Ryan Gold Corporation

Ryan Gold Corporation

December 05, 2011 08:00 ET

Ryan Gold Intersects Significant Gold Mineralisation from Its Initial Exploration Drill Program at Ida Oro

Drilling results include 24.50 metres grading at 2.58g/t Au, 4 metres grading at 8.50g/t Au, 2 metres at 12.55g/t Au, 99.50 metres at 0.62g/t Au and 3.65 metres at 2.43g/t Au

TORONTO, ONTARIO--(Marketwire - Dec. 5, 2011) - Ryan Gold Corp. (TSX VENTURE:RYG), ("Ryan Gold" or the "Company") is pleased to announce significant drill results from its initial phase of exploration drilling at its Ida Oro Project located in the Yukon Territory.

Significant gold intervals were intersected in six of eleven first phase diamond drill holes drilled at Ida Oro, which is located approximately 85km east of Dawson City, Yukon.

Highlights include:

  • Hole IODD002 intersected 99.50 metres grading 0.62g/t Au from 77.50 metres including 3.65 metres grading 2.43g/t Au from 127.75 metres.
  • Hole IODD003 intersected 30.27 metres grading 0.57g/t Au from 114.83 metres including 19.04 metres grading 1.07g/t Au from 148.66 metres.
  • Hole IODD011 intersected 24.50 m at 2.58g/t Au from 186.50 metres including 2.00 metres grading 12.55g/t Au from 187.00 metres and 1 metre grading at 33.10g/t Au from 197.00 metres.

Summary of Drill Hole Results - Ida Oro

(#) (UTM) (UTM) (°) (°) FROM TO Interval (g/t)
(m) (m) (m)
IODD001 * 7117692 372337 160 -45 Hole Not Sampled
IODD002 7117594 372396 160 -45 3.05 25.00 21.95 0.60
Includes: 12.60 17.00 4.40 5.50
Includes: 22.00 23.00 1.00 2.12
29.00 51.40 22.40 0.38
59.00 68.50 9.50 0.43
77.50 177.00 99.50 0.62
Includes: 127.75 131.40 3.65 2.43
188.40 214.00 25.60 0.53
Includes: 197.70 198.70 1.00 2.05
Includes: 202.20 204.20 2.00 1.75
Includes: 211.10 212.10 1.00 2.48
218.00 230.00 12.00 0.28
233.90 238.00 4.10 0.40
250.00 256.50 6.50 0.24
IODD003 7117445 372439 164 -45 1.52 21.83 20.31 0.24
32.00 41.00 9.00 0.44
49.00 59.06 10.06 0.37
66.00 77.00 11.00 0.31
81.50 101.62 20.12 0.48
114.83 145.10 30.27 0.57
Includes: 128.00 129.00 1.00 1.31
Includes: 138.00 139.00 1.00 2.27
148.66 167.70 19.04 1.07
Includes: 154.50 155.65 1.15 5.77
Includes: 163.49 164.50 1.01 5.78
IODD004 ** 7117692 372337 160 -50 24.80 36.00 11.20 1.47
Includes: 29.55 32.00 2.45 5.31
44.20 47.30 3.10 0.27
68.00 72.00 4.00 0.28
150.40 163.40 13.00 0.20
167.40 183.40 16.00 0.30
187.40 205.90 18.50 0.35
228.05 233.60 5.50 0.28
256.07 282.90 26.83 0.70
Includes: 264.44 265.63 1.19 2.48
Includes: 269.12 269.72 0.60 10.00
IODD005 *** 7116914 372557 344 -45 63.25 67.06 3.81 0.77
IODD006 **** 7116914 372557 344 -45 101.50 103.50 2.00 1.00
120.20 121.00 0.80 1.33
129.00 130.80 1.80 3.74
138.50 155.00 16.50 0.30
180.40 191.00 10.60 0.33
261.00 265.00 4.00 0.25
270.50 276.00 5.50 0.25
IODD007 7117797 372395 200 -45 No Significant Results
IODD008 7118228 372227 160 -45 112.00 115.00 3.00 0.55
151.00 158.30 7.30 0.29
163.00 170.00 7.00 0.40
221.00 223.00 2.00 1.32
IODD009 7116746 372629 344 -45 235.87 241.24 5.37 1.23
Includes: 238.73 240.70 1.97 2.82
248.90 285.60 36.70 0.28
Includes: 256.11 266.20 10.09 0.48
301.30 306.00 4.70 0.44
320.50 328.00 7.50 0.41
IODD010 7117934 372431 200 -45 No Significant Results
IODD011 7116392 372696 344 -45 15.45 27.43 11.98 0.83
Includes: 20.52 21.52 1.00 4.26
77.32 81.00 3.68 0.53
101.00 106.00 5.00 0.26
160.65 165.00 4.35 0.82
176.00 182.00 6.00 0.53
186.50 211.00 24.50 2.58
Includes: 187.00 189.00 2.00 12.55
Includes: 194.00 198.00 4.00 8.50
Includes: 197.00 198.00 1.00 33.10
226.00 230.80 4.80 0.38
* Hole abandoned at 131.98 m;
** Redrill of hole IODD001;
*** Hole abandoned at 68.28 m;
**** Redrill of hole IODD005. A top and bottom cut-off of 31g/t Au and 0.20g/t Au was applied respectively as well as a maximum internal dilution of 3 metres in calculating grade and widths for specific intervals. All interval widths are down hole widths.

