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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.
Message: Updates Wilco Gold and Silver Resource Estimate
| April 8, 2009 | ||
| Rye Patch Updates Wilco Gold and Silver Resource Estimate | ||
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 8, 2009) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT)(OTCBB:RPMGF) ("Rye Patch" or the "Company") is very pleased to announce an updated NI43-101 compliant resource estimate for the Wilco project based on the Company's 2008 drill results in the Willard mine and the Colado resource areas. The resource estimate provides a 10% increase in measured and indicated gold ounces, and a 48% increase in inferred gold ounces from the previously released (May 12, 2008) resource estimate. In addition, the Company also estimated co-product silver associated with the gold model. A summary, by deposit area, is tabulated below:Table 1: New NI43-101 Wilco Gold Resource Estimate
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Resource Category
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Measured Indicated
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Wilco Grade Grade
Resource Cutoff Tons OPT Gold Tons OPT Gold
Areas Grade (X1,000) Au Ounces (X1,000) Au Ounces
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Willard Variable 4,593 0.023 104,000 15,063 0.018 264,000
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Colado Variable(1) 3,703 0.016 60,000 19,597 0.013 258,000
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Total 8,296 0.020 164,000 34,660 0.015 522,000
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Resource Category
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Inferred
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Wilco Grade
Resource Cutoff Tons OPT Gold
Areas Grade (X1,000) Au Ounces
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Willard Variable 55,174 0.015 849,000
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Colado Variable(1) 79,129 0.010 811,000
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Total 134,303 0.012 1,660,000
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(1) Measured and Indicated resource is reported at 0.0056 opt Au for oxide
mineralisation and 0.042 opt Au for sulphide mineralisation. The
Inferred resource is reported at 0.0056 opt 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.
Table 2: New NI43-101 Wilco Co-Product Silver Resource Estimate
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Resource Category
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Measured Indicated
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Wilco Grade Grade
Resource Cutoff Tons OPT Silver Tons OPT Silver
Areas Grade (X1,000) Ag Ounces (X1,000) Ag Ounces
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Willard Variable(1) 4,593 0.180 829,000 15,063 0.152 2,295,000
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Colado Variable(1) 3,703 0.076 282,000 19,597 0.069 1,343,000
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Total 8,296 0.134 1,111,000 34,660 0.105 3,638,000
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Resource Category
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Inferred
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Wilco Grade
Resource Cutoff Tons OPT Silver
Areas Grade (X1,000) Ag Ounces
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Willard Variable(1) 55,174 0.139 7,678,000
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Colado Variable(1) 79,129 0.179 6,386,000
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Total 134,303 0.111 14,960,000
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(1) The silver tons and grade represent co-product silver within the gold
block model of the resource estimate.
The large increase in the inferred category is the result of step-out drilling westward along the Willard anticline, and the drilling completed toward the north into the North Basin target area. In-fill drilling will be required to convert the inferred gold volume into the measured and indicated categories. A program to complete the in-fill drilling phase is being prepared. "This updated resource estimate shows the Wilco project has tremendous upside potential. Drilling continues to find oxide mineralization in the Willard resource starting at 10 metres below the surface and continuing westward along favorable beds within Willard anticline. Based on our geologic model and drill cross sections, the Section Line discovery is still open and has significant expansion and oxide potential to the west. The newly identified North Basin area is showing higher gold grades and thicknesses and is still open to the north, east and west. Our recently disclosed rock-chip sampling results confirms that surface oxide mineralization can be correlated with gold in drillholes WR-081 and WR-087 located on the southern edge of the North Basin target. These new drill targets may add more oxide and higher grade material if confirmed by drilling. This summer, our drill program will focus on extending the limits of these two new gold discoveries. The Wilco project continues to prove its merit and our exploration programs continue to expand this important Nevada project. Our objective in developing a Nevada company with a significant inventory of gold and silver is certainly taking shape, and the Wilco project with its updated resource, the Section Line and North Basin discoveries, along with our Lincoln Hill holdings are the keystones to achieving this goal," stated William C. (Bill) Howald, the Company's CEO and President. The updated gold resource estimate is based on 3-D geologic models that incorporated over 46,000 individual assays from 659 reverse circulation and 11 core drillholes - 428 reverse circulation and 8 core drillholes in Willard and 186 reverse circulation and 3 core drillholes in Colado. Included are Rye Patch's 87 reverse circulation drillholes and 4 core holes. Block model grades were interpolated from twenty-foot, down-the-hole composites using inverse distance squared and inverse distance cubed. High grade outliers at Colado were capped prior to compositing based on a statistical review of the gold assays. No capping was required at Willard. The new silver resource was prepared using the same geologic and estimation parameters as the gold resource estimation. SEWC used industry-accepted standards to reclassify this new resource. Geologic interpretations were incorporated into the new resource which gives greater confidence in the resource estimate. Cut-off grades were calculated based on historic recoveries at the Willard mine as well as by referencing up-to-date costing structures that are available to the public. SEWC classified the Colado and Willard resources by a combination of distance to the nearest sample, the number of samples, and number of holes used to estimate a block, while also taking into account project history, database quality, sample integrity and geologic understanding. Drill plans and permits are being completed for a follow-up drilling campaign commencing this summer. The exploration program will focus on expanding the newly identified North Basin target and follow-up drilling on the near-surface oxide zones. The Willard and Colado deposits are open along strike and at depth. Oxide mineralization starts at the surface in the Colado deposit and at 10 metres in the Willard deposit. As released today on the Company's Wilco project, and on the Jessup project on December 11, 2007, Rye Patch Gold resources now consist of 943,000 ounces of gold and gold equivalent in the measured and indicated category plus 2,008,000 ounces of gold and gold equivalent in the inferred category. The table below summarizes the resources for Rye Patch Gold's advance-stage projects. ----------------------------------------------------------------------------
Table 3: Rye Patch Gold's NI43-101 Resource Inventory
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Contained
Gold &
Gold
Resource Gold Silver Contained Contained Equiv.
Category Tons Grade Grade Gold Silver Ounces
Property (1) (X 1,000) opt opt Ounces Ounces (3)
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Wilco Measured 8,296 0.020 0.134 164,000 1,111,000 188,000
(2) Indicated 34,660 0.015 0.105 522,000 3,638,000 600,000
Inferred 134,303 0.012 0.111 1,660,000 14,960,000 1,980,000
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Jessup Measured 0 0 0 0 0 0
(2) Indicated 5,423 0.022 0.31 120,000 1,655,000 155,000
Inferred 1,265 0.017 0.23 22,000 286,000 28,000
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Total Measured Resources 164,000 1,111,000 188,000
Total Indicated Resources 642,000 5,293,000 755,000
Total Inferred Resources 1,682,000 15,246,000 2,008,000
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(1) Conforms to 43-101 definitions for resources. All numbers are rounded.
(2) Cutoff grade for Wilco Measured and Indicated resource is reported at
0.0056 opt Au for oxide mineralisation and 0.042 opt Au for sulphide
mineralisation. The Inferred resource is reported at 0.0056 opt 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
0.01 oz Au/t for oxide mineralisation, 0.015 oz Au/t for mixed material,
and 0.025 oz Au/ton for all unoxidised material;
(3) Wilco and Jessup Resource includes Au equivalent ounces (Aueq.); where
Aueq. equals (Ag opt X $Ag/oz) + (Au opt X $Au/oz)/$Au/oz, for
Au/oz equals $750, and Ag/oz equals $16. Metallurgical recoveries and
net smelter returns are assumed to be 100%.
Rye Patch Gold maintains a strict quality control program at all of its projects. Drill samples are picked up on site by ALS Chemex's preparation and analytical facility located in 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 ICP-MS with silver over limits determined using aqua-regia digestion with an ICP-AES or AAS finish. Gold and Silver check assays were delivered to Florin Analytical Services LLC of Reno, Nevada. The check assay program repeated gold and silver determinations for approximately 5-percent of the 2007 and 2008 drill programs. 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 located within the Humboldt 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 C. (Bill) Howald, CEO & President |
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