Kinross Gold Exploration Update on Riley Gold's PWC Gold Project Including 2025 Drill Planning Underway (Cortez District - Nevada)
Riley Gold Corp. (RLYGF) provides an update on exploration activities at its Pipeline West/Clipper Gold Project (PWC) in Nevada's Cortez mining district. Kinross Gold, operating under a March 2024 earn-in agreement to acquire up to 75% of PWC for USD$20 million, completed its first framework drill hole PW24-01 in July 2024.
The drill hole, reaching 3,597 feet depth, successfully intercepted a 1,251-foot thick section of lower plate carbonates, including 1,193 feet of Wenban Formation. Assays confirmed the presence of Carlin-type geochemistry with gold values up to 0.29 ppm over a 5-foot section, along with elevated pathfinder elements including arsenic, antimony, mercury, and thallium.
Kinross plans additional drilling for Q2 2025, targeting areas 1.5-2 km northwest of the first drill hole, focusing on high-grade surface geochemical gold anomalies near major structural intersections. The primary target is a large, disseminated gold deposit near the Gold Acres stock.
Riley Gold Corp. (RLYGF) fornisce un aggiornamento sulle attività di esplorazione presso il suo Progetto Pipeline West/Clipper Gold (PWC) nel distretto minerario Cortez in Nevada. Kinross Gold, operante sotto un accordo di earn-in di marzo 2024 per acquisire fino al 75% di PWC per 20 milioni di USD, ha completato il suo primo foro di perforazione PW24-01 nel luglio 2024.
Il foro di perforazione, che ha raggiunto una profondità di 3.597 piedi, ha intercettato con successo una sezione spessa 1.251 piedi di carbonati della placca inferiore, inclusi 1.193 piedi della Formazione Wenban. I campioni hanno confermato la presenza di geochimica in stile Carlin con valori auriferi fino a 0,29 ppm su una sezione di 5 piedi, insieme a elementi indicativi elevati tra cui arsenico, antimonio, mercurio e tallio.
Kinross prevede ulteriori perforazioni per il secondo trimestre 2025, mirando a aree situate 1,5-2 km a nord-ovest del primo foro di perforazione, focalizzandosi su anomalie geochimiche aurifere di alta qualità vicino a importanti incroci strutturali. L'obiettivo principale è un grande deposito aurifero disseminato vicino alla massa Gold Acres.
Riley Gold Corp. (RLYGF) proporciona una actualización sobre las actividades de exploración en su Proyecto Pipeline West/Clipper Gold (PWC) en el distrito minero Cortez de Nevada. Kinross Gold, que opera bajo un acuerdo de earn-in de marzo de 2024 para adquirir hasta el 75% de PWC por 20 millones de USD, completó su primer pozo de perforación PW24-01 en julio de 2024.
El pozo de perforación, alcanzando una profundidad de 3.597 pies, interceptó con éxito una sección de 1.251 pies de carbonatos de la placa inferior, incluyendo 1.193 pies de la Formación Wenban. Los análisis confirmaron la presencia de geología tipo Carlin con valores de oro de hasta 0.29 ppm en una sección de 5 pies, junto con elementos indicadores elevados como arsénico, antimonio, mercurio y talio.
Kinross planea realizar perforaciones adicionales para el segundo trimestre de 2025, enfocándose en áreas a 1.5-2 km al noroeste del primer pozo de perforación, centrándose en anomalías gequímicas de oro de alta ley cerca de intersecciones estructurales importantes. El objetivo principal es un gran depósito de oro diseminado cerca de la masa Gold Acres.
라이리 골드 코퍼레이션 (RLYGF)는 네바다 주 코르테즈 광산 지구에 있는 파이프라인 웨스트/클리퍼 골드 프로젝트(PWC)에서의 탐사 활동에 대한 업데이트를 제공합니다. 킨로스 골드는 2024년 3월 75%까지 PWC를 2천만 달러에 인수하는 계약 하에 운영하며, 2024년 7월 첫 번째 프레임워크 드릴 홀 PW24-01을 완료했습니다.
이 드릴 홀은 3,597피트 깊이에 도달했으며, 1,251피트 두께의 하부 판 탄산염층을 성공적으로 관통했습니다. 이는 1,193피트 길이의 웬반 형성을 포함합니다. 분석 결과, 5피트 구간에서 최대 0.29 ppm의 금 가치와 함께 아르센, 안티모니, 수은 및 탈륨을 포함한 높은 패스파인더 원소가 확인되었습니다.
킨로스는 2025년 2분기에 추가적인 드릴링을 계획하고 있습니다, 첫 드릴 홀의 북서쪽 1.5~2km 지역을 목표로 하여 주요 구조적 교차점 근처의 고품질 표면 지화학적 금 이상을 집중적으로 조사할 예정입니다. 주요 목표는 골드 에이커스 지층 근처의 대규모 금 분산 매장입니다.