A total of 11 diamond drill holes were completed for 2,854m drilled. Two of the drill holes, IODD-004 and IODD-006, were repeat drill holes of the drill holes that were abandoned, IODD001 and IODD-005 respectively. The surface topography of Ida Oro is extremely steep. Fortunately an approximate north-south ridge line cuts the long axis of the soil anomaly. This ridge line provided the easiest location to construct drill pads. The 11 drill holes cover approximately 1.9km of the northern portion of the approximately 4km long original soil anomaly (See map attached: http://media3.marketwire.com/docs/IdaOroProject.pdf). Drill holes were orientated to optimally cross-cut lithology, structure and intrusive-sediment contacts. Ten holes were drilled at an inclination of -45° and one hole was drilled at -50º as lithological and intrusive contacts, as well as structures, dip steeply both to the north and south (See cross-section attached: http://media3.marketwire.com/docs/OroCrossSection.pdf). Ground conditions for the most part were good and core recovery was greater than 95%. All drill core was orientated and logging of the drill core included lithological, alteration, mineralisation and structural data capture.

Structural analysis of the core confirmed the interpretation of the surface geology, namely, upright, open folds becoming tight folds that plunge shallowly to the east in the southern and northern portions of the soil anomaly respectively (See attached maps). Mineralisation, alteration and monzonite intrusions are spatially associated in the hinges of both antiforms and synforms (See maps). The geology consists of siltstone, shale, mudstone, chert and minor sandstone together with quartz monzonite to granodiorite intrusions as stocks, sills and dykes. Mafic dykes, where observed, are associated with zones of increased structural deformation. Major alteration noted in drill core consists of biotitehornfels and silicification with lesser amounts of chlorite alteration and bleaching in the sedimentary package. Within the intrusive lithologies, sericitization and saussuritization are the common alteration products.

Preliminary interpretation of the results, outcrop plans and geological sections suggest that gold mineralisation is prevalent and concentrated within hinges of folds and along flanks of steeply dipping metasediments. Where mineralisation occurs in the hinges of the folds, as intersected in drill holes IODD002, IODD003 and IODD004, the style of mineralisation is currently thought to have saddle reef characteristics. Minor gold mineralisation also occurs along narrower fractures and zones of structural weakness in the quartz monzonite to granodiorite intrusions.

In total, 2,907 drill core samples were sent for geochemical analysis. Drill cores for assaying were taken at a maximum of three metre intervals in the weathered zone, but predominantly at 1 metre intervals. Drill core was cut with a diamond saw with one-half of the core placed in sealed plastic bags. Sealed plastic sample bags were placed in a security sealed bag and delivered to Acme Laboratories ("Acme") in Dawson City where they were transferred by Acme to the Acme laboratory in Whitehorse. Here the entire sample was crushed passing minus 2mm, from which a 250g split of the crushed sample was pulverized passing minus 74 micron. Pulp samples of 100g were shipped to Acme Vancouver where the samples were analysed for gold by fire assay using a 50g inquart with an ICP finish. An additional 0.5g sample analysed by aqua regia digestion was analysed for gold and an additional 35 elements with an ICP-MS finish.

The Company is encouraged by the results of the first round of drilling at Ida Oro. The large intervals of low to moderate grade (0.2g/t Au to 1.0g/t Au) are indicative that the mineralisation is part of a much larger gold mineralising system. Drill hole IODD011, the southernmost drill hole, intersected the most encouraging gold mineralisation in terms of both grade and interval width during the first round of drilling. In 2012, the camp at Ida Oro will be re-opened in May. Additional surface mapping will be conducted and the start of drilling campaign is planned for early June. The drill campaign will be conducted with two helicopter-supported drill rigs. The first rig will follow-up on zones of mineralisation identified by the 2011 drill program while the second rig will continue drill testing the southern half, approximately 2.1km, of the >100ppb soil anomaly. The final size of the drill program will be results dependent. Drilling will continue until the end of the summer season, likely mid-September.

As part of the Company's QA/QC procedures, internationally recognised standards, duplicates and blanks were inserted into the sample batches. ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.

The exploration program is supervised by Ian Gendall (Pr. Sci. Nat.), Vice President Exploration of Ryan Gold Corp. who is the "qualified person" within the definition of that term in NI 43-101. Michael Skead (MAusIMM), and a "qualified person" within the definition of the term in NI 43-101, has prepared and reviewed the technical information in this news release.

The Company remains well funded to continue its aggressive exploration campaign in 2012.

About Ryan Gold Corp.

Ryan Gold Corp. is an exploration company focussed on gold exploration primarily in the Yukon Territory, Canada. The Company is well funded and has a large land package of approximately 5,047 km2 comprised of 83 different properties. The company's flagship property is Ida Oro. During the summer of 2010 a soil sampling programme completed on Ida Oro revealed a significant, >100 ppb Au, gold-in-soil anomaly over an area of 4 km by 1.2 km. The company completed an 11 drill hole drill campaign for a total of 2,854 m. In addition to Ida Oro the Company completed an aggressive and systematic exploration program on its other properties that included 13,985 line kilometres of airborne magnetic and radiometric surveys, flown on the Mahtin and Nug properties and collected 91,168 soil samples and geological mapping of targets borne out of this campaign. Through this aggressive exploration program the company objective is to have at least three other projects drill ready for the 2012 exploration season.

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans and business trends. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any mineral that may be produced, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitability, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including any technical reports filed with respect to the Company's mineral properties. This press release is not, and is not to be construed as an offer to buy or sell securities in the United States.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ryan Gold Corp.
    David Schmidt, VP Corporate Development
    (604) 639-3119

    Ryan Gold Corp.
    Michael Skead, CEO
    (416) 482-9038