VANCOUVER, Oct. 28, 2015 /CNW/ - Rye Patch Gold Corp (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the "Company" or "Rye Patch") announces the commencement of drilling at it 100% owned Gold Ridge project located within the greater Lincoln Hill gold and silver deposit complex.
The Gold Ridge project, located 1.5 km west of the Lincoln Hill gold and silver resource, is a potential satellite deposit. Past drilling shows near-surface gold and silver mineralized traceable for 6 kilometres in a north-south direction. As reported on September 15, 2014, gold and silver mineralization are associated with a north-south oriented anticline and associated low-angle fault zone. Past drilling in the northern portion of the anomaly returned significant drillhole intersections including 0.67 g/t Au, 28.5 g/t Ag (1.24 g/t AuEq) over 19.8 metres and 1.3 g/t Au, 12.2 g/t Ag, (1.54 g/t AuEq) over 10.7 metres.
(AuEq is a calculated number using the reported gold value in grams per tonne plus the reported silver value in gram per tonne divided by 50)
The drilling program has 12 drillholes totaling 5,000 feet. The Bureau of Land Management (BLM) approved this program under a notice of intent; however, a larger and more encompassing Plan of Operations permit will allow for in-fill drilling and bulk sampling at the Lincoln Hill gold and silver deposit along with in-fill and exploration drilling at Gold Ridge and Independence Hill is pending at this time.
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.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company led by a seasoned management team that has participated in major discoveries totaling over 100-million ounces of gold. The team is engaged in the acquisition, exploration and development of quality resource-based gold and silver projects along the emerging Oreana trend and the prolific Cortez trend. Benefitting from its strong financial position, the Company's strategy is to balance development and exploration risk, creating value by:
- Advancing the Lincoln Hill project toward production;
- Pursuing a world class discovery - Garden Gate and Patty - contiguous to and on strike with Barrick's Goldrush deposit; and
- Seeking new project opportunities and accretive transactions.
The Company's cash and cash flowing royalty allow for progress without dilution to shareholders. 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.
SOURCE Rye Patch Gold
For further information: Rye Patch Gold Corp, [email protected], Tel.: (604) 638-1588, Fax: (604) 638-1589