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Ino's Market Movers



Ino's Market Movers > If anyone has a heads up submission they would like to contribute to the group please place your tickers in here. > V-RPM Area play (Barrick gold) View modes: 
  • V-RPM Area play (Barrick gold)

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    News came out today Barrick gold new discovery
    http://business.financialpost.com/2011/09/07/barrick-strikes-significant-gold-in-nevada/

    V-RPM
    Rye Patch is Ready to Drill Garden Gate Pass Project
    Rye Patch Gold Corp RPM
    8/9/2011 9:00:12 AM
    VANCOUVER, BRITISH COLUMBIA, Aug 9, 2011 (Marketwire via COMTEX News Network) --

    Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCQX:RPMGF) ("Rye Patch" or the "Company") is pleased to update the status of the Company's 100% owned Garden Gate Pass (GGP) project.

    HIGHLIGHTS:

    -- 5,000 metre phase-one, reverse circulation drilling program is fully permitted; -- Two main target areas located south of Barrick Gold's Cortez Hills gold mine; and -- Barrick is definition drilling within 3 kilometres of the northern boundary of the project along the eastern gold trend.

    Permits have been received and drilling will commence on the Company's 100% owned Garden Gate Pass project. The property covers almost 1,300 hectares located immediately south of Barrick Gold's Cortez Hills gold mine and ET Blue gold deposits. At the present time, Barrick Gold is drilling within 3 kilometres of the northern border of the project along the eastern gold trend located within the Cortez mineral belt. Rye Patch geologists have identified two main mineral trends that cross the GGP project area.

    The western gold trend controls mineralization at Cortez Hills, South Trench and on to the GGP property. This trend has localized felsic Eocene dikes and sills that have been mapped to the north and south of the pediment covered GGP project. The dikes mark important mineral conduits that control gold in the Cortez district.

    The eastern gold trend controls gold at the Horse Canyon gold mine, and the Red Hill and ET Blue gold deposits. Barrick is drilling along the eastern gold trend just 3 kilometres north of the GGP property boundary. Rye Patch's geologic fieldwork shows the gold trend extends on to the eastern side of the GGP claims.

    The western and eastern target zones have been identified through geologic mapping and geophysical surveys. The geophysical gravity survey data shows a gravity high - interpreted as lower plate host rock assemblage - crossing the eastern side of the project area. This lower plate anticline has a similar aeromagnetic-low as seen over the top of the ET Blue and Red Hill deposits which is very promising.

    The phase-one drill program will consist of eight to ten drillholes with depths of 600 metres. Target depths are interpreted between 400 metres to 600 metres below surface. The geologic setting and the geophysical anomalies within the Garden Gate Pass claim block look similar to other gold deposits in the region.

    "The Garden Gate Pass project is truly an exciting development for the Company. The targets have a geologic basis grounded in past work along the Cortez trend that could become elephants. Once you get in a Carlin district, the gold deposits tend to cluster. This has been the case at Carlin and now it is becoming true along the Cortez trend. New discoveries are being drilled adjacent to the project and the mineralized structures have been identified at Garden Gate Pass. Since Rye Patch has 100% of the project, a new discovery could propel RPM to the next level of value," stated William C. (Bill) Howald, the Company's President and CEO.

    At Lincoln Hill, the core program is complete and assay results are pending. A total of 1,258 meters was completed in five core holes. The reverse circulation portion of the drilling program is in progress. A total of 5,500 meters of RC drilling is planned.

    As announced on May 18, 2010, May 11, 2009, and June 2, 2009, in respect of the Lincoln Hill, Wilco, and Jessup projects, Rye Patch Gold's resource inventory along the Oreana trend now totals 1,182,780 ounces of gold and gold equivalent in the measured and indicated category plus 2,727,100 ounces of gold and gold equivalent in the inferred category. Table 2 summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.


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