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Last updated on April 23, 2014 at 1:22 EDT

Patriot Gold’s Bruner Project Phase II Drilling Intersects 360 Feet of 0.119 Oz/ton Gold (118 M of 4.08 g/t Au)

August 2, 2012

LAS VEGAS, Aug. 2, 2012 /PRNewswire/ — Patriot Gold Corp. (OTC: PGOL) or (“Patriot Gold”), is very pleased to announce the results from the first hole of the six-hole Phase II drilling program at its Bruner project located in Nye County, Nevada, which consists of 98 unpatented and 21 patented mining claims covering approximately 2,380 acres.

Reverse circulation (RC) drill hole B-1201 intersected 360 feet of 0.119 oz/ton gold (Au) or (118 m of 4.08 grams per tonne (g/t) Au) in the first of six holes drilled during the program, delivering the best intercepts ever drilled to date at the project. Assay results for the remaining holes in Phase II are expected to be delivered by September 2012. Please see table below for the complete results from hole B-1201.

“The results we have seen from Phase I and Phase II give us great confidence in the production potential of the Bruner site,” said Karl Boltz, Vice President of Business Development for Patriot Gold. “We look forward to the remaining assay data from the optionee’s drilling at the Bruner site and to completing a full NI 43-101 compliant resource analysis.”

In November 2011, Phase I exploration drilling at the Bruner project was initiated. In March 2012, final assay results from the 13 hole reverse circulation (RC) drilling program were received and included an average of 12.97 g/t and higher at a vein located 400 feet south of historic drill intercepts BRU-085 and BRU-105.

Patriot Gold’s Option To Canamex

Through its subsidiary Provex Resources, Patriot Gold owns 100% undivided rights, title and interest in the project and in May 2010 entered into an agreement with Canamex Resources Corp., the optionee, (CSQ:TSX.V) (“Canamex”) to develop the property. Under the agreement, Canamex 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.

Canamex Statements

In June 2012, Dr. Stuart Simmons, a world renowned expert on volcanic-hosted epithermal gold-silver deposits and a consultant for Canamex, produced a summary report of his work and observations of the Bruner site. In his report, Dr. Simmons stated: “The patterns of hydrothermal alteration and mineralization at Bruner represent the boiling up-flow zone of a once active hydrothermal system that transported/deposited gold and silver. These attributes mean that the environment and processes conducive to formation of epithermal precious metal mineralization existed. Based on gaps in the exploration drilling, there appears to be significant opportunity for discovery of precious metal ores in blind veins or in lateral-vertical extensions of historically productive veins.”

“The drill hole intercept [from B-1201] opens up a new exploration area and deposit type within the Bruner property. The grade and thickness exceed anything in the historical database or drilled previously by the Company [Canamex] and indicates the potential for a deposit of significant size and grade may be present on the property,” said Greg Hahn, Chairman and CEO of Canamex. “The intercept is open in almost all directions and the presence of high gold values, breccias and hydrothermal quartz and textures indicates a very robust hydrothermal system is represented by the intercepts in drill hole B-1201.”

Favorable Initial Metallurgy Results

Column leach tests conducted by Kappes Cassidy & Associates, a world recognized metallurgical test facility which specializes in cyanidation tests for heap leaching, continue on the bulk sample from the historic resource area on the Bruner property where gold extractions have achieved 81% and 76% on 3/4″ and -3″ crush material respectively in 40 days, based upon bottle roll cyanide leach and calculated head grade analyses, and leaching of gold in both columns continues.

Further, Miramar Mining Company in their 1991 Annual Report reported 82% extraction of gold in 56 days from a column test run on unagglomerated -3/8 inch particle size material from the historic resource area, with low cyanide consumption. The head grade was unreported.

The Bruner Project

The Bruner Project is situated in central Nevada, fifteen miles north of the Paradise Peak mine, forty-five miles northwest of Round Mountain and twenty-five miles east of the Rawhide mine. Historic production included about 100,000 ounces at an average grade of 0.56 opt gold. Since commencing drilling with Canamex in November 2011, the project has completed 14 drill holes through reverse circulation techniques.

