Key Highlights:
- Drill results include a 9.1 meter intersection at RC drill hole B-1436 with grading of 11.9 g/metric tonne. The drill hole is located in open northern extension of the Penelas East Zone.
- Initial drill results at RC drill hole B-1436 suggest the potential presence of a new, deeper gold bearing breccia body.
- Additional results from additional drilling at RC drill hole B-1433 revealed an intersection of 29.0 meters with grading of 1.46 g/metric tonne.
RC Drill Hole B-1436
Located in the open northern extension of the Penelas East Zone, the RC drill hole B-1436 intersected 9.1 meters (30 feet) grading 11.9 g/metric tonne Au (0.347 oz/ton Au) at the bottom of the hole. Grading for the bottom 1.5 meters of the intersection came in at 25.9 g/metric tonne Au (0.755 oz/ton Au).
The full extent of this mineralized one remains untested and will the target of follow-up drilling. The rock type consists of a bi-lithic breccia similar to the host rock identified in previous core drilling within the nearby Penelas East Zone and suggests the potential presence of a new, deeper, gold bearing breccia body.
Mineralized intercept in drill hole B-1430 are as follows:
Additional drilling has been conducted at nearby RC drill hole B-1437, located just north of B-1436. Assay results for RC drill hole B-1437 are still pending.
Mineralized intercept in hole B-1436 is reported in the table below:
RC Drill Hole B-1433
Located approximately midway between the historic resource area and the new Penelas East discovery area, the old Penelas Mine Zone is where RC drill hole B-1433 intersected 19.0 meters (95 feet) grading 1.46 g/metric tonne Au (0.043 oz/ton Au) from 120.4-149.4 meters (395-490 feet).
Initial results from this area indicate a broad zone of disseminated gold mineralization is associated with the hanging wall and a parallel splay of the Penelas vein/structure at this location. Further drilling is warranted to follow-up on this mineralized zone.
Mineralized intercept in drill hole B-1433 are as follows:
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, Canamex Resources Corp. (TSX-V: CSQ) (OTCQX: CNMXF), 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.