VANCOUVER, BRITISH COLUMBIA--(Marketwire -02/22/12)- Rye Patch Gold Corp. (TSX-V: RPM.V - News)(OTCQX: RPMGF.PK - News) ("Rye Patch" or the "Company") through its wholly owned subsidiary, Rye Patch Gold US Inc., is pleased to announce an update on the Company's 100% owned Rochester project located along the emerging gold and silver Oreana trend in west-central Nevada. The Rochester project consists of 402 senior unpatented lode mining claims (the LH claims) located between October 27, 2011 and November 21, 2011 covering 30.3 square kilometres of Coeur d'Alene Mines Corporation's (TSX: CDM.TO - News)(NYSE: CDE - News) Rochester and Packard Silver mines.
-- Four hundred and fifty-seven rock-chip samples were collected before
December 5, 2011, identifying five discoveries - Limerick Basin,
Northwest Rochester, Mystic, Independence Hill, and the Black Ridge
-- Seventy-five line kilometres of ground magnetics completed between
January 24, 2012 and February 1, 2012 over the senior LH claims;
-- Five hundred forty-one soil samples and 143 rock-chip samples have been
collected on the senior LH claims since January 3, 2012;
-- Eighteen rock-chip samples with gold values ranging between 0.243 g/t
gold and 87.39 g/t gold reported from the Sunflower Hill area; and
-- Two reverse circulation drills operating since January 28, 2012 on the
senior LH claims are drilling at Limerick Basin and Northwest Rochester
and have completed 3,810 metres (12,500 feet) in sixteen drillholes.
Since January 3, 2012, Rye Patch has completed considerable work on the Rochester project - LH Claims. The Company completed rock-chip sampling, soil sampling, a 75 line-kilometre ground-magnetic geophysical survey, and commenced a reverse circulation drilling campaign.
At Sunflower Hill, a series of fifteen rock-chip samples were collected from an area measuring 500 metres by 200 metres on claims LH 183, LH 184 and LH 185. The rock chip samples returned gold values ranging from 0.243 g/t gold to 87.39 g/t gold with an average of 11.65 g/t gold. Silver assays are pending at this time. The Sunflower Hill area lies immediately adjacent and southwest of the Rochester pit along the ridge that separates Rochester Canyon from Weaver Canyon. The gold values are associated with northeast trending, strongly altered and quartz veined rhyolite volcanic. Drilling will commence in the area in February.
At Limerick Basin, one reverse circulation drill is following up on strongly altered and quartz veined rhyolite volcanic and an identified feldspar porphyry. The feldspar porphyry is extremely interesting since it is the host lithology to Barrick Gold's nearby Spring Valley gold deposit. Rock-chip sampling along the trend of the feldspar porphyry returned values up to 2.9 g/t gold and 24.7 g/t silver. In the Plainview mine area, rock samples of quartz breccia and feldspar porphyry returned values of 19.6 g/t gold and 93.5 g/t silver. Northwest of the Plainview mine surface sampling in an area with stunted vegetation, sub-crop of quartz breccia material returned gold values ranging from 0.8 g/t gold to 7.7 g/t gold and silver values ranging from 1.2 g/t silver to 34.7 g/t silver. A third area returned values of 2.1 g/t gold and 2,695.7 g/t silver. Assay results from the on-going drilling program are pending at this time.
Drillholes at Northwest Rochester are cutting thick oxide and alteration zones. Alteration consists of quartz-tourmaline breccias and altered silicified volcanic lithologies. All drill assays are pending at this time.
At Independence Hill, rock-chip and soil sampling are defining a large target area. Soil samples completed to date show a consistent northwest-southeast oriented gold-in-soil anomaly covering 1.2 kilometres, and a second, parallel gold-in-soil trend 150 metres to the west. Soil anomalies define and connect several historic past producers at Independence Hill. At the Looney mine, rock-chip samples returned values ranging from 0.42 g/t gold to 10.23 g/t gold and 59.7 g/t silver to 345 g/t silver. Gold and silver are associated quartz stockwork alteration adjacent to lamprophyre dikes similar to the adjacent Lincoln Hill project located one kilometre to the north. Drill permitting is in progress.
"Rye Patch is very excited by the rock-chip and soil sample results to date. The drills are turning on two high priority discovery areas (Limerick Basin and Northwest Rochester), and the samples look similar to surface exposures with altered feldspar porphyry, hydrothermal breccia within altered and veined rhyolite lithologies. With coarse gold a real possibility given the nearby Spring Valley deposit, we are collecting duplicate samples and panning many of them at the drill rigs. The team is excited and awaiting gold and silver assay results," stated William C. Howald, President and CEO of Rye Patch.
Rye Patch Gold controls over 100 square kilometres along the Oreana trend. The Rochester Property - LH Claims - covers 30.3 square kilometres (7,493.2 acres). The District Court has enjoined the Company from conducting exploration activities on approximately 7.4 square kilometres (1,839.3 acres) covering the active open pit, mine dumps and leach pads in the immediate Rochester Mine area. It is the Company's position that all the LH claims continue to be valid senior unpatented mining claims including those claims within the court-ordered enjoined area. The LH claims contain five discoveries and the land area which covers up to 20% of Rochester's published proven and probable silver and gold reserve along with a significant portion of the published silver and gold resource based on Coeur d'Alene Mine's December 5, 2011 news release.
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 the acquisition, exploration, and development of quality resource-based gold and silver projects. Rye Patch Gold 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 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 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.