Rye Patch Gold Corp.

TSX VENTURE : RPM
OTCQX : RPMGF
FRANKFURT : 5TN


Rye Patch Gold Corp.

April 29, 2014 09:01 ET

Rye Patch Gold Reports Drill Results from Garden Gate Pass

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 29, 2014) - Rye Patch Gold Corp (TSX VENTURE:RPM)(OTCQX:RPMGF)(FRANKFURT:5TN) (the "Company" or "Rye Patch") is pleased to announce drilling and assay results from the 2014 drilling campaign at Garden Gate Pass in Eureka County, Nevada.

HIGHLIGHTS:

  • Drillhole GGP-011 intersected gold values up to 3.45 g/t gold;
  • Drilling intersected the entire Devonian Wenban host stratigraphy including a well established marker sequence; and
  • Drillhole GGP-011 provides significant information to allow vectoring toward a potential gold deposit.

The 2014 Garden Gate Pass drilling campaign commenced in mid February and was completed in early April. The program consisted of two drillholes located on the eastern target of the property along trend with Barrick's Goldrush drilling to the north. A total of 1,967 metres of mud-rotary drilling was completed.

GGP-011 intersected two zones of gold mineralization. The first started at 509 metres and consists of 7.6 metres grading 0.49 g/t gold. The second zone was intersected at 528.8 metres and contained 3.45 g/t gold over 1.5 metres. The gold is in the same stratigraphic sequence as observed in GGP-002 (1.5 metres grading 0.996 g/t gold starting at 376.5 metres).

Using the gold intersections from GGP-002 (drilled in 2011) and GGP-011, a vector can be established toward the source of gold mineralization. Additional investigation is required along with integration of the geophysical data sets to determine the next drillhole location.

GGP-012 drilled a partial section of Devonian Horse Canyon Formation, and the entire upper section of the Devonian Wenban limestone. Using Barrick's stratigraphic nomenclature for the Cortez district, GGP-012 penetrated unit 8 down to the top of unit 4 including the well documented "death bed" marker horizon recognized between units 4 and 5. Although no significant assays were reported, GGP-012 establishes the positive presence of the lower plate host rocks beneath the Garden Gate Pass project.

"We are pleased with the results of the 2014 drill program, and believe we are closing in on a discovery. Drilling intersected geologically significant gold which can be combined and analyzed with gold zones from our 2011 drilling to vector toward a potential gold deposit," stated William (Bill) Howald, the Company's president and chief executive officer. "With these exciting results, and the proof that lower plate carbonates, specifically the Wenban limestone lie beneath the project area, the project remains capable of hosting the potential continuation of Barrick's high-grade Goldrush deposit."

Table 1 summarizes the results of the Garden Gate Pass 2014 drilling program.

Table 1: Summary of Garden Gate Pass Project - 2014 Drill Assay Results
Drillhole Remarks Au
(g/t)
Drillhole interval
(metres)
From
(metres)
To
(metres)
Total Depth
(metres)
GGP-011 Goldrush Trend 0.49 7.6 509.0 516.6 778.76
GGP-011 Goldrush Trend 3.45 1.5 528.8 530.4
GGP-012 Goldrush Trend NSA 1188.72

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.

Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company with a royalty revenue stream from the operating Rochester silver mine and significant gold and silver resources, all located 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. controls over 75 square kilometres (30 sq. miles) of land, and has a 3.4 % Net Smelter Return (NSR) royalty from the Rochester silver mine along the Oreana trend located in west-central Nevada. The Company is aggressively developing gold and silver resources along this emerging trend, utilizing existing funds and cash flow from the NSR royalty which is fully leveraged to the price of gold and silver. In east central Nevada, Rye Patch Gold US Inc. is exploring 66 square kilometres of exploration land along the prolific Cortez trend contiguous to Barrick's new Goldrush deposit. 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; 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.

Contact Information