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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 Jessup Gold and Silver Resource Estimate
| June 2, 2009 | ||
| Rye Patch Updates Jessup Gold and Silver Resource Estimate | ||
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2009) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT)(OTCBB:RPMGF) ("Rye Patch" or the "Company") announces an updated NI43-101 compliant resource estimate for the Jessup project based on the Company's 2008 drill results at the San Jacinto, North Jessup and Tosh Hill areas. The resource estimate shows an increase from the previously released (December 2007) estimate of 150% to 300,000 ounces of gold in measured and indicated category while the inferred gold ounces increased 250% to 77,000 ounces of gold. In addition, the Company updated the silver resource associated with the gold block model. A significant increase in the silver resource, as compared to the reported December 2007 estimate, is evident. The measured and indicated silver ounces increased to 5,090,000 ounces of silver from 1,655,000 ounces of silver, and the inferred resource increased from 286,000 ounces of silver to 1,146,000 ounces of silver. A summary is tabulated below:Table 1: New NI43-101 Jessup Gold Resource Estimate
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Resource Category
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Measured Indicated
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Jessup Grade Grade
Resource Cutoff Tons OPT Gold Tons OPT Gold
Areas Grade (X1,000) Au Ounces (X1,000) Au Ounces
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San Variable 4,866 0.014 66,000 7,939 0.012 95,000
Jacinto (1)
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North Variable 3,564 0.017 60,000 5,505 0.013 70,000
Central (1)
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Tosh Hill Variable 142 0.014 2,000 492 0.014 7,000
(1)
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Total 8,571 0.015 128,000 13,936 0.012 172,000
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Inferred
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Jessup Grade
Resource Cutoff Tons OPT Gold
Areas Grade (X1,000) Au Ounces
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San Variable 2,473 0.015 38,000
Jacinto (1)
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North Variable 2,038 0.016 32,000
Central (1)
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Tosh Hill Variable 442 0.016 7,000
(1)
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Total 4,954 0.016 77,000
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(1) Measured and Indicated resource is reported at 0.005 opt Au for oxide
mineralization and 0.010 opt Au for transition and sulphide
mineralization. The Inferred resource is reported at 0.005 opt Au for
oxide, transition, and sulphide 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 Jessup Co-Product Silver Resource Estimate
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Resource Category
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Measured Indicated
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Jessup Grade Grade
Resource Cutoff Tons OPT Silver Tons OPT Silver
Areas Grade (X1,000) Ag Ounces (X1,000) Ag Ounces
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San Variable 4,866 0.278 1,352,000 7,939 0.215 1,704,000
Jacinto (1)
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North Variable 3,564 0.230 820,000 5,505 0.211 1,163,000
Central (1)
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Tosh Hill Variable 142 0.085 12,000 492 0.079 39,000
(1)
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Total 8,571 0.255 2,184,000 13,936 0.209 2,906,000
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Inferred
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Jessup Grade
Resource Cutoff Tons OPT Silver
Areas Grade (X1,000) Ag Ounces
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San Variable 2,473 0.278 687,000
Jacinto (1)
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North Variable 2,038 0.205 417,000
Central (1)
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Tosh Hill Variable 442 0.095 42,000
(1)
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Total 4,954 0.231 1,146,000
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(1) The silver tons and grade represent co-product silver within the gold
block model of the resource estimate.
"The 2008 Jessup drilling program was very successful in expanding the deposit and upgrading the resource in the measured and indicated categories. The near-surface oxide is still open, and several exciting new high-grade targets have been identified at San Jacinto and North Jessup. The Company is defining resources at an approximate cost of US$1 per ounce of gold and gold equivalent in all categories and at an approximate cost of US$3.50 per ounce for measured and indicated gold and gold equivalent ounces. As a comparison, global finding costs are approximately US$50 per ounce for greenfield projects and US$16 per ounce for near mine exploration. Rye Patch's finding costs are very robust and are a testament to the quality and efficiency of its exploration staff," declared William C. (Bill) Howald, the Company's CEO and President. Based on the new geologic model, gold and silver mineralization is open down dip and along strike to the northwest of the San Jacinto deposit. The oxide material starts at the surface, has been drilled to a depth of 125 metres (410 feet), and is still open. In addition, the drilling has defined high-grade gold and silver breccias. The geologic and block models show mineralization is open at depth and along strike. Based on gold and silver assay results of the 2008 drilling program, drillholes that encountered breccias show higher grade mineralization; therefore, the breccias represent an exciting and potentially higher grade target on the Jessup property. At North Jessup, gold and silver are open at depth and along strike to the northwest and northeast. The mineralized structures have elevated grades and are open along strike to the northwest and at depth. These oxide targets and extensions have been prioritized for follow-up drilling. At Tosh Hill, the high-grade structurally controlled gold and silver is open to the west-northwest and east-southeast. Surface rock-chip channel samples across the Tosh Hill structure (news release 07-08) show the vein-like structural control has potential for gold values of 16 g/t Au. The Tosh Hill target requires additional follow-up drilling to understand the high-grade gold zone. The updated gold resource estimate is based on 3-D geologic models that incorporated over 20,000 individual gold and silver assays from 36 trenches and 335 drillholes - 56 rotary, 270 reverse circulation, and 9 core drillholes including Rye Patch's 2008 45 reverse circulation drillholes. Block model grades were interpolated from twenty-foot, down-the-hole composites using inverse distance squared. No capping was required. The silver resource was prepared using the same geologic and estimation parameters as the gold block model estimation. SEWC used industry-accepted standards to reclassify this new resource. Geologic interpretations were incorporated into the new resource which give greater confidence to the resource estimate. Cut-off grades were calculated based on referencing up-to-date costing structures that are publically available. SEWC classified the Jessup resource 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. As released today on the Company's Jessup project, and on the Wilco project on May 11, 2009, Rye Patch Gold resources now consist of 1,164,000 ounces of gold and gold equivalent in the measured and indicated category plus 2,177,315 ounces of gold and gold equivalent in the inferred category. Table 3 summarizes Rye Patch Gold's precious metal inventory in Nevada, USA. ---------------------------------------------------------------------------
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 (2) Measured 8,296 0.020 0.134 164,000 1,111,000 188,000
Indicated 34,660 0.015 0.105 522,000 3,638,000 600,000
Inferred 134,303 0.012 0.148 1,660,000 19,871,000 2,084,315
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Jessup Measured 8,571 0.015 0.255 128,000 2,184,000 161,000
(2) Indicated 13,936 0.012 0.209 172,000 2,906,000 215,000
Inferred 4,954 0.016 0.231 77,000 1,146,000 93,000
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Total Measured Resources 292,000 3,295,000 349,000
Total Indicated Resources 694,000 6,544,000 815,000
Total Inferred Resources 1,737,000 21,017,000 2,177,315
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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 mineralization and 0.042 opt Au for sulphide
mineralization. The Inferred resource is reported at 0.0056 opt Au for
oxide, sulphide and carbonaceous ore types; however, a higher opt Au
cutoff grade may be required to upgrade the inferred resource to the
measured and indicated resource category. Cut-off grade for Jessup is
reported at 0.005 opt Au for oxide mineralization and 0.010 opt Au for
transition and sulphide mineralization;
(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 ne
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 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 C. (Bill) Howald, CEO & President |
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