LAS VEGAS, Oct. 17, 2011 /PRNewswire/ -- Patriot Gold Corp.
(OTC: PGOL), a gold resource and exploration company, today
announced updated drill results from Phase I of the Moss Mine
Project drilling program conducted by the firm's joint venture
partner, Northern Vertex, Inc. (TSX.V: NEE).
Assay results obtained in August from 16 drill holes at the
1,600-acre project in Arizona
continue to provide additional evidence that the Moss gold project
has consistent and reliable distribution of gold throughout the
main stockwork vein zone. Samples taken from intersections
that ranged from 3.05 to 71.63 meters demonstrated an average of
3.20 gpt, with all but one intersection exceeding 1+ gpt and one
hole (AR-76C) producing an impressive 8.38 gpt intersection in a
6.71 meter length.
In October, assay results were reported from the final 19 drill
holes, completing Phase 1 infill drilling for the project.
Samples taken from intersections that ranged from 1.52 to
190.5 meters demonstrated an average of 1.45 gpt.
The next steps will involve combining data from the Phase 1
drill results with previously collected data to complete an
independent National Instrument 43-101 Resource Calculation (NI
43-101) study to confirm the data's compliance with 43-101
standards. Scott Wilson Consulting Inc., a Colorado-based firm, is currently conducting
the study. In addition to the NI 43-101 study, Schlumberger Water
Services (SWS) is currently conducting an initial scoping level
work plan for environmental permitting, hydrogeology and
engineering services as part of the permitting process required for
open pit mining at the Moss property. In keeping with the Company's
objective to fast-track development of the Moss Gold-Silver
Project, included in the work plan, Schlumberger will provide a
detailed summary of the permit acquisition process costs and
schedule for future mine development and budgeting purposes.
"We are very pleased and encouraged with current assay results,"
said Dr. Bob Thompson, Northern
Vertex Chief Geologist. "Assays continue to consistently meet or
surpass historical drill results where 20 to 50 meter intervals of
1+ gram gold were reported. The numerous 20+ meter intersections of
1.5 – 2.5 gpt values demonstrate the deposit has remarkably uniform
gold distribution both along strike and down dip, while maintaining
its strength to depth, creating the opportunity to mine at even
greater depths than originally envisioned. We believe the Phase 1
program has provided excellent data to allow calculation of a
43-101 compliant resource."
"Since announcing our agreement with Northern Vertex in
March 2011, we have obtained results
from 59 completed drill holes at the Moss Mine Project site with
all but three producing results that have met or surpassed our
expectations," said Bob Coale, CEO
of Patriot Gold. "Northern Vertex continues to aggressively pursue
our joint objectives established for this program. The continued
success of the Moss Mine Project is well aligned with our objective
of building a strong portfolio of mineral assets that will enhance
value for our shareholders."
The Moss Mine Project is situated in the historic Oatman Mining
district in northwestern Arizona.
Since announcing the joint venture project with Northern Vertex in
March 2011, the project has completed
59 drill holes through reverse circulation and coring
techniques.
Assay results reported in August
2011 are presented below:
|
|
|
Hole
ID
|
From
(meters)
|
To
(meters)
|
Interval
(meters)
|
Gold
(Au)
(gpt)
|
Silver
(Ag)
(gpt)
|
Gold (Au)
Eq.
