Las Vegas, Nevada - Patriot Gold Corp. (PGOL: OTC), a gold resource and exploration company, today announced updated drill results from Phase I of the Moss Mine Project drilling program conducted by the firm's joint venture partner, Northern Vertex, Inc. (NEE:TSX.V).
Assay results obtained in August from 16 drill holes at the 1,600-acre project in Arizona continue to provide additional evidence that the Moss gold project has consistent and reliable distribution of gold throughout the main stockwork vein zone. Samples taken from intersections that ranged from 3.05 to 71.63 meters demonstrated an average of 3.20 gpt, with all but one intersection exceeding 1+ gpt and one hole (AR-76C) producing an impressive 8.38 gpt intersection in a 6.71 meter length.
In October, assay results were reported from the final 19 drill holes, completing Phase 1 infill drilling for the project. Samples taken from intersections that ranged from 1.52 to 190.5 meters demonstrated an average of 1.45 gpt.
The next steps will involve combining data from the Phase 1 drill results with previously collected data to complete an independent National Instrument 43-101 Resource Calculation (NI 43-101) study to confirm the data's compliance with 43-101 standards. Scott Wilson Consulting Inc., a Colorado-based firm, is currently conducting the study. In addition to the NI 43-101 study, Schlumberger Water Services (SWS) is currently conducting an initial scoping level work plan for environmental permitting, hydrogeology and engineering services as part of the permitting process required for open pit mining at the Moss property. In keeping with the Company's objective to fast-track development of the Moss Gold-Silver Project, included in the work plan, Schlumberger will provide a detailed summary of the permit acquisition process costs and schedule for future mine development and budgeting purposes.
"We are very pleased and encouraged with current assay results," said Dr. Bob Thompson, Northern Vertex Chief Geologist. "Assays continue to consistently meet or surpass historical drill results where 20 to 50 meter intervals of 1+ gram gold were reported. The numerous 20+ meter intersections of 1.5 - 2.5 gpt values demonstrate the deposit has remarkably uniform gold distribution both along strike and down dip, while maintaining its strength to depth, creating the opportunity to mine at even greater depths than originally envisioned. We believe the Phase 1 program has provided excellent data to allow calculation of a 43-101 compliant resource."
"Since announcing our agreement with Northern Vertex in March 2011, we have obtained results from 59 completed drill holes at the Moss Mine Project site with all but three producing results that have met or surpassed our expectations," said Bob Coale, CEO of Patriot Gold. "Northern Vertex continues to aggressively pursue our joint objectives established for this program. The continued success of the Moss Mine Project is well aligned with our objective of building a strong portfolio of mineral assets that will enhance value for our shareholders."
The Moss Mine Project is situated in the historic Oatman Mining district in northwestern Arizona. Since announcing the joint venture project with Northern Vertex in March 2011, the project has completed 59 drill holes through reverse circulation and coring techniques.
Assay results reported in August 2011 are presented below:
Assay results reported in October are presented below:
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.