Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCBB:RPMGF) reports results of the 2010 fall drilling campaign on its 100% controlled Lincoln Hill project.
HIGHLIGHTS:
- Drilling discovers new gold and silver zone (Jefferson) 350 metres west of the main Lincoln Hill resource area;
- Results show significant gold and strong silver assays located along a one kilometer strike length with values from LR-058 grading 1.6 g/t Aueq over 9.1 metres and LR-059 grading 1.3 g/t Aueq over 13.1 metres;
- A geophysical survey shows the Jefferson zone has a strike potential of 1.5 kilometres and indicates additional parallel zones; and
- Drilling on the Lincoln Hill resource expands gold and silver mineralization to the northwest and south and confirms the resource has expansion potential in northwest and southeast directions (i.e. the resource is still open).
The 2010 Lincoln Hill drilling program had two main objectives. The first goal tested the open directions of the gold and silver resource area defined in June 2010. Drilling to the northwest, southeast, and south was designed to test these open mineralized directions. Although LR-050 expanded the resource to the south, LR-048 and LR-049 define the southern boundary of the Lincoln Hill resource; however, gold and silver expansion potential remains open toward the northwest and southeast along the main Lincoln Hill dyke trend. LR-053 and LR-054 returned significant gold values and expand the Lincoln Hill resource. LR-053 returned 1.54 g/t gold over 29.0 metres including 22.6 g/t gold over 1.5 metres. Additional drilling on the Lincoln Hill resource is in the planning stages.
The second goal was to test outlying geologic and geophysical targets on the property. A new zone, Jefferson, was initially identified through a ground based magnetic geophysical survey. The Jefferson corresponds to a strong magnetic high defined in the geophysical survey. The geophysical signature is traceable for over 1.5 kilometres and is parallel to the main Lincoln Hill resource. The geophysical survey, which completed over the entire Lincoln Hill property, shows additional dyke systems crossing the Lincoln Hill property.
Drillholes LR-051, LR-055, LR-056, and LR-058 to LR-060 tested a portion of the geophysical anomaly and returned encouraging gold and silver values. The widely spaced drilling cut gold and silver along the Jefferson zone for approximately one kilometer. LR-058 intersected 1.6 g/t Aueq over 9.1 meters including a 1.5 metre interval returning 85.7 g/t silver. In LR-059, an interval yielded 1.3 g/t Aueq over a 13.7 meters interval. The Jefferson zone has elevated silver values. Drillhole LR-056 returned 164 g/t silver over 3.0 metres. Additional drilling is warranted. The zone has significant expansion potential for a second resource area similar to the main Lincoln Hill resource.
William C. (Bill) Howald, the Company's President and CEO, commented, "We are extremely pleased with the outcome of the 2010 drilling program on our 100% controlled Lincoln Hill property. The drilling shows the property has good upside and expansion potential."
Rye Patch completed 15 drillholes totaling 2,403 metres using a reverse circulation drill rig. The significant gold and silver assays use a 0.5 g/t gold and gold equivalent (Aueq) assay cut off where Aueq equals the gold assay plus the silver assay divided by 50 (Aueq. = Au + (Ag/50)). A follow-up program is being designed to address the new Jefferson discovery.
Drillholes LR-051 and LR-052 were drilled at the intersection of the Jefferson and Washington structurals. LR-051 returned significant silver values with 21.2 g/t silver over 9.1 meters. Intense pervasive silica alteration was encountered in LR-052 and caused poor drilling conditions. The drillhole was lost before reaching its designed target depth.
Drillholes LR-046 and LR-047 tested the extension of the Washington zone. Low gold and silver grades were encountered in the drilling. The assay outcome indicates the Washington zone has a discrete elevation controlling the mineralization.
As announced on May 18, 2010, May 11, 2009, and June 2, 2009 in respect of the Lincoln Hill, Wilco, and Jessup projects, Rye Patch Gold's resource inventory now totals 1,182,780 ounces of gold and gold equivalent in the measured and indicated category plus 2,727,100 ounces of gold and gold equivalent in the inferred category.
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 maintains a strict quality control program at all of its projects. Drill samples are picked up on site by American Assay's 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 over limits are determined using fire assay with a gravimetric finish. Silver is analyzed using a four-acid digestion and an AA finish.
Source: Rye Patch Gold Corp.