Las Vegas, NV - Patriot Gold Corp. (PGOL) or ("Patriot Gold"), a developing gold and silver exploration and production company, today provided an update on the geological mapping and sampling program that has commenced on an untested extension of its Gold-Silver project (the Moss Mine) located in the Oatman Mining District near Bullhead City, Arizona.
- Exploration program objective is to identify new drill targets at potentially undiscovered resource rich areas for the Moss Mine, including areas outside the main Moss vein system.
- Specific target areas include 1,500 meters of underexplored Moss structure outside the current resource limits and five previously identified gold mineralization target areas of the recently added Silver Creek property claim.
"As new exploration occurs through this mapping and sampling program for the Moss project, much of which remains unexplored to date, we are assessing the possibility of potential extensions to our main gold/silver deposit," said Bob Coale, CEO of Patriot Gold. "This is an important step given the numerous areas that have not yet been adequately explored. We look forward to providing a more detailed report on our findings along with a more defined drill plan to uncover additional gold mineralization opportunities at our flagship Moss project, which has already produced several thousand ounces of gold and silver over the past two years."
Currently, there are 21 kilometers of untested strike length in at least nine different structures within the Moss area that were identified by magnetic airborne surveys, historic workings and mapping and preliminary sampling. Furthermore, the recent Silver Creek claim option has added another 1,450 hectares of prospective exploration ground with the potential to host both high grade vein controlled mineralization and low grade stockwork mineralization. This includes the five previously identified target areas with gold mineralization ranging from background to 6.23 gpt tonne gold on the Silver Creek claims.
In addition to the 1,500 meters of underexplored Moss structure outside the current resource limits and the five previously identified target areas of the Silver Creek property, other specific target areas include nearly 6 kilometers of unexplored extension of the Gold Road structure which hosts the Gold Road mine and numerous historic workings along known unexplored veins including the Rattan vein where the single drill hole (AR 136) intersected 1.5 m (5 feet) grading 13.072 g/t Au (0.381 opt Au) and 67.0 g/t Ag (1.95 opt Ag). The exploration program will also take a closer look at the intersection of the Gold Road and United Eastern structures in which the Gold Road produced 484,000 ounces at 10 gpt and United Eastern produced 769,000 ounces at 35.76 gpt gold (as reported in "The Geology and Ore Deposits of Oatman, Arizona," Arizona Geological Digest vol. 15, 1985)
The Moss Mine Project & Patriot Gold's Optionee/Operator, Northern Vertex Corporation
Patriot's 100%-owned Moss Mine Project is located approximately seven miles due east of Bullhead City, Arizona. The Moss Mine project is subject to certain royalties and an earn-in option agreement for 70% interest. The earn-in optionee/operator (Northern Vertex Corp.) has the right to earn a 70% interest in the project by completing an $8.5 million investment over five years and a bankable feasibility study. Subsequent to the earn-in, financing of the project will be on a proportional basis.
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.