🕐24.02.10 - 21:31 Uhr
Rye Patch Gold Extends Upper Oxide Zone at Wilco
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Re: News Release - Tuesday, February 23, 2010
Rye Patch Gold Extends Upper Oxide Zone at Wilco
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News Release No.
10 - 05
Vancouver, British Columbia, February 23, 2010 - Rye Patch Gold Corp
(TSX-V: RPM; OTC: RPMGF) ("Rye Patch Gold" or the "Company") reports
final assay results from the 2009 Wilco drill campaign.
Gold assays were received for the seven-hole reverse circulation drill
program totaling 2,705 metres (8,870 feet).
Table 1 summarizes
significant results for RC drill holes WR-088 to WR-094 using a 0.34
g/t (0.01 opt) gold cutoff for intervals greater than 3 metres (10
feet).
View TABLE 1: WILCO PROJECT - 2009 RC DRILL PROGRAM (WR-088 to WR-094)
http://www.ryepatchgold.com/s/NewsReleases.asp?ReportID=386527
"The Wilco drill program shows the upper oxide mineralization continues
into the North Basin area, and northeast faults and structural
intersections with north-south oriented structures are controlling the
high-grade gold encountered in the target area.
Based on the new drill
information, a follow up program to test the northeast high grade is
warranted," commented William C.
(Bill) Howald, the Company's CEO and
President.
The extent of the Lower Mineralized Zone (LMZ), located at the
siltstone/claystone contact, appears to be controlled by the
intersection of a dominate N-S fault, and a newly identified NE
trending structural zone.
As WR-094 indicates (1.5m @ 13.13 g/t Au),
this favorable structural intersection (NE and NS) appears to be
responsible for the high grade strata-bound mineralization located in
the southern part of North Basin along the contact.
North of the
northeast structural zone, the favorable lithologic contact continues
to be hydrothermally altered and returned anomalous gold values.
The Upper Mineralized Zone (UMZ) containing lower-grade oxide
mineralization extends northward across the NE structural zone along
the eastern part of the North Basin where mineralization becomes
enriched in silver.
Additional shallow, lower-grade (>3 metres @ 0.17
g/t Au) oxide mineralization was intercepted in WR-088, WR-089 and
WR-090 starting at 62 metres, 90 metres and 27 metres respectively, and
range from 14 to 47 metres in thickness.
Based on the new drill information, additional high grade gold could be
intercepted between the WR-087 and the northeast structural zone.
Additional 3-D visualization will be employed to better define this
favorable structural intersection.
Additional lower-grade strata-bound
shallow oxide mineralization, (less than 120 metres from the surface)
can be expected along and across the North Basin.
Investigation of the
contact zone to the north of Willard and especially along the Oreana
Trend is also recommended.
Reconnaissance drillholes WR-091 and WR-092 were drilled in the Section
25 target and did return significant gold values; however, the
drillholes were enriched in silver.
Evaluation of the drillhole
geochemistry will aid in understanding the gold and silver zonation and
may lead to new drill targets in the Section 25 area.
Rye Patch Gold maintains a strict quality control program at all of its
projects.
American Assay and Alaska Assay collected the Wilco drill
samples onsite and transported the samples directly to their
preparation and analysis facilities.
Analyses were conducted on
1-assay ton prepped samples with gold determined using industry
standard fire assay methods with an atomic absorption finish.
Silver
values are determined using a four-acid digestion with an AA finish.
Mr.
Shea Clark-Smith, an independent consultant specializing in
geochemistry and quality control and assurance programs (QA/QC), is
overseeing the gold assay and geochemical QA/QC programs for Rye Patch
Gold's drill programs.
He is responsible for creating, administering,
and monitoring sample preparation and analytical QA/QC procedures.
In
sum, the QA/QC procedures will provide several measures of data quality
and assure that the data is representative of the original sample.
As disclosed in the Company's news release dated February 10, 2010, Rye
Patch Gold is acquiring Centerra Gold (U.S.) Inc.'s 63.96% interest in
the Ren property, which is subject to a joint venture (the "Ren JV")
between Centerra and Homestake Mining Company of California Inc.
("Homestake").
The completion of the acquisition of Centerra's
interest is subject to a waiver of a pre-emptive right in favor of
Homestake which must be exercised by Homestake within 60 days of
notification by Centerra, payment obligations of Rye Patch Gold of the
purchase price of US$42 million over a period of three years and final
acceptance of the TSX Venture Exchange.
Mr.
William Howald, AIPG Certified Professional Geologist #11041, Rye
Patch Gold's CEO and President, is the Qualified Person as defined
under National Instrument 43-101.
He has reviewed and verified the
technical information contained in this news release and approves of
this news release.
About Rye Patch Gold
Rye Patch Gold Corp.
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 acquisition,
exploration and development of quality resource-based gold and silver
projects.
Rye Patch Gold is developing its primary assets -- the
advanced-stage Wilco project, Lincoln Hill and located within the
emerging Oreana gold trend in west-central Nevada and the Jessup
project in Churchill County, Nevada.
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 Rye
Patch Gold, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
'William Howald'
William C.
(Bill) Howald, CEO & President Rye Patch Gold Corp
For additional information contact:
Mr.
Lindsay Malcolm
Rye Patch Gold Corp
Manager Corporate Development
Tel.: (604) 638-1588 ext 206
Fax: (604) 638-1589
www.ryepatchgold.com
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 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.
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.
View News Release in PDF Format:
http://www.ryepatchgold.com/i/pdf/2010-02-23_NR.pdf
84 KB in size, approx.
17 seconds to download at 56.6Kbps
You can also view this News Release on our website at:
http://www.ryepatchgold.com/s/NewsReleases.asp?ReportID=386527
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Copyright (c) 2010 RYE PATCH GOLD CORP.
(RPM) All rights reserved.
For more information visit our website at http://www.ryepatchgold.com/
or send mailto:
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