Key Highlights:
- Results now complete for AR-196, 197, 199, 200, 201, 206, 207, 208, 210, 211, and 212, with assays for all drill holes in the 15-hole drill program received
- Confirmation that near surface stockwork mineralization does extend in the western section of the deposit
- Extended depth drilling up to 220 meters from the surface indicates mineralization is continuing to occur at depth and remains open to depth in the eastern and central portions of the deposit
- An upgrade in resource classification (from ‘inferred to ‘indicated’) may be possible based on additional information received in the eastern portion of the Moss deposit
- Additional assay results received allow pit slope optimization studies to progress further given sufficient data gathered from the oriented core drilling and structural mapping as a result of this program
"We are pleased with the latest findings for the Moss Mine Project which may lead to an upgrade of the site's inferred resources," said Bob Coale, CEO of Patriot Gold. "The progress made thus far in exploring mineralization at the Moss site has exceeded our own expectations and we are excited about the next steps that are already underway to further develop the Moss site."
Additional Assay Results Information:
With results for AR-196, 197, 199, 200, 201, 206, 207, 208, 210, 211, and 212 now complete and assays for all drill holes in the 15-hole drill program received, please note additional intercepts that were not reported previously were due to partial assay results. As such, the previous resource estimate is not inclusive of results from these drill holes.
In addition to the 15-hole drill program, assay results were received on AR-180, AR-202 & AR-203. AR-180 was an oriented core hole aimed at collecting a portion of the data required for pit slope optimization. AR-202 & AR-203 were short holes drilled beneath the Phase I leach pads for geotechnical test purposes.
The additional intercepts in AR-211, located in the western portion of the deposit, build on the potential of the widespread stockwork mineralization announced in an earlier news release. The new intercept received for AR-211 extends mineralization to within 17 meters of the surface.
In the central portion of the Moss deposit, drill hole AR-196 extended mineralization to depths up to 220 meters vertically from the surface and it remains open. Drill hole AR-180 helped confirm grades in the core of the Moss deposit.
On the eastern portion of the Moss deposit, drill hole AR-208 was successful in verifying the presence of inferred mineralization and may allow for an upgrade of inferred resources. Drill hole AR-210 extended the mineralization to depths up to 175 meters vertically from the surface where it remains open.
The Moss Mine Project & Patriot Gold's Optionee/Operator
The Moss Mine Project is located approximately seven miles due east of Bullhead City, Arizona. Patriot Gold is the 100% owner in the historic Moss Gold-Silver property located in Mohave County, Arizona, which is subject to certain royalties and an earn-in option agreement for 70% interest. The earn-in optionee/operator 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 optionee/operator 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.