- Preliminary results within the eastern mineralized zone of the historic resource area (B-1423, B-1424, B-1425, and B-1426) continue to indicate that there is a higher grade of mineralization.
- Results include a 145 foot (44.2 meters) intersection grading 0.203 oz/ton (6.97 g/tonne) of gold (Au) (B-1425) and a 155 foot (47.3 meters) intersection grading 0.100 oz/ton (3.44 g/tonne) of gold (Au).
- Additional assessment is already underway to determine further drilling plans of the open extensions within the eastern mineralized zone that have been largely untested by drilling.
RC Drill Holes B-1425 & B-1424
Reverse circulation (RC) drill hole B-1425 drilled in the eastern mineralized zone at the historic resource area intersected 145 feet (44.2 meters) grading 0.203 oz/ton Au (6.97 g/tonne Au ) from 40-185 feet (12.2-56.4 meters) depth. Within this zone is a high-grade interval from 60-85 feet (18.3-25.9 meters) that grades 0.81 oz/ton (27.91 g/tonne) Au and 9.55 oz/ton (327.3 g/tonne) Ag.
The new drill hole is located to the south of intervals from holes B-1408C and historic drill hole BRU-094, which were drilled earlier this year and delivered results that indicated the presence of a zone of gold mineralization that was above the average grade of the historic resource. The Company believes that the combined results confirm the likelihood of a higher grade zone that could be quantified with additional drilling.
Mineralized intercepts in drill hole B-1425 are as follows:
RC drill hole B-1424 was drilled to offset to the north the mineralized intervals previously drilled in holes B-1408C and historic drill hole BRU-094 of the east mineralized zone referenced earlier. Drill hole B-1424 intersected 155 feet (47.3 meters) from 75-230 feet (22.9-70.1 meters) grading 0.100 oz/ton Au (3.44 g/tonne Au) and another lower grade intercept as reported below:
RC Drill Holes B-1426 & B-1423
RC drill hole B-1426 was drilled above hole B-1425, and intersected the mineralized zone about 75 feet above the reported intercept in hole B-1425. Drill hole B-1426 intersected multiple mineralized zones as follows:
RC drill hole B-1423 was drilled below hole B-1424 and intersected the mineralized zone about 75 feet below the reported intercept in hole B-1424. Drill hole B-1423 intersected one zone of low-grade gold as reported below:
On the sections containing these drill holes, the eastern mineralized zone trends in a northerly direction and is approximately 100 feet (30.5 meters) wide, 200 feet (61.0 meters) thick, and lies within 20 feet of surface. Because the eastern mineralized zone of the historic resource area remains open along strike to the north and south and is largely untested by drilling, work is already underway to assess the best access to drill stations in order to continue drilling the open extensions of this mineralized zone.
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.