Patriot Gold Announces Results of Independent Resource Study on Moss Gold-Silver Project
LAS VEGAS, Oct. 31, 2012 /PRNewswire/ — Patriot Gold Corp. (OTC BB: PGOL) and (“Patriot Gold” or the “Company”), a gold resource and exploration company, today announced that an updated resource estimate performed by Scott E. Wilson Consulting Inc. of Denver, Colorado, on its Moss Gold-Silver project in Mohave County, Northwestern Arizona, has resulted in an estimated 956,800 ounces of measured and indicated gold equivalent resources and 266,340 ounces of inferred gold equivalent resources. This reflects an increase in the previously reported inferred category of 67,240 ounces of gold equivalent resource.
A previous update announced in a September 11, 2012, Patriot Gold news release reported 199,100 ounces of inferred gold equivalent resources. Upon final review and compilation of results by Scott E. Wilson Consulting Inc., it was determined an additional 67,240 ounces of gold equivalent resources met the 0.3 grams per tonne (gpt) Au cut-off criteria and therefore were added to the inferred resource total. The table below is updated to show the final technical report resource estimate.
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 Au Ag (gpt) (gpt) (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 266,340 216,000 2,517,000 11,915,000 0.70 0.56 6.57 -------- ------- ------- --------- ---------- ---- ---- ----
* 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.
“We are extremely pleased with the final updated independent resource study on the Moss-Gold Silver project,” said Bob Coale, CEO of Patriot Gold. “With the additional inferred gold-silver resource estimate, we remain committed to moving forward with this project and advancing this increased inferred resource estimate to the measured and indicated category in the near term. The deposit remains open down dip and may continue to grow significantly as further drilling and underground sampling continues through the development phase of production.”
Samples from a total of 75 percussion drill holes were recently sent for assaying from its current 5,000 meter resource definition drilling program on Moss. Initial results from current drilling are expected in the near future and will continue to provide data necessary for the completion of a bankable feasibility study.
Through the current drill program, the proposed drill hole spacing on hill #2 is expected to allow for similar cross sections and pit bench plans as previously confirmed on hill #1. A versatile, track-mounted, hydraulic- percussion rig, capable of operating on the hillsides, is being used to drill closely spaced holes to provide sufficient data for mine design and mine planning purposes.
The Moss mine is a low-sulfidation epithermal deposit having grade consistency and homogeneity along its 2 km strike length and remains open down dip.
The independent technical report, entitled “Technical Report Northern Vertex Mining Corp. Moss Mine, Mohave County, Arizona, USA,” dated October 25, 2012, was completed by Mr. Scott E. Wilson, C.P.G. of Scott E. Wilson Consulting Inc. and independent qualified resource evaluators; this estimate has an effective date of September 10, 2012, and complies with National Instrument 43-101 for the Standard of Disclosure for Mineral Projects as adopted by the Canadian Securities Regulators. A copy of the full report is available on the Company’s website at: www.patriotgoldcorp.com/NI43-101TechReport.pdf
Patriot Gold is a 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, Northern Vertex Mining Corp., has the right to earn a 70% interest in the project by completing an $8.5 million investment 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 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.
SOURCE Patriot Gold Corp.