Las Vegas, Nevada - Patriot Gold Corp. (PGOL: OTC) is pleased to announce drill results from Phase I of the drilling program conducted on the Moss Mine Project by joint-venture partner Northern Vertex, Inc.
Since the agreement establishing the joint venture in March 2011 was announced, Northern Vertex has aggressively developed a drilling program and other geological and geophysical investigations on the property which, if certain criteria are met, will lead to a production decision. This program to date has completed 15 drill holes by both reverse-circulation (RC) and coring techniques. The purpose of these holes is to evaluate and test the extensions of the mineralized zone as well as to confirm the results of prior drilling and exploration work. An important facet of the Phase I work will be to calculate an indicated resource that is NI 43-101 compliant.
Northern Vertex reports that the results received from Phase I holes demonstrate the thicknesses and grades encountered are compatible with historical drill results where 30 to 50 m intervals of 1+ gram gold were reported.
Dr. Bob Thompson, Northern Vertex Chief Geologist, stated: "We are very pleased with our current assay results. We continue to meet or surpass the objective of our program, which is to verify, build on and extend the limits of previously established precious metal mineralization delineated across Moss's 5,000ft mineralized system. The consistency of results amongst the first 15 drill holes suggests mineralization is both widespread and dependable."
Drilling highlights for Phase I are presented below.
* AuEq (gpt) = Au (gpt) + 1/40th Ag (gpt). gpt = grams / metric tonne. Please visit http://www.northernvertex.com/extras/drillresults.pdf for complete drill results and estimates results.
Sampling, Assaying and QA/QC Samples were placed in labelled sacks and sealed. All samples were recorded, delivered and signed off at the ALS Chemex lab in Reno, Nevada. Further details of Quality Assurance and Quality Control procedures are also posted on the Northern Vertex website.
The historic Oatman Mining District has produced over two million ounces of gold, mainly from high-grade underground operations. The Historic Moss Mine Property was the site of sporadic high-grade mining dating back to the late 18th century. Historic workings are evident throughout the property and the likelihood of finding additional bulk mineable ore is considered excellent.
The foregoing geological disclosure has been reviewed by Dr. Bob Thompson, PhD P.Eng (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).
Northern Vertex further reports they have retained the services of Kappes, Cassiday, and Associates (KCA) to provide metallurgical and environmental test work in support of the project's feasibility efforts. In addition, KCA will produce a scoping study generating preliminary flowsheet design, equipment sizing, infrastructure requirements, capital and operating costs and a project development schedule.
KCA, based in Reno, Nevada is considered best in class and has provided process metallurgical services to the international mining industry since 1972. KCA specializes in all aspects of heap leach and cyanide processing including laboratory testing, project feasibility studies, engineering design, and construction and operations management.
Patriot management is excited about these reported results. We look forward with enthusiasm to the next stages of the work, scheduled for later this year.
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.