(gpt)
|
|
|
AR-91R
Including
|
6.10
6.10
22.86
|
45.72
27.43
27.43
|
39.62
21.33
4.57
|
0.82
1.25
3.46
|
14.50
22.80
60.50
|
1.18
1.82
4.97
|
|
|
AR-92R
Including
|
19.81
32.00
|
39.62
39.62
|
19.81
7.62
|
1.19
2.05
|
24.30
42.20
|
1.80
3.10
|
|
|
AR-93R
|
30.48
|
33.53
|
3.05
|
2.06
|
41.70
|
3.11
|
|
|
AR-95R
Including
|
32.00
57.91
|
60.96
60.96
|
28.96
3.05
|
0.22
0.54
|
7.40
20.90
|
0.41
1.07
|
|
|
AR-96R
|
54.86
|
67.06
|
12.20
|
0.88
|
5.40
|
1.02
|
|
|
AR-97R
Including
|
28.96
38.10
|
54.86
48.77
|
25.90
10.67
|
0.82
1.44
|
8.90
14.90
|
1.04
1.81
|
|
|
AR-98R
Including
|
15.24
21.34
|
38.10
33.53
|
22.86
12.19
|
2.55
4.22
|
21.60
32.00
|
3.09
5.02
|
|
|
AR-72C
Including
|
51.82
78.03
|
85.95
83.06
|
34.13
5.03
|
1.67
6.30
|
10.30
14.10
|
1.92
6.65
|
|
|
AR-73C
Including
|
3.05
32.00
|
46.94
41.15
|
43.89
9.15
|
1.98
3.52
|
31.10
67.80
|
2.76
5.22
|
|
|
AR-74C
Including
|
18.29
70.87
|
89.92
83.82
|
71.63
12.95
|
1.20
3.24
|
17.50
49.80
|
1.64
4.49
|
|
|
AR-75C
Including
|
45.72
53.34
|
59.44
57.91
|
13.72
4.57
|
2.70
5.69
|
21.70
46.50
|
3.24
6.86
|
|
|
AR-76C
Including
|
51.82
70.10
|
76.81
76.81
|
24.99
6.71
|
2.11
6.45
|
31.10
77.00
|
2.88
8.38
|
|
|
AR-77C
|
32.00
|
54.86
|
22.86
|
1.06
|
19.50
|
1.55
|
|
|
AR-86R
Including
|
111.25
144.78
|
152.40
149.35
|
41.15
4.57
|
0.96
4.74
|
16.20
87.20
|
1.37
6.92
|
|
|
AR-90R
|
15.24
|
25.91
|
10.67
|
2.87
|
24.90
|
3.49
|
|
|
AR-99R
Including
|
19.81
28.96
|
47.24
38.10
|
27.43
9.14
|
1.53
3.51
|
15.00
26.70
|
1.91
4.18
|
|
gpt=grams per metric
tonne
|
|
|
|
|
|
|
|
|
Source: http://northernvertex.com/extras/drillresults.pdf Assay
results reported in October are presented below:
|
|
|
Hole
ID
|
From
(meters)
|
To
(meters)
|
Interval
(meters)
|
Gold
(Au)
(gpt)
|
Silver
(Ag)
(gpt)
|
Gold (Au)
Eq.
(gpt)
|
|
|
AR-101R
|
73.15
|
129.54
|
56.39
|
1.27
|
13.40
|
1.61
|
|
|
Including
|
79.25
|
85.34
|
6.09
|
4.14
|
34.20
|
5.00
|
|
|
106.68
|
129.54
|
22.86
|
1.70
|
17.60
|
2.13
|
|
|
AR-102R
|
0.00
|
140.21
|
140.21
|
0.23
|
3.60
|
0.32
|
|
|
Including
|
64.01
|
68.58
|
4.57
|
1.20
|
47.60
|
2.39
|
|
|
AR-103R
|
0.00
|
166.12
|
166.12
|
0.19
|
2.70
|
0.25
|
|
|
Including
|
67.06
|
92.96
|
25.90
|
0.36
|
4.70
|
0.47
|
|
|
AR-104R
|
0.00
|
190.5
|
190.5
|
0.18
|
1.70
|
0.22
|
|
|
Including
|
163.07
|
167.64
|
4.57
|
1.44
|
4.00
|
1.54
|
|
|
AR-105R
|
0.00
|
86.87
|
86.87
|
0.18
|
3.10
|
