LAS VEGAS, Oct. 8, 2012 /PRNewswire/ -- Patriot Gold Corp. (OTC: PGOL) or ("Patriot Gold"), a gold resource and exploration company, today announced plans to commence a resource definition drill program to expand the parameters of a potential starter pit at the Moss Gold-Silver project located in Arizona.
The program is being conducted by Patriot Gold's project partner, Northern Vertex (TSX.V:NEE), a Canadian-based gold exploration and development company and will focus on two central hills on patented (private) ground within the property where mineralization is exposed at the surface. Drilling is designed to assist the technical team in the preliminary design and modeling of a starter pit in the central area of the mineralized gold-silver corridor.
"Our goal of advancing Moss into a near-term precious metal producer is clearly coming into focus," stated Dr. Bob Thompson, Chief Geologist of Northern Vertex. "The upcoming closely-spaced drill program will enable us to optimize our initial pit design, and expand our established 956,800-ounce Measured and Indicated gold-silver resource. The extensive development of the gold-silver bearing stockwork system in this region of the property, makes this an ideal target location to pursue the initial pilot phase of our planned, multi-phase commercial development of the Moss gold-silver resource."
"We are extremely pleased with the progress thus far in the Moss project," said Bob Coale, CEO of Patriot Gold. "Expanding the initial pit design with this drill program is a critical step towards reaching Moss' resource development potential. We look forward to delivering more results as drilling begins shortly."
The drill program is also specifically targeted to convert a substantial portion of the NI 43-101 resources situated in close proximity to this area, from the Inferred category into the Measured and Indicated category. An updated mineral resource estimate prepared by Scott E. Wilson consulting Inc. of Denver, Colorado is summarized in the table below:
Scott E. Wilson Consulting Inc. Summarized Updated Resource Estimate*: Table 1
Reported at 0.3 gpt Au Cutoff
Resource Category
AuEq* (oz)
Au (oz)
Ag (oz)
Tonnes
Grade
AuEq (gpt)
Au (gpt)
Ag (gpt)
Measured
427,820
348,000
3,991,000
12,465,000
1.07
0.87
9.96
Indicated
528,980
432,000
4,849,000
18,414,000
0.89
0.73
8.19
M+I
956,800
780,000
8,840,000
30,879,000
0.96
0.79
8.90
Inferred
199,100
162,000
1,855,000
7,096,000
0.87
0.71
8.13
* Gold equivalency is based on a silver:gold ratio of 50:1 and assumes 100% recovery of all metals.
* Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves estimate.
* Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
* Resources were based on 28,871 m of drilling in 330 exploration drill holes and 590 meters of channel sampling from surface and underground trenches and cross-cuts. There were a total of 5,872 drill composite samples and 269 rock channel samples used in the estimation of gold and silver. SEWC used Inverse Power Distance (ID3) as the preferred estimation technique for the Moss project.
The upcoming drill program is also expected to allow Northern Vertex to construct a mine plan and mine design as required by Arizona Dept. of Environmental Quality (AZ DEQ) for an Aquifer Protection Permit (APP). Drill contracts for the estimated 5,000 meter, multi-hole, upcoming definition drill program is currently being finalized with drilling expected to commence in the first week of October 2012.
Previous underground sampling of a cross-cut in hill #2 yielded a width of 24 Meters Averaging 4.9 gpt Gold Equivalent including 9.14 Meters of 10.83 gpt Gold Equivalent Grade (see NR Aug 16, 2012). The current drill hole spacing on hill #1 is sufficiently close that cross sections and pit bench plans can be constructed. Through the upcoming drill program, the proposed drill hole spacing on hill #2 is expected to allow for similar cross sections and pit bench plans. A versatile, track-mounted, hydraulic- percussion rig, capable of operating on the hillsides, will be used to drill closely spaced holes to provide sufficient data for mine design and mine planning purposes.
The Moss Mine Project is situated in the historic Oatman Mining district in northwestern Arizona. Since announcing the joint venture project with Northern Vertex in March 2011, the project has completed 93 drill holes through reverse circulation, diamond drill and coring techniques and underground sampling at three sites. The Moss deposit is a low-sulfidation epithermal stockwork deposit with a strike length in excess of one mile.
The geological disclosure in this press release has been reviewed and verified by Northern Vertex's Chief Geologist, Dr. Bob Thompson, PhD P.Eng.(a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).
All analyses were performed by Inspectorate America, Reno, using industry standard protocols. For full QC/QA procedures, please visit http://www.northernvertex.com/
Source: http://www.northernvertex.com/
About Patriot Gold
Patriot Gold Corp. is a resource exploration 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.
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SOURCE Patriot Gold Corp.