Riley Gold Corp. (RLYGF) fournit une mise à jour sur les activités d'exploration de son projet Pipeline West/Clipper Gold (PWC) dans le district minier de Cortez, au Nevada. Kinross Gold, opérant sous un accord d'earn-in de mars 2024 pour acquérir jusqu'à 75 % de PWC pour 20 millions USD, a complété son premier trou de forage PW24-01 en juillet 2024.
Le trou de forage, atteignant une profondeur de 3,597 pieds, a intercepté avec succès une section de 1,251 pieds d'unités carbonatées, y compris 1,193 pieds de la formation Wenban. Les analyses ont confirmé la présence d'une géochimie de type Carlin avec des valeurs d'or allant jusqu'à 0,29 ppm sur une section de 5 pieds, ainsi que la présence d'éléments indicateurs en quantité élevée tels que l'arsenic, l'antimoine, le mercure et le thallium.
Kinross prévoit des forages supplémentaires pour le deuxième trimestre 2025, ciblant des zones situées à 1,5-2 km au nord-ouest du premier trou de forage, en se concentrant sur des anomalies géochimiques aurifères de haute teneur près des intersections structurales majeures. L'objectif principal est un grand dépôt aurifère disséminé près de la masse Gold Acres.
Riley Gold Corp. (RLYGF) aktualisiert zu den Erkundungsaktivitäten seines Pipeline West/Clipper Gold Projekts (PWC) im Cortez Bergbaugebiet in Nevada. Kinross Gold, das unter einem Earn-in-Vertrag aus dem März 2024 operiert, um bis zu 75% von PWC für 20 Millionen USD zu erwerben, hat im Juli 2024 sein erstes Rahmenbohrloch PW24-01 abgeschlossen.
Das Bohrloch erreichte eine Tiefe von 3.597 Fuß und durchschnitten erfolgreich einen 1.251 Fuß dicken Abschnitt von karbonatischen Gesteinen der unteren Platte, einschließlich 1.193 Fuß der Wenban-Formation. Die Probenergebnisse bestätigten die Anwesenheit von Carlin-artiger Geochemie mit Goldwerten von bis zu 0,29 ppm über einen 5-Fuß-Abschnitt sowie erhöhte Indikatorelemente wie Arsen, Antimon, Quecksilber und Thallium.
Kinross plant weitere Bohrungen für das zweite Quartal 2025, mit dem Ziel von Bereichen 1,5 bis 2 km nordwestlich des ersten Bohrlochs und konzentriert sich auf hochgradige oberflächengeochemische Goldanomalien in der Nähe wichtiger struktureller Schnittpunkte. Das Hauptziel ist ein großes, disseminiertes Goldlager nahe dem Gold Acres-Vorkommen.
- Successful identification of favorable Carlin-type host rocks at explorable depths
- Confirmation of gold presence (up to 0.29 ppm) and favorable pathfinder elements
- USD$20 million exploration funding from Kinross Gold
- Strategic 9.9% equity investment by Kinross in Riley Gold
- Initial gold values are relatively low (0.29 ppm maximum)
- Additional drilling results not expected until Q2 2025
Vancouver, British Columbia--(Newsfile Corp. - January 20, 2025) - Riley Gold Corp. (TSXV: RLYG) (OTCQB: RLYGF) ("Riley Gold" or the "Company") provides an exploration update for the Company's Pipeline West/Clipper Gold Project ("PWC") located in the Cortez mining district of the Battle Mountain - Eureka Trend. PWC is operated by Kinross Gold U.S.A., Inc. ("Kinross"), a wholly-owned subsidiary of Kinross Gold Corporation (TSX: K) (NYSE: KGC), under an exploration earn-in agreement executed in March 2024 whereby Kinross has the right to earn up to
Kinross initiated its first PWC framework drill hole (PW24-01) in July 2024 to test for favourable lower plate carbonate Carlin type host rocks. The inaugural core hole was spotted using geologic and geophysical interpretations and was drilled to 3,597 feet (1,096 m). The drill hole was designed to identify local stratigraphy in a large area within the 25 km² PWC land package with no previous deep drilling. PW24-01 successfully intercepted a 1,251 foot (380 m) thick structurally complex section of lower plate carbonates starting at a depth of 2,346 feet (715 m) including 1,193 feet (364 m) of structurally thickened Devonian Wenban Formation. PW24-01 demonstrates that known Cortez District host lithologies exist at explorable drill depths over a contiguously large, untested area proximal to the Pipeline complex area.
