- Preliminary results from drill hole B-1412 include a 20 foot (6.1 meters) intersection with estimated grades of 11.24 g/tonne of gold (Au) and 203.975 g/tonne of silver (Ag).
- The intercept in drill hole B-1412 demonstrates continuity of a high-grade portion within the main mineralized zone of the area that appears to be more silver-rich than previously shown.
- Results from shallower drill hole sites also show promising results, including five foot (1.5 meters) intersections at drill holes B-1414 and B-1416 with estimated grades of 12.80 g/tonne Au and 30.9 g/tonne Au, respectively.
- Results for drill holes demonstrate that there is a high-grade interior zone within the historic resource area that is surrounded by a lower grade halo. Current results support the Company's belief that there are zones that have not been identified or adequately tested by earlier historic drilling.
Historic Resource Area
Reverse circulation (RC) drill hole B-1412, drilled at the historic resource area intersected 135 feet grading 0.06 oz/ton Au and 1.56 oz/ton Ag (41.2 meters grading 2.078 g/tonne Au and 53.56 g/tonne Ag) from 130-265 feet (39.6-80.8 meters) depth, including 20 feet grading 0.328 oz/ton Au and 5.95 oz/ton Ag (6.1 meters grading 11.24g/tonne Au and 203.975 g/tonne Ag) from 220-240 feet (67.0-73.2 meters).
The intercept in drill hole B-1412 lies approximately 75 feet from the intercept reported previously from drill hole B-1404C and demonstrates continuity of a high-grade portion within the main mineralized zone of the area. The intercept in B-1412 is significantly more silver-rich than observed in previously completed drill holes in this portion of the historic resource area, and may be indicative of potential gold-silver zoning within the deposit which have yet to be identified and quantified. The true widths of these intercepts cannot be determined at this time.
Mineralized intercepts in drill hole B-1412 are:
Reverse circulation (RC) drill hole B-1413 was drilled above drill hole B-1412, and intersected the mineralized zone approximately 75 feet above the 220-240 feet intercept in hole B-1412. Drill hole B-1413 intersected two zones totaling 90 feet grading 0.015 oz/ton (27.4 meters grading 0.54 g/tonne) as reported below:
Reverse circulation drilling was completed recently at four additional drill holes located in the same section but at shallower depths. Results for RC drill holes B-1414, B-1415, B-1416 and B-1417 are presented as follows:
Together, the six drill hole intercepts have tested the southern portion of the historic resource area. On the section containing the B-1412 and B-1413 core holes, the main mineralized zone is approximately 100 feet (30.5 meters) thick, 350 feet (106 meters) wide, lying approximately 60 feet (18.3 meters) below the surface. The section containing B-1414 and B-1415 core holes, the main mineralized zone is approximately 150 feet (45.7 meters) wide, 350 feet (106 meters) thick and lies immediately below the surface. The B-1416 and B-1417 core holes are in a main mineralized zone that is approximately 210 feet (64 meters) wide, 350 feet (106 meters) thick and lies immediately below the surface.
Lastly, core hole B-1408C intersected 70 feet grading 0.050 oz/ton Au (21.3 meters grading 1.698 g/tonne Au) from 47-117 feet (14.3-35.7 meters). B-1408C was drilled beneath historic drill hole BRU-094, which intersected 80 feet grading 0.038 oz/ton Au (24.4 meters at 1.31 g/tonne Au) from 5 to 85 feet (1.5-24.4 meters). These two holes characterize the east mineralized zone which remains largely untested both along strike and down dip of the north-striking and steeply dipping mineralized structure. Additional drilling of this shallow mineralized zone is in the planning stages.
RC drilling is continuing on adjacent sections, targeting two inclined holes per section. The results reported above demonstrate that there are high-grade zones (cores or roots) within the historic resource area that have not been identified or adequately tested by historic drilling.
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.