Rye Patch Gold Corp.
TSX VENTURE : RPM
OTCQX : RPMGF
FRANKFURT : 5TN

Rye Patch Gold Corp.

November 24, 2014 09:00 ET

Rye Patch Drills High-Grade Structural Zones at Lincoln Hill

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 24, 2014) - Rye Patch Gold Corp (TSX VENTURE:RPM)(OTCQX:RPMGF)(FRANKFURT:5TN) (the "Company" or "Rye Patch") is pleased to announce the results of its 2014 drilling campaign on the 100% controlled Lincoln Hill project located in Pershing County, Nevada along the Oreana trend in west-central Nevada.

HIGHLIGHTS:

  • Drillhole LR-112 returned 4.18 g/t Au and 20.6 g/t Ag over 13.7 metres including high-grade gold and silver grading 34.35 g/t Au and 143 g/t Ag over 1.5 metres from the Looney mine target on Independence Hill;
  • Drilling returned 0.62 g/t Au and 9.7 g/t Ag over 22.9 metres including 3 metres grading 3.16 g/t Au and 10.7g/t Ag from the Octopus target on Independence Hill; and
  • The Looney and Octopus targets remain open down dip and to the northwest and northeast respectively.

Rye Patch Gold US Inc. ("Rye Patch US") completed 28 reverse circulation drillings totaling 3,188 metres (10,460 feet) in two targets - Roosevelt and Independence Hill. On Independence Hill four zones were identified and tested, and the drilling campaign returned positive results from three of the four zones including the recognition of a high-grade gold and silver at the Looney and Octopus areas. Anomalous gold and silver assays were returned from the Buck & Charlie zone although the drill intercepted old mine workings where the projection of the high-grade gold zone was predicted. No significant gold results were returned from the Hilltop zone; however, several zones with silver were reported.

"These results give us solid encouragement that Lincoln Hill has substantial room to grow in size and quality and add to the already robust PEA completed May 2014. We look forward with continued excitement to a larger in-fill and exploration drilling program in 2015, to commence as soon as permitting is complete. I am very pleased with the on-going success rate of our exploration drilling, and its ability to identify high grade zones such as at Looney and Octopus," stated Mr. William C. (Bill) Howald, President and CEO of the Company.

The Looney Mine consists of quartz veins associated to altered lamprophyre dykes. The drilling intercepted two parallel mineral zones. The first zone was intercepted at less than 50 metres depth while the second zone was cut at 130-140 metres down the drillhole. Drillholes LR-112 and LR-113 were not deep enough to intercept the second zone, and LR-114 and 115 hit historic mine workings ranging between 1.5 to 3 metres (5 to 10 feet) in width; however, LR-114 and LR-115 did intercept the second parallel mineral zone.

In LR-115, the drill intercepted 6.47 g/t Au and 3.0 g/t Ag over 1.5 metres, and LR-114 cut 33.7 g/t Ag over 1.5 metres. The Looney mine shows the presence of coarse gold in several drillholes. The most remarkable is LR-116 where the standard fire assay returned 1.2 g/t Au while the metallic screen yielded 5.67 g/t Au at the interval 74.7 to 76.2. This comparison suggests coarse gold is present along the Looney structure. The Looney zone remains open to northwest and down dip.

At the Octopus zone, drilling revealed a thick mineralized package averaging 0.62 g/t Au and 9.7 g/t Ag over 22.9 metres including 3.16 g/t Au and 10.2 g/t Ag over 3 metres. A second intercept returned 0.18 g/t Au and 39.1 g/t Ag over 7.6 metres including 149 g/t Ag over 1.5 metres. In addition, LR-108, a zone of anomalous zinc with values as high as 2.5% was intercepted at 62.5-64 metres. The significance of the zinc mineralization is under review. The gold zone remains open to northeast and down dip.

LR-101 through LR-106 are located along the Buck & Charlie zone on Independence Hill. LR-101 intercepted two large historic mine workings ranging from 3 metres wide to 10 metres wide. Difficult ground conditions caused the drillhole to be lost. The remaining drillholes tested the southwest extension and intercepted low grade or no significant assay results; however, the northwest extension remains untested and open.

The Hilltop Mine drilling returned several anomalous silver values ranging from 3 to 10 g/t Ag in narrow zones. Overall, there were no significant gold assays from the Hilltop zone or the Roosevelt target.

Table 1 summarizes the Lincoln Hill 2014 drill program.

