Rye Patch Announces Results From the 2012 Patty Exploration Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/13 -- Rye Patch Gold Corp. (TSX VENTURE: RPM)(OTCQX: RPMGF)(FRANKFURT: 5TN) (the "Company" or "Rye Patch") is please to announce the results of its fall 2012 drilling and exploration program on the Patty project located in Eureka County, Nevada.
HIGHLIGHTS:
-- At Patty, drilling cut several zones including RP-004 which returned
1.95 g/t gold over 4.6 metres, and RP-003A which returned 0.58 g/t gold
over 9.1 metres which expands the Patty deposit northward;
-- Geologic and structural mapping along with surface rock-chip sampling
show the Indian Creek target is a major structural corridor with up to
9.42 g/t gold at the surface coupled with significant Carlin-type
pathfinder elements;
-- Western Rift, West Geyser and South Pediment remain high priority
exploration targets with tremendous upside potential; and
-- Two stratigraphic drillholes and drillhole re-logging confirm the
presence of highly prospective host rocks and structural zones.
The Patty project is an early-stage property located along the structural projection of the prolific and highly prospective Cortez trend. The 2012 drilling campaign focused on two of the six known target areas. The target areas are the Patty Deposit, Patty North, Western Rift, West Geyser, South Pediment, and Indian Creek.
At the Patty deposit, gold mineralization is localized along the regional Simpson Park thrust system and the east-northeast trending OS structural zone. The deposit is open in several directions. Mineralization is near surface and drillholes RP-001 and RP-002 explored the down-dip potential of the resource along the footwall of the east-northeast OS fault system. RP-001 encountered difficult drilling conditions and was terminated at 73 metres; however, RP-002 identified low-grade mineralization along the footwall zone.
Drillhole RP-003A extended gold mineralization 200 metres in a northwesterly direction, and drillhole RP-004 extended mineralization 200 metres down dip. Drillhole RP-004 cut several zones including one with 1.95 g/t gold over 4.6 metres. The initial gold values start at 369 metres and continue intermittently to 501 metres. The mineralization is still open to the northwest and at depth. Additional drilling is planned to test the gold zone in more favorable host lithologies.
At the Western Rift target, two drillholes were completed to follow up on significant mineralization identified in drillhole PIR05-010 (102 metres grading 0.32 g/t gold including 1.5 metres grading 4.16 g/t gold). RP-006 and RP-007 attempted to offset this mineralization to the east (RP-007) and west (RP-006). Interesting results were received from RP-007 with a significant zone of geochemically anomalous gold encountered in the right horizon. Using a 0.1 g/t gold cutoff, RP-007 returned 0.13 g/t gold over 44 metres. Unfortunately, RP-006 intersected a six-metre hydrothermal cave at the level of the projected gold zone, and the drillhole was lost as a result. Logging of the drilling chips shows the alteration and multi-element ICP confirms arsenic and antimony were building before hitting the void. Additional data compilation and drilling are warranted on this target. The gold mineralized zone remains open to the north, south, and east.
Two stratigraphic drillholes were completed on the Patty project to help interpret the geology and structure of the project area. RP-005 was drilled in the northeast portion of the project area, and RP-008 was drilled on the east-central portion of the project area. These drillholes confirm the Patty project contains Ordovician and Devonian lower-plate, host lithologies known to contain gold in the nearby Cortez gold district, and the rift basalts in the northeast quadrant of the property are greater than 317 metres thick. The drilling added to Rye Patch Gold's district knowledge base and confirms the target priorities on the project.
