Rye Patch Gold Corp.

Rye Patch Gold Corp.

June 03, 2013 09:00 ET

Rye Patch Reports Expansion of Goldridge Gold/Silver Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 3, 2013) - Rye Patch Gold Corp (TSX VENTURE:RPM)(OTCQX:RPMGF)(FRANKFURT:5TN) (the "Company" or "Rye Patch") is pleased to announce an exploration update on the 100% owned Gold Ridge project located in Pershing County, Nevada. Exploration activities continue at Gold Ridge with new rock-chip sampling results from a newly identified extension of the Silver Ridge gold/silver zone:

  • Rock-chip samples taken at random intervals along the jasperoid outcrop returned encouraging results such as 3.120 g/t Au and 19.2 g/t Ag, and 2.860 g/t Au and 51.1 g/t Ag;
  • A total of 36 surface outcrop rock-chip samples were collected with 22% returning gold values greater than 1.0 g/t Au, and 47% returning gold values greater than 0.5 g/t Au;
  • The average grade of all 36 rock-chip samples is 0.705 g/t Au, 12.3 g/t Ag, which equates to 0.950 g/t Aueq, or 47.5 g/t Ageq; and
  • The Silver Ridge gold/silver zone has been extended 500 metres northward giving the mineralized zone a 2-kilometre length.

Mapping and sampling at the northern end of the Silver Ridge mineral zone identified significant gold and silver mineralization associated with jasperoid outcrops, and extended the zone 500 metres northward. The same favorable north-south striking structural corridor identified previously in Gold Ridge, hosting gold and silver in a folded jasperoid breccia, has now been mapped for approximately two kilometres in a north-south direction, and is roughly 70 meters in an east-west direction. The newly identified extension is outcropping on the north side of the Rochester-Unionville road, and Rye Patch Gold US Inc. staked 10 new unpatented lode mining claims. This sampling and mapping suggests the entire Silver Ridge target zone has a 2-kilometre length, and gold and silver mineralization is open to the north.

Exploration work continues on the Gold Ridge project with detailed mapping and sampling centered on the Silver Ridge target zone. Target generation is in progress with the aim of preparing a drill program to test the newly identified mineralized extension. Based on the geological knowledge acquired in the region as well as successful targets on the project along the Silver Ridge target zone to the south, three main target horizons have been identified. These targets include the surface outcropping jasperoid breccia, a subsurface geologic contact between a limestone unit and a volcanic unit, and a series of nested low-angle, thrust faults that have been mapped in the area.

The encouraging surface rock-chip gold and silver assay results, and the 2 kilometre trend of mineralization confirm the upside potential of the Gold Ridge project and the overall potential of the Oreana trend.

Gold Ridge Rock-chip Samples: Northern Silver Ridge Target Zone
Location Sample Type Au (g/t) Ag (g/t) Aueq (g/t) Ageq (g/t)
Outcrop Chip 3.120 19.2 3.504 175.2
Outcrop Chip 2.860 51.1 3.882 194.1
Outcrop Chip 2.710 22.3 3.156 157.8
Outcrop Chip 1.530 9.2 1.714 85.7
Outcrop Chip 1.530 34.7 2.224 111.2
Outcrop Chip 1.360 18.9 1.738 86.9
Outcrop Chip 1.120 7.5 1.270 63.5
Outcrop Chip 1.050 14.2 1.334 66.7
Outcrop Chip 0.962 21.1 1.384 69.2
Outcrop Chip 0.932 13.1 1.193 59.6
Outcrop Chip 0.776 8.3 0.942 47.1
Outcrop Chip 0.773 16.6 1.105 55.3
Outcrop Chip 0.747 6.4 0.875 43.8
Outcrop Chip 0.745 15.9 1.063 53.2
Outcrop Chip 0.726 16.0 1.046 52.3
Outcrop Chip 0.652 7.0 0.792 39.6
Outcrop Chip 0.497 10.1 0.699 35.0
Outcrop Chip 0.406 8.4 0.574 28.7
Outcrop Chip 0.333 5.5 0.442 22.1
Outcrop Chip 0.325 14.9 0.623 31.2
Outcrop Chip 0.306 25.7 0.820 41.0
Outcrop Chip 0.238 3.1 0.300 15.0
Outcrop Chip 0.209 4.1 0.290 14.5
Outcrop Chip 0.209 13.8 0.485 24.3
Outcrop Chip 0.204 6.4 0.332 16.6
Outcrop Chip 0.194 5.3 0.300 15.0
Outcrop Chip 0.187 2.3 0.233 11.7
Outcrop Chip 0.167 5.0 0.267 13.4
Outcrop Chip 0.117 2.6 0.169 8.5
Outcrop Chip 0.088 11.3 0.314 15.7
Outcrop Chip 0.067 18.7 0.441 22.1
Outcrop Chip 0.063 2.5 0.113 5.7
Outcrop Chip 0.060 1.8 0.096 4.8
Outcrop Chip 0.046 6.8 0.182 9.1
Outcrop Chip 0.038 7.0 0.178 8.9
Outcrop Chip 0.021 4.5 0.111 5.6

Aueq = Au + (Ag/50); Ageq = Ag + (Au*50)

Rye Patch Gold US Inc. maintains a strict quality control program at all of its projects. The rock samples are delivered to American Assay 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.

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. controls over 100 square kilometres (40 sq. miles) along the Oreana trend located in west-central Nevada, and is developing gold and silver resources along this emerging trend. In east central Nevada, Rye Patch Gold US Inc. is exploring 66 square kilometres along the prolific Cortez trend near Barrick's new gold discovery. 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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