Table 1: Lincoln Hill Project - 2014 Drilling Results (cut off 0.2 g/t AuEq)
Drillhole Remarks Au Ag AuEq (1) Drillhole interval (2) From To Total Depth
g/t g/t g/t (metres) (metres) (metres) (metres)
LR-101 Buck & Charlie Mine 0.06 10.0 0.26 7.6 73.2 80.8 106.7
LR-101 Buck & Charlie Mine Historic Mine Workings 97.5 103.6
LR-101 Buck & Charlie Mine Historic Mine Workings 105.2 112.8
LR-102 Buck & Charlie Mine 0.02 11.3 0.25 3.0 74.7 77.7 91.4
LR-103 Buck & Charlie Mine NSA 76.2
LR-104 Buck & Charlie Mine NSA 100.6
LR-105 Buck & Charlie Mine 0.05 13.8 0.33 12.2 25.9 38.1 121.9
LR-106 Buck & Charlie Mine 0.11 4.2 0.19 3.0 27.4 30.5 117.3
LR-106 Buck & Charlie Mine 0.13 13.0 0.39 3.0 38.1 41.1
LR-106 Buck & Charlie Mine 0.16 4.0 0.24 4.6 61.0 65.5
LR-106 Buck & Charlie Mine 0.10 11.1 0.32 3.0 79.2 82.3
LR-107 Octopus Mine 0.18 39.1 0.96 7.6 41.1 48.8 106.7
Including 0.69 149.0 3.67 1.5 42.7 44.2
LR-108 Octopus Mine 0.62 9.7 0.81 22.9 45.7 68.6 91.4
Including 3.16 10.2 3.36 3.0 61.0 64.0
LR-109 Roosevelt zone NSA 91.4
LR-110 Roosevelt zone NSA 61.0
LR-111 Roosevelt zone NSA 61.0
LR-112 Looney Mine 4.18 20.6 4.59 13.7 36.6 50.3 134.1
Including 34.35 143.0 37.21 1.5 36.6 38.1
LR-113 Looney Mine NSA 105.2
LR-114 Looney Mine Historic Mine Workings 47.2 50.3 141.7
LR-114 Looney Mine - 33.7 0.67 1.5 132.6 134.1
LR-115 Looney Mine Historic Mine Workings 47.2 48.8 149.4
LR-115 Looney Mine 0.84 2.9 0.90 1.5 45.7 47.2
LR-115 Looney Mine 0.15 4.5 0.24 4.6 109.7 114.3
LR-115 Looney Mine 6.47 3.0 6.53 1.5 146.3 147.8
LR-116 Looney Mine 0.33 4.4 0.42 9.1 74.7 83.8 160.0
Including 1.22 11.7 1.45 1.5 74.7 76.2
LR-117 Looney Mine NSA 115.8
LR-118 Hill Top Mine NSA 106.7
LR-119 Hill Top Mine NSA 106.7
LR-120 Hill Top Mine NSA 106.7
LR-121 Hill Top Mine NSA 137.2
LR-122 Looney Mine NSA 152.4
LR-123 Looney Mine NSA 137.2
LR-124 Looney Mine 0.38 166 3.70 1.5 38.1 39.6 106.7
LR-125 Looney Mine 1.28 62.5 2.53 1.5 36.6 38.1 137.2
LR-126 Looney Mine 1.16 5.5 1.27 1.5 57.9 59.4 106.7
LR-127 Looney Mine 1.52 42.7 2.37 1.5 56.4 57.9 106.7
LR-127 Looney Mine - 70.0 1.40 7.6 77.7 85.3
LR-128 Looney Mine NSA 152.4
(1) AuEq is gold equivalent calculated using Ag:Au of 50:1
(2) Drillhole interval is not true thickness
NSA = No Significant Results

Rye Patch US maintains a strict quality control program at all of its projects. All reverse circulation drill samples are submitted to American Assay with prep-blanks, assay blanks, and gold and silver standards. Rye Patch US inserts approximately one quality control or quality assurance samples for every ten samples submitted to the assay laboratory. The reverse circulation character samples are logged and photographed on site. American Assay collects the samples and transports them to their preparation and analytical facility located in Reno, Nevada. Gold analyses are conducted on 1-assay ton prepped samples with gold determined using industry standard fire assay methods with an ICP finish. Gold values above 10 g/t gold (over limits) are confirmed using fire assay with a gravimetric finish. Silver is analyzed using a two-acid digestion and an ICP finish. Silver values are re-analyzed with a four-acid digestion and ICP finish on all samples with gold values greater than a 0.2 g/t gold assay result. Silver values over 100 g/t silver are re-analyzed using volumetric dissolution.

Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold's CEO and President, is a Qualified Person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.

About Rye Patch Gold Corp.

Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company with significant gold and silver resources, a robust preliminary economic assessment, and tremendous exploration upside all located amongst some of the largest gold and silver producers in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in the acquisition, exploration, and development of quality resource-based gold and silver projects along the Oreana trend, and trend-scale opportunities in Cortez district adjacent to new gold discoveries. The Company is aggressively developing gold and silver resources and exploration projects along these prolific trends, utilizing existing funds and cash flow from its NSR royalty. The Company has established gold and silver resource milestones and time frames in order to build a premier resource development company. For more information about the Company, please visit our website at www.ryepatchgold.com.

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the financial position of Rye Patch; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources (and, in respect of the Coeur Rochester mine 3.4% NSR, the reliability of calculation of Coeur's mineral resources and reserves); the reliability of calculation of precious metal recoveries; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither 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.

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