Rye Patch Gold Corp. to Report the Commencement of Drilling Operations at Lincoln Hill Project
May 28 14
Rye Patch Gold Corp. to report the commencement of drilling operations at its 100% controlled Lincoln Hill project located in Pershing County, Nevada. 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.
Rye Patch Gold Corp Announces Results of Preliminary Economic Assessment
May 21 14
Rye Patch Gold Corp. announced the results of a Preliminary Economic Assessment for its Lincoln Hill Gold and Silver project located in Pershing County, Nevada. PEA Highlights: Base Case Pre-tax IRR of 76.5% and NPV (5% discount rate) of USD 64.2 million; Average annual production of 33,000 Au ounces and 753,000 Ag ounces per year with a peak annual production of 63,700 Au ounces and 1,011,000 Ag ounces; Life of Mine cash cost of USD 575 per Au equivalent 1 ounce, and total costs of USD 759 per AuEq1; and Drilling on the Independence Hill and Roosevelt targets has potential to expand the resource and enhance the project economic model. The company cautions that the PEA is preliminary in nature in that it is based on Inferred Mineral Resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Rye Patch Gold Corp. Announces Executive Changes
May 9 14
Rye Patch Gold Corp. announced that Jonathan Challis has been appointed as non-executive Chairman of the company. Mr. Challis is a current director of the company and replaces Joe Kajszo, who has tendered his resignation as Executive Chair. Mr. Kajszo is one of the founders of the company.