LAS VEGAS, July 13, 2012 /PRNewswire/ -- Patriot Gold
Corp. (OTC: PGOL), a gold resource and exploration company,
today announced initial results from channel samples taken
underground near the vicinity of the Allen Shaft at its Moss
Gold-Silver project.
The underground sampling is being conducted by Patriot Gold's
project partner, Northern Vertex (TSX.V:NEE), a Canadian-based gold
exploration and development company. Channel samples were
taken at five foot intervals across the roof of drifts and
cross-cuts on the -60 level.
"We are very pleased with initial assay results from the
sampling program," said Dr. Bob
Thompson, Chief Geologist of Northern Vertex. "The
underground workings observed at Moss are far more extensive than
originally anticipated. Current results are consistent with and
support our previous Phase I and Phase II drill results which
showed 1.5+ gpt gold equivalent grades extending across the Moss
Gold-Silver system. The main drift east averaged 4.73 gpt gold
equivalent over 6.1m and stopped in 7.58 gpt gold equivalent
mineralization. We expect these consistent and continuous
high-grades encountered underground will play a significant role in
further boosting the size and grade of our established Gold-Silver
resource as we continue our resource expansion program underground
and to the west of the Moss Gold-Silver system."
"Combined with the strong results we saw from Phase I and Phase
II drilling, the initial results from our underground sampling
further boost our enthusiasm and confidence in the commercial
viability of the Moss Gold-Silver project," said Bob Coale, CEO of Patriot Gold. "We look forward
to obtaining additional underground sampling results and moving
towards a production decision in the near future."
Underground sampling results are provided below:
Underground Sampling
Area
|
Interval
|
Grade
AuEq
|
From
|
To
|
Au
|
Ag
|
|
(m)
|
(gpt)
|
(m)
|
(m)
|
(gpt)
|
(gpt)
|
Office
Crosscut -60 Level
|
41.15
|
1.81
|
48.77
|
89.92
|
1.61
|
8.3
|
|
22.86
|
2.68
|
62.48
|
85.34
|
2.38
|
11.8
|
Main Drift
West -60 Level
|
91.44
|
2.64
|
1.52
|
92.96
|
2.26
|
14.9
|
|
9.14
|
5.06
|
3.05
|
12.19
|
4.48
|
23.3
|
Main Drift
East -60 Level
|
6.10
|
5.60
|
1.52
|
7.62
|
4.73
|
35.1
|
* AuEq
(gpt) = Au (gpt) + 1/40th Ag (gpt)
|
*gpt =
grams / metric tonne
|
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
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 assets.
Headquartered in Las Vegas,
Nevada, Patriot Gold currently holds a portfolio of three
projects in Nevada and
Arizona at varying stages of
development from grassroots to advanced exploration. 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.