VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2012) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(RPMGF)(5TN.F) (the "Company") announces an exploration update for Rye Patch Gold US Inc.'s exploration projects along the prolific Cortez gold trend in north-central Nevada.
- The core drilling program at the Garden Gate Pass (GGP) project, and the reverse circulation drilling at the Patty project commenced in late September;
- Drilling at GGP is targeting the strike extension of Barrick's Goldrush gold deposits; and
- At Patty, the drill is aimed at a Carlin-style target and structural project of the Cortez trend where historic drilling cut 102 metres grading 0.32 g/t gold.
In June, three pre-collar drillholes were completed and casing set on the GGP project. Now, a core drill is occupying the pre-collars and will complete the drillholes to their designed target depth. Initially, two drillholes are planned on the eastern target zone which is on strike of Barrick's newly announced Goldrush gold deposit. Barrick has completed geophysical surveys including 3D seismic along the northern and eastern boundary of GGP project northward toward the Goldrush deposit. At the western target, one core is planned to assess the Company's geologic interpretation of ore controlling structures from the Cortez Hill's gold mine located 10 kilometres to the north.
At Patty, drills are testing geologic environs similar to Barrick's new discoveries located 12 kilometres to the north as well as determining strike and depth extension of the existing gold deposit located on the project. The Western Rift target lies along the western margin of the Northern Nevada Rift (NNR) within a similar geologic environment as Barrick's new gold deposit. In 2005, Placer Dome drilled gold in Devonian carbonate rocks along the western margin of the NNR. Drillhole PIR05-010 intersected 102 metres grading 0.32 g/t gold including 1.5 metres grading 4.16 g/t gold. Follow up drilling focused along the east-northeast oriented OS fault system. The gold intercept in PIR05-010 may have new significance given the new discovery at Barrick's Goldrush deposit. The geologic setting and host lithologies are similar and mineralization could be associated with a north-south trending structural zone along the western margin of the NNR. The historic gold intercepted is open to the north and south.
The second area has a near surface gold anomaly within siliciclastic units of the upper plate. Past drilling shows the gold zone has expansion potential to the north and east and at depth within favorable lower plate carbonates. Drilling is specifically targeting the lower plate carbonates at the structural intersections beneath the Simpson Park thrust fault.
"Rye Patch Gold US Inc.'s holdings along the Oreana and Cortez trends continue to add significant value to the Company. The recently updated gold and silver resources announced at Wilco and Lincoln Hill underpin our value and have optionality on the gold and silver price while the exceptional upside potential along the Cortez gold trend allows for substantial value creation for our stakeholders," commented William C. Howald, President and CEO of Rye Patch Gold Corp.
A total of 3,000 metres is planned for GGP and 4,000 metres is planned at Patty. The drilling programs should be completed by late October. The Patty drilling program meets Rye Patch Gold US Inc.'s first anniversary work commitment obligation.
Rye Patch Gold US Inc. maintains a strict quality control program at all of its projects. All reverse circulation and split 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 and whole core are logged and photographed on site. American Assay collects the samples and transports them to their preparation and analytical facility located in Reno, Nevada or Elko, 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 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.