Patriot Gold Corp.
OTCBB : PGOL

Patriot Gold Corp.

October 29, 2014 08:30 ET

Patriot Gold's Bruner Project Results Continue to Support Further Expansion of Penelas East Area

Core Hole Intersects 22.9 meters Grading 3.29 g/tonne Gold

LAS VEGAS, NEVADA--(Marketwired - Oct. 29, 2014) -

Editors Note: There is a photo associated with this press release.

Patriot Gold Corp. (OTCBB:PGOL) or ("Patriot Gold"), a gold and silver exploration and production company, today provided additional results from its ongoing core drilling program at the Penelas East zone at the Bruner gold project located in Nye County, Nevada.

Key Highlights:

  • Core drill hole B-1446C intersected 22.9 meters (75 feet) grading 3.29 g/tonne Au (0.096 oz/ton Au) from a depth of 221.6-244.5 meters (727-802 feet).
  • Several other zones were intersected higher in the hole, with intercepts at the far northern end of drilling at the Penelas East discovery area.
  • Drilling results continue to indicate that the Penelas East discovery area remains wide open for further expansion and exploration to the north.
  • Results for second core hole, B-1454C, which intersected the high-grade target area 23-30 meters (75-100 feet) north of the high-grade intercept in holes B-1446C and B-1436 is expected to be available in November.

"The results we have seen thus far from our ongoing drilling program continue to indicate that there are further expansion opportunities surrounding the Penelas East discovery area which means a strong potential towards uncovering additional mineral resources," said Bob Coale, CEO of Patriot Gold. "This is an exciting time for the Bruner project as we complete the final stages of drilling for the remainder of 2014 and conduct the thorough analysis needed before taking the next critical steps towards capturing the potential long term value of this project."

Drilled at the open northern extension of the Penelas East zone, core drill hole B-1446C intersected 22.9 meters (75 feet) grading 3.29 g/tonne Au (0.096 oz/ton Au) from a depth of 221.6-244.5 meters (727-802 feet). This zone incorporates a 5 foot (1.52 meters) wide, high-grade interval at 237.8-239.3 meters (780-785 feet) grading 37.5 g/tonne (1.094 opt) Au. In addition, several other zones were intersected higher in the hole as referenced in the table below. These intercepts are at the far northern end of drilling at the Penelas East discovery area with the nearest neighbor drill hole to the north over 100 meters away indicating that the Penelas East discovery area remains wide open to the north for further expansion.

Core Hole B-1446C

Interval (ft.) Length (ft/m) Au gpt Au opt Est. True Width (ft/m)
27-42 15/4.6 0.551 0.016 7.5/2.3
117-202 85/25.9 1.152 0.034 42.5/13
727-802 75/22.9 3.291 0.096 37.5/11.5
Incl. 780-785 5/1.5 37.5 1.094 2.5/0.75

Core hole B-1446C intersected the deeper mineralized zone containing the high grade zone 32-35 feet (roughly 10 meters) along strike from the high-grade intercept encountered in RC hole B-1436. The high grade zone intersected in hole B-1446C remains open to the west and north, as does the thick lower grade mineralization encountered higher in the hole.

A second core hole, B-1454C, was drilled into the high-grade target area and intersected the high-grade target area 23-30 meters (75-100 feet) north of the high-grade intercept in holes B-1446C and B-1436. Results from core hole B-1454C is expected to be available in early November.

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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Contact Information

  • Investors:
    Patriot Gold
    702-456-9565