Patriot Gold Corp.
OTCBB : PGOL

Patriot Gold Corp.

November 21, 2014 11:17 ET

Patriot Gold Bruner Project Drilling Uncovers New Gold Zone at Paymaster Target Area with High Grade Intercepts

Initial Paymaster Drill Hole Results Show Gradings as High as 9.98 g/tonne; Company Plans Additional Drilling in Area During 2015

LAS VEGAS, NEVADA--(Marketwired - Nov. 21, 2014) - Patriot Gold Corp. (OTCBB:PGOL) or ("Patriot Gold"), a gold and silver exploration and production company, today provided additional results from its ongoing reverse circulation (RC) drilling program at the Bruner gold project located in Nye County, Nevada.

Key Highlights:

  • RC drilling at the Paymaster target area produced a number of drill holes (B-1457, B-1460, B-1458) which intersected good grade gold mineralization with high grade intercepts.

  • B-1457 intersected 16.7 meters (55 feet) grading 9.94 g/tonne (0.290 opt) Au from 41.2-57.9 meters (135-190 feet).

  • B-1460 intersected 7.6 meters (25 feet) grading 9.98 g/tonne (0.291 opt) Au from 53.4-61 meters (175-200 feet).

  • B-1458 intersected 13.1 meters (43 feet) grading 5.13 g/tonne (0.15 opt) Au from 42.7-55.8 meters (140-183 feet).

  • Additional drill holes hit significant but lower grade intercepts.

  • The gold bearing zone at the Paymaster target area is a geologic environment that has thus far been rarely tested.

"We are pleased to see our ongoing drilling program for the Bruner project result in the discovery of a new gold zone in the Paymaster target area, an area that has never been adequately drill tested in the past given its geological challenges," said Bob Coale, CEO of Patriot Gold. "This latest discovery of several high grade intercepts in this target area continues to drive our drilling efforts into 2015 as we further expand our mineralization resource outlook for the Bruner project. We are encouraged by our findings and continue to believe that the Bruner project is one that has significant long term value for our partners and shareholders."

RC drilling at the Paymaster target area has intersected good grade gold mineralization in numerous drill holes. Drill hole B-1457 intersected 16.7 meters (55 feet) grading 9.94 g/tonne (0.290 opt) Au from 41.2-57.9 meters (135-190 feet). Drill hole B-1460 intersected 7.6 meters (25 feet) grading 9.98 g/tonne (0.291 opt) Au from 53.4-61 meters (175-200 feet). Drill hole B-1458 intersected 13.1 meters (43 feet) grading 5.13 g/tonne (0.15 opt) Au from 42.7-55.8 meters (140-183 feet). Additional holes hit significant but lower grade intercepts as noted in the table of intercepts.

The gold bearing zone at the Paymaster target appears to be relatively flat-lying at the base of the felsic tuffaceous section, immediately overlying unmineralized andesite. This is a geologic environment that has rarely been tested before on the property because it was too deep in the historic resource area or at the Penelas East new discovery area to be reached by the drilling completed to date. True widths of the reported intercepts appear to be roughly 70% of the reported drill widths.

Table of Intercepts - Paymaster RC Drill Hole Results

Hole No. From (ft/m) To (ft/m) Length (ft/m) Au gpt Au opt
B-1460 175/53.4 200/61.0 25/7.6 9.98 0.291
B-1459 170/51.8 180/54.8 10/3 1.1 0.032
B-1458 140/42.7 183/55.8 43/13.1 5.128 0.150
B-1457 135/41.2 190/57.9 55/16.7 9.94 0.290
B-1456 65/19.8 76/22.8 10/3 1.24 0.036
140/2.7 170/51.8 30/9.1 2.026 0.059
B-1455 55/16.8 85/25.9 30/9.1 0.329 0.010
140/42.7 180/54.8 40/12.2 1.155 0.034
B-1453 125/38.1 180/54.8 55/16.7 0.385 0.011
220/67.1 230/70.1 10/3 0.363 0.011
B-1452 125/38.1 180/54.8 55/16/7 0.36 0.010

The Bruner Project

The Bruner Project is situated in central Nevada, 15 miles north of the Paradise Peak mine, 45 miles northwest of Round Mountain and 25 miles east of the Rawhide mine. Historic production from the Bruner property included about 100,000 ounces at an average grade of 0.56 opt gold.

Patriot Gold's Option To Optionee/Operator

Patriot Gold owns 100% undivided rights, title and interest in the project which is subject to certain royalties and an earn-in option agreement for 70% interest. The earn-in optionee/operator, Canamex Resources Corp. (TSX VENTURE:CSQ)(OTCQX:CNMXF), has the right to earn 70% interest in the Bruner project by spending $6 million over seven years and may earn an additional 5% by completing a bankable feasibility study for a total of 75% interest in the project. Subsequent to the optionee/operator earn-in, financing of the project will be on a proportional basis.

About Patriot Gold

Patriot Gold Corp. is a precious metals exploration and production company with the mission to discover and develop significant gold and silver assets. Headquartered in Las Vegas, Nevada, Patriot Gold currently holds a portfolio of three projects: two in Nevada (Bruner and Vernal), and the third in Arizona which is its flagship Moss project. For more information, go to our website at www.patriotgoldcorp.com.

Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and assay reports; the ability to close the acquisition of mineral exploration properties, and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's web site at http://www.sec.gov.

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