Rye Patch Gold Corp.

TSX VENTURE : RPM
OTC Bulletin Board : RPMGF


Rye Patch Gold Corp.

September 21, 2010 09:00 ET

Rye Patch Gold Announces Oreana Trend Drilling Programs

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2010) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCBB:RPMGF) ("Rye Patch" or the "Company") announces commencement of drilling operations along the Oreana trend. The initial drilling programs total 12,000 metres focused along the Oreana gold/silver trend. The drill programs have started and when in full swing will employ multiple drill rigs on the Wilco, Jessup, Lincoln Hill and Gold Ridge projects.

Wilco Project: A 3,000-metre core program is starting on the 100% controlled Wilco project to follow up on high-grade gold intercepts encountered in the spring drilling campaign. Using information from the recent drillholes, geologic cross sections are showing the geometry and direction of the high-grade gold encountered. The core program will be used to confirm the geologic model and expand this zone to the southwest. Directional and orientated core will allow our geologists to better understand the ore-controlling structures and address the gold particulation (coarse gold) associated with the high-grade zone. Currently, the zone is 100-metres by 200-metres and is open to the west-southwest.

Lincoln Hill Project: At the 100% controlled Lincoln Hill property, the Company is preparing access roads and excavating drill sites for an October start. The campaign will focus on the open mineralisation within the flat-lying, near-surface high-grade gold and silver zones reported in the main resource area, and will follow up on several gold and silver targets located outside the main resource area including the Raven target located 1,800 metres to the southwest. The initial program is scheduled for 3,000 metres of RC drilling which could increase depending upon the results.

Jessup Project: Preparation for RC drilling at the 100% controlled Jessup project is complete, and the drill program is underway. A total of 2,500 metres is planned in twelve drillholes to follow up on near surface, high-grade gold and silver associated with west-northwest oriented breccias and breccias dikes. The 2008 drilling campaign encountered elevated gold and silver values associated with previously untested breccias zones. The majority of the historic drilling in the areas with breccia were vertical holes and Rye Patch's angled drillholes that intersected the breccias show a higher grade gold and silver values. The program will target the breccias with the intent of expanding the higher grade zones.

Gold Ridge Property: The 100% owned Gold Ridge property has two targets, Red Hill and Silver Ridge, ready for drilling and two areas pending additional surface evaluation and follow up. A total of 3,500 metres of RC drilling is planned.

The first target is the Red Hill area where two parallel, one-kilometre zones have been identified. Rock-chip sampling of the alteration has returned gold values between 0.22 g/t Au to 5.6 g/t Au from seven chip-channel samples across surface exposures of hydrothermal breccias. The hydrothermal breccias' true thickness has yet to be determined; however, outcrop exposures of the silica altered zones are between two and twenty metres in thickness. A drill program is being permitted, and a total of 2,000 metres is proposed.

A second target is related to an altered stockwork silver zone with a two kilometres strike length. The area has elevated silver values with significant values ranging from 20-ppm Ag to 486-ppm Ag from surface outcrop channel sampling. Three areas show promise within the two-kilometre trend. These target zones will be drill tested this fall and a drill program totalling 1,500 metres is being permitted.

The costs of the drill programs are estimated at US$1,500,000. However, additional drill permitting has been completed should assay results indicated follow-up programs are warranted. All permits are in place for Wilco, Lincoln Hill and Jessup and are pending for the Gold Ridge targets. The Gold Ridge permit is anticipated by the end of September.

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 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. The following table summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.

Rye Patch Gold's NI43-101 Resource Inventory(1)
Property   Resource
Category
Tonnes
(X 1,000)
Gold Grade (g/t) Silver Grade (g/t) Contained Gold Ounces Contained Silver Ounces Contained
Au & Au
Equivalent
Ounces
(4)
Wilco (2)   Measured 7,526 0.69 4.595 164,000 1,111,000 186,220
Indicated 30,844 0.51 3.601 522,000 3,638,000 594,760
Inferred 121,838 0.41 5.075 1,660,000 19,871,000 2,057,420
Jessup(2)   Measured 7,775 0.51 8.745 128,000 2,184,000 171,680
Indicated 12,642 0.41 7.167 172,000 2,906,000 230,120
Inferred 4,494 0.55 7.922 77,000 1,146,000 99,920
Lincoln Hill(3)   Measured - - - - - -
Indicated - - - - - -
Inferred 17,215 0.69 17.143 380,000 9,488,000 569,760
Total Measured & Indicated Resources 986,000 9,839,000 1,182,780
Total Inferred Resources 2,117,000 30,505,000 2,727,100
(1) All resources on 100% basis. Metallurgical recoveries and net smelter returns are assumed to be 100%. Conforms to 43-101 resource definitions;
(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 cut-off grade 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) The Inferred resource is reported at a cut-off grade of 0.34 g/t (0.01 opt) Aueq for oxide and transitional ore types;
(4) Wilco, Jessup and Lincoln Hill resources includes Au equivalent ounces (Aueq.); where Aueq. = (Au ozs) + (Ag ozs X $Ag/oz)/$Au/oz, for Au/oz = $900, and Ag/oz = $18.

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.

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