SOURCE: Rimrock Gold Corp.
LAS VEGAS, NV--(Marketwired - May 7, 2014) - Rimrock Gold Corp. (OTCQB: RMRK) (the "Company"), is pleased to announce that it is in discussions with a third party to acquire and transfer to its name an existing Notice of Intent to conduct exploration ("NOI") and reclamation bond on Rimrock Gold's Ivanhoe Creek, Nevada, epithermal bonanza gold-silver property. This NOI and bond will enable Rimrock to conduct a new exploration drilling program within an estimate lead time of 1 to 2 months. Rimrock Gold's VP of Exploration, Richard Redfern, recently visited the property. Upon analysis, Mr. Redfern believes that the past exploration holes drilled at Ivanhoe Creek were too shallow to adequately test for the Midas-style gold-silver targets envisioned by Rimrock Gold. The drillholes at Ivanhoe Creek returned anomalous assay values of gold in each hole drilled, and anomalous silver values in each hole.
The Ivanhoe Creek property lies immediately adjacent to the north of Waterton Global Mining's epithermal bonanza gold-silver Hollister Mine property. Hollister had a Proven and Probable resource of approximately 819,000 tonnes @ 35.3 g/t gold and 195 g/t silver. Ivanhoe Creek also lies 17 Km southeast of Klondex Mines' operating Midas Mine, which has produced approximately 4.0 million ounces of gold and more than 25,000,000 ounces of silver.
A significant gold-silver target was defined at Ivanhoe Creek by 3 past shallow drillholes in the "Silica Cap" target area, which will be tested by further drilling by Rimrock Gold. One of the past drillholes discovered gold (tungsten) mineralization at a shallow depth in basement quartzite rocks, the main host at Waterton's Hollister Mine just to the south. Gold and silver are associated with tungsten both in the Hollister Mine and in Teck and Placer Dome's high-grade drillholes at Rimrock Gold's Silver Cloud Mine property, which adjoins the south boundary of the Hollister Mine. The gold-silver at Ivanhoe Creek is associated with northerly-trending uplifted fault-bounded blocks into which gold mineralization was emplaced. Mercury-bearing silica deposits are present at the surface at Ivanhoe Creek, and could be present at depth like at Hollister. Rimrock Gold plans to drill at least one hole into the Silica Cap Target in 2014. The main gold zones at Hollister are present at elevations of 4900-5400 feet MSL and Rimrock plans on targeting the same elevation interval. The highest grade past shallow angled drillhole IC-07-10 at Silica Cap returned a high-grade assay value of 7.64 ounces per ton silver and 0.02 ppm gold in hole 07-10 between 426-436 feet (core length; true width not known). This latter silver-rich intercept also contained high values of 1130 ppm tungsten and more than 100 ppm mercury.
"We are very excited to now begin gold exploration on the Ivanhoe Creek property expanding our presence in the strategic high-grade Hollister mining area. We believe this will be a core area of focus by mining companies in Nevada for the foreseeable future. Our plan is to further analyze the Ivanhoe Creek data, and to commence a new drilling program in 2014 after final interpretations have been made," stated President and CEO, Jordan Starkman.
Rimrock Gold is a diversified mineral exploration company focused on identifying, acquiring, advancing, and drilling high-grade gold-silver metal exploration projects in Nevada. The company is managed by experienced and successful board members and advisors. The Company's main exploration assets comprise a 100% interest in the Rimrock, Ivanhoe Creek, Silver Cloud, and Pony Spur gold-silver properties in Nevada. In addition, the company owns the Abigail property in Quebec, comprising 95 map-designated cells totaling 5,071 hectares located in the James Bay, Quebec region of Canada.
The Company's Vice President of Exploration, Richard R. Redfern, M.Sc., a Certified professional Geologist and 'qualified person' for the purposes of Canada's National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.
Certain statements in this document that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Rimrock Gold Corp. to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company's ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings".