Las Vegas, NV - Patriot Gold Corp. (PGOL:OTC) or ("Patriot Gold"), a developing gold and silver exploration and production company, today announced that a significant new drilling program has commenced at its Bruner gold project located in Nye County, Nevada.
- Drilling program will consist of approximately 1000 meters (3,280 feet) of core drilling and 9,000 meters (29,500 feet) of reverse circulation (RC) drilling.
- Initial drilling will start in the feeder zone of the historic resource area, near RC hole B-1340, which showed significant gold mineralization levels between 260-450 feet in depth when tested at the end of 2013.
- The plan calls for a total of 53 core and RC holes drilled in both the historic resource and Penelas East discovery areas in 2014.
2014 Historic Resource Area Drilling Plans
Core drilling in the historic resource area will start with an offset of RC hole B-1340, which tested at 93%-97% gold extraction levels after bottle roll cyanidation tests on hole composites were performed in early 2014. A total of 5 core holes and 24 RC holes are planned to test this high-grade feeder zone.
2014 Penelas East Discovery Area Drilling Plans
Drilling at the Penelas East discovery area will focus on testing the prominent VLF-EM current density and concident gold-in-soil anomalies. A total of 24 holes are planned in the Penelas East discovery area, which will expand the total number of holes drilled in this area to 62.
The Bruner Project
The Bruner Project is situated in central Nevada, 15 miles north of the Paradise Peak mine, 45 miles northwest of Round Mountain and 25 miles east of the Rawhide mine. Historic production from the Bruner property included about 100,000 ounces at an average grade of 0.56 opt gold.
Patriot Gold's Option To Optionee/Operator
Patriot Gold owns 100% undivided rights, title and interest in the project which is subject to certain royalties and an earn-in option agreement for 70% interest. The earn-in optionee/operator has the right to earn 70% interest in the Bruner project by spending $6 million over seven years and may earn an additional 5% by completing a bankable feasibility study for a total of 75% interest in the project. Subsequent to the optionee/operator earn-in, financing of the project will be on a proportional basis.
Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and assay reports; the ability to close the acquisition of mineral exploration properties, and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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.