Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF)
(“
Riley Gold” or the “
Company”)
is pleased to announce additional information and drilling results
from its ongoing exploration program at its Tokop Gold Project
(“
Tokop”), located in Esmeralda County, Nevada.
Tokop’s land package includes more than 21 Square Kilometres
(“
sq km”) within Nevada’s prolific Walker Lane
Trend.
Riley Gold’s maiden drill campaign at Tokop was
designed to confirm initial structural interpretations for vein and
alteration orientation with potential to host gold and silver
mineralization. The drill program results confirmed our hypothesis
that subsurface high-grade gold mineralization is present,
correlative to that of a reduced intrusive related gold system
(“RIRG”). This core drill program of 12 holes had
gold/silver mineralization, above a cut-off grade of 0.3 grams per
tonne (“gpt”) gold and 20 gpt silver, in 10 of 12
holes with a high of up to 17 gpt gold in the first 3 holes (see
the Company's June 28, 2021 news release) and up to 2.63 gpt gold
in the remaining holes.
“We are pleased with the inaugural Tokop 2021
exploration program. To date, Tokop has delivered results of up to
17 gpt gold in drilling, up to 72 gpt gold in rock samples and up
to 1.4 gpt gold in soil samples, with additional rock and soil
assay results still to be received (see overview in Figure 1
below). Interpretation and modeling of the data from all 2021
exploration initiatives (mapping, sampling, geophysics and
drilling) continues as data is received, and is leading to
additional exploration and drill targeting in 2022.” commented
Riley Gold CEO, Todd Hilditch.
Furthermore, on October 20, 2021, Riley Gold
announced the discovery of two new prospective zones at Tokop and
initiated soil geochemistry and geological mapping programs on both
zones. These programs, covering more than 5 sq km, are now
complete. Ground magnetics and gravity surveys were also recently
finalized and are being interpreted prior to being released.
American Assay Laboratories, located in Sparks, Nevada, recently
advised Riley Gold that all remaining rock and soil sample assays
and multi-element geochemical analyses are expected back to the
Company in February, 2022.
“In addition to our first round of drilling,
results of our initial mapping, sampling, and data review confirm
the presence of a second mineralizing system at Tokop. This
epithermal event (similar to those systems at Bullfrog and North
Bull Frog) appears to be widespread, and over-printing the older
RIRG system, opening up new and exciting areas for further
investigation.” said Exploration Manager, Charles Sulfrian. “We
eagerly await results from our recently completed sampling programs
and new geophysical data. The stepwise exploration approach that
the Riley Gold team has adopted, from historic data compilation, to
soil sampling, structural mapping, rock sampling, confirmation
drilling, as well as newly acquired geophysics, will lead us to
generate robust drill targets which we anticipate drilling in 2022.
This interpretive work will target both styles of gold
mineralization throughout the property and has the potential to
expand Tokop into a district-scale opportunity.”
2021 Core Drilling Program
Remaining assay results from Riley Gold’s
12-hole core drilling program, completed in mid-September of 2021,
have now been received and are presented in Table 1. Highlights of
that program include previously announced results (see the
Company's June 28, 2021 news release):
- TKR-21C: 9.32 gpt
gold over 2.6 metres (“m”) from
46.2 m
- including 17.1 gpt
gold over 1.4 m plus an additional 235 gpt
silver
- TKR-22C: 1.67 gpt
gold over 5.1 m from 31.9 m
- including 0.4 m of 3.73 gpt
gold plus an additional 82.2 gpt
silver
- including 0.8 m of 4.02 gpt
gold
- TKR-23C: 2.62 gpt
gold over 5.94 m from 102.3 m
- 4.98 gpt gold over
2.92 m plus an additional 97.3 gpt silver over
1.40 m
The 2021 core drilling program accomplished the
following objectives:
- Proved down-dip continuity of
high-grade, vein-hosted gold in accordance with expectations.
- Discovered gold-mineralized quartz
veining to depths greater than 300 m.
- Drilling also suggests that gold
mineralization may be locally offset by post mineral structures
related to a younger epithermal gold system.
