Las Vegas, NV - Patriot Gold Corp. (PGOL:OTC), a gold resource and exploration company, today announced Phase 2 results from the first 18 holes of its planned 20,000 foot (6,500 meter) in-fill drill and resource expansion program on the Moss Gold-Silver Project. The results of one hole (AR124) showed 1.45 gpt gold eqv (1.13 g/t Au,12.8 g/t Ag) over 24.38 meters.
Phase 1 and 2 drilling is being conducted by Patriot Gold's project partner, Northern Vertex (TSX.V:NEE), a Canadian-based gold exploration and development company.
"We are pleased to report all five of the Phase 2 infill holes, AR124, 125, 127, 128 and 133, designed to convert resources from the inferred to the indicated category, were successful, with each hole intersecting 24+ meter widths of mineralized material," said Dr. Bob Thompson, Chief Geologist of Northern Vertex. "The significant intersections returned from Phase 2 drilling are consistent with results from our Phase 1 drill program. Importantly, they demonstrate the consistent internal distribution of gold we've come to expect from the Moss gold-silver system. We are very optimistic heading into this next phase of drilling, based on results from the one RC (reverse circulation) drill hole (AR-132) that we were able to drill into a considerably steeper part of Moss's terrain, which returned mineralization from nearly top to bottom, over a total of 84 meters."
"We are excited about the results from the first part of the Phase 2 Drill Development Plan, and remain confident in our belief that the Moss project site will become a substantial, near-term gold-silver producer," said Bob Coale, CEO of Patriot Gold. "We look forward to the results of the second part of this program, currently underway, designed to test the western extension of the mineralized zone. Our partnership with Northern Vertex has proven to be fruitful and we look forward to seeing positive results as we move into the second stage of drilling for Phase 2."
Highlights From Phase II Drilling
Hole AR 121: 0.51+ gpt Gold Eqv over 84+ meters including 2.13 gpt Gold Eqv over 7.6 m
Hole AR 123: 0.52+ gpt Gold Eqv over 22+ meters including 0.89 gpt Gold Eqv over 6.1 m
Hole AR 124: 1.45+ gpt Gold Eqv over 24+ meters including 2.27 gpt Gold Eqv over 13.7 m
Hole AR-128: 0.75+ gpt Gold Eqv over 57+ meters including 1.46 gpt Gold Eqv over 15.2 m
Hole AR 136: 19.39 gpt Gold Eqv over 1.52 meters
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 77 drill holes through reverse circulation and coring techniques. The Moss deposit is a low-sulfidation epithermal stockwork deposit with a strike length in excess of one mile.
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.