Drilled in late August, the B-127C hole intersected 172 feet (52.4 meters) averaging 0.064 opt (2.21 gpt) Au. The hole intersected two zones of gold mineralization: an upper zone of 52 feet at 188-240 feet grading 0.060 opt (15.85 meters of 2.07 gpt) Au, and a lower zone of 120 feet at 564-684 feet grading 0.066 opt (36.58 meters of 2.27 gpt) Au. The upper interval included a 4-ft. intercept grading 0.537 opt (18.4 gpt) Au and the lower zone included a 4-ft. interval grading 0.983 opt (33.7 gpt) Au.
"We are pleased with the assay results from core hole B-1207C which demonstrate the consistency of gold mineralization at the Bruner site", said Karl Boltz, Vice President of Business Development for Patriot Gold. "Drilling is ongoing as we continue to test continuity of the reported intercepts. We look forward to reporting final results once this drilling phase is complete and an in-depth analysis has been conducted."
Interpretation of these intercepts along with previous drill results on the same section suggests these two layers are relatively flat-lying, 30-50 feet and 100-150 feet in true thickness respectively and may merge and come together on the section to the south that contains the intercept in discovery drill hole B-1201. A reverse circulation drill rig is currently on site and drilling a hole 100 feet below the intercept in hole B-1201 at -60 degrees to test continuity of that intercept with depth. A second hole will be drilled on that section at -75 degrees inclination to further test continuity of the higher grade intercept, and then -60 and -75 degree inclination holes will be drilled beneath hole B-1207C to test continuity of the intercepts.
Additional drilling will also test the continuity of this mineralization both to the north and the south. A total of sixteen holes are planned for this phase of drilling of the new discovery at Penelas East on the Bruner Property and are expected to be completed by the end of November. Results will be reported after they have been received and properly analyzed.
Core samples were retrieved from Canamex's locked storage facility and transported to ALS Minerals laboratory in Reno/Sparks, Nevada by ALS Minerals staff, photographed, sawed, and sampled by ALS Minerals personnel, where they were dried, crushed, and split, and representative splits sent to the ALS Minerals laboratory in Vancouver for gold fire assay and silver AA analyses. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes.
The Bruner Project
The Bruner Project is situated in central Nevada, fifteen miles north of the Paradise Peak mine, forty-five miles northwest of Round Mountain and twenty-five miles east of the Rawhide mine. Historic production included about 100,000 ounces at an average grade of 0.56 opt gold. Since commencing drilling with Canamex in November 2011, the project has completed 14 drill holes through reverse circulation techniques.
The geological disclosure in this press release has been reviewed and verified by Canamex's Chairman and CEO, Greg Hahn, a Certified Professional Geologist (#7122), a Qualified Person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Patriot Gold's Option To Canamex
Through its subsidiary Provex Resources, Patriot Gold owns 100% undivided rights, title and interest in the project. In May 2010, Provex entered into an agreement with Canamex Resources Corp. to develop the property. Under the agreement, Canamex 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.
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.