- Similar to both the RIRG-type Pogo
Mine in the Tintina of Alaska and the epithermal low sulfidation
Bullfrog Mine near Beatty, Nevada, high grade vein gold may be
shoot or pod-like, but capable of significant depth and strike
potential.
- While two holes had no significant
mineralization (“NSM”), they may yet yield
significant information upon receipt of screen fire assays and
multielement geochemical analyses.
Table 1: 2021 drill results above the cut-off
grade of 0.3 gpt and 20 gpt (significant intercepts highlighted in
bold)
Hole Number |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
(≥0.3 g/t)* |
(≥20.0 g/t)* |
TKR-21-C |
8.2 |
9.1 |
0.9 |
0.470 |
|
12.8 |
14.1 |
1.3 |
0.321 |
|
46.2 |
47.4 |
1.2 |
0.522 |
|
47.4 |
48.8 |
1.4 |
17.133 |
235.0 |
94.5 |
96 |
1.5 |
0.416 |
|
107.5 |
108.2 |
0.7 |
0.754 |
32.7 |
TKR-22-C |
15.2 |
16.8 |
1.5 |
0.297 |
|
31.9 |
32.3 |
0.4 |
3.730 |
82.2 |
32.3 |
33.8 |
1.5 |
0.735 |
|
33.8 |
35.1 |
1.3 |
1.590 |
|
35.1 |
36.2 |
1.1 |
0.395 |
|
36.2 |
37 |
0.8 |
4.020 |
|
53.3 |
54.9 |
1.5 |
0.449 |
|
TKR-23-C |
102.3 |
103.2 |
0.9 |
0.708 |
|
104.4 |
105.3 |
0.9 |
0.358 |
|
105.3 |
106.7 |
1.4 |
4.590 |
97.3 |
106.7 |
108.2 |
1.5 |
5.340 |
|
Hole Number |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
(≥0.3 g/t)* |
(≥20.0 g/t)* |
TKR-24-C |
11.3 |
13.7 |
2.4 |
0.563 |
|
34.7 |
37.1 |
2.3 |
0.799 |
|
34.7 |
35.4 |
0.6 |
2.500 |
|
64.3 |
64.7 |
0.4 |
0.063 |
26.6 |
90.2 |
91.7 |
1.5 |
0.644 |
|
99.9 |
100.6 |
0.6 |
0.076 |
31.3 |
120.3 |
121.2 |
0.9 |
0.307 |
|
TKR-25-C |
54.0 |
54.8 |
0.8 |
0.864 |
|
TKR-26-C |
188.5 |
189.3 |
0.8 |
0.610 |
|
TKR-27-C |
NSM |
TKR-28-C |
56.9 |
57.8 |
0.9 |
1.560 |
|
TKR-29-C |
35.0 |
36.0 |
1.0 |
0.963 |
|
53.2 |
55.5 |
2.3 |
0.354 |
|
90.8 |
92.4 |
1.6 |
1.292 |
|
TKR-30-Cincl. |
32.9 |
34.1 |
1.2 |
0.114 |
21.9 |
61.7 |
62.6 |
0.9 |
0.141 |
22.3 |
63.7 |
68.6 |
4.9 |
0.844 |
|
63.7 |
64.9 |
1.2 |
2.310 |
|
98.9 |
100.4 |
1.5 |
0.416 |
|
251.1 |
251.8 |
0.7 |
0.637 |
|
300.2 |
300.6 |
0.4 |
1.890 |
|
TKR-31-C |
9.8 |
10.8 |
1.0 |
1.480 |
|
15.1 |
17.3 |
2.2 |
0.941 |
|
26.9 |
27.6 |
0.7 |
2.630 |
|
79.2 |
81.4 |
2.1 |
1.450 |
|
TKR-32-C |
NSM |
Reconnaissance Mapping, Rock Sampling,
& Soil Sampling
Riley Gold’s Tokop team, led by Project Manager
Hillary Jochens, identified that one of the newly discovered zones
represents a different mineralizing event than was drilled during
Riley Gold’s recently completed core drill program that targeted an
orogenic, RIRG system. Drilling to date is more than 4 kilometres
(“km”) away from this newly identified area. The
newly recognized mineralization is typical of a low sulfidation
epithermal system which cuts through ~10ma volcanics, and resembles
that of Augusta Gold’s Bullfrog Mine Property
(“Bullfrog”) (past production plus current M&I
resources of >3.3 MM ounces gold and 3.8 MM oz
silverii, and the Corvus/now AngloGold Ashanti
Ltd. North Bull Frog Deposit (“North Bullfrog”)
(M&I resource of 2.1 MM oz gold and 10.3 MM oz silveri) which
is south-east of Tokop and on trend.
