Extensive historic work has been conducted on the project, including geologic mapping, rock and float sampling, geophysical surveys and drilling. Several drill-ready targets have been identified which will test the project's potential for large-tonnage, disseminated gold mineralization adjacent to gold-mineralized structures.
Update on Moss Mine Gold/Silver project in Arizona
Patriot's 100%-owned Moss Mine gold/silver project is an advanced mining project in northern Arizona (Bullhead City). The mine is subject to certain royalties and an earn-in option agreement for a 70% interest by earn-in optionee/operator Northern Vertex Mining Corp., which expires in February 2016. In January 2015 Patriot announced it had issued a demand for arbitration to Northern Vertex relating to the scope and technical details of Northern Vertex's proposed Bankable Feasibility Study which it is required to produce under the option agreement. The study produced by Northern Vertex has been rejected by Patriot. Also, a subject of the arbitration is the more than $5mm in revenue associated with the sale of precious metals produced from the mine to-date. Patriot has notified Northern Vertex that they have, in Patriot's view, failed to comply with the earn-in requirements of the agreement.
Moss Mine Project in Arizona
Justice Robert E. Rose (Ret.) been appointed as the arbitrator. Justice Rose has served as a Chief Justice of the Supreme Court of Nevada.
A date has been set by Justice Rose for the abritration to take place December 7th through 10th 2015.
Update on Bruner Gold project in Nevada
Patriot's 100%-owned Bruner gold project in central Nevada is located 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 project included about 100,000 ounces at an average grade of 0.56 opt gold. The project is subject to an earn-in option agreement for a 70% interest by Canamex Resources Corp., which has recently completed a resource estimate. Mineralization is open in multiple directions at all three known resource areas on the project. A Preliminary Economic Assessment on the maiden resource has been recommended as the next step, together with continued metallurgical testing in order to establish parameters for future possible development of the resources.
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.