Rye Patch Gold Corp.

Rye Patch Gold Corp.

May 08, 2013 09:00 ET

Rye Patch Reports LH Claims Exploration Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 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 LH claims located in Pershing County, Nevada. Exploration activities continue on the LH unpatented lode mining claims with new surface rock-chip sampling results from the Mystic and South Packard Pediment targets:

  • At Mystic, continuous rock-chip channel sampling returned 42.7 metres grading 90.3 g/t Ageq on the southern end of the Mystic target;
  • In the South Packard Pediment, continuous rock-chip channel sampling returned seven sections with values ranging between 32.9 g/t Ageq to 62.5 g/t Ageq over thicknesses ranging from 9.14 metres to 46.3 metres; and
  • The South Packard rock-chip channel sampling defines the surface projection of a higher grade zone measuring 200 metres long and averaging 25 metres wide within a larger one kilometre northeast-southwest structural zone.
Table 1: Summarized continuous rock-chip sampling results from Mystic and South Packard.
Area Length (metres) Au g/t Ag g/t Ageq g/t
Mystic 42.7 1.09 35.8 90.3
Mystic 6.1 0.54 86.1 113.0
South Packard 22.9 0.123 40.9 47.1
South Packard 39.6 0.179 29.5 38.5
South Packard 17.4 0.700 27.5 62.5
South Packard 46.3 0.074 32.1 35.8
South Packard 5.2 0.093 42.7 47.4
South Packard 36.6 0.095 28.2 32.9
South Packard 9.14 0.212 36.9 47.5
Ageq = (Au/50) +Ag

Exploration work continues on the LH claims in the Mystic and South Packard targets areas. In the Mystic area, continuous rock-chip channel sampling returned 42.7 metres of 1.09 g/t gold and 35.8 g/t silver. Using a 50 to 1 silver to gold conversion, the interval averages 90.3 g/t Ageq. The eastern rock-chip channel sample returned 3 metres grading 13.1 g/t gold and 252 g/t silver. An additional 10 metres of channel rock-chip sampling is pending.

At South Packard, continuous rock-chip sampling was conducted on outcrop exposures. The southwestern most exposure returned 22.9 metres to 39.6 metres grading 47.1 g/t Ageq and 38.5 g/t Ageq respectively. Three zones were sampled approximately 50 metres to the northwest and returned 17.4 metres grading 62.5 g/t Ageq, 46.3 metres grading 35.8 g/t Ageq, and 5.2 metres grading 47.4 g/t Ageq. Seventy-five metres farther to the northeast returned 36.6 metres grading 32.9 g/t Ageq, and a fourth area, approximately 25 metres along strike returned 9.14 metres grading 47.5 g/t Ageq. The over strike of the area sampled is 200 metres.

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.

Rye Patch Gold US Inc. controls over 100 square kilometres (40 sq. miles) along the Oreana trend. The senior LH and OG Claims which comprise the Rochester Project consist of 413 unpatented lode mining claims which control senior mineral title over 30 square kilometres (approximately 7,500 acres). Mineral title to the LH and OG unpatented lode mining claims is disputed by Coeur Rochester Inc. a wholly owned subsidiary Coeur d'Alene Mines Corporation.

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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