Rye Patch Discusses Exploration Programs and Budget for 2014
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/14/14 -- Rye
Patch Gold Corp (TSX VENTURE: RPM)(OTCQX: RPMGF)(FRANKFURT: 5TN) (the
"Company" or "Rye Patch") is pleased to announce its programs and
budget for 2014.
-- Drilling programs are planned along the Oreana (Lincoln Hill/Gold Ridge
and Wilco), and Cortez (Garden Gate Pass and Patty) trends;
-- Drilling has started on the eastern target at Garden Gate Pass;
-- Drill programs will run from February to September;
-- US$3.8 million in exploration is planned at four project locations -
US$2.0 million at the Oreana trend and US$1.8 million at the Cortez
-- The Rochester mine NSR royalty is anticipated to more than cover all
2014 exploration expenditures.
Rye Patch Gold has approved a US$3.8-million 2014 budget for
exploration and drilling programs along the Oreana and Cortez trends
in Nevada. The exploration programs will include drilling up to
10,000 metres in four project locations. A summary of the program is
Garden Gate Pass: Drilling at Garden Gate Pass has started with mud
rotary drilling on the eastern target of the property. Gravity and
seismic geophysical surveys have been interpreted and suggest a
carbonate ridge on the eastern side of the project area. Drilling
will confirm whether the carbonate is the prospective Wenban
Formation that hosts Barrick Gold's Goldrush deposit (15-million
ounces of gold) located roughly 3 kilometres to the north. The
drilling is on the projection of Barrick's drill pattern. A total of
US$550,000 is planned on the project.
Patty: Drilling in 2012 and detailed surface exploration work in
2013, have outlined two priority targets on the Patty property. The
first is the geologic extension of the Goldrush anticline that host
gold mineralization at Barrick's Goldrush deposit located 10
kilometres to the north. The target is located in the northwestern
portion of the property.
The second target area is located on the southwest portion of the
property along a major structural feature. Widespread Carlin-style
geochemistry (gold, arsenic and antimony) has been returned from
surface rock-chip sampling including a 9.4 g/t gold sample from the
fault zone. Drilling will target carbonate lithologies along the
structural zone. The target is very similar to Cortez Hills located
20 kilometres northward along a similar structural zone.
The budget will total US$1,250,000, and drilling will commence in
Lincoln Hill/Gold Ridge: At Lincoln Hill, mapping shows the strike
extension of the mineralized zone southward toward Independence Hill.
Surface mapping and rock-chip sampling at Independence Hill confirm
four separate high-grade corridors crossing outcrop exposures at the
Alexander Hamilton, Buck&Charlie, Looney, Hill Top, and Octopus
Near the Buck&Charlie mine, a rock-chip sample returned 37.5 g/t Au
and 2,070.0 g/t Ag from a breccia outcrop. The breccia has been
mapped for 380 metres along a southwest to northeast trend. At the
Looney mine, a rock-chip grab sample returned 22.87 g/t Au and 9.7
g/t Ag from quartz vein material. Surface exposures in the old
workings and shafts indicate the zone is at least a 300 metre strike
length, and at the Octopus mine, several samples returned significant
gold and silver along 160 metres of strike along the main structural
zone including 1.62 g/t Au and 568.0 g/t Ag; 1.11 g/t Au and 77.6 g/t
Ag; 0.05 g/t Au and 497 g/t Ag; 0.69g/t Au and 240.0 g/t Ag. The
historic workings follow a breccia zone.
At the Roosevelt zone, significant surface gold and silver assays
were returned including 34.79 g/t Au and 779 g/t Ag; 14 g/t Au and
183 g/t Ag; 97.92 g/t Au and 1527 g/t Ag; and 97.5 g/t Au and 1303
g/t Ag along a high-grade structural trend.
At Independence Hill, the overall strike length of the breccia, vein,
and stockwork zones is 1.3 kilometres which has the potential to
significantly expand the Lincoln Hill resource.
Drilling on north Gold Ridge anomaly will be addressed this summer.
At north Gold Ridge, surface rock-chip samples taken at random
intervals along the jasperoid outcrop returned encouraging results
such as 3.120 g/t Au and 19.2 g/t Ag, and 2.860 g/t Au and 51.1 g/t
Drilling on the project will begin in May and will cost US$1,150,000.
Wilco: Exploration activities continued at Wilco with new detailed
mapping, rock-chip sampling and interpretation of geophysical and
historical drilling data. This work was designed to extend the
Section Line and Colado gold and silver resource areas by identifying
drill targets located adjacent to these resources. Based on this
work, two promising drill target areas were identified.
The Rhyolite Hill target is located immediately north of the
historical Willard pit, covering an area of about 700 by 200 metres
of strongly silicified and mineralized rhyolite outcrops, previously
unexplored. A total of 88 surface rock-chip samples were collected
from this area, Five rock samples collected along the contact zone
between the main rhyolitic feeder zone and the Triassic sediments,
returned between 2.1g/t Au and 7.46 g/t Au and 1.1g/t Ag and 31g/t
Ag. This intrusive structural zone extends for a strike length of
about 600 metres and represents the north extension of a major
basement fault, controlling the gold mineralization at the old
Willard Hill pits.
The Andesite target area is located between the Section Line and
Colado resource areas, within the two Whittle pits located one
kilometre apart. The drilling completed at the margins of these
resource areas indicated the distinct possibility of correlation of
the gold mineralization located along the contact zone between the
siltstone and claystone units at both Colado and Section Line. This
favourable zone is covered at the target area by an altered andesite
plate, anomalous in gold, silver and trace elements. Historical
drilling in the area consisting of scattered shallow drillholes
intersected numerous anomalous gold intervals with several intercepts
ranging between 0.2 and 7.4 g/t Au over 1.5 to 3 metres. These
promising geochemical data from the andesite plate are indicative of
"leakages" from an underlain mineralized zone, probably representing
the Colado and Section Line mineralized horizon.
Drilling will commence in April with a budget of US$850,000.
A rough break down of exploration expenditures by trend is US$2.0
million along the Oreana trend, and US$1.8 million along the Cortez
trend. In addition, the Oreana preliminary economic analysis is on
track for a Q1 delivery. The Rochester mine NSR royalty is
anticipated to more than cover all 2014 exploration expenditures.
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
Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company
with a royalty revenue stream from the operating Rochester silver
mine and significant gold and silver resources, all located 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. controls over 75 square kilometres (30 sq. miles)
of land, and has a 3.4 % Net Smelter Return (NSR) royalty from the
Rochester silver mine along the Oreana trend located in west-central
Nevada. The Company is aggressively developing gold and silver
resources along this emerging trend, utilizing existing funds and
cash flow from the NSR royalty which is fully leveraged to the price
of gold and silver. In east central Nevada, Rye Patch Gold US Inc. is
exploring 66 square kilometres of exploration land along the prolific
Cortez trend contiguous to Barrick's new Goldrush deposit. 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
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
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.
Rye Patch Gold Corp.
(604) 638-1589 (FAX)
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