- Core hole B-1404C intersects 70.1 meters grading 3.17g/tonne Au (230 feet grading 0.092 oz/ton Au), becoming the second best drill hole intercept found in the historic resource area since 2013; core hole B-1406C intersects 88.4 meters grading 0.645 g/tonne Au (290 feet grading 0.019 oz/ton Au).
- The section containing the two drill hole intercepts (B-1404C and B-1406C) tested are located near the approximate center of the historic resource area.
- Drilling on five other sections is already underway with the RC drill to further define this high-grade portion of the historic resource area and determine the strike length of this mineralized zone.
- Reverse Circulation (RC) drilling also continues at Penelas East discovery area with results to be reported separately once analysis has been completed.
Historic Resource Area Drilling Update
Core hole B-1404C drilled at the historic resource area intersected 230 feet grading 0.092 oz/ton Au (70.1 meters grading 3.17 g/tonne Au) from 262-492 feet depth, including 5 feet grading 2.98 oz/ton (1.5 meters grading 102 g/tonne) from 332-337 feet. This is the second best drill hole intercept in the historic resource area next to RC hole B-1340 which was the last hole drilled in the area in 2013, intersecting 190 feet grading 0.155 oz/ton Au (57.9 meters grading 5.23 g/tonne Au). These two drill hole intercepts are approximately 100 feet apart and indicate continuity of a high-grade portion within this mineralized zone of the historic resource area. Results of ongoing drilling between these two holes are pending and will provide further definition of this zone.
Core hole B-1406C was drilled on the same azimuth as hole B-1404C, but at a more shallow inclination and intersected the mineralized zone about 100 feet above the intercept in hole B-1404C. Hole B-1406C intersected 290 feet grading 0.019 oz/ton (88.4 meters grading 0.645 g/tonne Au) from 271-561 feet (82.6-121 meters), including higher grade intervals as noted below:
Together, the two drill hole intercepts B-1404C and B-1406C have tested the approximate center of this portion of the historic resource area. The mineralized zone for the section containing these two core holes is approximately 250 feet (76.2 meters) thick, 400 feet (122 meters) wide, lying approximately 100 feet (30.5 meters) below the surface. Drilling on five other sections, targeting two inclined holes per section, is underway with the RC drill to further define this high-grade portion of the historic resource area and determine the strike length of this mineralized zone.
Core holes B-1402C and B-1403C were drilled on the southern end of the mineralized trend and intersected the distal tail of the mineralized zone as summarized in the following intercept table.
In addition, core hole B-1408C was drilled 100 feet beneath historic drill hole BRU-094, which intersected 80 feet grading 0.038 oz/ton Au (24.4 meters at 1.31 gm/tonne Au) from 5 to 85 feet (1.5-24.4 meters). However, there are currently no descriptions from this historic hole to place the intercept in a geologic context and results are pending.
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. Continued drilling is needed to define these zones which are considerably higher in grade than the reported average grade of the historic resource area.
Penelas East Discovery Area
RC drilling commenced in April at the Penelas East discovery area. The current program has been designed to test coincident VLF-EM and soil geochemical anomalies, one of which outlines the gold-bearing drill intercepts from 2012 and 2013 in the discovery area. Those results will be reported separately once complete results have been received and interpreted.
The core rig has been moved to the Penelas East discovery area and has completed two holes that offset core hole B-1341C, which intersected 262 feet grading 0.044 oz/ton Au (79.9 meters grading 1.509 g/tonne Au). B-1411C was drilled to test for an up-dip extension of mineralization, and B-1422C to test for both up-dip and southern extensions of mineralization. Assay results are pending.
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.