Rye Patch Starts Drilling at Garden Gate Pass
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/30/12 -- Rye Patch Gold Corp. (TSX VENTURE: RPM)(OTCQX: RPMGF)(FRANKFURT: 5TN) (the "Company") announces drilling has resumed on the 100% owned Garden Gate Pass ("GGP") project. Rye Patch Gold US Inc., the Company's wholly owned subsidiary, has contracted Boart Longyear to complete a combination reverse circulation and core drill program totaling 3,000 metres.
HIGHLIGHTS:
A 3,000-metre drill program is underway on the GGP project. Boart Longyear has been contracted to complete RC drill pre-collars that will be occupied by a core drill once completed. The drilling is focused on the eastern portion of the property where gravity and a seismic geophysical survey show the presence of an anticlinal feature that may be the geologic trap for a gold deposit.
As a result of past exploration knowledge of the area, Rye Patch Gold US Inc. knew of a seismic line that was completed in 2001 over the eastern portion of the GGP property. Working with Barrick, Rye Patch Gold US Inc. was able to acquire the digital information.
Based on logging of the 2011 drillholes, Lower Plate lithologies (the host rock to the nearby Red Hill, Goldrush and Cortez Hills gold deposits) were intersected in four of six RC drillholes. The 2011 drill program encountered sections of altered Lower Plate lithologies with alteration intercepts ranging between 20 metres to 60 metres along with pathfinder elements of known Carlin gold systems.
"The 2011 drill program was a technical success and has allowed our geologists to put together a more coherent picture of the subsurface. The geologists spent many hours reviewing the drillhole logs and re-evaluating the gravity and seismic geophysical data. The targets developed from this review are exactly what we are looking for. The anticline structure appears to bring Lower Plate rocks closer to the surface and could act as a trap to gold. The combination RC and core will allow the geologist to quickly set 500 metre deep pre-collars, and drill core from the bottom of these drillholes. The method should reduce costs and allow our geologist to review the lithology, structure and alteration first hand. If successful, the pre-collar drillholes can be used to wedge multiple drillholes across a new zone," stated William C. Howald, President and CEO of Rye Patch Gold Corp.
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.
The Company 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 the acquisition, exploration, and development of quality resource-based gold and silver projects. Rye Patch Gold US Inc. is developing gold and silver resources along the emerging Oreana trend, located in west-central Nevada, and is exploring 66 square kilometres along the Cortez trend near Barrick's two new gold discoveries. 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 to pursue legal undertakings; the outcome of legal action relating to the Rochester property and the LH unpatented claims, 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. Litigation is inherently uncertain and factors that could cause actual results to differ materially from those in forward-looking statements include unexpected judicial findings of fact, previously unknown facts arising, and decisions which depart from past legal precedent and similar events.
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.
Contacts:
Rye Patch Gold Corp.
(604) 638-1588
(604) 638-1589
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Datum: 30.05.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 151234
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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