Rye Patch Gold Corp.

Rye Patch Gold Corp.

May 09, 2013 09:00 ET

Rye Patch Reports Lincoln Hill Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 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% controlled Lincoln Hill project located in Pershing County, Nevada. Exploration activities continue at Lincoln Hill with new surface rock-chip sampling results from the Independence Hill and surrounding targets zones:

  • Three high-grade gold and silver structural corridors identified at Independence Hill;
  • Near the historic Buck&Charlie mine, a rock-chip sample returned 37.5 g/t Au and 2,070.0 g/t Ag from a breccia outcrop. The breccia has been mapped for 380 metres along a southwest to northeast trend;
  • At the historic Looney mine, a rock-chip grab sample returned 22.87 g/t Au and 9.7 g/t Ag from quartz vein material. Surface exposures in the old workings and shafts indicate the zone is at least a 300 metre strike length; and
  • At the historic Octopus mine, several samples returned significant gold and silver along 160 metres of strike along the main structural zone including 1.62 g/t Au and 568.0 g/t Ag; 1.11 g/t Au and 77.6 g/t Ag; 0.05 g/t Au and 497 g/t Ag; 0.69 g/t Au and 240.0 g/t Ag. The historic workings follow a breccia zone.

Rock-chip sampling at Independence Hill located 750 metres south of the Lincoln Hill resource area shows the Lincoln Hill geologic structures along with gold and silver mineralization continue. Samples collected from outcrop exposures at the Alexander Hamilton, Buck&Charlie, Looney, Hill Top, and Octopus historic mines confirm four separate high-grade corridors crossing Independence Hill which could extend gold and silver mineralization to the south.

The Hill Top-Looney and Buck&Charlie historic mines represent two parallel trends extending south of the Lincoln Hill resource announced on September 17, 2012. The Hill Top and Looney mines are located on the same structural corridor with high-grade gold and silver sampled along 1.3 kilometres. The Hill Top mine consists of several historic workings following a quartz stockwork zone that extends for over 300 metres in a northwest-southeast orientation. The Hill Top mine returned significant lead and zinc values with lead ranging between 36 ppm to 51,100 ppm, and zinc ranging between 10 ppm to 4,694 ppm. The Buck&Charlie mine trend is located to the 750 metres east of the Hill Top-Looney trend. The structural zone has been mapped for over 400 metres.

The historic Octopus mine retuned several samples with significant gold and silver along a 160 metre structural zone. Assay values reported include 1.62 g/t Au and 568.0 g/t Ag; 1.11 g/t Au and 77.6 g/t Ag; 0.05 g/t Au and 497 g/t Ag; and 0.69 g/t Au and 240.0 g/t Ag. The historic workings follow a northwest oriented breccia zone.

The historic Alexander Hamilton mine is located 800 metres east of the historic Buck&Charlie mine and consists of a northeast oriented open-space breccia and quartz stockwork zone oriented to the northeast.

Location Sample type Au g/t Ag g/t Aueq g/t Ageq g/t
Alexander Hamilton Mine Grab 0.02 29.5 0.61 30.5
Alexander Hamilton Mine Grab 8.67 43.2 9.53 476.7
Alexander Hamilton Mine Grab 0.34 126.0 2.86 143.0
Buck & Charlie Mine Grab 37.50 2,070.0 78.90 3,945.0
Buck & Charlie Mine Grab 0.16 8.3 0.33 16.3
Buck & Charlie Mine Chip 0.03 5.7 0.14 7.2
Buck & Charlie Mine Chip 0.06 5.6 0.17 8.6
Hill Top Mine Grab 0.15 177.0 3.69 184.5
Hill Top Mine Grab 0.02 12.0 0.26 13.0
Hill Top Mine Grab 0.01 14.8 0.31 15.3
Hill Top Mine Grab 0.46 396.0 8.38 419.0
Hill Top Mine Grab 0.05 239.0 4.83 241.5
Hill Top Mine Grab 0.01 4.1 0.09 4.6
Hill Top Mine Grab 0.00 0.9 0.02 0.9
Hill Top Mine Chip 0.06 235.0 4.76 238.0
Hill Top Mine Chip 0.03 1.8 0.07 3.3
Hill Top Mine Grab 0.01 0.9 0.03 1.4
Hill Top Mine Grab 0.04 463.0 9.30 465.0
Hill Top Mine Chip 0.07 3.4 0.14 6.9
Hill Top Mine Chip 0.01 1.6 0.04 2.1
Hill Top Mine Chip 0.03 121.0 2.45 122.5
Hill Top Mine Grab 0.04 337.0 6.78 339.0
Hill Top Mine Grab 0.13 707.0 14.27 713.5
Hill Top Mine Chip 0.09 1.4 0.12 5.9
Hill Top Mine Chip 0.00 3.0 0.06 3.0
Hill Top Mine Chip 0.01 1.6 0.04 2.1
Looney Mine Grab 22.87 9.7 23.06 1,153.2
Looney Mine Grab 0.04 3.9 0.12 5.9
Octopus Mine Grab 0.03 1.8 0.07 3.3
Octopus Mine Grab 0.00 0.5 0.01 0.5
Octopus Mine Grab 0.05 497.0 9.99 499.5
Octopus Mine Grab 0.00 2.0 0.04 2.0
Octopus Mine Grab 0.69 240.0 5.49 274.5
Octopus Mine Grab 1.11 77.6 2.66 133.1
Octopus Mine Grab 0.31 11.2 0.53 26.7
Octopus Mine Grab 0.34 11.8 0.58 28.8
Octopus Mine Chip 0.64 374.0 8.12 406.0
Octopus Mine Chip 1.62 568.0 12.98 649.0
Octopus Mine Grab 0.01 1.7 0.04 2.2
Outcrop Chip 0.01 0.7 0.02 1.2
Outcrop Chip 0.00 5.0 0.10 5.0
Outcrop Chip 0.03 6.2 0.15 7.7
Outcrop Chip 0.00 3.2 0.06 3.2
Outcrop Chip 0.07 3.5 0.14 7.0
Outcrop Chip 0.01 0.9 0.03 1.4
Outcrop Chip 0.02 1.3 0.05 2.3
Outcrop Chip 0.01 0.7 0.02 1.2
Outcrop Chip 0.01 0.5 0.02 1.0
Outcrop Chip 0.01 0.9 0.03 1.4
Aueq = Au + (Ag/50); Ageq = Ag + (Au/50)

The sampling is part of a detailed mapping program focused on alteration, structural elements and geometry of the district high-grade gold and silver zones. The aim of this program is to design a drill program for the Lincoln Hill and Independence Hill areas. The presence of lamprophyre dykes, quartz stockwork, breccias bodies, and alteration similar to Lincoln Hill enforces the confidence on those targets.

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 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.

Contact Information