Patriot Gold Corp.

OTCBB : PGOL


Patriot Gold Corp.

May 29, 2014 05:30 ET

Patriot Gold's Bruner Project Drilling Hits 70.1 Meters of 3.17 g/Tonne Gold (230 Feet at 0.092 Oz/Ton) at Historic Resource Area

Results Indicate Continuity of High-Grade Mineralization

LAS VEGAS, NEVADA--(Marketwired - May 29, 2014) - Patriot Gold Corp. (OTCBB:PGOL) or ("Patriot Gold"), a developing gold and silver exploration and production company, today provided results from the ongoing 2014 core drilling program at its Bruner gold project located in Nye County, Nevada.

Key Highlights:

  • Core hole B-1404C intersects 70.1 meters grading 3.17g/tonne Au (230 feet grading 0.092 oz/ton Au), becoming the second best drill hole intercept found in the historic resource area since 2013; core hole B-1406C intersects 88.4 meters grading 0.645 g/tonne Au (290 feet grading 0.019 oz/ton Au).
  • The section containing the two drill hole intercepts (B-1404C and B-1406C) tested are located near the approximate center of the historic resource area.
  • Drilling on five other sections is already underway with the RC drill to further define this high-grade portion of the historic resource area and determine the strike length of this mineralized zone.
  • Reverse Circulation (RC) drilling also continues at Penelas East discovery area with results to be reported separately once analysis has been completed.

"The core drilling results received thus far from the historic resource area continue to prove that the Bruner project is moving in the right direction towards uncovering high-grade levels of mineralization, especially in zones considerably higher in grade than the reported average grade of the historic resource area," said Bob Coale, CEO of Patriot Gold. "The results we have seen also further demonstrate the existence of zones within the historic resource area that remain unidentified for its mineralization potential. The Bruner project results to date continue to reaffirm our belief that this project site can deliver enhanced long-term value to our shareholders."

Historic Resource Area

Core hole B-1404C drilled at the historic resource area intersected 230 feet grading 0.092 oz/ton Au (70.1 meters grading 3.17 g/tonne Au) from 262-492 feet depth, including 5 feet grading 2.98 oz/ton (1.5 meters grading 102 g/tonne) from 332-337 feet. This is the second best drill hole intercept in the historic resource area next to RC hole B-1340 which was the last hole drilled in the area in 2013, intersecting 190 feet grading 0.155 oz/ton Au (57.9 meters grading 5.23 g/tonne Au). These two drill hole intercepts are approximately 100 feet apart and indicate continuity of a high-grade portion within this mineralized zone of the historic resource area. Results of ongoing drilling between these two holes are pending and will provide further definition of this zone.

Core hole B-1406C was drilled on the same azimuth as hole B-1404C, but at a more shallow inclination and intersected the mineralized zone about 100 feet above the intercept in hole B-1404C. Hole B-1406C intersected 290 feet grading 0.019 oz/ton (88.4 meters grading 0.645 g/tonne Au) from 271-561 feet (82.6-121 meters), including higher grade intervals as noted below:

Hole ID From-
To (ft)
Thickness
(ft/m)
Grade
oz/ton Au
Grade
g/tonne Au
B-1406C 271-321 50 (15.2) 0.041 1.419
incl. 281-291 10 (3.1) 0.176 6.040
361-386 25 (7.6) 0.019 0.666
416-491 75 (22.9) 0.013 0.455
531-561 30 (9.1) 0.051 1.713
incl. 541-551 10 (3.1 0.133 4.555

Together, the two drill hole intercepts B-1404C and B-1406C have tested the approximate center of this portion of the historic resource area. The mineralized zone for the section containing these two core holes is approximately 250 feet (76.2 meters) thick, 400 feet (122 meters) wide, lying approximately 100 feet (30.5 meters) below the surface. Drilling on five other sections, targeting two inclined holes per section, is underway with the RC drill to further define this high-grade portion of the historic resource area and determine the strike length of this mineralized zone.

Core holes B-1402C and B-1403C were drilled on the southern end of the mineralized trend and intersected the distal tail of the mineralized zone as summarized in the following intercept table.

Hole ID From-
To (ft)
Thickness
(ft/m)
Grade
oz/ton Au
Grade
g/tonne Au
B-1403C 36-191 155/47.3 0.014 0.488
B-1402C 15-42 27/8.2 0.014 0.474
147-167 20/6.1 0.017 0.571
232-247 15/4.6 0.012 0.425
307-327 20/6.1 0.013 0.459
431.25-447 15.75/4.8 0.010 0.342
Sub-total 97.75/29.8 0.013 0.462

In addition, core hole B-1408C was drilled 100 feet beneath historic drill hole BRU-094, which intersected 80 feet grading 0.038 oz/ton Au (24.4 meters at 1.31 gm/tonne Au) from 5 to 85 feet (1.5-24.4 meters). However, there are currently no descriptions from this historic hole to place the intercept in a geologic context and results are pending.

The results reported above demonstrate that there are high-grade zones (cores or roots) within the historic resource area that have not been identified or adequately tested by historic drilling. Continued drilling is needed to define these zones which are considerably higher in grade than the reported average grade of the historic resource area.

Penelas East Discovery Area

RC drilling commenced in April at the Penelas East discovery area. The current program has been designed to test coincident VLF-EM and soil geochemical anomalies, one of which outlines the gold-bearing drill intercepts from 2012 and 2013 in the discovery area. Those results will be reported separately once complete results have been received and interpreted.

The core rig has been moved to the Penelas East discovery area and has completed two holes that offset core hole B-1341C, which intersected 262 feet grading 0.044 oz/ton Au (79.9 meters grading 1.509 g/tonne Au). B-1411C was drilled to test for an up-dip extension of mineralization, and B-1422C to test for both up-dip and southern extensions of mineralization. Assay results are pending.

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 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 two projects in Nevada (Bruner and Vernal) and its flagship Moss project in Arizona, each at varying stages of development from grassroots to advanced exploration and resource development. 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 website at http://www.sec.gov.

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