Rye Patch Gold Acquires Cortez Trend Property
VANCOUVER, BC - Rye Patch Gold Corp. has acquired the Garden Gate Pass project located 12 kilometres (7 miles) south-southeast of Barrick Gold's Cortez Hills mine. The project consists of 153 unpatented lode claims acquired from a local prospecting company Pyramid Lake LLC. Rye Patch controls 100% of the property subject to annual advance royalty payments and a 2% retained net smelter return (NSR).
Geographically, the Garden Gate Pass project is surrounded by gold mines. Barrick Gold's Cortez Hills deposit is located 12 kilometres to the north-northwest, and their ET Blue and Red Hills discoveries are located to the north - roughly 4 kilometres and 7 kilometres respectively. US Gold's Tonkin Springs mine is a mere 15 kilometres to the south.
William Howald, President and CEO commented, "Rye Patch is focused on acquiring projects with a potential for resource delineation to increase its resource inventory. The Company has been successful in acquiring projects that can quickly add gold and silver resources to our inventory along the Oreana trend. The geologic setting, location along the Cortez trend, and our geologic expertise has encouraged us to acquire the Garden Gate Pass project. We have some exceptional geologic ideas and hands-on experience that gives us confidence that can quickly advance the Garden Gate Pass project to the next exploration stage."
The project contains a pediment covered area that has lower plate carbonate lithologies beneath the gravel cover. Historic data shows the prospective lower plate is within 200 metres of the surface on the eastern side of the property. The main target lies in the west central portion of the project along a major northwest trending segment of the Cortez trend. This portion of the Cortez trend is controlled by a northwest striking anticline which marks the geologic position of the gold controlling structures. This geologic segment contains the original Cortez deposits and the new Cortez Hills mine.
Rye Patch is planning detailed aeromagnetic and gravity geophysical surveys to map the lower plate stratigraphy. Drilling on the property could start in spring of 2011.
The company's address is 1740-1177 West Hastings Street, Vancouver, BC V6E 2K3, (604) 638-1588, fax: (604) 638-1589, email: