Wilco, Jessup Return More Nevada Gold For Rye Patch

Rye Patch Gold (RPM-V, RPMGF-O) has reported more gold intersections in drilling at its Wilco and Jessup projects in Nevada.

At Wilco, the company highlights hole 87, drilled into the North Basin target, which returned 38 metres of 2.6 grams gold per tonne from a depth of 350 metres. Another long intersection in hole 82, drilled into the Colado Resource target, cut 10.7 metres of 2.7 grams gold starting at 58 metres.

At Jessup, hole 39, drilled on the North Jessup target, cut 7.6 metres of 9.2 grams gold and 26 grams silver from 35 metres depth. Hole 31, drilled on the Tosh Hill target, returned 7.6 metres of 2.9 grams gold and 8.3 grams silver from 63 metres. And hole 36, drilled on the San Jascinto target, cut 59 metres of 1 gram gold and 6.9 grams silver from 27 metres. Almost all mineralization was intersected in oxidized volcanic formations.

The Wilco property is located in north-central Nevada, about 160 km northeast of Reno, near the I-80 freeway and 10 km north of Lovelock. The property covers 34 sq. km, and has been optioned from Newmont Mining (NMC-T, NEM-N), which can back in to a 70% interest for $20 million in development work. The Jessup property, which consists of 10 sq. km, is located in the southern Trinity Range, 100 km northeast of Reno.

Combined resources estimated to date on the two properties stand at 780,000 gold-equivalent oz. (gold and silver) in the measured and indicated category, and 1.15 million inferred gold-equivalent oz.

At presstime, Rye Patch shares traded at 14.5¢ in a 12-month range of 10-42¢. The company has 43.3 million shares fully diluted.

At the end of September, the company had working capital of $1.1 million.