VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2014) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCQX:RPMGF)(FRANKFURT:5TN) (the "Company" or "Rye Patch") is pleased to report the commencement of drilling operations at its 100% controlled Lincoln Hill project located in Pershing County, Nevada.
HIGHLIGHTS:
- A 5,000 metre drill program directed at the Independence Hill and Roosevelt targets has commenced;
- Independence Hill contains four high-grade gold and silver structural corridors with gold and silver values up to 37.5 g/t Au and 2,070.0 g/t Ag, 22.87 g/t Au and 9.7 g/t Ag, 1.62 g/t Au and 568.0 g/t Ag; and
- The Roosevelt target returned high-grade gold and silver values 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.
As reported on May 9, 2013, samples collected from heavily altered and mineralized outcrop exposures at the Alexander Hamilton, Buck&Charlie, Looney, Hill Top, and Octopus historic mines confirm four separate high-grade corridors crossing Independence Hill which could extend the Lincoln Hill gold and silver mineralization southward for an additional 1,300 metres.
The Hill Top-Looney and Buck&Charlie mines represent two parallel trends extending south of the Lincoln Hill resource. 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 outcropping breccia has been mapped for 380 metres along a southwest to northeast trend.
The second trend contains the Hill Top and Looney mines with high-grade gold and silver sampled along 1.3 kilometres. The Hill Top mine consists of several historic workings following a quartz stockwork zone with outcroppings over 300 metres in a northwest-southeast orientation. The Hill Top mine returned significant lead and zinc values with lead ranging between 36 ppm to 51,100 ppm, and zinc ranging between 10 ppm to 4,694 ppm from rock-chip channel samples. 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 400 metres long.
A third zone associated with the Octopus mine retuned several samples with significant gold and silver along 160 metre exposure. Assay values reported include 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; and 0.69g/t Au and 240.0 g/t Ag from rock-chip grab samples. The historic workings follow a northwest oriented breccia zone.
The Alexander Hamilton mine, the fourth corridor, is located 800 metres east of the Buck&Charlie mine and consists of a northeast oriented open-space breccia and quartz stockwork zone oriented to the northeast.
The Roosevelt target is located 500 metres southeast of the Lincoln Hill resource. Historic mines and prospects dotting the hillside are within a silicified rhyolite overlying intensely oxidized andesite. Grab rock-chip samples returned high-grade gold and silver values up to 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 the rhyolite/andesite contact. A low-grade gold halo in the surrounding altered rhyolite returned gold values ranging from 0.11 g/t gold to 2.77g/t gold. The south end of the anomaly is covered by thick colluvium.
The Lincoln Hill drill program will focus on Independence Hill and Roosevelt targets. The average depth of the drillholes will be 150 metres, and a 5,000 metres is planned or approximately 30 drillholes.
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 reviewed and approved the contents of this news release.
About Rye Patch Gold Corp.
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 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; 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 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.