Patriot Gold Corp. (OTCBB: PGOL) today announced the acquisition of additional mining claims at its Bruner Project, located in west-central Nevada 45 miles northwest of the Round Mountain Mine. The company has increased its holdings from 22 claims to 56 claims and now controls the entire Bruner Mining District.
Patriot added 28 unpatented lode claims to the 22 it already owned by directly staking the claims. Allowing for overlap, this brings the total unpatented claims held to approximately 900 acres. In addition, Patriot has entered into a 7 year option to purchase 28 patented claims from American International Ventures Inc, located in Evergreen, Colorado. This brings the company's land holdings in the district to approximately 1,400 acres or 2.2 square miles.
Patriot is currently reviewing an extensive database it has acquired for the Bruner District. Besides surface work, this database includes results for 154 drill holes from various exploration programs beginning in the late 1970's. The work appears to be valid as it was done by well known mining companies including Kennecott and Newmont.
The Company's work in the Bruner District to date has established two target types worth further work. The first are high-grade gold/silver veins associated with ancient hot springs systems. These quartz-calcite-adularia rich veins are hosted by faults within brittle, non-permeable host rocks. At the Penelas Mine, located within Patriot's claim block, a vein averaging 0.56 oz/ton gold was mined during the 1930's.
The second target is a bulk minable heap leachable Round Mountain type target. Both Patriot's drilling as well as the historic work at Bruner indicates the presence of low-grade gold hosted in permeable tuffaceous rocks. Numerous drill holes contain 20 to +100 feet long intercepts of +0.01 oz/ton gold. The Round Mountain Mine has produced over 10 million ounces of gold from a large open-pit heap-leach operation. The mine has been economic for many years producing at very low grades. The current grade being mined is 0.018 oz/ton gold according to a recent Kinross Gold Corporation report. Both the Round Mountain Mine and Bruner project occur within large volcanic centers and have similar host rocks.
After data compilation and interpretation are completed Patriot intends to aggressively explore the Bruner project. The company is currently surveying its claims to determine the accuracy of previous drill hole and claim monument locations to produce an accurate base map. A map showing the company's current land position at Bruner is on the company's website.
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.