The geological disclosure in this press release has been reviewed and verified by Canamex’s Chairman and CEO, Greg Hahn, a Certified Professional Geologist (#7122), a Qualified Person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Complete assay results for hole B-1201 are provided in the Table below:

           HOLE FROM  TO   INT      Au    Au    Au         Ag   Ag Ag
                (ft) (ft) (ft)  (ppm) (rerun) (opt) (ppm) (rerun) (opt)
    B-1201             0    5  5           NS          NS        NS  NS   NS
    B-1201             5   10  5           NS          NS        NS  NS   NS
    B-1201            10   15  5           NS          NS        NS  NS   NS
    B-1201            15   20  5           NS          NS        NS  NS   NS
    B-1201            20   25  5        0.006       0.000 <0.5          0.00
    B-1201            25   30  5        0.012       0.000      0.50     0.01
    B-1201            30   35  5        0.007       0.000      0.50     0.01
    B-1201            35   40  5        0.011       0.000      0.50     0.01
    B-1201            40   45  5        0.006       0.000 <0.5          0.00
    B-1201            45   50  5 <0.005             0.000 <0.5          0.00
    B-1201            50   55  5 <0.005             0.000 <0.5          0.00
    B-1201            55   60  5        0.005       0.000 <0.5          0.00
    B-1201            60   65  5 <0.005             0.000 <0.5          0.00
    B-1201            65   70  5 <0.005             0.000 <0.5          0.00
    B-1201            70   75  5 <0.005             0.000 <0.5          0.00
    B-1201            75   80  5 <0.005             0.000 <0.5          0.00
    B-1201            80   85  5 <0.005             0.000 <0.5          0.00
    B-1201            85   90  5 <0.005             0.000 <0.5          0.00
    B-1201            90   95  5 <0.005             0.000 <0.5          0.00
    B-1201            95  100  5 <0.005             0.000 <0.5          0.00
    B-1201           100  105  5 <0.005             0.000 <0.5          0.00
    B-1201           105  110  5 <0.005             0.000 <0.5          0.00
    B-1201           110  115  5 <0.005             0.000      0.60     0.02
    B-1201           115  120  5        0.007       0.000      0.90     0.03
    B-1201           120  125  5        0.100       0.003      2.60     0.08
    B-1201           125  130  5        0.077       0.002      1.40     0.04
    B-1201           130  135  5        0.458       0.013      2.10     0.06
    B-1201           135  140  5        0.098       0.003      4.70     0.14
    B-1201           140  145  5        0.156       0.005      6.70     0.20
    B-1201           145  150  5        0.055       0.002     10.90     0.32
    B-1201           150  155  5        0.491       0.014     15.70     0.46
    B-1201           155  160  5        0.321       0.009     12.00     0.35
    B-1201           160  165  5        0.046       0.001      7.20     0.21
    B-1201           165  170  5        0.104       0.003      8.30     0.24
    B-1201           170  175  5        0.053       0.002      7.10     0.21
    B-1201           175  180  5        0.125       0.004      9.20     0.27
    B-1201           180  185  5        0.636       0.019      8.90     0.26
    B-1201           185  190  5        1.545       0.045      9.10     0.27
    B-1201           190  195  5        4.270       0.125      5.90      017
    B-1201           195  200  5        2.290       0.067      3.70     0.11
    B-1201           200  205  5        0.319       0.009      3.50     0.10
    B-1201           205  210  5        3.890       0.113     14.20     0.41
    B-1201           210  215  5        0.686       0.020      5.40     0.16
    B-1201           215  220  5        0.983       0.029      5.40     0.16
    B-1201           220  225  5        0.711       0.021      3.90     0.11
    B-1201           225  230  5        0.141       0.004      3.30     0.10
    B-1201           230  235  5        1.555       0.045      8.00     0.23
    B-1201           235  240  5        0.164       0.005      3.90     0.11
    B-1201           240  245  5          NS
    B-1201           245  250  5        0.092       0.003      7.30     0.21
    B-1201           250  255  5        0.089       0.003     10.30     0.30
    B-1201           255  260  5        0.154       0.004      4.80     0.14
    B-1201           260  265  5        0.048       0.001      6.30     0.18
    B-1201           265  270  5        0.060       0.002      2.50     0.07
