VANCOUVER, Jan. 6, 2016 /PRNewswire/ – Rye Patch Gold Corp (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) announces completion of drilling and assay results for its 100% owned Gold Ridge project located along the Oreana trend in Pershing County, Nevada.
The drill program focused along a 2.2 kilometre, north-south oriented structural zone associated with a fold and thrust system. The style of mineralization appears similar to and along strike with the Florida Canyon mine located 16 kilometres to the north. The folded sediments host gold and silver mineralization along the axial plane of the anticline and within low-angle structural zones (thrust faults).
The drill program tested the limbs and axial zone of the anticline with 18 of the 24 drillholes intersecting significant mineralization. A total of 2,420 metres (7,940 feet) was completed in this drill campaign. The mineralization is open to the north and south with a follow-up drill program planned as part of the larger Plan of Operations permit that is in progress.
Two target areas are showing good potential and continuity along the zone. The northern target has a strike length of 800 metres and is characterized by outcrops of jasperoid breccia with fragments of quartz vein and jasperoid in an iron rich matrix. The amount of quartz-vein fragments has a relationship with higher gold and silver grades than breccia with jasperoid fragments only. Sedimentary rocks consisting of limestone and black mudstone are inter-bedded and folded in to a large anticline overlying a major thrust fault. The west limb is over steepened with the hinge zone exposed at the surface and providing the structural preparation to host gold and silver. At North target, mapping shows a repetition of the mineralized zone. Drillholes GR-045, GR-046 and GR-047 targeted a jasperoid zone beneath the outcropping mineralization. Multiple mineralized intervals were intercepted in two drillholes and indicates upside potential for multiple, stacked zones of gold and silver.
The South target area is approximately 1.5 kilometres south of the North area and has a surface exposure of 500 metres, where four drillholes intersected significant gold and silver mineralization. Drillhole GR-027 cut 42.7 metres grading 1.16 g/t AuEq starting at shallow depths. Limited drilling has been completed on the South target area; however, the zone is open to the south and north along the axial plane of the anticline.
Geologically, the mineralized intervals encountered are within the oxide zone. However, no metallurgical test work has been completed yet.
Table 1 summarizes the result of the Gold Ridge fall 2015 drill program.
William Howald, the Company’s President and CEO stated, “The 2015 drilling program extends the mineralization drilled in 2014 at the North target along strike and at depth. Management believes that Gold Ridge property has significant potential for a bulk-tonnage, low-grade gold and silver deposit. The two established targets are located less than 2 km west of the Lincoln Hill resource area, and the 2015 assay results establish the Gold Ridge project as a valuable asset and a prospective source of additional gold and silver for our Lincoln Hill resource project. While additional drilling and work are required to establish resources at the Gold Ridge deposit, these results are very encouraging.”
Rye Patch US 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 US inserts approximately one quality control or quality assurance sample for every ten samples submitted to the assay laboratory. The reverse circulation character samples are logged and photographed on site. American Assay collects the drill 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 led by a seasoned management team that has participated in major discoveries totaling over 100-million ounces of gold. The team is engaged in the acquisition, exploration and development of quality resource-based gold and silver projects along the emerging Oreana trend and the prolific Cortez trend. Benefitting from its strong financial position, the Company’s strategy is to balance development and exploration risk, creating value by:
The Company’s cash and cash flowing royalty allow for progress without dilution to shareholders. 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; 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.