Rye Patch intersects gold on two Nevada projects

Rye Patch Gold (RPM-V) has drilled into gold mineralization on two of its Nevada projects, Wilco and Jessup. Combined resources estimated to date on the two properties are 780,000 oz. gold equivalent (gold and silver) in the measured and indicated category, and 1.15 million oz. gold equivalent in the inferred category. These resources were calculated prior to assays returned from the latest campaign.

Drilling on the Jessup project totaled about 5,000 metres in 45 reverse-circulation holes, of which 24 assays have been released. Hole 2 cut 46 metres of 1.6 grams gold per tonne and 21 grams silver from a depth of 43 metres, plus 12 metres of 0.7 grams gold from 26 metres, and 3 metres of 1 gram gold from 130 metres. Hole 12 cut 17 metres of 1.3 gram gold from 61 metres, plus 14 metres of 0.9 gram gold and 75 grams silver from 84 metres. And hole 23 intersected 6 metres of 1.5 gram gold from 18 metres. A number of other holes returned lower-grade mineralization. The company says that mineralization is open on the San Jascinto and North Jessup targets.

Gold intersections were also reported from drilling on the Wilco project, which totaled 9,800 metres in 39 reverse-circulation holes. Hole 61 cut 18 metres of 1.3 grams gold per tonne from a depth of 271 metres, plus 8 metres of 1.5 grams gold from 293 metres, and 3 metres of 1.2 grams gold from 162 metres. Hole 62 cut 15 metres of 1.4 gram gold from 261 metres, plus 3 metres of 3.4 grams gold from 241 metres. Hole 68 cut 15 metres of 1.3 gram gold from 78 metres, and hole 70 intersected 5 metres of 1.3 gram gold from 136 metres, plus 5 metres of 1.1 gram gold from 125 metres. A number of other holes returned lower-grade mineralization. In September, Rye Patch released another batch of assays of Wilco drill holes, one of which returned 46 metres of 1.3 gram gold from 146 metres.

The Wilco property is located in north-central Nevada, about 160 km northeast of Reno, near the I-80 freeway and 10 km north of Lovelock, Nv. The property covers 34 sq. km, and has been optioned from Newmont Mining (NMC-T, NEM-N), which can back-in to a 70% interest for $20 million in development work.

The Jessup project, which covers 10 sq. km, is located in the southern Trinity Range, about 100 km northeast of Reno.

The company continues to drill on another project, Lincoln Hill, where it reported a high-grade gold intersection. On June 30, Rye Patch’s treasury held $2.9 million in cash and equivalents. The company has 43.5 million shares fully diluted.