0.26
|
|
|
Including
|
1.52
|
10.67
|
9.15
|
0.52
|
2.30
|
0.57
|
|
|
64.01
|
65.53
|
1.52
|
0.90
|
48.20
|
2.10
|
|
|
AR-106R
|
21.34
|
47.24
|
25.90
|
0.77
|
7.20
|
0.95
|
|
|
Including
|
33.53
|
47.24
|
13.71
|
1.22
|
11.30
|
1.50
|
|
|
38.1
|
45.72
|
7.62
|
1.76
|
15.50
|
2.15
|
|
|
AR-107R
|
15.24
|
35.05
|
19.81
|
1.36
|
11.60
|
1.65
|
|
|
AR-108R
|
15.24
|
24.38
|
9.14
|
2.56
|
15.00
|
2.93
|
|
|
AR-109R
|
6.10
|
25.91
|
19.81
|
0.37
|
4.30
|
0.48
|
|
|
And
|
38.10
|
39.62
|
1.52
|
1.56
|
32.90
|
2.38
|
|
|
AR-110R
|
41.15
|
77.72
|
36.57
|
2.15
|
19.90
|
2.65
|
|
|
Including
|
53.34
|
73.15
|
19.81
|
3.49
|
30.40
|
4.24
|
|
|
AR-111R
|
0.00
|
36.58
|
36.58
|
0.38
|
6.30
|
0.54
|
|
|
Including
|
4.57
|
21.34
|
16.77
|
0.54
|
8.40
|
0.75
|
|
|
And
|
60.96
|
62.48
|
1.52
|
2.18
|
1.00
|
2.21
|
|
|
AR-112R
|
15.24
|
144.78
|
129.54
|
0.31
|
5.00
|
0.44
|
|
|
Including
|
60.96
|
79.25
|
18.29
|
1.08
|
21.20
|
1.61
|
|
|
137.16
|
140.21
|
3.05
|
1.79
|
2.80
|
1.86
|
|
|
AR-113R
|
0.00
|
42.67
|
42.67
|
0.73
|
7.90
|
0.93
|
|
|
Including
|
0.00
|
6.10
|
6.10
|
2.62
|
16.70
|
3.04
|
|
|
AR-114R
|
0.00
|
65.53
|
65.53
|
0.54
|
5.90
|
0.68
|
|
|
Including
|
0.00
|
13.72
|
13.72
|
1.55
|
10.70
|
1.82
|
|
|
38.10
|
42.67
|
4.57
|
0.69
|
16.40
|
1.10
|
|
|
AR-115R
|
76.20
|
79.25
|
3.05
|
1.00
|
0.70
|
1.02
|
|
|
AR-116R
|
22.86
|
24.38
|
1.52
|
1.27
|
1.50
|
1.31
|
|
|
AR-117R
|
0.00
|
19.81
|
19.81
|
1.05
|
12.50
|
1.37
|
|
|
And
|
39.62
|
57.91
|
18.29
|
0.53
|
3.40
|
0.62
|
|
|
AR-118R
|
0.00
|
62.48
|
62.48
|
0.22
|
4.40
|
0.33
|
|
|
Including
|
7.62
|
12.19
|
4.57
|
0.52
|
9.50
|
0.76
|
|
|
AR-119R
|
121.92
|
166.12
|
44.20
|
0.39
|
7.30
|
0.57
|
|
|
Including
|
143.26
|
150.88
|
7.62
|
0.73
|
17.50
|
1.16
|
|
|
|
|
|
|
|
|
|
|
Source:
http://www.northernvertex.com/extras/NR_Oct_14_2011.pdf
About Patriot Gold
Patriot Gold Corp. is a resource exploration company with the
mission to discover and develop significant gold assets.
Headquartered in Las Vegas,
Nevada, Patriot Gold currently holds a portfolio of three
projects in Nevada and
Arizona at varying stages of
development from grassroots to advanced exploration. For more
information, go to our website at www.patriotgoldcorp.com.
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.
Investors:
Patriot Gold
702-456-9565
Media contact:
E.E. Wang
310-877-6039
SOURCE Patriot Gold Corp.