Las Vegas, NV - Patriot Gold Corp. (PGOL:OTC), a gold resource and exploration company, today announced initial results from channel samples taken underground near the vicinity of the Allen Shaft at its Moss Gold-Silver project.
The underground sampling is being conducted by Patriot Gold's project partner, Northern Vertex (TSX.V:NEE), a Canadian-based gold exploration and development company. Channel samples were taken at five foot intervals across the roof of drifts and cross-cuts on the -60 level.
"We are very pleased with initial assay results from the sampling program," said Dr. Bob Thompson, Chief Geologist of Northern Vertex. "The underground workings observed at Moss are far more extensive than originally anticipated. Current results are consistent with and support our previous Phase I and Phase II drill results which showed 1.5+ gpt gold equivalent grades extending across the Moss Gold-Silver system. The main drift east averaged 4.73 gpt gold equivalent over 6.1m and stopped in 7.58 gpt gold equivalent mineralization. We expect these consistent and continuous high-grades encountered underground will play a significant role in further boosting the size and grade of our established Gold-Silver resource as we continue our resource expansion program underground and to the west of the Moss Gold-Silver system."
"Combined with the strong results we saw from Phase I and Phase II drilling, the initial results from our underground sampling further boost our enthusiasm and confidence in the commercial viability of the Moss Gold-Silver project," said Bob Coale, CEO of Patriot Gold. "We look forward to obtaining additional underground sampling results and moving towards a production decision in the near future."
Underground sampling 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 93 drill holes through reverse circulation, diamond drill and coring techniques and underground sampling at three sites. The Moss deposit is a low-sulfidation epithermal stockwork deposit with a strike length in excess of one mile.
The geological disclosure in this press release has been reviewed and verified by Northern Vertex's Chief Geologist, Dr. Bob Thompson, PhD P.Eng.(a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).
All analyses were performed by Inspectorate America, Reno, using industry standard protocols. For full QC/QA procedures, please visit http://www.northernvertex.com/
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.