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| | April 28, 2010
Rye Patch Gold Corp. Presents Nevada Project Update and Commences Drilling Program At Wilco
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| | News Release No. 10 - 08
Vancouver, British Columbia, April 28, 2010 - Rye Patch Gold Corp (TSX-V: RPM; OTC: RPMGF) ("Rye Patch Gold" or the "Company") is pleased to announce an update on its Nevada project portfolio. Exploration budgets totalling US$1.4M are planned and the hunt for another major Nevada acquisition is underway.
Wilco Project
The Company announces the commencement of a Spring drilling campaign at its 100% controlled Wilco project located on the Oreana trend in West Central Nevada. The campaign will complete up to 5,000-metres of reverse circulation (RC) drilling to test high-grade feeder zones in the North Basin target area and drill a new pediment target. The North Basin drillholes will have a nominal depth of 400-metres, and have been sited based on the new information gleaned from the last years drill program. The drillholes will test the newly identified structural zones for high-grade gold and silver.
In addition, exploration drilling will be initiated on the Woolsey pediment target located in the northern portion of the Wilco property. This target is outboard of an altered silicified siltstone ridge with surface rock chip and soil gold anomalies and is covered by thin veneer of pediment gravels. The altered and mineralized siltstone lithology lies above the main contact zone identified in the Section Line and Willard discovery areas. This contact has not been drilled by past operators. On and adjacent to the pediment, elevated gold and mercury values have been established and a gravity geophysical survey shows shallow pediment gravel cover. Rye Patch controls the private land where the Woolsey target is located. The Woolsey anomaly has size required for another substantial near-surface oxide deposit with significant upside potential.
In addition, drillhole composites from the 2007, 2008 and 2009 drilling campaigns will be selected for metallurgical test work on the Section Line discovery zone. Oxidized material in the drillholes covers a rectangular area measuring 1,800 metres by 1,100 metres (6,000 feet by 3,600 feet) in a series of multiple stacked zones. Rye Patch is in the process of selecting a third party to manage and complete the metallurgical test work.
The drilling and metallurgical test work will be part of an estimated US$500,000 exploration program.
Lincoln Hill Project
At Lincoln Hill, Rye Patch is completing the first ever NI43-101 resource estimate for the project. The Company has sent the geologic model and drillhole information to Scott E. Wilson Consulting who is completing the resource estimate. The Lincoln Hill resource estimate will be the Company's third Nevada gold resource property.
Following completion of the resource estimate, a drilling campaign will be designed. The drill program will have the goal of infilling and expanding the new resource. An exploration program totalling US$500,000 is planned.
Gold Ridge Project
The Gold Ridge project has several early-stage gold zones that require follow up. This early stage work will be completed during the summer with the purpose of identifying new drill targets on the property. The 100% owned Gold Ridge property covers 12 square kilometers prospective ground along the Oreana trend. The exploration work program will define drill targets. An initial targeting budget totalling US$100,000 is envisioned.
Jessup Project
The Jessup project has several targets that show potential for higher grade gold and silver associated with structural controlled breccias and breccia pipes. The targets were identified during the 2008 drill program which delineated higher grade gold and silver within breccias at the San Jacinto and North Jessup resource areas. These targets will be prioritized for a possible 2010 drill campaign. While final cost estimates are not complete, an exploration program totalling US$300,000 is planned.
Finally, the Company is reviewing and updating its proprietary Nevada acquisition list. The Company has identified several major Nevada opportunities that it intends to pursue. One or more of these trend-scale acquisitions could give Rye Patch investors the possibility to participate in a major Nevada gold opportunity.
As released on May 11, 2009 and on June 2, 2009 for the Wilco and Jessup projects respectively, 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. The table summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.
| Rye Patch Gold's NI43-101 Resource Inventory(1)
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| Property
| Resource
| Tonnes (X 1,000)
| Gold Grade (g/t)
| Silver Grade (g/t)
| Contained Gold Ounces
| Contained Silver Ounces
| Contained Gold & Gold Equiv. Ounces (3)
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| Category
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| Wilco (2) |
Measured |
7,526 |
0.69 |
4.595 |
164,000 |
1,111,000 |
188,000 |
| Indicated |
30,844 |
0.51 |
3.601 |
522,000 |
3,638,000 |
600,000 |
| Inferred |
121,838 |
0.41 |
5.075 |
1,660,000 |
19,871,000 |
2,084,315 |
| Jessup(2) |
Measured |
7,775 |
0.51 |
8.745 |
128,000 |
2,184,000 |
161,000 |
| Indicated |
12,642 |
0.41 |
7.167 |
172,000 |
2,906,000 |
215,000 |
| Inferred |
4,494 |
0.55 |
7.922 |
77,000 |
1,146,000 |
93,000 |
Total Measured & Indicated Resources |
986,000 |
9,839,000 |
1,164,000 |
Total Inferred Resources |
1,737,000 |
21,017,000 |
2,177,315 |
| (1) All resources on 100% basis. Metallurgical recoveries and net smelter returns are assumed to be 100%. Conforms to 43-101 definitions for resources; |
| (2) Cutoff grade for Wilco Measured and Indicated resource is reported at 0.2 g/t Au for oxide mineralisation and 1.45 g/t Au for sulphide mineralisation. The Inferred resource is reported at 0.2 g/t 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 0.2 g/t Au for oxide mineralisation and 0.34 g/t Au for transition and sulphide mineralisation; and |
| (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. |
The Company also announces the termination of Lindsay Malcolm, as Manager Corporate Development, effective immediately.
About Rye Patch Gold
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, Lincoln Hill and 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.
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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