By Big Al
More news from Ryepatch – Since we chatted with Bill just yesterday we will simply post this press release as it is self-explanatory.
RYE PATCH INTERSECTS SUBSTANTIAL GOLD MINERALIZATION
BENEATH FLORIDA CANYON OXIDE DEPOSIT
Vancouver, British Columbia, November 29, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) reports results of scout drilling of the sulfide zone at the Company’s flagship Florida Canyon mine in Nevada.
Highlights of sulfide scout drillholes:
Drillhole FCR-17-016 contained two gold zones including 70.1 metres grading 2.94 grams per tonne (g/t) gold and 56.4 metres grading 2.60 g/t gold;
FCR-17-015 contained three gold zones including 35.1 metres grading 2.08 g/t gold, 57.9 metres grading 1.30 g/t gold, and 15.2 grading 1.08 g/t gold.
William Howald, Rye Patch President and CEO said, “We are extremely pleased with the results of this scout drilling program. Based on the drill results and our exploration model, management believes the sulfide blanket beneath Florida Canyon could host a substantive high-grade ore body beneath the oxide zone. By quantifying the sulfide mineralization, Florida Canyon has the initial makings of a world-class ore body located in Nevada.”
The reverse circulation (RC) drill program was designed to test the distribution of the sulfide body and validated the current geologic model and ore controls. The three gold zones identified in drill hole FCR-17-015 consist of 35.1 metres grading 2.08 g/t gold starting at 88.4 metres, 57.9 metres grading 1.30 g/t gold starting 129.5 metres, and 15.2 grading 1.08 g/t gold starting at 236.2 metres, all using a 1.0 g/t gold cut off.
The drillhole was located in an untested sulfide area between the Central and Main pits. The intersections confirm the notion that the mineralization has a similar structural geometry to the oxide zone thus connecting the two zones. The multiple intercepts demonstrate a substantial thickness and breadth of the sulfide zone.
Using a 1.0 g/t gold cut off, FCR-17-016 identified two gold zones including 70.1 metres grading 2.94 g/t gold starting at 79.2 metres and 56.4 metres grading 2.60 g/t gold starting at 164.6 metres. The drillhole was located along the northern portion of the sulfide body where existing assay information suggested lower grade in the sulfide zone. The drillhole shows the historic data will need more off-set and twin drillholes to confirm grade distribution and tenor. The results are well above the predicted grade and thickness of the northern sulfide area and are a promising surprise.
A follow-up core program is warranted and will use the new information to better target and quantify the down dip and lateral extensions of the sulfide body.
Previous owner of the Florida Canyon mine, Pegasus Gold, completed an internal report titled “Sulfide Project Pre-feasibility Study” dated July 18, 1996 on the sulfide mineralization at Florida Canyon. A total of 262 drillholes (241 RC and 21 core) touched or penetrated the sulfide body and yielded an average grade of 2.36 g/t gold in the sulfide zone with gold values as high as 100 g/t Au (2.93 opt Au) in a northeast oriented structural zone. Pegasus completed a resource estimate within a Whittle pit design at US$400 …read more
Source:: The Korelin Economics Report
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