    B-1201           270  275  5        0.259       0.008      3.00     0.09
    B-1201           275  280  5        0.121       0.004      5.00     0.15
    B-1201           280  285  5        0.247       0.007      6.30     0.18
    B-1201           285  290  5        0.063       0.002      3.80     0.11
    B-1201           290  295  5        3.190       0.093      5.40     0.16
    B-1201           295  300  5        0.076       0.002      7.90     0.23
    B-1201           300  305  5 >10.0        11.75 0.343     64.50     1.88
    B-1201           305  310  5        6.390       0.186     92.20     2.69
    B-1201           310  315  5        5.780       0.169     32.40     0.94
    B-1201           315  320  5        1.010       0.029     47.30     1.38
    B-1201           320  325  5        1.440       0.042     10.70     0.31
    B-1201           325  330  5        1.270       0.037      9.40     0.27
    B-1201           330  335  5        0.405       0.012      6.30     0.18
    B-1201           335  340  5        0.167       0.005     20.30     0.59
    B-1201           340  345  5        0.532       0.016      5.60     0.16
    B-1201           345  350  5        0.074       0.002      8.20     0.24
    B-1201           350  355  5        0.186       0.005     10.70     0.31
    B-1201           355  360  5        0.250       0.007      7.70     0.22
    B-1201           360  365  5        0.255       0.007     10.10     0.29
    B-1201           365  370  5        0.458       0.013      7.70     0.22
    B-1201           370  375  5        0.101       0.003      4.10     0.12
    B-1201           375  380  5        1.390       0.041      6.30     0.18
    B-1201           380  385  5        2.050       0.060     15.50     0.45
    B-1201           385  390  5 >10.0        10.85 0.316     16.80     0.49
    B-1201           390  395  5        0.692       0.020      7.30     0.21
    B-1201           395  400  5        1.670       0.049     15.00     0.44
    B-1201           400  405  5        4.100       0.120      3.90     0.11
    B-1201           405  410  5        3.480       0.101      3.00     0.09
    B-1201           410  415  5        0.143       0.004      2.80     0.08
    B-1201           415  420  5        1.635       0.048      3.70     0.11
    B-1201           420  425  5        0.711       0.021      6.50     0.19
    B-1201           425  430  5        0.114       0.003      4.50     0.13
    B-1201           430  435  5        0.442       0.013      5.40     0.16
    B-1201           435  440  5        5.030       0.147     15.40     0.45
    B-1201           440  445  5        3.940       0.115      8.10     0.24
    B-1201           445  450  5        1.585       0.046 <0.5          0.00
    B-1201           450  455  5        8.090       0.236     16.90     0.49
    B-1201           455  460  5 >10.0        132.5 3.864 >100      142 4.14
    B-1201           460  465  5 >10.0         9.96 0.290      27.50    0.80
    B-1201           465  470  5        5.780       0.169      13.70    0.40
    B-1201           470  475  5        3.710       0.108       7.30    0.21
    B-1201           475  480  5        1.650       0.048       7.80    0.23
    B-1201           480  485  5        3.470       0.101       6.60    0.19
    B-1201           485  490  5        0.717       0.021       4.10    0.12
    B-1201           490  495  5        1.470       0.043      19.30    0.56
    B-1201           495  500  5        0.691       0.020       2.70    0.08
    B-1201           500  505  5        0.454       0.013       3.40    0.10
    B-1201           505  510  5        0.146       0.004       1.20    0.03
    B-1201           510  515  5        0.417       0.012       2.20    0.06
    B-1201           515  520  5        0.175       0.005       1.00    0.03
    B-1201           520  525  5        0.094       0.003       0.90    0.03
    B-1201           525  530  5        0.106       0.003       0.90    0.03
    B-1201           530  535  5        1.230       0.036       2.00    0.06
    B-1201           535  540  5        0.105       0.003       1.90    0.06
    B-1201           540  545  5        0.874       0.025       2.40    0.07
    B-1201           545  550  5        7.700       0.225       2.60    0.08
    B-1201           550  555  5        0.573       0.017       2.60    0.08
    B-1201           555  560  5        0.725       0.021       3.20    0.09
    B-1201           560  565  5        1.200       0.035       6.30    0.18
    B-1201           565  570  5        0.905       0.026       2.90    0.08
