Key Highlights:
- RC hole B-1437 located at the northern extension of the Penelas East zone intersected 25.9 meters (85 feet) grading 2.37 g/tonne Au (0.069 oz/ton Au).
- Additional intercepts were located at the far northern end of drilling at the Penelas East discovery area indicating that the area to the north remains open for further expansion.
- To follow up on the high grade intercept in RC hole B-1436, core hole B-1446C was completed on September 21st and intersected a zone with abundant visible gold; assay results from the core hole is expected to be available later this month.
- A second core hole is currently being drilled targeted to intersect north of the intercept in core hole B-1446C.
- Once all drilling has been completed and data gathered, an initial NI 43-101 report detailing the mineral resources present at the Bruner project site will be released in early 2015.
RC Hole B-1437
Drilled at the northern extension of the Penelas East zone, RC drill hole B-1437 intersected 25.9 meters (85 feet) grading 2.37 g/tonne Au (0.069 oz/ton Au) at the top of the hole from 6.1-32.0 meters (20-105 feet) depth. This zone, which starts at the bottom of the 20 foot casing, may extend to the surface given the material drilled during the setting of the casing was not sampled. This interval is part of a much thicker intercept that extended from 6.1-62.5 meters (20-205 feet) grading 1.33 g/tonne (0.039 opt) Au. In addition, several other zones were intersected in the hole as referenced in the following table.
These intercepts are at the far northern end of drilling at the Penelas East discovery area with the closest drill hole to the north over 100 meters away. As a result, the Penelas East discovery area remains wide open to the north for further expansion with additional drilling. True widths of the reported intercepts are currently unknown.
Because drilling at hole B-1437 was completed before assays were received from hole B-1436, geologists were unaware of the high grade at the bottom of hole B-1436 from 750-780 feet (TD). As such, additional drilling at hole B-1437 was terminated before reaching the projection of the high grade zone encountered in hole B-1436.
To more adequately follow up on the high grade intercept in RC hole B-1436, a core rig was positioned at the collar and a core hole (B-1446C) was drilled as close to hole B-1436 as possible (given core holes do not deviate as much). With the core hole completed on September 21st, the core is currently undergoing photographing and sawing prior to sampling and assaying. The core hole intersected a zone of dark matrix breccia with abundant visible gold from 239 to 246 meters (775-807 feet) and a zone of stringer veins within dark matrix mineralization and silicification to 259 meters (850 feet). The zone from 239 to 236 meters (775-807 feet) visually correlates well with the high grade intersected in RC hole B-1436, supporting additional core hole drilling into this high grade target area. Down-hole surveying demonstrates the two intercepts are 9.8 meters (32 feet) apart at the top of the intercept and 9.8 meters (35 feet) apart at the bottom of the intercepts.
The high grade zone intersected in hole B-1436 remains open to the west and north, as does the thick lower grade mineralization encountered in hole B-1437. A second core hole is currently being drilled into the high grade target area, designed to intersect the high grade target 30.5 meters (100 feet) north of the intercept in core hole B-1446C. Assay results from core hole B-1446C is expected to be available later this month.
The Bruner Project
The Bruner Project is situated in central Nevada, 15 miles north of the Paradise Peak mine, 45 miles northwest of Round Mountain and 25 miles east of the Rawhide mine. Historic production from the Bruner property included about 100,000 ounces at an average grade of 0.56 opt gold.
Patriot Gold's Option To Optionee/Operator
Patriot Gold owns 100% undivided rights, title and interest in the project which is subject to certain royalties and an earn-in option agreement for 70% interest. The earn-in optionee/operator, Canamex Resources Corp. (TSX-V: CSQ) (OTCQX: CNMXF), has the right to earn 70% interest in the Bruner project by spending $6 million over seven years and may earn an additional 5% by completing a bankable feasibility study for a total of 75% interest in the project. 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.