln Hill 0.21 356 7.33 1.5 131.1 132.6
--------------------------------------------------------------------- 175.26
LR-087 Lincoln Hill 0.1 5.4 0.21 10.7 152.4 163.1
----------------------------------------------------------------------------
LR-088 Lincoln Hill RC hole lost at 27.43m 27.43
----------------------------------------------------------------------------
LR-089 Lincoln Hill 0.41 3.8 0.49 3.0 85.3 88.4
--------------------------------------------------------------------- 123.44
LR-089 Lincoln Hill 0.32 1.4 0.35 4.6 102.1 106.7
----------------------------------------------------------------------------
LR-090 Lincoln Hill 0.14 27.7 0.69 68.6 19.8 88.4
---------------------------------------------------------------------
LR-090 Lincoln Hill 0.76 308 6.92 1.5 35.1 36.6 143.26
---------------------------------------------------------------------
LR-090 Lincoln Hill 0.83 134 3.51 1.5 44.2 45.7
----------------------------------------------------------------------------
LR-091 Lincoln Hill 0.09 6.1 0.21 19.8 3.0 22.9
---------------------------------------------------------------------
LR-091 Lincoln Hill 0.09 13.2 0.35 18.3 33.5 51.8 160.02
---------------------------------------------------------------------
LR-091 Lincoln Hill 0.06 7.4 0.21 9.1 68.6 77.7
----------------------------------------------------------------------------
LR-092 Lincoln Hill 0.26 11.4 0.49 22.9 9.1 32.0
---------------------------------------------------------------------
LR-092 Lincoln Hill 0.2 5.2 0.30 10.7 54.9 65.5
--------------------------------------------------------------------- 188.98
LR-092 Lincoln Hill 0.23 62 1.47 19.8 93.0 112.8
---------------------------------------------------------------------
LR-092 Lincoln Hill 0.97 326.6 7.50 3.0 108.2 111.3
----------------------------------------------------------------------------
LR-093 Washington zone NSA 243.84
----------------------------------------------------------------------------
LR-094 Western Dyke NSA 243.84
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LR-095 Central Jefferson 0.15 6.4 0.28 56.4 214.9 271.3 274.32
----------------------------------------------------------------------------
LR-096 Central Jefferson 0.13 28.2 0.69 1.5 153.9 155.4 160.02
----------------------------------------------------------------------------
LR-097 Central Jefferson NSA 152.40
----------------------------------------------------------------------------
LR-098 North Jefferson 0.19 6.5 0.32 42.7 10.7 53.3 121.92
----------------------------------------------------------------------------
LR-099 North Jefferson 0.06 20.5 0.47 16.8 39.6 56.4 97.54
----------------------------------------------------------------------------
LR-100 North Jefferson NSA 227.08
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(1) True thickness unknown
(2) NSA = No Significant Assays
Rye Patch Gold maintains a strict quality control program at all of its projects. All reverse circulation and core 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 twenty samples submitted to the assay laboratory. The drill core and RC chips are logged and photograph 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 atomic absorption finish. Gold values above 10 g/t gold (over limits) are confirmed using fire assay with a gravimetric finish. Silver is analyzed using a four-acid digestion and an AA finish. Silver values over 100 g/t silver are re-analyzed using volumetric dissolution.
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 does not include reserves and resources acquired on the Company's 100% owned LH claims.
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Table 2: Rye Patch Gold's NI 43-101 Resource Inventory(1)(5)
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Contained
Gold &
Tonnes Gold Silver Contained Contained Gold
Resource (X Grade Grade Gold Silver Equivalent
Property Category 1,000) (g/t) (g/t) Ounces Ounces Ounces(4)
---------------------------------------------------------------------------
Measured 7,526 0.69 4.595 164,000 1,111,000 186,220
Wilco(2) Indicated 30,844 0.51 3.601 522,000 3,638,000 594,760
Inferred 121,838 0.41 5.075 1,660,000 19,871,000 2,057,420
---------------------------------------------------------------------------
Measured 7,775 0.51 8.745 128,000 2,184,000 171,680
Jessup(2) Indicated 12,642 0.41 7.167 172,000 2,906,000 230,120
Inferred 4,494 0.55 7.922 77,000 1,146,000 99,920
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Lincoln Measured - - - - - -
Hill Indicated - - - - - -
(3) Inferred 17,215 0.69 17.143 380,000 9,488,000 569,760
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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
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(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; and
(5) Table 2 does not include reserves and resources acquired on the
Company's 100% owned LH claims.
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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 owns and controls over 165 square kilometres of prime mineral claims and leases along the Oreana and Cortez trends. The Company is developing gold and silver assets along the emerging Oreana trend, located in west-central Nevada, and is exploring 65 square kilometres along the Cortez trend adjacent to 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 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.
Contacts:
Rye Patch Gold Corp.
(604) 638-1588
(604) 638-1589 (FAX)
info@ryepatchgold.com
www.ryepatchgold.com