Rye Patch Gold reports gold and silver assays from Gold Ridge

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 1, 2012) – Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCQX:RPMGF) ("Rye Patch Gold" or the "Company") is pleased to announce assay results of its wholly owned subsidiary, Rye Patch Gold US Inc., from the 100% owned Gold Ridge Project located along the Oreana trend in Pershing County, Nevada. The Gold Ridge project is located approximately 1.6 kilometres west of Lincoln Hill and was acquired in 2007 by staking unpatented lode mining claims.

HIGHLIGHTS:

  • Shallow mineralization in GR-014 returned 0.49 g/t Aueq. over 24.4 metres starting at 15.2 metres, and GR-015 returned 0.70 g/t Aueq. over 38.1 metres starting at 9.1 metres;
  • Significant gold and silver assays including 3.93 g/t Au and 20.1 g/t Ag over 3 metres along stacked, multiple, low-angle fault zones and hangingwall silicification (jasperoids);
  • Encouraging gold and silver assay encountered over a 1.2 kilometre long trend suggesting potential for a large, near-surface, bulk-tonnage gold and silver deposit; and
  • Near-surface gold and silver intercepted in multiple stacked mineralized zones.

DISCUSSION:

The 2011 drill campaign completed 2,462 metres in 12 reverse circulation drillholes centered on the Silver Ridge target at Gold Ridge. The drill program tested two geologic targets along a 1.2 kilometre long mineralized zone. The first geologic target drilled is a low-angle thrust fault zone with quartz breccia and veins containing gold and silver mineralization. The second target consists of deformed jasperoid layers (silicified rock) in the hangingwall of the main north-south oriented thrust structure. The main jasperoid body is stratabound and is 10- to 30-metres in true thickness.

"The Gold Ridge drilling indicates another shallow, near-surface deposit may exist along the Oreana trend, and additional drilling is clearly warranted,"stated William C. Howald, President and CEO of Rye Patch Gold.

In the northern portion of the Silver Ridge target, drillholes GR-004 and GR-005 extend mineralization 200 metres down dip from GR-002 (drilled in 2010). GR-004 encountered 0.41 g/t Aueq over 54.9 metres, and a second zone returned 0.77 g/t Aueq over 19.8 metres. Both mineralized zones are within stacked, folded jasperoid layers within the axial zone of a north-south oriented anticline. GR-006 was drilled from the same site as GR-002 toward the northeast to test the northern extension of mineralization. GR-006 encountered two zones – 0.50 g/t Aueq. over 21.3 metres and 2.1 g/t Aueq. over 3 metres.

Along the southern portion of the Silver Ridge target, drilling results show mineralization is shallow and dominantly related to jasperoid formation. GR-014 returned 0.49 g/t Aueq. over 24.4 metres starting at 15.2 metres, and GR-015 returned 0.70 g/t Aueq. over 38.1 metres starting at 9.1 metres. The jasperoids have significant strike length along the limbs of the anticline with oxide potential that remains untested. The low-angle fault lies beneath the jasperoid zones at a depth of approximately 175 metres. Additional drilling is required to test the low-angle fault to the east where the zone should daylight.

Along the 1.2 kilometres length drilled to date, the low-angle fault zones show high-grade silver. Drillhole GR-010 returned 75 g/t Ag over 1.5 metres, and GR-004 returned 20 g/t Ag and 3.93 g/t Au over 3 metres. Additional drilling to east will test the up-dip portion of the low-angle fault zones at shallower depths. Table 1 summarizes the Gold Ridge drilling results.

Table 1: Gold Ridge Project – 2011 Silver Ridge Target Assay Results
Drillhole Remarks Au Ag Aueq Drillhole interval From To Total Depth
g/t g/t g/t metres (1) metres Metres metres
GR-004 Silver Ridge 0.29 5.7 0.41 54.9 29.0 83.8
Including 0.73 15.7 1.05 7.6 74.7 82.3
GR-004 Silver Ridge 0.54 11.8 0.77 19.8 102.1 121.9 196.6
Including 0.75 5.7 1.06 12.2 108.2 120.4
GR-004 Silver Ridge 3.93 20.1 4.33 3.0 149.4 152.4
GR-005 Silver Ridge 0.13 21.1 0.56 21.3 4.6 25.9
Including 0.09 182.0 3.73 1.5 4.6 6.1 192.0
GR-005 Silver Ridge 0.15 7.0 0.29 36.6 71.6 108.2
GR-005 Silver Ridge 0.31 6.3 0.43 10.7 135.6 146.3
GR-006 Silver Ridge 0.36 7.0 0.50 21.3 71.6 93.0
Including 0.6 15.8 1.00 6.1 80.8 86.9 181.4
GR-006 Silver Ridge 0.9 58.7 2.10 3.0 105.2 108.2
GR-007 Silver Ridge 0.2 3.2 0.27 18.3 117.3 135.6 182.9
GR-008 Silver Ridge 0.26 15.7 0.58 10.7 4.6 15.2
GR-008 Silver Ridge 0.34 6.9 0.48 16.8 178.3 195.1 213.4
Including 1.56 19.3 1.95 3.0 178.3 181.4
GR-009 Silver Ridge 0.23 4.1 0.31 4.6 82.3 86.9 213.4
GR-009 Silver Ridge 0.07 10.7 0.28 6.1 185.9 192.0
GR-010 Silver Ridge 0.18 2.5 0.23 16.8 12.2 29.0
GR-010 Silver Ridge 0.002 75.5 1.51 1.5 157.0 158.5 190.5
GR-010 Silver Ridge 0.22 4.4 0.31 7.6 173.7 181.4
GR-011 Silver Ridge 0.17 3.5 0.24 10.7 39.6 50.3 245.4
GR-012 Silver Ridge 0.15 5.0 0.25 3.0 1.5 4.6 167.6
GR-013 Silver Ridge 0.18 3.4 0.24 3.0 15.2 18.3
GR-013 Silver Ridge 0.09 7.9 0.25 3.0 99.1 102.1 213.4
GR-013 Silver Ridge 0.05 7.2 0.20 24.4 161.5 185.9
GR-014 Silver Ridge 0.34 7.4 0.49 24.4 15.2 39.6
GR-014 Silver Ridge 0.12 5.5 0.23 9.1 143.3 152.4 227.1
GR-014 Silver Ridge 0.13 7.2 0.27 3.0 190.5 193.5
GR-015 Silver Ridge 0.41 14.9 0.70 38.1 9.1 47.2
GR-015 Silver Ridge 0.13 3.4 0.20 44.2 62.5 106.7 239.3
GR-015 Silver Ridge 0.14 3.1 0.20 6.1 166.1 172.2
GR-015 Silver Ridge 0.02 16.6 0.36 4.6 225.6 230.1
(1) NOT TRUE THICKNESS

