Patriot Gold Corp.: Reports on Windy Peak Gold Project Drilling Program
LAS VEGAS, March 4, 2019 - Patriot Gold Corp. ("Patriot") (CSE:PGOL) (OTC QB: PGOL) today announced that it has completed an initial phase of drilling exploration at the Windy Peak Project in Churchill County, Nevada, commencing in September of 2018. The Windy Peak deposit is currently interpreted as a low-sulfidation, epithermal gold deposit located marginal to and likely associated with a caldera ring fracture zone. Intersections between ring fractures and regional normal faults in the Windy Peak Project area are particularly favorable exploration targets, as they offer the unique combination of fluid conduits and structural controls known to concentrate high-grade mineralization. Gold mineralization at Windy Peak is well documented, both through reported historic production of roughly 300 ounces in the 1970's and subsequent rotary drilling exploration carried out by a variety of operators in the 1980's and 1990's. Patriot's 2018 drilling program consisted of a single diamond drillhole, PG18-01, in the East Breccia target area, a zone of intense brecciation, silicification, and veining up to an estimated 600 ft wide along the East Breccia fault. The target area trends to the northwest for a strike length of roughly 2,500 ft and is truncated at either extent by faults; the Bonn fault to the northwest and the Windy fault to the southeast.
The drillhole was designed at an azimuth of 225° and inclination of 45°, with the intent of intersecting the East Breccia fault in the vicinity of the inferred contact between two similar but discrete lithologic units: a densely compacted quartz-biotite-feldspar latite tuff (Tcl) in which the silicification and veining occurs, and an uncompacted, lithic-rich latite tuff (Tul) known from mapping to be receptive to silicification, and thus a potentially favorable host of disseminated gold mineralization.
Due to extremely difficult drilling conditions in highly fractured, silicified bedrock, the hole was terminated at a depth of 759 ft, well short of the target depth of 1200 ft. Despite the abbreviated depth of the hole, the drilling returned positive results:
- From ground surface to a drillhole depth of 170.5 ft, drilling encountered strongly silicified, brecciated Tcl with low-grade gold mineralization, confirming similar results reported from previous RC drilling programs.
- A significant fault zone (FZ) was encountered from 354.0 to 504.0 ft. Analytical results from samples of pulverized Tcl within the fault zone show elevated arsenic and strontium, indicating strong potential for gold mineralization at greater depth. Minor fault zones with similar geochemistry are observed intermittently up-hole of the FZ.
- High grade silver was encountered over a 15-ft interval, 723.0 to 738 ft, at depths coincident with the projected East Breccia target and Tcl/Tul contact.
Windy Peak Drillhole PG18-01, Significant Intercepts
Drillhole | Interval (ft) | Grade | |||||
| From | To | Length | Au (opt) | Ag (opt) | Au (ppm) | Ag (ppm) | |
| PG18-01 | 0.0 | 170.5 | 170.5 | 0.001 | 0.0 | 0.028 | 1.1 |
| Including | 0.0 | 38.5 | 38.5 | 0.002 | 0.1 | 0.052 | 1.9 |
| Including | 30.0 | 34.6 | 4.6 | 0.007 | 0.1 | 0.228 | 2.3 |
| Including | 35.6 | 38.5 | 2.9 | 0.003 | 0.1 | 0.116 | 3.8 |
| Including | 46.0 | 47.0 | 1.0 | 0.004 | 0.0 | 0.137 | 1.3 |
| Including | 165.0 | 166.7 | 1.7 | 0.003 | 0.1 | 0.114 | 3.1 |
| Including | 167.0 | 170.5 | 3.5 | 0.005 | 0.0 | 0.188 | 1.1 |
| PG18-01 | 723.0 | 738.0 | 15.0 | 0.000 | 5.7 | 0.002 | 196.6 |
| Including | 723.0 | 728.0 | 5.0 | 0.000 | 0.4 | 0.001 | 12.7 |
| Including | 728.0 | 733.0 | 5.0 | 0.000 | 11.0 | 0.003 | 375.0 |
| Including | 733.0 | 738.0 | 5.0 | 0.000 | 5.9 | 0.002 | 202.0 |
Anomalous arsenic, antimony, and silver values provide support for the current conceptual deposit model, as these elements are typically enriched in the upper reaches of epithermal systems. The highly fractured drilling interval in conjunction with the anomalous elements may well represent a ‘leakage' zone on the fringe of the primary target. Patriot interprets the drilling results as a positive indication of potential mineralization at depth, sufficient to warrant further drilling exploration.
About Patriot Gold Corp
Patriot is exploring its 100%-owned gold projects in Nevada, which include the Windy Peak project and the Vernal project. Patriot owns a 3% royalty in the Moss Mine in Arizona, now in commercial production. Patriot also owns a 2% royalty in the Bruner gold project in Nevada.
On Behalf of the Board of Patriot
Trevor Newton
President, Director
Contact: 702-456-9565
www.PatriotGoldCorp.com
Qualified Person:
The foregoing technical information contained in this news release has been reviewed and verified by Zachary J. Black, Director and a Qualified Person ("QP") for National Instrument 43-101 (Disclosure Standards for Mineral Projects).
The CSE has neither approved nor disapproved the information contained herein.
Disclaimer: This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release may include statements in relation to the timing, cost and other aspects of future plans, objectives or expectations of Patriot Gold Corp. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Patriot's plans include the risk that actual results of current and planned exploration activities will not be consistent with Patriot's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue Patriot's programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental requirements; timeliness of civil government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by Patriot with securities regulators. In connection with the forward-looking information contained in this news release, Patriot has made numerous assumptions, including that Patriot's future exploration programs will proceed as planned and within budget. Patriot expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. 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.
