LAS VEGAS, July 26, 2013 /PRNewswire/ -- Patriot Gold Corp.
(OTC: PGOL) or ("Patriot Gold"), a developing gold and silver
exploration and production company, today announced a new
high-grade gold intercept at the Penelas East discovery area at the
Bruner Gold project located in Nye
County, Nevada.
- Preliminary results indicated 37.9 GPT Au over 1.5 meters for
drill hole B-1316 with an average of 4.27 GPT Au over 21.3
meters
- In addition, drill intercepts for holes B-1317 and B-1318
appear to have similar characteristics compared with drill hole
B-1316
- New drill pad construction completed in June
Drill hole B-1316 cut 1.5 meters grading 37.9 gpt Au (5 feet of
1.25 opt Au) from 340-345 feet, within a wider zone averaging 4.27
gpt over 21.3 meters (0.125 opt over 70 feet) between 295-365 feet.
Based upon a detailed three dimensional analysis of the two
previous high-grade intercepts in B-1201 and B-1301, the high-grade
intercept was projected at 350 feet. True widths of the two
intercepts are believed to be 4.5 feet and 60 feet,
respectively.
"We are very pleased to see drill holes continue to intersect
high-grade gold in the Penelas East discovery area. We remain
optimistic on the potential of this target area based on the high
grade structure both north and south of the current holes being
drilled," said Bob Coale, CEO of
Patriot Gold. "As additional high-grade intercepts continue to be
tested, core drilling is due to commence in September to provide a
closer look at the structure hosting the high-grade gold. Combined
with the continued progress we are seeing with Patriot Gold's Moss
project in Arizona, we continue to
gain confidence in our ability to deliver enhanced value to our
shareholders."
In June, a new drill pad was constructed at section 540mN at the
Penelas East high-grade discovery area, located roughly 90 meters
north of the previously reported initial discovery hole in B-1201
and 140 meters north of the follow on high-grade gold intersected
in hole B-1301.
Penelas East Drill Program Update
Testing Additional High-Grade Intercepts
In addition to drill hole B-1316, testing for additional high-grade
intercepts continues for drill holes B-1317 and B-1318. Most
notably, drill hole B-1317 (completed with results pending),
drilled to intersect the high-grade structure 100 feet up-dip from
B-1316, intersected a gray quartz interval with black sub-metallic
minerals similar in appearance to the intercept in B-1316. Drill
hole B-1318 (completed with results pending), drilled to intersect
the high-grade structure 100 feet north of the intercept in B-1316
also cut a similar appearing interval of gray quartz with
sub-metallic black minerals.
Drilling is now being done on hole B-1319 designed to intersect
the high-grade structure 100 feet above the intercept cut in
B-1318. Drill hole B-1315, drilled to intersect the high-grade
structure below the intercept in B-1316, cut light gray quartz, but
without black sub-metallic minerals and with only low-grade gold
adjacent to it.
Drilling on the Northern Extension
Drilling of holes B-1308 through B-1314 completed on the northern
extension to the historic resource area intersected numerous
intervals tens of feet to over 100 feet thick grading 0.01x opt Au,
but did not intersect any higher grade material that justified
continued drilling in this target area at this time. As a result,
the drill rig returned to the Penelas East high-grade target area
and will continue to drill the high-grade structures on the east
side of the property through the remainder of the year.
The Bruner Project
The Bruner Project is situated in central Nevada, 15 miles north of the Paradise Peak
mine, 45 miles northwest of Round
Mountain and 25 miles east of the Rawhide mine. Historic
production from the Bruner property included about 100,000 ounces
at an average grade of 0.56 opt gold.
Patriot Gold´s Option To Optionee/Operator
Patriot Gold owns 100% undivided rights, title and interest in
the project 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 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. 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 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 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.