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| | September 23, 2009
Rye Patch Gold Initiates Lincoln Hill And Wilco Drill Programs
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| | Vancouver, British Columbia, September 23, 2009 - Rye Patch Gold Corp (TSX-V: RPM; OTC: RPMGF) ("Rye Patch" or the "Company") is pleased to announce drilling programs at the Lincoln Hill and Wilco projects are underway. Presently, there are two reverse circulation (RC) drill rigs operating -- one at each property. A third drill (core) is scheduled to start at Lincoln Hill in mid-October.
At Lincoln Hill, the reverse circulation drill is testing the newly identified high-grade gold/silver targets located within a blanket-like surface halo gold zone. The surface halo mineralisation has a flat geometry comprised of multiple stockwork quartz-vein arrays which cover a large portion of the Lincoln Hill property. The blanket zone has gold and silver starting at the surface and geologic drill sections show the zone is between 20 and 75 metres thick. The drill program will consist of 2,500 metres (8,000 ft) of RC and 1,000 metres (3,000 ft) of core drilling, and is budgeted at US$680,000.
At Wilco, the drill program is focusing on a potential high-grade gold feeder system within the North Basin target. The last drillhole from the 2008 campaign, WR-087, returned the thickest and highest grade gold zone on the property - 38.1m @ 2.61 g/t Au. The North Basin has gold shows around the margin of its 1 kilometre diameter dimension, and geophysics shows a magnetic low (magnetite alteration) located under the centre of the basin. The drill program is budgeted at US$320,000.
The cost of these drill programs will total US$1 million with the majority of the funds being directed toward high-grade gold and silver targets. The Company has additional funding available for a follow-up program.
"The drill programs at Lincoln Hill and Wilco are designed to follow up on high-grade gold intercepts drilled at these properties in 2008. Success at one or both of these projects has the potential to contribute considerable to Rye Patch's significant gold and silver resource tally. To date, the Company has delivered gold resources at a robust finding cost of one dollar per ounce of gold and gold equivalents, and I believe our 2009 drill program can continue to deliver exciting results," commented William C. (Bill) Howald, the Company's CEO and President.
As released on May 11, 2009 for the Wilco project and on June 2, 2009 for the Jessup project, Rye Patch Gold's resource inventory has 1,164,000 ounces of gold and gold equivalent in the measured and indicated category plus 2,177,315 ounces of gold and gold equivalent in the inferred category. Table 3 summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.
Table 3: Rye Patch Gold's NI43-101 Resource Inventory |
Property |
Resource
Category1 |
Tons
(X 1,000) |
Gold
Grade
opt |
Silver
Grade
opt |
Contained
Gold
Ounces |
Contained
Silver
Ounces |
Contained
Gold & Gold Equiv.
Ounces3 |
Wilco2 |
Measured
Indicated
Inferred |
8,296
34,660
134,303 |
0.020
0.015
0.012 |
0.134
0.105
0.148 |
164,000
522,000
1,660,000 |
1,111,000
3,638,000
19,871,000 |
188,000
600,000
2,084,315 |
Jessup2 |
Measured
Indicated
Inferred |
8,571
13,936
4,954 |
0.015
0.012
0.016 |
0.255
0.209
0.231 |
128,000
172,000
77,000 |
2,184,000
2,906,000
1,146,000 |
161,000
215,000
93,000 |
Total Measured and Indicated Resources
Total Inferred Resources |
986,000
1,737,000 |
9,839,000
21,017,000 |
1,164,000
2,177,315 |
1 Conforms to 43-101 definitions for resources. All numbers are rounded.
2 Cutoff grade for Wilco Measured and Indicated resource is reported at 0.0056 opt Au for oxide mineralisation and 0.042 opt Au for sulphide mineralisation. The Inferred resource is reported at 0.0056 opt Au for oxide, sulphide and carbonaceous ore types; however, a higher opt Au cut-off grade may be required to upgrade the inferred resource to the measured and indicated resource category. Cut-off grade for Jessup is reported at 0.005 opt Au for oxide mineralisation and 0.010 opt Au for transition and sulphide mineralisation;
3 Wilco and Jessup Resource includes Au equivalent ounces (Aueq.); where Aueq. = (Ag opt X $Ag/oz) + (Au opt X $Au/oz)/$Au/oz, for Au/oz = $750, and Ag/oz = $16. Metallurgical recoveries and net smelter returns are assumed to be 100%.
Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold's CEO and President, is the Qualified Person as defined under National Instrument 43-101. He has verified the information and has reviewed and approved the contents of this news release.
Rye Patch Gold Corp. 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 acquisition, exploration and development of quality resource-based gold and silver projects. Rye Patch Gold is developing its primary assets -- the advanced-stage Wilco project located within the emerging Oreana gold trend in west-central Nevada and the Jessup project in Churchill County, Nevada. 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 Howald'
William C. (Bill) Howald, CEO & President
For additional information contact:
Rye Patch Gold Corp
Karen Robb, Manager, Investor Relations
info@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589
www.ryepatchgold.com
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 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.
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. |
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