Las Vegas, NV - Patriot Gold Corp. (PGOL:OTC), a gold resource and exploration company, today announced successful results from drilling core holes 11 through 17 as part of its Phase 2 infill drill and resource expansion program.
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. To date, the company has completed a total of 35 holes of its current Phase 2 expansion program. Included in the total are 18 RC (reverse circulation) drill holes and 17 diamond drill (core) holes. Results from six remaining holes are expected in the near future.
"We are very pleased with current results that demonstrate the gold and silver-bearing epithermal system continues to broaden westward, extending an additional 1000 feet from our existing 43-101 gold resource," said Dr. Bob Thompson, Chief Geologist of Northern Vertex. "Equally encouraging, the higher-grade zones encountered, occur within a series of thick mineralized intersections that continue to average above internal cut-off grades, remaining open to the west and at depth. As we continue our resource expansion to the west, we are encountering the same type of higher-grade zones and consistent internal gold distribution that was instrumental in developing our initial 43-101 gold resource."
"The latest results further increase our confidence as we make progress toward a production decision for the Moss site," said Bob Coale, CEO of Patriot Gold. "The continued robust results we see in the Western extension further our belief in the viability of the Moss site's production potential."
Drill hole results are provided below:
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 87 drill holes through reverse circulation, diamond drill and coring techniques. The Moss deposit is a low-sulfidation epithermal stockwork deposit with a strike length in excess of one mile.
All analyses were performed by Inspectorate America, Reno, using industry standard protocols. For full QC/QA procedures, please visit http://www.northervertex.com/QCQA.html
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.