Kinross Gold First Hole Drilling Update at Riley Gold's PWC Gold Project (Cortez District - Nevada)
Riley Gold Corp reports on the first drill hole (PWC 01-24) at its Pipeline West/Clipper Gold Project in Nevada by Kinross Gold. The hole was completed to 3,592.5 feet depth, successfully intercepting 1,248 feet of lower plate carbonates, including Wenban Formation units, starting at 2,345 feet depth. The Wenban Formation hosts all major gold deposits (>5M oz) in the Cortez District. Samples have been submitted to ALS Labs with results pending. The drilling is part of an agreement where Kinross can earn up to 75% interest in PWC by spending US$20 million. Kinross also holds a 9.9% strategic equity interest in Riley Gold.
Riley Gold Corp riferisce sul primo foro di perforazione (PWC 01-24) nel suo progetto Pipeline West/Clipper Gold in Nevada da Kinross Gold. Il foro è stato completato a una profondità di 3.592,5 piedi, intercettando con successo 1.248 piedi di carbonati della piastra inferiore, inclusi i membri della Formazione Wenban, a partire da una profondità di 2.345 piedi. La Formazione Wenban ospita tutti i principali giacimenti d'oro (>5M oz) nel Distretto di Cortez. I campioni sono stati inviati ai laboratori ALS e i risultati sono in attesa. La perforazione fa parte di un accordo in cui Kinross può guadagnare fino al 75% di interesse in PWC investendo 20 milioni di dollari. Kinross detiene inoltre una partecipazione strategica in capitale dell'9,9% in Riley Gold.
Riley Gold Corp informa sobre el primer agujero de perforación (PWC 01-24) de su proyecto Pipeline West/Clipper Gold en Nevada por parte de Kinross Gold. El agujero se completó a una profundidad de 3,592.5 pies, interceptando con éxito 1,248 pies de carbonatos de la placa inferior, incluidos los unidades de la Formación Wenban, comenzando a una profundidad de 2,345 pies. La Formación Wenban alberga todos los depósitos de oro importantes (>5M oz) en el Distrito Cortez. Las muestras han sido enviadas a ALS Labs y los resultados están pendientes. La perforación es parte de un acuerdo donde Kinross puede obtener hasta un 75% de interés en PWC gastando 20 millones de dólares. Kinross también posee un interés estratégico en acciones del 9.9% en Riley Gold.
라이리 골드 Corp는 킨로스 골드의 네바다 파이프라인 웨스트/클리퍼 골드 프로젝트에서 첫 번째 시추홀(PWC 01-24)에 대한 보고를 합니다. 이 홀은 3,592.5피트 깊이에 완료되었으며, 2,345피트 깊이에서 시작하여 웬반 형성 유닛을 포함한 하부 판탄산염 1,248피트를 성공적으로 관통했습니다. 웬반 형성은 코르테즈 구역의 모든 주요 금 매장지(>500만 온스)를 포함하고 있습니다. 샘플은 ALS 연구소에 제출되었으며 결과를 기다리고 있습니다. 시추는 킨로스가 2천만 달러를 지출하여 PWC의 최대 75%의 지분을 얻을 수 있는 협정의 일환입니다. 킨로스는 또한 라이리 골드의 9.9% 전략적 지분을 소유하고 있습니다.
Riley Gold Corp fait rapport sur le premier trou de forage (PWC 01-24) de son projet Pipeline West/Clipper Gold au Nevada par Kinross Gold. Le trou a été complété à une profondeur de 3 592,5 pieds, interceptant avec succès 1 248 pieds de carbonates de plaque inférieure, y compris les unités de la formation Wenban, à partir de 2 345 pieds de profondeur. La formation Wenban abrite tous les principaux gisements d'or (>5M oz) du district de Cortez. Des échantillons ont été soumis aux laboratoires ALS et les résultats sont en attente. Le forage fait partie d'un accord où Kinross peut gagner jusqu'à 75 % d'intérêt dans PWC en dépensant 20 millions de dollars. Kinross détient également un intérêt en actions stratégiques de 9,9 % dans Riley Gold.