Work on the second new zone, within Tokop’s 21
sq km land package, is south and west of the Company’s recent
drilling. Here, Riley Gold discovered a structural zone which
includes a felsic intrusive dike swarm more than 200-m-wide which
cross cuts Wyman formation limestone and shale as well as
significant ferruginous quartz veining and vein breccias mapped
over a strike length of more than 500m. A soil grid over the area
was completed in October 2021. Details and highlights of this soil
program are described below. Two trenches were mapped and sampled
in November 2021, with all assay results anticipated by February of
2022. Preliminary observations of the trench mapping sans assay
results found that intrusive felsic dikes and sills cut through
limestone and shale. Abundant scorodite (a hydrated iron arsenate),
which is often associated with gold mineralization, occurs
laterally along bedding where these intrusives are in contact with
sedimentary rocks.
Rock Sampling
Rock sampling to date has returned
values up to 72 gpt Gold. Ongoing and continuous rock
sampling includes up to 400 samples taken across various areas
within the 21 sq km land package. Assays returned to date include a
range of trace to 72 gpt gold and are assisting with identification
of significant areas of interest. Approximately 60% of samples
collected to date have gold and multielement results returned from
the assay lab. Pending assays are anticipated by early February.
Table 2 (below) highlights several samples not previously
reported.
Table 2: Rock sample highlights
Gold (gpt) |
Silver (gpt) |
Pathfinder Elements |
15.000 |
24.03 |
As – Cu – Mo – Pb – Te – Zn |
13.733 |
29.84 |
As – Cu – Mo – Pb – Te |
9.260 |
26.01 |
As – Mo – Pb – Sb – Te – Zn |
7.890 |
18.71 |
Pb – Te |
7.080 |
80.13 |
Cu – Mo – Pb – Sb – Te – Zn |
6.100 |
36.32 |
As – Cu – Mo – Pb – Te - Zn |
Soil Sampling
Soil samples are being analyzed for gold and
multi-element geochemistry, as well as pH and conductivity. To
date, 336 soil samples have been collected, with assays back for
202 samples. Anomalous gold in soil from assays received to date
have assisted in further delineating gold-silver-arsenic-bismuth
bearing structures partially buried under soil/ pediment cover.
Additionally, a new unknown anomaly with little to no outcrop was
discovered near Riley Gold’s epithermal target.
Figure 1 – Tokop Project Rock and Soil
Sampleshttps://www.globenewswire.com/NewsRoom/AttachmentNg/0769c8a4-e113-47b4-a8c5-41f65748a9f8
Geologic Overview
Recent work at Tokop revealed more than one
style of gold mineralization and host rock. One is a RIRG system
and the other is a system that is typical Walker Lane-style
epithermal mineralization more akin to ore deposits approximately
30 miles south and east of the project like those of the Bullfrog
District. Deposits of the Bullfrog District (surrounding Beatty,
Nevada) are typical Walker Lane low-sulfidation, volcanic and
sedimentary-hosted, epithermal gold deposits like the Bullfrog Mine
operated by Barrick Gold which produced over 2.3 million ounces of
gold and 3.0 million ounces of silver from 1989 – 1999ii, from open
pit and underground workings. Additional exploration and deposit
development in the Bullfrog District includes work by Corvus (now
AngloGold), Coeur Mining, Kinross, and Augusta Gold Corp.