"Finding meaningful gold discoveries in Nevada are time, capital and knowledge intensive; as a result, having experienced partners and operators like Kinross combined with strong technical expertise (Mr. Paul Dobak - Riley Gold) is critical for success. Kinross has successfully identified stratigraphy and lithology at explorable depths similar to that of local large gold deposits like the Fourmile discovery and the Cortez Complex owned and operated by Nevada Gold Mines LLC ("NGM"). The technical committee, lead by Kinross, is happy with the information derived from the first hole under the program and we look forward to continued drilling in 2025", commented Todd Hilditch, CEO of Riley Gold.
Assays from ALS Labs (Reno, NV) confirm mafic and felsic dikes, and narrow zones of alteration in silicified structures, that encountered Carlin-type geochemistry (As-Hg-Tl) and low-level gold. PW24-01 returned gold in dikes in the upper plate up to 0.29 parts per million ("ppm") over a 5-foot (1.5 m) section from 1587 feet (483 m) and elevated trace element geochemistry including arsenic up to 438 ppm antimony up to 17.2 ppm and thallium up to 2.6 ppm. In the lower plate Wenban Formation over a 15-foot (4.6 m) section starting at 3467 feet (1057 m), samples returned elevated pathfinder elements including mercury up to 8.24 ppm, arsenic up to 287 ppm, antimony up to 41.9 ppm and thallium up to 2.12 ppm. The elevated pathfinder elements give indication of Carlin-type fluids circulating within structural zones. These results and interpretations have provided Kinross with a better understanding of the property and have aided in decision making for the next round of planned drilling.
2025 Kinross Drill Planning & Map (Figure 1)
Additional drilling is expected to begin in Q2 2025 and will be in part based on gold and pathfinder surface geochemistry results from a successful soil survey as well as further interpretation of the stratigraphy and geochemistry learned from PWC 01-24. A comprehensive geologic model is being built for comparison with the many Cortez Districts >5.0-million-ounce gold discoveries. The new step-out wide spaced framework drill holes are being spotted approximately 1.5 km to 2 km (up to 6,500 feet) northwest of the first Kinross drill hole (see Figure 1 below) and will include northwest vectoring to the highest-grade surface geochemical gold anomalies from the soil survey near the intersection of two major structures. The primary target is a large, disseminated gold deposit peripheral to the Gold Acres stock, which is the geologic setting for NGM's Pipeline gold deposit.
Figure 1 - 2025 Drill Target Area
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Kinross Agreement Overview
Riley Gold entered into an exploration and venture option agreement (the "Agreement") with Kinross on March 13, 2024. The Agreement grants Kinross the right to earn up to a
About PWC:
PWC constitutes a very prospective exploration property for Carlin-type, disseminated and replacement gold deposits. PWC consists of a land package totaling approximately 24.7 km² of unpatented mining claims and patented fee lands adjoining NGM. PWC is situated along the Cortez Structural Zone of the exceptionally productive Cortez Trend within the Battle Mountain - Eureka Trend in north central Nevada (Figure 2). The Cortez and Pipeline complexes (adjoining Riley Gold's PWC boundary) are top producers within Nevada, a State that has consistently produced between 4-5 million ounces of gold a year.
Figure 2: PWC Location (project boundary approximate)
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Qualified Person
This news release has been reviewed and approved by Richard DeLong, P.Geo., Director of Riley Gold and a 'qualified person', as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Riley Gold Corp.
Riley Gold is an exploration and development company focused in Nevada, USA, with assets that include the Pipeline West/Clipper Gold Project located in the Battle Mountain Eureka Trend (within the Cortez District) and the Tokop Gold Project located within the Walker Lane Trend. Riley Gold's founders and leadership team have a proven track record of maximizing shareholder value during each phase of the mining life cycle: exploration, development, and production.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Todd Hilditch
Chief Executive Officer
Tel: (604) 443-3831
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement regarding forward-looking information.
This press release contains statements which constitute "forward looking information" under applicable Canadian securities laws, including statements regarding plans, intentions, beliefs and current expectations of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking information. Although Riley Gold believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Riley Gold can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties and the Company's future business activities may differ materially from those in the forward-looking information as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions and the ability to obtain the requisite approvals of the TSX Venture Exchange when necessary. Investors are cautioned that any such forward-looking information is not a guarantee of future business activities and involves risks and uncertainties. Additional information on these and other factors that could affect Riley Gold operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
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FAQ
What were the key findings from RLYGF's first PWC drill hole in 2024?
When will Kinross begin the next phase of drilling at RLYGF's PWC project?
What are the terms of Kinross's earn-in agreement with RLYGF for the PWC project?
What is the size and location of RLYGF's PWC gold project?
What are the target depths and geological formations at RLYGF's PWC project?
