Rye Patch Gold Corp.

Rye Patch Gold Corp.

February 21, 2013 09:00 ET

Rye Patch Expands Mystic and South Packard Pediment Silver-Gold Zones and Identifies New Mineralization at West Pediment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2013) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCQX:RPMGF)(FRANKFURT:5TN) (the "Company" or "Rye Patch") is pleased to announce the results of its fall 2012 drilling program on the LH claims in Pershing County, Nevada. The drilling was highly successful and includes the following highlights:

  • Drilling expanded the Mystic Silver-Gold zone southward where a thick -183 metre - zone with multiple higher grade drill intersections was encountered in RMR-060;
  • In the South Packard Pediment, drilling extended gold and silver mineralization to the northeast, and in-fill drilling confirmed the predictability of the geologic model;
  • The West Pediment target returned encouraging assay results from a blind, covered north-northwest geophysical target west of the Rochester and Packard mines; and
  • Surface rock-chip sampling at Sunflower Hill returned gold assays averaging 10.365 g/t gold and 483.2 g/t silver.

At the Mystic zone, drilling focused on the parallel northeast structural zones. Drillhole RMR-060 was drilled south of RMR-032 and RMR-035, and confirms the Mystic area is a wide zone of parallel northeast trending quartz vein swarms. The area is partially covered with a thin veneer of alluvium making outcrops sparse. Drillhole RMR-060 drilled 183 metres grading 11.8 g/t Ageq with multiple internal zones ranging from 19.3 g/t Ageq to 29.0 g/t Ageq over 4.6 to 38.1 metres. The existing drilling covers an area roughly one kilometre by one kilometre; however, the northeast strike potential may be up to three kilometres and connect with the Sunflower Hill target.

The South Packard Pediment drilling followed up on drillholes RMR-039 to RMR-044 drilled in the spring of 2012. The fall program defined the orientation of the high-grade silver encountered in RMR-039, RMR-041 and RMR-042. Drillholes RMR-062 and RMR-063 intersected significant zones of mineralization including 72.9 g/t Ageq over 94.5 metres in RMR-062, and 20.5 g/t Ageq over 117.3 meters in RMR-063. RMR-064 closed the system to the southeast. The South Packard Pediment mineralization is approximately one kilometre in length, and the zone is open to the northeast and southwest.

The West Pediment zone is an exciting new zone identified in the ground magnetic geophysical survey. The zone extends from the Lincoln Hill Gold-Silver deposit located four kilometres to the north. The over length of the anomalous geophysical zone is over six kilometres. At Lincoln Hill, the gold and silver deposit is located along the margin of the magnetic geophysical anomaly. The anomaly trends north-northwest and five drillholes were completed on the LH claims. The drillholes returned encouraging gold and silver assays, and the zone warrants additional exploration.

At Sunflower Hill, rock-chip samples returned gold values ranging from 0.243 g/t gold to 87.39 g/t gold with an average of 10.365 g/t gold. Silver assays range from 4.4 g/t silver to 2,990 g/t silver and average 483.2 g/t silver over a 300 metre by 300 metre area. The Sunflower Hill area lies immediately adjacent to the Rochester pit along the ridge that separates Rochester Canyon from Weaver Canyon. The gold and silver values are associated with a northeast trending, strongly altered and oxidized rhyolite. The Sunflower zone is believed to connect with the Mystic zone located three kilometres to the southwest. Additional exploration work is required to confirm how the Mystic and Sunflower Hill zones connect.

The reverse-circulation drilling program was completed in late November 2012, and focused on three areas - Mystic, South Packard Pediment and West Pediment. A total of 1,939 metres (6,360 feet) of reverse-circulation drilling were completed in twelve drillholes. The results of this program are summarized in Table 1.

Table 1: LH Claims 2012 Reverse-Circulation Drillhole Assay Results
Hole ID Target Au g/t Ag g/t Aueq(1)
RMR-053 West Pediment 0.013 22.4 0.461 23.1 1.5 42.7 44.2 153.9
RMR-054 West Pediment 0.112 0.3 0.118 5.9 3.0 164.6 167.6 225.6
RMR-055 West Pediment 0.019 6.1 0.141 7.1 1.5 89.9 91.4 118.9
RMR-055 West Pediment 0.012 5.5 0.122 6.1 1.5 102.1 103.6
RMR-055 West Pediment 0.014 6.2 0.138 6.9 1.5 108.2 109.7
RMR-056 West Pediment 0.009 7.1 0.151 7.6 1.6 59.4 61.0 144.8
RMR-057 West Pediment 0.009 4.9 0.106 5.3 7.7 92.9 100.6 195.1
RMR-058 Mystic 0.008 5.8 0.124 6.2 15.2 54.9 70.1 150.9
RMR-059 Mystic 0.012 6.8 0.148 7.4 24.4 56.4 80.8 147.8
RMR-060 Mystic 0.030 10.3 0.236 11.8 182.9 33.5 216.4 225.6
Including 0.016 18.5 0.387 19.3 9.2 39.6 48.8
Including 0.061 25.9 0.580 29.0 4.6 121.9 126.5
Including 0.038 18.1 0.400 20.0 12.2 153.9 166.1
Including 0.075 20.6 0.488 24.4 38.1 178.3 216.4
RMR-061 Mystic 0.015 4.8 0.111 5.6 1.5 176.8 178.3 182.9
RMR-062 South Packard Pediment 0.175 64.2 1.458 72.9 94.5 0.0 94.5 99.1
Including 0.265 99.5 2.254 112.7 57.9 33.5 91.4
Including 0.708 240.2 5.513 275.7 18.3 45.7 64.0
RMR-063 South Packard Pediment 0.034 18.8 0.410 20.5 117.3 0.0 117.3 141.7
Including 0.095 49.5 1.085 54.3 29 82.3 111.3
Including 0.423 188.4 4.190 209.5 4.6 82.3 86.9
RMR-064 South Packard Pediment NSV 152.4
Cutoff grade: Ageq = 5 g/t; (1) Aueq = Au + (Ag / 50) & Ageq = Ag + (Au x 50); (2) True Thickness Unknown; (NSV) No Significant Values

Rye Patch Gold US Inc. maintains a strict quality control program at all of its projects. All reverse circulation samples are submitted to American Assay with prep-blanks, assay blanks, and gold and silver standards. Rye Patch Gold US Inc. inserts approximately one quality control or quality assurance sample for every twenty samples submitted to the assay laboratory. The RC chips 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 atomic absorption 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- or four-acid digestion and an AA finish. 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 verified the information contained in, and has reviewed and approved the contents of, this news release.

Rye Patch Gold US Inc. controls over 100 square kilometres (40 sq. miles) along the Oreana trend. The senior LH and OG Claims which comprises the Rochester Project consist of 413 unpatented lode mining claims which control mineral title over 30 square kilometres (approximately 7,500 acres).

The Company is a Tier 1, Nevada-focused and discovery-driven company seeking to build a sizeable inventory of gold and silver resource assets 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. Rye Patch Gold US Inc. is developing gold and silver resources along the emerging Oreana trend, located in west-central Nevada, and is exploring 66 square kilometres along the Cortez trend near Barrick's two new gold discoveries. 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.

On behalf of the Board of Directors

William C. (Bill) Howald, CEO & President

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 to pursue legal undertakings; the outcome of legal action relating to the Rochester property and the LH unpatented claims, the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, 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. Litigation is inherently uncertain and factors that could cause actual results to differ materially from those in forward-looking statements include unexpected judicial findings of fact, previously unknown facts arising, and decisions which depart from past legal precedent and similar events.

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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