Key Highlights:
- Core drill hole B-1446C intersected 22.9 meters (75 feet) grading 3.29 g/tonne Au (0.096 oz/ton Au) from a depth of 221.6-244.5 meters (727-802 feet).
- Several other zones were intersected higher in the hole, with intercepts at the far northern end of drilling at the Penelas East discovery area.
- Drilling results continue to indicate that the Penelas East discovery area remains wide open for further expansion and exploration to the north.
- Results for second core hole, B-1454C, which intersected the high-grade target area 23-30 meters (75-100 feet) north of the high-grade intercept in holes B-1446C and B-1436 is expected to be available in November.
Drilling at Patriot Gold's Bruner project continues to return solid results
Drilled at the open northern extension of the Penelas East zone, core drill hole B-1446C intersected 22.9 meters (75 feet) grading 3.29 g/tonne Au (0.096 oz/ton Au) from a depth of 221.6-244.5 meters (727-802 feet). This zone incorporates a 5 foot (1.52 meters) wide, high-grade interval at 237.8-239.3 meters (780-785 feet) grading 37.5 g/tonne (1.094 opt) Au. In addition, several other zones were intersected higher in the hole as referenced in the table below. These intercepts are at the far northern end of drilling at the Penelas East discovery area with the nearest neighbor drill hole to the north over 100 meters away indicating that the Penelas East discovery area remains wide open to the north for further expansion.
Core hole B-1446C intersected the deeper mineralized zone containing the high grade zone 32-35 feet (roughly 10 meters) along strike from the high-grade intercept encountered in RC hole B-1436. The high grade zone intersected in hole B-1446C remains open to the west and north, as does the thick lower grade mineralization encountered higher in the hole.
A second core hole, B-1454C, was drilled into the high-grade target area and intersected the high-grade target area 23-30 meters (75-100 feet) north of the high-grade intercept in holes B-1446C and B-1436. Results from core hole B-1454C is expected to be available in early November.
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.