    B-1201           570  575  5        0.581       0.017       2.50    0.07
    B-1201           575  580  5        3.370       0.098       6.30    0.18
    B-1201           580  585  5        1.890       0.055       3.10    0.09
    B-1201           585  590  5        6.410       0.187       3.60    0.10
    B-1201           590  595  5        2.470       0.072       5.40    0.16
    B-1201           595  600  5        0.514       0.015       4.60    0.13
    B-1201           600  605  5        0.742       0.022       3.00    0.09
    B-1201           605  610  5        0.136       0.004       3.10    0.09
    B-1201           610  615  5        0.364       0.011       4.70    0.14
    B-1201           615  620  5        0.500       0.015       1.80    0.05
    B-1201           620  625  5        0.844       0.025       3.10    0.09
    B-1201           625  630  5        1.285       0.037       2.80    0.08
    B-1201           630  635  5 >10.0         12.8 0.373       4.50    0.13
    B-1201           635  640  5        6.300       0.184       2.90    0.08
    B-1201           640  645  5        1.290       0.038       2.00    0.06
    B-1201           645  650  5        0.487       0.014       1.50    0.04
    B-1201           650  655  5        0.115       0.003       1.50    0.04
    B-1201           655  660  5        0.120       0.003       1.50    0.04
    B-1201           660  665  5        0.071       0.002       2.40    0.07
    B-1201           665  670  5        0.084       0.002       2.40    0.07
    B-1201           670  675  5        0.039       0.001       1.50    0.04
    B-1201           675  680  5        0.028       0.001       1.10    0.03
    B-1201           680  685  5        0.020       0.001       4.10    0.12
    B-1201           685  690  5        0.057       0.002       1.90    0.06
    B-1201           690  695  5        0.090       0.003       2.10    0.06
    B-1201           695  700  5        0.428       0.012       3.70    0.11
    B-1201           700  705  5        0.237       0.007       2.00    0.06
    B-1201           705  710  5        0.177       0.005       1.90    0.06
    B-1201           710  715  5        0.232       0.007       1.70    0.05
    B-1201           715  720  5        1.195       0.035       2.60    0.08
    B-1201           720  725  5        0.426       0.012       2.20    0.06
    B-1201           725  730  5        0.623       0.018       1.80    0.05
    B-1201           730  735  5        0.208       0.006       1.40    0.04
    B-1201           735  740  5        0.134       0.004       1.50    0.04
    B-1201           740  745  5        0.254       0.007       1.00    0.03
    B-1201           745  750  5        0.261       0.008       0.70    0.02
    B-1201           750  755  5        0.085       0.002       0.70    0.02
    B-1201           755  760  5        0.066       0.002       1.50    0.04
    B-1201           760  765  5        0.237       0.007       2.40    0.07
    B-1201           765  770  5        0.136       0.004       1.80    0.05
    B-1201           770  775  5        0.130       0.004       1.80    0.05
    B-1201           775  780  5        0.141       0.004       2.90    0.08
    B-1201           780  785  5        0.142       0.004       3.30    0.10
    B-1201           785  790  5        0.097       0.003       3.80    0.11
    B-1201           790  795  5        0.096       0.003       4.70    0.14
    B-1201           795  800  5        0.094       0.003       7.00    0.20
    B-1201           800  805  5        0.081       0.002       6.60    0.19
    B-1201           805  810  5        0.098       0.003       5.80    0.17
    B-1201           810  815  5        0.154       0.004       5.40    0.16
    B-1201           815  820  5        0.100       0.003       4.50    0.13

* AuEq (gpt) = Au (gpt) + 1/40th Ag (gpt)

    *gpt = grams /metric
     tonne
    *opt= ounces per ton

Quality Control

Drill samples were transported by a third party consulting geologist from the drill rig and stored in a locked storage unit and retrieved by ALS-Chemex personnel, transported in their custody to the ALS-Chemex laboratory in Reno/Sparks, Nevada, where they were dried, crushed, and split, and representative splits sent to the ALS-Chemex laboratory in Vancouver for gold and silver analyses. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes.

Source: http://www.canamex.us/

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.

Investors:
Patriot Gold
702-456-9565

SOURCE Patriot Gold Corp.


Source: PR Newswire