LAS VEGAS, NEVADA--(Marketwired - May 27, 2014) - Patriot Gold Corp. (OTCBB:PGOL) or ("Patriot Gold"), a developing gold and silver exploration and production company, today provided a more detailed update on the 2014 drilling program at its Bruner gold project located in Nye County, Nevada.
- Four out of five core holes (B-1302C, B-1303C, B-1304C and B-1306C) demonstrated potential gold mineralization.
- Drilling on the fifth hole (B-1308C) has not yet been completed. Full testing and analysis of all five core holes are currently pending.
- Core drilling at Penelas East discovery area will begin once B-1308C is completed.
- Reverse Circulation (RC) drilling also continues at Penelas East discovery area with three RC holes completed and assay results pending.
"We are very pleased to see continued drilling to date at the Bruner project site living up to our belief that the Bruner project site hosts high grade gold," said Bob Coale, CEO of Patriot Gold. "We remain confident in the progress we have made and continue to utilize the best technology and resources in executing our drilling program, including the addition of an advanced reverse circulation drill that will allow us more flexibility and versatility in accessing drill sites located in steep terrain areas. As we gather more results, we look forward to reporting our findings in detail and keeping our stakeholders updated on our next steps."
Historic Resource Area Drilling Update
Core drilling continues at the main mineralized zone of the historic resource area. Of the five core holes, B-1302C, B-1303C, B-1304C, and B-1306C have been completed and B-1308C is in progress. Assay results for all five will be reported together in order for the results to be placed in proper geological context. Mineralized intervals consist of strongly silicified rock surrounded and cut by clay and limonite filled fractures and breccias. These features appear to host gold at the historic resource area based upon observations underground and drill results to date.
Once core drilling is completed at the historic resource area, the RC rig will be moved in and drilling will continue to further define the geometry and grade of the main mineralized zone.
Penelas East Discovery Area Drilling Update
Once the fifth core hole (B-1308C) at the historic resource areas completed, the core drill will move to the Penelas East discovery area where a core hole will be drilled to offset a significant intercept of gold in volcanic breccia encountered in the last hole at Penelas East in 2013. B-1341C intersected 79.9 meters of 1.509 gpt gold (262 feet of 0.044 opt gold).
Drill testing with the Foremost Prospector RC drill rig began at sites demonstrating prominent VLF-EM (Very Low Frequency and Electron Magnetic) geophysical anomalies. The prominent VLF-EM geophysical anomalies detected have historically been coincident with findings of gold-in-soil. These anomalies may be extensions of the prominent VLF-EM current density anomalies that were found in the 38 gold-bearing drill hole intercepts completed in 2012-2103 at the Penelas East discovery area. To date, three RC holes have been completed with the objective of evaluating two of the five untested VLF-EM anomalies. Silicified and clay altered rocks have been encountered in all three holes completed to date, which matches the modeled interpretation of the VLF-EM targets. Assay results are pending on all of the drill holes.
Further RC drilling of the VLF-EM anomalies at Penelas East will be determined once assay results from the holes completed to date have been received and interpreted.
Foremost Prospector RC Drill Rig
Last month, a Foremost Prospector RC drill rig arrived on the property. This versatile drill rig has a rotating table on which the mast is situated, allowing for the ability to drill multiple azimuths and inclinations from a single set up without having to physically move the drill rig. This is an advantage in not only reducing the surface disturbance associated with exploration drilling in complying to the Notice of Intent with the Bureau of Land Management, but also an advantage given the tight drill sites in the steep terrain of the historic resource area on the Bruner property.
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 web site at http://www.sec.gov.