PGOL Patriot Gold Corporation (PK)

LAS VEGAS, July 12, 2013 /PRNewswire/ -- Patriot Gold Corp. (OTC:PGOL) or ("Patriot Gold" or the "Company"), a developing gold and silver exploration and production company, today announced the results from a 15 hole drilling program and metallurgical results obtained from heap leach cyanidation (column leach) testwork on a mineralized material low grade bulk sample from its Moss Mine Gold-Silver project, located in Mohave County, Arizona.

• Results from the drilling program include completed assay results ranging from 1.16 g/t to 5.02 g/t of gold equivalent values (AuEq)
• Strong gold (Au) recovery results were achieved from test work on agglomerated samples of low grade material using heap leach cyanidation processing
• Gold recovery rate was more rapid for the low grade mineralized material vs. the high grade mineralized material (as previously reported in the Amended Preliminary Economic Assessment dated June 18, 2013)
• The column leach test recoveries were 82.7% for gold (Au) and 36% for silver (Ag) at a 73 day leach time on low grade materials

"The on-going progress and results from our Moss site continue to strengthen and support our belief that this Patriot Gold investment has the potential in the long-term to create significant revenues and profitability," said Bob Coale, CEO of Patriot Gold. "With continued positive results from the drilling program and promising above average results from the heap leach test work done by McClelland Laboratories, we continue to gain increasing confidence in the belief that the Moss project will ultimately create enhanced value for our shareholders."

15 Hole Drilling Program Completed in Western, Central and Eastern Sections of Moss Site

The company announced that it recently completed a 15-hole, 2,527 meter exploration diamond drilling program on patented claims located in the Western, Central and Eastern sections of the Moss site.  The drilling was completed as part of a recommended $1.15 million exploration program, of which approximately two-thirds has now been spent. Assay results are presented below:

gpt = grams per tonne, m = meters, Au=gold, Ag =silver.
AuEq= gold equivalent values and are calculated as Au gpt+ (Ag/g/t/50) and assumes 100% recovery of both metals.
Widths are core lengths and are not true widths. Composited widths based on a .30 g/t Au cut-off grade and maximum internal dilution above cut-off grade samples of 1.5m.
*Partial results or results pending.

Drill holes AR-204, 205, 211 and 212 were drilled in the western section of the deposit known as the Western Extension. The holes tested near surface quartz-carbonate stockwork zones that were open to the south of the evaluated mineral resource. Multiple zones of stockwork veining were encountered in AR-204, 205 and 211 all within a maximum depth of 150 meters from the surface. The results substantiate the potential of the widespread stockwork mineralization to continue to the south beyond the current limit of the mineral resource estimate.

The other eleven exploration drill holes were drilled in the central and eastern part of the Moss deposit. Eight of the holes were deep tests of the down dip extension of the Moss mineralized zone. The results from AR-195, 197, 199, 200 and 206 demonstrate that the strong development of quartz-carbonate veins, breccias and stockworks continue at depth to at least 200 meters vertically from surface. In addition, two shallow holes (AR-198 and 207) tested the Moss mineralization on two sections containing relatively widely-spaced drill holes. AR-198 cut a nearly 20 meter wide zone of mineralized veining while assays are awaited for the 3.2 meter quartz vein encountered in AR-207.

Testing on samples was done by an independent ISO 9001:2008 lab based in Nevada. Final results for AR-196, 207, 208, 210 and 212 will be reported once received.

Metallurgical Results on Moss Site Low Grade Mineralized Material Reveal 82.7% Gold Recovery Rate

The company reported that McClelland Laboratories, Inc., specialists in heap leach processing, completed metallurgical test work on the low grade mineralized material from the Moss Mine Gold-Silver Project. The primary focus was to determine if there was a relationship between grade and recovery for the higher grade mineralized material and the lower grade mineralized material. 

Metallurgical lab test results indicate that lower grade mineralized material was readily amenable to agglomeration - heap leach cyanidation treatment at the 95% -1/4" crush size with respect to gold (Au) recovery. The sample tested was a bulk sample of mineralized rock, characteristic of the lower grade material that is expected during Pilot Plant Operations. The sample was prepared using a jaw/cone crusher circuit to 95%-3/4". The crushed material was then passed twice through a modified rolls crusher located in Phoenix, Arizona. 

The low grade material can be leached for shorter times compared to the high grade material, as indicated in the Amended Preliminary Economic Assessment dated June 18, 2013. Column test gold recoveries at a 73 day leach time on the low grade material, processed 2 x thru rolls, 95%-¼" inch were 82.7% for gold (Au) and 36% for silver (Ag) whereas recoveries at a 112 day leach time on the high grade material, processed 2 x thru rolls, 95%-¼ inch were 84.6% for gold (Au) and 76.6% for silver (Ag). 

NaCN consumption was lower for the low grade mineralized material vs. the high grade mineralized material. As well, a relatively low quantity of cement (4 lb/ton ore) was added during agglomeration pre-treatment. Leached agglomerated samples were not significantly degraded during leaching and remained strong and stable. Geotechnical characterization ("load/permeability" type testing) will be required to confirm permeability of the agglomerates under planned commercial heap stack heights.

A detailed chart providing the gold and silver leach rates is available at www.patriotgoldcorp.com/LeachRateProfileChart.pdf.

The Moss Mine Project & Patriot Gold's Optionee/Operator

The Moss Mine Project is located approximately seven miles due east of Bullhead City, Arizona. Patriot Gold is the 100% owner in the historic Moss Gold-Silver property located in Mohave County, Arizona, which is subject to certain royalties and an earn-in option agreement for 70% interest. The earn-in optionee/operator has the right to earn a 70% interest in the project by completing an $8.5 million investment over five years and a bankable feasibility study. Subsequent to the optionee/operator earn-in, financing of the project will be on a proportional basis.

About Patriot Gold

Patriot Gold Corp. is a developing precious metals exploration and production company with the mission to discover and develop significant gold and silver assets. Headquartered in Las Vegas, Nevada, Patriot Gold currently holds a portfolio of two projects in Nevada (Bruner and Vernal) and its flagship Moss Mine Project in Arizona, each at varying stages of development from grassroots to advanced exploration and resource development. 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

SOURCE Patriot Gold Corp.