The Gold Ridge project has three target areas – Silver Ridge, Red Hill and Porphyry. In 2011, the Silver Ridge target was drilled.

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 along the Oreana trend 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. Table 2 summarizes Rye Patch Gold's precious metal inventory in Nevada, USA excluding any resources within the LH claims. The LH claims contain five new discoveries and include the lands containing up to 20% of Rochester's published proven and probable silver and gold reserve along with a significant portion of the published silver and gold resource, based on Coeur d'Alene Mine's December 5, 2011, news release.

Table 2: Rye Patch Gold's NI43-101 Resource Inventory(1)
Property Resource
Category
Tonnes
(X 1,000)
Gold
Grade
(g/t)
Silver
Grade
(g/t)
Contained
Gold
Ounces
Contained
Silver
Ounces
Contained
Gold & Gold
Equivalent
Ounces 
(4)
Measured 7,526 0.69 4.595 164,000 1,111,000 186,220
Wilco (2) Indicated 30,844 0.51 3.601 522,000 3,638,000 594,760
Inferred 121,838 0.41 5.075 1,660,000 19,871,000 2,057,420
Measured 7,775 0.51 8.745 128,000 2,184,000 171,680
Jessup(2) Indicated 12,642 0.41 7.167 172,000 2,906,000 230,120
Inferred 4,494 0.55 7.922 77,000 1,146,000 99,920
Lincoln Measured
Hill(3) Indicated
Inferred 17,215 0.69 17.143 380,000 9,488,000 569,760
Total Oreana Trend Measured & Indicated Resources 986,000 9,839,000 1,182,780
Total Oreana Trend Inferred Resources 2,117,000 30,505,000 2,727,100
(1) All resources on 100% basis. Metallurgical recoveries and net smelter returns are assumed to be 100%. Conforms to 43-101 resource definitions;
(2) Cutoff grade for Wilco Measured and Indicated resource is reported at 0.2 g/t Au for oxide mineralisation and 1.45 g/t Au for sulphide mineralisation. The Inferred resource cut-off grade is reported at 0.2 g/t Au for oxide, sulphide and carbonaceous ore types; however, a higher opt Au cut-off grade may be required to upgrade the inferred resource to the measured and indicated resource category. Cut-off grade for Jessup is reported at 0.2 g/t Au for oxide mineralisation and 0.34 g/t Au for transition and sulphide mineralisation; and
(3) The Inferred resource is reported at a cut-off grade of 0.34 g/t (0.01 opt) Aueq for oxide and transitional ore types;
(4) Wilco, Jessup and Lincoln Hill resources includes Au equivalent ounces (Aueq.); where Aueq. = (Au ozs) + (Ag ozs X $Ag/oz)/$Au/oz, for Au/oz = $1,200, and Ag/oz = $24.

Rye Patch Gold maintains a strict quality control program at all of its projects. All reverse circulation and core samples are submitted to American Assay with prep-blanks, assay blanks, and gold and silver standards. Rye Patch Gold inserts approximately one quality control or quality assurance samples for every twenty samples submitted to the assay laboratory. The RC chips are logged and photographed on site. American Assay collects the samples and transports them to their 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 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 Corp. is exploring well-known mineral trends in Nevada – the world's fourth-richest gold region. Starting with 150,000 inferred ounces of gold in mid-2007, this well-funded Company now has 1.2-million ounces of gold and gold equivalent in the measured and indicated category, plus 2.7-million ounces of gold and gold equivalent in the inferred category. Rye Patch Gold 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 owns and controls over 175 square kilometres of prime mineral claims and leases along the Oreana and Cortez trends. The Company is developing gold and silver assets along the emerging Oreana trend, located in west-central Nevada, and is exploring 65 square kilometres along the Cortez trend adjacent to 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 Rye Patch Gold, 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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