Ryan Gold Corporation

Ryan Gold Corporation

November 16, 2011 10:11 ET

Ryan Gold Provides Exploration Update on Conclusion of a Very Successful Exploration Season

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2011) - Ryan Gold Corp. (TSX VENTURE:RYG) ("Ryan Gold" or the "Company") is pleased to provide an update on the conclusion of a very successful season of exploration in the Yukon Territory.

The following press release is intended to orientate investors on the scale and scope of the Company's properties and 2011 exploration program, before the release of detailed results for each of the projects.

Primary exploration focussed on getting the flagship Ida Oro property drill ready for a drill campaign that commenced in early August, 2011.

In addition to the Ida Oro exploration program, the Company embarked on one of the largest soil sampling programs the Yukon has undergone, with a total of 91,168 soil samples collected by GroundTruth Exploration. As a result of extremely encouraging gold-in-soil results and associated pathfinder elements the Company conducted a staking program to consolidate its land position around those claim blocks that were shown to be prospective.

The Company also contracted Precision Geophysics to conduct helicopter-borne magnetic and radiometric surveys on its Yukon properties. A total of 13,985 line kilometers were completed.

The Company now has 16 Project Areas, namely, Forty Mile, Fifty Mile, Ten Mile, Dawson, Ida Oro, Mahtin, McQuesten, Stewart Crossing, Nug/PDM, Cantung, Ketza River, Tagish, Kluane, Beaver Creek, Coffee West and Ladue comprising 83 prospects. The location of these Project areas is shown in the figure attached (http://media3.marketwire.com/docs/rya.pdf). These prospects comprise a total of 24,149 claims covering 5,047 km2.

Ida Oro

At Ida Oro a total of 11 diamond drill holes were completed for 2,854 m drilled. Two of the drill holes IODD-004 and IODD-006 were repeat drill holes of the drill holes that were abandoned, IODD002 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 eleven drill holes cover approximately 1.9 km of the northern portion of the approximately 4 km long original soil anomaly. Drill holes were orientated to optimally cross-cut lithology, structure and intrusive-sediment contacts. All holes were drilled at an inclination of -45° as lithological and intrusive contacts, as well as structures, dip steeply both to the north and south. 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, mineralization and structural data capture.

Structural analysis of the core confirmed the interpretation of the surface geology, namely, tight, upright folds that plunge shallowly to the east. Mineralization, alteration and monzonite intrusions are spatially associated in the hinges of both antiforms and synforms.

In total 2,907 drill core samples were sent for geochemical analysis. Assay results have been received for 87% of the drill core samples. All drill core assay results are expected to be released towards the end of November 2011.

Regional Exploration

Regional Soil Geochemistry Sampling Program

The Company has conducted one of the largest regional soil exploration programs ever undertaken in the Yukon. The table below breaks out the number of soil samples collected per project, totalling 91,168 soil samples as of November 4, 2011. The table gives a breakdown on the number of samples collected per project/prospect. Results for a significant portion of the samples have been received and are currently being interpreted.

As a result of the program, the Company is in the process of conducting additional staking to consolidate its land position around those claim blocks where anomalous soil assays were obtained. A total of 6,843 new claims have been staked covering an area of 143,019 Ha.

Airborne Magnetic and Radiometric Surveys

The Company contracted Precision Geophysics Inc, based in Vancouver, BC, to conduct helicopter-borne magnetic and radiometric surveys. As a result of a wet summer and abnormal solar flare activity the Company was only able to complete 13,985 line kilometers of the planned 24,500 line kilometers. Two projects areas were flown, the Mahtin and Nug for 3,698 and 10,287 line km respectively. Both the surveys were flown at 100 m and 1000 m line and tie-line spacing respectively. Total line kilometers flown for the two Project Areas are 13,985 line kilometers.

Table showing number of soil samples collected by Project or Prospect Area

Project Area Prospect Samples Collected (No.)
Ida Oro 18,912
50 Mile 12,709
Beaver Creek 157
Coffee West 658
Dawson 1,921
Ketza River 152
Kluane 15,195
Unnamed Project* 2,298
Mahtin 7,538
McQuesten 4,857
Nug/PDM 20,280
Stewart Crossing Summit 481
Ten Mile Flume 1,510
Tagish Glee/Tess 865
Ladue Ladue 2,066
Otter 474
How 624
MacEast 328
Tintina 143
Total 91,168
* Unnamed as staking is underway

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.

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 plans to drill the anomaly during the 2011 field season after initially completing detailed mapping. In addition to Ida Oro the Company completed an aggressive and systematic exploration program on its other properties that will 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

  • For a copy of the early warning report filed
    in respect of the above transaction
    Ryan Gold Corp.
    David Schmidt, VP Corporate Development
    (604) 639-3119

    Michael Skead, CEO
    (416) 482-9038