The RIRG model is similar to large mines in the
Tintina Gold Belt of central Alaska and contiguous parts of the
Yukon. The best known and most economically important of these
include Fort Knox (>8.0 M oz gold produced through 2020 with an
additional 2.47 M oz P+P Reserveiii), Pogo gold mine (4.0 M oz gold
produced through 31 March 2021 with additional 3.956 M oz M & I
resource and 1.740 M oz Inferred Resourceiv) and the Eagle Mine of
the Dublin Gulch Properties in the Yukon (M & I resource of
~2.98 M oz goldv). At Tokop, similar to those
mines, sheeted quartz veins in a multi-phase, reduced,
calc-alkaline granitoid intrusive as well as surrounding
metamorphosed sedimentary rocks, coupled with widespread
hydrothermal alteration, may host gold mineralization of
significant potential. Shear-hosted veins extend for nearly two km
along strike at Tokop. To date, sampling of these vein systems
returned grades of up to 71.73 gpt gold and 970 gpt silver
(historical and current sampling). This year’s drilling has
confirmed high grade mineralization down dip from surface rock chip
sampling in the first three holes released, with grades up to 17.1
gpt gold and 235 gpt silver (see Riley Gold’s press release from
June 28, 2021).
About Riley Gold Corp.
Riley Gold is an exploration and development
company focused in Nevada, USA. The Company’s primary focus is on
its two cornerstone assets: the Tokop Gold Project located within
the Walker Lane Trend and the Pipeline West/Clipper Project located
in the Battle Mountain Eureka Trend. Riley Gold’s founders and
leadership team have a proven track record of maximizing
shareholder value during each phase of the mining life cycle:
exploration, development, and production.
Qualified Person
This news release has been reviewed and approved
by Charles Sulfrian, CPG., Exploration Manager, of Riley Gold and a
‘qualified person’, as defined by National Instrument 43-101,
Standards of Disclosure for Mineral Projects. The Qualified Person
has not completed sufficient work to verify the historic
information on Tokop, particularly in regards to the historical
drill and chip sample results. However, the Qualified Person
believe that drilling and analytical results were completed to
industry standard practices. The information provides an indication
of the exploration potential of Tokop but may not be representative
of expected results.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Todd HilditchChief Executive OfficerTel: (604)
443-3831
Or
Mars Investor RelationsTel: (778)
999-4653RLYG@marsinvestorrelations.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary statement regarding
forward–looking information
Certain disclosures in this release constitute
"forward-looking information" within the meaning of Canadian
securities legislation (such statements being referred to as
"forward-looking statements"). Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by words such as the following: expects, plans,
anticipates, believes, intends, estimates, projects, assumes,
potential and similar expressions. Forward-looking statements
involve risks, uncertainties and other factors that could cause
actual results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
statements, including statements regarding the exploration program
at Tokop, including results of drilling, sampling, geophysics,
interpretations and future exploration plans at Tokop. Factors that
could cause actual results to differ materially from these
forward-looking statements include, but are not limited to,
variations in the nature, quality and quantity of any mineral
deposits that may be located, the Company's inability to obtain any
necessary permits, consents or authorizations required for its
planned activities, and the Company's inability to raise the
necessary capital or to be fully able to implement its business
strategies. The reader is referred to the Company's public
disclosure record which is available on SEDAR
(www.sedar.com). Although the Company believes
that the assumptions and factors used in preparing the
forward-looking statements are reasonable, undue reliance should
not be placed on these statements, which only apply as of the date
of this news release, and no assurance can be given that such
