Patriot Gold Corp ("Patriot") (CSE:PGOL) (OTC: PGOL), a gold and silver company with a focus on Nevada and Arizona, today announced its new gold project at Rainbow Mountain near Fallon, Nevada.
The Rainbow Mountain gold project is located approximately 23 km southeast of Fallon. The property consists of 81 lode claims totaling approximately 1,620 acres of land surface. The claim area roughly encompasses nearly the full extent of Rainbow Mountain, and specifically a prominent zone of northeast-striking faults which transect the central part of Rainbow Mountain.
This complex fault zone involves three discrete Tertiary volcanic units comprised of basalt, dacite, and olivine basalt. Individual fault traces are well exposed locally and are often coincident with the contacts between the individual lithologic units. Many of the fault traces exhibit prominent fault breccia and hydrothermal breccia, and surface samples of this material returned anomalous gold and silver values up to 0.807 ppm and 1.6 ppm, respectively.
Based on observations recorded during field reconnaissance, individual hydrothermal veins along the faulted contacts range in thickness up to 1.5 m, with associated strike lengths of up to 1.7 km. Patriot postulates that this locally intense faulting, in conjunction with the associated anomalous assay values, is suggestive of a potential epithermal vein system within the footwall of the greater Rainbow Fault zone.
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Disclaimer: This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release may include statements in relation to the timing, cost and other aspects of future plans, objectives or expectations of Patriot Gold Corp. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Patriot's plans include the risk that actual results of current and planned exploration activities will not be consistent with Patriot's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue Patriot's programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental requirements; timeliness of civil government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by Patriot with securities regulators. In connection with the forward-looking information contained in this news release, Patriot has made numerous assumptions, including that Patriot's future exploration programs will proceed as planned and within budget. Patriot expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's web site at http://www.sec.gov