Ryan Gold Corporation
TSX VENTURE : RYG

Ryan Gold Corporation

July 19, 2011 09:26 ET

Ryan Gold Provides Exploration Update

TORONTO, ONTARIO--(Marketwire - July 19, 2011) - Ryan Gold Corp. (TSX VENTURE:RYG), "Ryan Gold" or the "Company") is pleased to provide an update on its 2011 $15.04 million work program.

The major focus of this year's program is preparation of the Ida Oro project for drilling, as well as grid and ridge and spur soil sampling, initial regional mapping and airborne geophysical surveys on the Fifty Mile, Kluane, Nug, and PDM projects. Additional staking is also being completed to augment the Company's land position in and around key existing project areas and on new projects.

Exploration began June 13th and the Company currently has 23 field staff members based out of its Dawson exploration office. Ground Truth Exploration, the Company's staking and soil sampling contractor, has 50 people divided into ten helicopter supported crews. In 2011, Ground Truth will spend approximately 50% of its time working on the Company's programs and this percentage is expected to increase to approximately 80% in 2012, as the Company's field programs expand.

Ida Oro

The Ida Oro project covers 23,976 hectares and is located 90km to the east of Dawson City (Figure 1: http://file.marketwire.com/release/rygfig1.pdf). Ida Oro is 35km from the nearest road access and work at Ida Oro is helicopter supported from Dawson City.

In 2010, the Company completed a grid soil sampling program and aeromagnetic and radiometric surveys which identified a coincident magnetic and gold-in-soil anomaly. The gold-in-soil anomaly, >100ppb Au, covers an area of 4,100m by 1,200m (See Figure 2: http://file.marketwire.com/release/rygfig2.pdf). Topographically the target is located in rugged terrain covering a major north-south trending ridge. The size of the gold-in-soil anomaly together with the rugged nature of the terrain, means that ground truthing, mapping and, where possible, identification of the structural control on mineralization is essential prior to commencement of the diamond drilling program.

Detailed geological mapping of outcrop within the Ida Oro gold-in-soil anomaly has been completed. Currently, a trenching programme is underway in prospective and accessible areas. To date a total of six trenches with a cumulative length of 191m have been opened with 100 samples collected. Results are still pending. Drill pads are in the process of being built for the planned 12,000m drilling program, still on schedule to start in early August.

Ryan Gold added to its land position within the Ida Oro project area by staking two additional claims blocks, RS and MLM, totalling 144 claims and 275 claims respectively. The company now holds a total of 3,613 claims within the Ida Oro project area (Figure 3: http://file.marketwire.com/release/rygfig3.pdf).

Regional Soil Sampling on Other Projects

Both grid and ridge and spur sampling, are progressing well. To date a total of 19,488 samples have been collected within the first month of exploration. Of the 19,488 soil samples collected 6,194, 5,849 and 7,445 samples have been collected from the Ida Oro, Fifty Mile and the Kluane projects respectively.

Initial Exploration of Fifty Mile and Kluane Regional Projects

The Fifty Mile and Kluane projects areas are located approximately 75km and 350km west and south-south east of Dawson City (See Figure 1). Historical work on the projects by Shawn Ryan included reconnaissance grid and ridge and spur soil geochemical sampling programs. The Fifty Mile project area is helicopter supported from Dawson City while the Kluane projects are supported out of Burwash and/or Haines Junction, located on the Trans Alaskan Highway. Regional reconnaissance mapping and limited trenching has started on both the Fifty Mile and Kluane project areas. Three trenches totalling 380m and 172 samples have been completed on the Fifty Mile project. Results are pending.

Airborne Geophysical Program on Other Regional Projects

The airborne magnetic and radiometric survey, totalling approximately 24,500 line kilometres, is due to start in the week of July 18. The survey has been delayed by several weeks due to inclement weather and abnormal solar magnetic storms that have been encountered this year. The detailed airborne magnetic and radiometric geophysical programs on the Company's regional projects are the first stage of follow-up exploration to ridge and spur soil sampling previously completed by Shawn Ryan. Targets identified in these programs are expected to be followed-up by more detailed soil sampling, reconnaissance mapping and, where possible, surface sampling and trenching in late 2011 and 2012.

Summary

The field work at Ida Oro has progressed well and the Company remains on-target to commence an initial drill program in August, with results expected towards the end of September. Detailed mapping has confirmed the potential of the Ida Oro soil anomaly to be a very large target. Work on the Company's other regional projects has progressed as well as can be expected in the challenging wet weather conditions that have been experienced in the Yukon this summer. The Company remains on-track to generate at least three other projects for drilling in the summer of 2012 from this work.

Ryan Gold is fortunate to be able to rely on Ground Truth Exploration's infrastructure and experience in working efficiently in the Yukon. The Company continues to endeavour to build its technical teams. Attracting experienced and knowledgeable geologists capable of managing our work programs remains a key success factor and a major challenge in the current labour market. Training of existing technical teams and recruiting of additional geological staff remain a key focus of Ryan Gold.

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 that term in NI 43-101, has prepared and reviewed the technical information in this news release.

An updated presentation on the Company and its 2011 exploration program has been posted at www.ryangold.com.

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 2,428km2 comprised of 50 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, > 100ppb Au, gold-in-soil anomaly over an area of 4km by 1 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 plans to embark on an aggressive and systematic exploration program on its other properties that will include approximately 24,500 line kilometres of airborne magnetic and radiometric surveys, collection of 85,000 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