Rye Patch Gold Corp. through its wholly owned subsidiary Rye Patch Gold US Inc. announces that it has entered into a lease agreement with Nevada Land and Resource Company, LLC for three parcels of land in Pershing County, Nevada, totaling approximately 2.1 square kilometres (515 acres) located immediately adjacent to the Company's 100% owned and controlled Lincoln Hill project.
The land acquisition gives Rye Patch surface access to and from drilling sites on its Lincoln Hill project including the newly identified Roosevelt and North Anomaly zones.
On October 3, 2011, the Company announced surface rock-chip sample results from the Roosevelt zone which returned significant high-grade gold and silver values up to 97.92 g/t Au and 1,527 g/t Ag, 97.5 g/t Au and 1,303 g/t Ag, 34.79 g/t Au and 779 g/t Ag, and 14 g/t Au and 183 g/t Ag, along a highly oxidized zone. A lower grade gold halo was identified in the surrounding altered outcrops and returned gold values ranging from 0.11 g/t gold to 2.77 g/t gold.
At the North Anomaly, gold-in-soil values greater than 25 ppb define a zone 300-metres by 250-metres in dimension. The soil anomaly outlines a zone of stockwork quartz veining within altered rhyolite lithologies. Mapping shows the mineralization is associated with a mafic dike (lamprophyre dike). The newly identified target is located just north of High Grade canyon and has similar geologic characteristics to the Lincoln Hill resource.
We are very pleased with the new soil and rock-chip geochemical results at Lincoln Hill, and the new lands allow the Company to access drill sites on these new targets once they are permitted. As I mentioned before, the two newly identified gold zones and the extension of the Washington zone shows the upside potential of project remains high, stated William C. (Bill) Howald, the Company's President and CEO.
As announced on May 18, 2010, May 11, 2009, and June 2, 2009, in respect of the Lincoln Hill, Wilco, and Jessup projects, Rye Patch Gold's resource inventory along the Oreana trend now totals 1,182,780 ounces of gold and gold equivalent in the measured and indicated category plus 2,727,100 ounces of gold and gold equivalent in the inferred category. Table 1 summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.
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.
Rye Patch Gold Corp. is exploring well-known mineral trends in Nevada - the world's fourth-richest gold region. Starting with 150,000 inferred ounces of gold in mid-2007, this well-funded Company now has 1.2-million ounces of gold and gold equivalent in the measured and indicated category, plus 2.7-million ounces of gold and gold equivalent in the inferred category. 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 acquisition, exploration and development of quality resource-based gold and silver projects. Rye Patch Gold is developing its primary assets – the advanced-stage Wilco, Lincoln Hill, Jessup, and Gold Ridge projects located along the emerging Oreana gold trend in west-central 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 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 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.
Rye Patch Gold Corp.
(604) 638-1589 (FAX)