Starting September and ending in early December 2012, a total of six reverse circulation holes and two mud rotary drill holes, totaling 5,015 metres (16,455 feet), were completed on the Patty project. Drillhole selection was based on the geologic and structural interpretation of the historic drilling results in conjunction with the detailed mapping and cross section interpretation. Table 1 summarizes the gold assay results:
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Table 1: PATTY PROJECT - 2012 DRILLING RESULTS
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Drillhole Total
Au From To interval Depth
Drillhole Comment g/t (metres) (metres) metres(1) (metres)
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RP-001 Patty Deposit Drillhole lost in OS structure 73.2
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RP-002 Patty Deposit 0.31 45.7 54.9 9.1 438.9
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RP-003 Patty Deposit 0.34 27.4 32.0 4.6 457.2
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RP-003A Patty Deposit 0.58 30.5 39.6 9.1 577.6
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Including 1.82 38.1 39.6 1.5
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RP-003A Patty Deposit 0.41 57.9 64.0 6.1
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RP-004 Patty Deposit 0.27 368.9 399.4 30.5 536.4
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RP-004 Patty Deposit 0.79 422.3 442.1 19.8
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Including 1.95 423.8 428.4 4.6
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Including 3.01 423.8 425.3 1.5
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RP-004 Patty Deposit 0.34 449.7 457.3 7.6
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RP-004 Patty Deposit 0.38 464.9 480.2 15.2
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RP-004 Patty Deposit 0.24 497.0 501.5 4.6
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RP-005 Stratigraphic Hole NSV 317.0
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RP-006 Western Rift Drillhole lost in hydrothermal cave 688.8
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RP-007 Western Rift 0.24 707.3 710.4 3.0 865.6
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RP-008 Stratigraphic Hole NSV 1060.7
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(1) True Thickness Unknown; NSV = no significant values
Exciting upside potential exists on several of the exploration zones. At Indian Creek, fieldwork and data compilation are complete, and drill targets have been selected. Surface rock-chip sampling (74 samples) from altered outcrops limestone and conglomerate returned gold values ranging between the detection limit to 2.17 g/t gold; however, sampling from regional structural zones in the area returned values up to 9.42 g/t gold. In addition, high values of arsenic and antimony - Carlin pathfinder elements - were returned over an area 1.5 kilometres by 500 metres. From 74 samples, the average arsenic value is 493 ppm, and the average antimony value is 34.8 ppm. Surface geologic and detailed structural mapping show the Indian Creek area is the site of a major structural corridor similar to the Cortez district located to the north.
Re-logging of historic drilling in the South Pediment target sheds new light on the area resulting in a re-prioritization of the target. The drilling originally was interpreted as dolomitic lithologies stratigraphically footwall (below) the well established gold host rocks of the district. Re-logging shows the rocks are altered Devonian carbonates contained within a 3 kilometre north-south trend. With the new interpretation, the gold values reported in the historic drillholes are more interesting. Six historic drillholes are clustered in the central portion of the north-south trend. Four of the six drillholes have low-grade gold mineralization. KIR-004 returned a 21.3 metre zone of gold mineralization grading 0.55 g/t gold starting at 122 metres. This is a significant gold anomaly to follow up.
Because of BLM permitting issues no drilling was completed at West Geyser, South Pediment, or the Indian Creek targets, and drilling in the Patty deposit and Western Rift areas was confined to existing roads or permitted drill sites. In 2013, Rye Patch Gold US Inc. is advancing the permitting process and addressing the cultural and biological survey requirements so that drill site locations will not be impacted in future programs.
Rye Patch Gold US Inc. 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 US Inc. inserts approximately one quality control or quality assurance sample for every twenty samples submitted to the assay laboratory. The RC chips 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 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 two- or four-acid digestion and an AA finish. 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 verified the information contained in, and has reviewed and approved the contents of, this news release.
The Patty Project is a joint venture among Barrick Gold US (TSX: ABX), McEwen Mining (TSX: MUX), Chapleau Resources (Magellan Minerals Ltd. (TSX VENTURE: MNM)), and Rye Patch Gold US Inc. The project consists of 616 unpatented lode mining claims covering roughly 53.1 square kilometres (13,120 acres) and is located immediately south of Rye Patch Gold US Inc.'s 100% controlled Garden Gate Pass project; 10 kilometres south-southeast of Barrick's recently announced Goldrush discovery; and east and adjacent to McEwen Mining's Tonkin Springs project along the western margin of the Northern Nevada Rift (NNR). Geologically, the project straddles the same geologic environment as Barrick's new gold discovery at Goldrush. Rye Patch Gold US Inc. is earning 60% interest in the Patty project by completing $5 million in exploration expense over a 5-year period. Under the agreement, Rye Patch Gold US Inc. was required to drill 3,300 metres (10,800 feet) in 2012 (completed), and a minimum of 1,525 metres (5,000 feet) every year thereafter. To date, Rye Patch has completed approximately $1.5 million of the required $5 million in exploration expenditures.
The Company 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 US Inc. 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 the Company, 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.
Contacts:
Rye Patch Gold Corp.
(604) 638-1588
(604) 638-1589 (FAX)
info@ryepatchgold.com
www.ryepatchgold.com