Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF)
(“
Riley Gold” or the “
Company”)
is pleased to announce an exploration update at its Pipeline
West/Clipper Gold Project (“
PWC”) located in
Lander County, Nevada. The project area consists of approximately
24.7 square kilometres (“
sqkm”) in the heart of
the Cortez section of the Battle Mountain – Eureka Trend and
adjoins Nevada Gold Mines LLC which is a joint venture between
Barrick Gold Corp. and Newmont Corporation.
The PWC 2022 fall exploration program included:
a 3.8 sqkm soil survey (previously announced September 29, 2022)
and extensive mapping conducted by Dr. Mike Ressel, P.Geo, covering
up to 50% of the 24.7 sqkm PWC land package. In addition, Riley
Gold continues to review and digitize historical work completed by
previous operators and compile all current and historical work in
order to define drill targets for expected drilling in 2023.
“We are pleased to have been advancing our
exploration work this Fall/Winter at PWC and are excited to
continue those initiatives into 2023. Having recently received an
endorsement and support for our Nevada work, by way of an
investment (News Released dated November 21, 2022), Riley Gold will
utilize the Fall/Winter program results to develop drill targets
for testing its PWC property within the Cortez District,” commented
Todd Hilditch, CEO of Riley Gold.
Soil Survey Completed:
A total of 1,046 soil samples and 104 rock chips
were submitted to American Assay Laboratories of Sparks, Nevada for
gold and multi-element chemical analysis with results pending. The
soil survey program was conducted by North American Exploration, of
Layton, Utah and was designed to augment historical soil and lithic
sampling surveys completed by previous operators. The previous
programs contained open-ended gold in soil anomalies within the PWC
prospective target area depicted by the red ellipse (Figure 1).
Figure 1 - New Soil Grid Survey Area &
Target
Areahttps://www.globenewswire.com/NewsRoom/AttachmentNg/ec3ca5ec-3572-4dda-898f-476354e15df5
Extensive Mapping Completed:
Geologic and alteration mapping at PWC was
recently completed by Mike Ressel, PhD. The mapping covered
approximately 12.2 sqkm (Figure 2) primarily within the main
portion of PWC. Dr. Ressel has an extensive background (as
described below) in the Cortez District and has published many
academic papers regarding Carlin-type gold deposits in Nevada.
The mapping augments the existing geophysics and
soil surveys as well as identifies physical structure and
subtleties on the surface.
Figure 2 - General Mapping Area in Blue
Outlinehttps://www.globenewswire.com/NewsRoom/AttachmentNg/84e6f615-a3b9-408b-86c6-ed6c670a053f
Geochemical results (historic and pending) from
the soil and lithic chip sampling, combined with our detailed
review of prior geophysical surveys, and historic drilling to the
east and north of Riley Gold’s 3 km long target trend (red
ellipse), will be modeled with the new mapping to help delineate
specific drill targets.
About Dr. Mike Ressel:
Dr. Mike Ressel is a consulting economic
geologist based in Reno, Nevada. Dr. Ressel is formerly an
assistant professor at the University of Nevada, Mackay School of
Earth Sciences and Engineering (“UNR”). He also worked with the
Nevada Bureau of Mines and Geology. His experience includes work
with consulting company Mine Development Associates. He has a long
career in mining and exploration, serving as Newmont’s chief
geologist in North America and working with Kinross and Victoria
Resources in the US, Canada, Mexico, Africa and Australia. A major
focus of his Ph.D. work was on the relationships between magmatism
and Carlin-type gold mineralization on the Carlin Trend, Nevada. At
UNR he led field-based studies and published numerous papers on ore
deposits of the Great Basin, conducted quadrangle mapping, taught
courses and advised graduate and undergraduate students in economic
geology. Dr. Ressel is a renowned and respected authority on Carlin
Type gold deposits.
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 Pipeline West/Clipper Project
located in the Battle Mountain Eureka Trend (within the Cortez
District) and the Tokop Gold Project located within the Walker Lane
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Todd HilditchChief Executive OfficerTel: (604)
443-3831
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 PWC, including results of historical drilling, sampling,
geophysics, interpretations and future exploration plans at PWC
including the sample soil survey. 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.
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