LAS VEGAS, Aug. 2, 2012 /PRNewswire/ -- Patriot Gold Corp.
(OTC: PGOL) or ("Patriot Gold"), is very pleased to announce the
results from the first hole of the six-hole Phase II drilling
program at its Bruner project located in Nye County, Nevada, which consists of 98
unpatented and 21 patented mining claims covering approximately
2,380 acres.
Reverse circulation (RC) drill hole B-1201 intersected 360 feet
of 0.119 oz/ton gold (Au) or (118 m of 4.08 grams per tonne (g/t)
Au) in the first of six holes drilled during the program,
delivering the best intercepts ever drilled to date at the project.
Assay results for the remaining holes in Phase II are expected to
be delivered by September 2012.
Please see table below for the complete results from hole
B-1201.
"The results we have seen from Phase I and Phase II give us
great confidence in the production potential of the Bruner site,"
said Karl Boltz, Vice President of
Business Development for Patriot Gold. "We look forward to the
remaining assay data from the optionee's drilling at the Bruner
site and to completing a full NI 43-101 compliant resource
analysis."
In November 2011, Phase I
exploration drilling at the Bruner project was initiated. In
March 2012, final assay results from
the 13 hole reverse circulation (RC) drilling program were received
and included an average of 12.97 g/t and higher at a vein located
400 feet south of historic drill intercepts BRU-085 and
BRU-105.
Patriot Gold's Option To Canamex
Through its subsidiary Provex Resources, Patriot Gold owns 100%
undivided rights, title and interest in the project and in
May 2010 entered into an agreement
with Canamex Resources Corp., the optionee, (CSQ:TSX.V) ("Canamex")
to develop the property. Under the agreement, Canamex 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.
Canamex Statements
In June 2012, Dr. Stuart Simmons, a world renowned expert on
volcanic-hosted epithermal gold-silver deposits and a consultant
for Canamex, produced a summary report of his work and observations
of the Bruner site. In his report, Dr. Simmons stated: "The
patterns of hydrothermal alteration and mineralization at Bruner
represent the boiling up-flow zone of a once active hydrothermal
system that transported/deposited gold and silver. These attributes
mean that the environment and processes conducive to formation of
epithermal precious metal mineralization existed. Based on gaps in
the exploration drilling, there appears to be significant
opportunity for discovery of precious metal ores in blind veins or
in lateral-vertical extensions of historically productive
veins."
"The drill hole intercept [from B-1201] opens up a new
exploration area and deposit type within the Bruner property. The
grade and thickness exceed anything in the historical database or
drilled previously by the Company [Canamex] and indicates the
potential for a deposit of significant size and grade may be
present on the property," said Greg
Hahn, Chairman and CEO of Canamex. "The intercept is open in
almost all directions and the presence of high gold values,
breccias and hydrothermal quartz and textures indicates a very
robust hydrothermal system is represented by the intercepts in
drill hole B-1201."
Favorable Initial Metallurgy Results
Column leach tests conducted by Kappes Cassidy & Associates,
a world recognized metallurgical test facility which specializes in
cyanidation tests for heap leaching, continue on the bulk sample
from the historic resource area on the Bruner property where gold
extractions have achieved 81% and 76% on 3/4" and -3" crush
material respectively in 40 days, based upon bottle roll cyanide
leach and calculated head grade analyses, and leaching of gold in
both columns continues.
Further, Miramar Mining Company in their 1991 Annual Report
reported 82% extraction of gold in 56 days from a column test run
on unagglomerated -3/8 inch particle size material from the
historic resource area, with low cyanide consumption. The
head grade was unreported.
The Bruner Project
The Bruner Project is situated in central Nevada, fifteen miles north of the Paradise
Peak mine, forty-five miles northwest of Round Mountain and twenty-five miles east of
the Rawhide mine. Historic production included about 100,000 ounces
at an average grade of 0.56 opt gold. Since commencing drilling
with Canamex in November 2011, the
project has completed 14 drill holes through reverse circulation
techniques.
The geological disclosure in this press release has been
reviewed and verified by Canamex's Chairman and CEO, Greg Hahn, a Certified Professional Geologist
(#7122), a Qualified Person for the purpose of National Instrument
43-101, Standards of Disclosure for Mineral Projects.
Complete assay results for hole B-1201 are provided in the Table
below:
HOLE
|
FROM
(ft)
|
TO
(ft)
|
INT
(ft)
|
Au
(ppm)
|
Au
(rerun)
|
Au
(opt)
|
Ag
(ppm)
|
Ag
(rerun)
|
Ag
(opt)
|
B-1201
|
0
|
5
|
5
|
NS
|
|
NS
|
NS
|
NS
|
NS
|
B-1201
|
5
|
10
|
5
|
NS
|
|
NS
|
NS
|
NS
|
NS
|
B-1201
|
10
|
15
|
5
|
NS
|
|
NS
|
NS
|
NS
|
NS
|
B-1201
|
15
|
20
|
5
|
NS
|
|
NS
|
NS
|
NS
|
NS
|
B-1201
|
20
|
25
|
5
|
0.006
|
|
0.000
|
|