events will occur in the disclosed time frames or at all. Except as
required by securities laws and the policies of the TSX Venture
Exchange, the Company disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
(*) Gold assay method (AAL code AUFA50/ICP) is a
fire assay technique of a 50 gram pulverized sample including
traditional fusion, cupellation, and digestion of all silver from
the resulting bead followed by analysis using ICP-AES (Inductively
coupled plasma-atomic emission spectroscopy). Typically, this
method is used for trace levels of gold. Any sample that produces
an over-limit gold value of greater than 10 parts per million or
ppm (equivalent to grams per ton or g/t) via the AUFA50/ICP-AES
gold assay technique is sent for fire assay with a gravimetric
finish (AAL Method FA50/GRAV) which is a more accurate methodology
at gold grades greater than ICP readings. Fire Assay with a
gravimetric ‘finish’ has no ‘upper’ detection limit (I.e., fire
assay with gravimetric finish is used for fineness assays of doré
up to pure gold). Samples where visible gold is suspected are sent
to screen metallics analysis and all samples that fire assay above
1 ppm Au are re-analyzed with the screen fire method (AAL code SFA
50) which employs a 1kg pulp screened to 100 microns with assay of
the entire oversize fraction and duplicate 50g assays on the
undersize fraction. Screen Fire assays were run on 34 large pulps
from the first two core holes. Most gold values appear stable with
little contribution from coarse gold; however, four of the group
did suggest some contribution from relatively coarse gold in the
+150-mesh fraction, wherein the assay value of the coarse fraction
was 10 to 15 times that of the fine fraction. Of course, the
relatively small weight of the coarse fraction versus the fine
fraction means that there is not enough coarse gold to influence
the overall grade of the material. This would suggest that
traditional fire assay techniques will suffice for normal assaying
of core materials. Riley Gold will continue to monitor these levels
and continue conducting screen fire assays on a significant number
of core samples as needed, especially if visible gold is noted in
core. The intercept intervals presented in the drill highlights and
table are apparent widths of mineralization. They were calculated
by using weighted averages of assay results times the length of the
split core sample.
i TECHNICAL REPORT AND PRELIMINARY ECONOMIC ASSESSMENT FOR
GRAVITY MILLING AND HEAP LEACH PROCESSING AT THE NORTH BULLFROG
PROJECT, BULLFROG MINING DISTRICT, NYE COUNTY, NEVADADATED:
NOVEMBER 21, 2020, EFFECTIVE DATE: OCTOBER 7, 2020 PREPARED FOR:
CORVUS GOLD INC. by QUALIFIED PERSONS: Scott E. Wilson, C.P.G.,
SMEResource Development Associates, Inc. Michael R. Young, Mining
Engineer, SME, MinerMike, LLC Adam R. House, Senior Metallurgist,
MMSA QP, Forte Dynamics, Inc. Richard Delong, Environmental
Geologist, MMSA QP, SME, EM Strategies & Deepak Malhotra,
Consulting Metallurgist, SME, Pro Solv LLCii Nevada Bureau of Mines
and Geology; Special Publication MI-2001: The Nevada Mineral
Industry 2001; Metals by Joseph V. Tingley and Daphne D. LaPointe
& Major Precious-Metal Deposits by Joseph V. Tingley &
Augusta Gold Corp Press Releases most recently dated 14 July 2021.
https://www.augustagold.com/news/augusta-gold-announces-maiden-resource-estimate-at-bullfrog-gold-projectiii
Kinross, Fort Knox Gold Mine website:
https://www.kinross.com/operations/default.aspx#americas-fortknoxiv
As reported in North of 60 Mining News; 01 March 2021 & updated
26 Sept. 2021:
https://www.miningnewsnorth.com/story/2020/03/01/news/pogo-gold-mine-reaches-4-million-ounces/6184.html
& Pogo Mine Northern Star Resources Ltd., Press Release dated
30 August
2018:https://www.nsrltd.com/investor-and-media/asx-announcements/2018/august/northern-star-acquires-pogo-gold-mine-in-alaska
v Victoria Gold Corp, Eagle Mine, Yukon website:
https://vgcx.com/development/eagle-gold-project/ TECHNICAL REPORT
FOR THE EAGLE GOLD MINE, YUKON TERRITORY, CANADA; Prepared by: JDS
ENERGY & MINING INC.; QPs Richard Goodwin, P. Eng., Paul Gray,
P. Geo, Barry Carlson, P. Eng, Marc Jutras, P. Eng, Steve Tang,
P.Eng., Stephen Wilbur, P. Geo, Report Date 06 Dec 2019.
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