Riley Gold Corp berichtet über das erste Bohrloch (PWC 01-24) seines Pipeline West/Clipper Gold Projekts in Nevada, das von Kinross Gold durchgeführt wurde. Das Loch wurde bis zu einer Tiefe von 3.592,5 Fuß abgeschlossen und hat erfolgreich 1.248 Fuß tiefere Karbonate durchbohrt, einschließlich der Einheiten der Wenban-Formation, die bei 2.345 Fuß Tiefe beginnt. Die Wenban-Formation beherbergt alle wichtigen Goldvorkommen (>5M oz) im Cortez-Distrikt. Proben wurden an ALS Labs gesendet, die Ergebnisse stehen noch aus. Die Bohrungen sind Teil einer Vereinbarung, wonach Kinross bis zu 75% Interesse an PWC durch Investitionen von 20 Millionen US-Dollar erwerben kann. Kinross hält außerdem einen strategischen Eigenkapitalanteil von 9,9% an Riley Gold.
- Successfully identified target Wenban Formation at drillable depths
- Strategic partnership with major mining company Kinross Gold
- US$20 million potential investment from Kinross for project development
- None.
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) - Riley Gold Corp. (TSXV: RLYG) (OTCQB: RLYGF) ("Riley Gold" or the "Company") is pleased to report and update on drilling at the Company's Pipeline West/Clipper Gold Project ("PWC") by Kinross Gold U.S.A., Inc. ("Kinross"), a wholly-owned subsidiary of Kinross Gold Corporation (TSX: K) (NYSE: KGC).
As announced on July 10th, 2024, Kinross initiated drilling at Riley Gold's PWC project targeting previously untested portions of the property for favourable lower plate carbonate host rocks of the Wenban and Roberts Mountains Formations. The Wenban Formation is the primary host to all the >5.0-million-ounce gold deposits in the Cortez District. Targeting is based on surface geologic mapping, soil geochemistry and controlled-source audio-frequency magnetotelluric ("CSAMT") surveys. In addition, re-interpretation of historic drill hole, gravity, magnetic and CSAMT data is being used for developing additional drill targets. The primary target is a large, disseminated gold deposit peripheral to the Gold Acres stock, which is the geologic setting for Nevada Gold Mines LLC's ("NGM") Pipeline gold deposit.
Inaugural Drill Hole PWC 01-24
The first core hole drilled at PWC was designed to identify local stratigraphy in an area with no previous deep drilling. PWC 01-24 was successfully completed to a depth of 3,592.5 feet (1,095 m) and intercepted a 1,248 foot (380 m) thick structurally complex section of lower plate carbonates (including various units of the Devonian Wenban Formation) starting at a depth of 2,345 feet (715 m). PWC 01-24 demonstrates that known Cortez District host lithologies exist at explorable drill depths over a succinctly large, untested area proximal to the Pipeline complex area.
All samples from PWC 01-04 have been submitted to ALS Labs in Reno, NV for gold assays and trace element geochemistry with results pending.
Technical Review
The Kinross team as well as Riley's technical committee lead, Mr. Paul Dobak, are reviewing the core and geologic sections to further interpret findings in advance of assay results. Results from this review will be used to plan the next round of drilling.
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 square kms 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 1). The Cortez and Pipeline complexes (adjoining Riley's PWC project boundary) are top producers within Nevada, a State that has consistently produced between 4-5 million ounces of gold a year.
Figure 1: 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 depth did Riley Gold's first PWC drill hole (RLYGF) reach in October 2024?
What formation did Riley Gold (RLYGF) intercept in their PWC project drilling?
What is the Kinross earning option agreement with Riley Gold (RLYGF) for the PWC project?
