Geophysics Program Underway at Tokop Gold Project
Geophysics Program Underway at Tokop Gold Project
NEWS RELEASE
Vancouver, B.C. September 23, 2021 – Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) (“Riley
Gold” or the “Company”) is pleased to announce that both a ground magnetic survey and gravity survey
(collectively the “Geophysical Surveys”) are underway at its Tokop Gold Project (“Tokop”) in Esmerelda
County, Nevada.
The new Geophysical Surveys will cover approximately 11 square kilometers (“sqkm”) using ground
magnetics and up to 20 sqkm in a gravity survey . The surveys are designed to augment known data at
Tokop including: historical and Riley Gold sampling, historical and Riley Gold drilling, and historical
geophysical surveys. The goal of this next iterative step is to confirm the high-grade gold intercepts and
samples against the model of an intrusive style larger foot-print system. As part of its first drill confirmation
program, Riley Gold drilled 12 core holes, of which 3 holes have been released and 9 drill holes remain to
be assayed and finalized for release.
“Our maiden drill program (core) was designed to corroborate and expand our knowledge base of the
historical drilling (2012/2013) conducted at Tokop. Our initial high-grade gold drill results (of up to 17 grams
per tonne (“gpt”) gold) and surface rock samples (of up to 71.73 gpt gold) have confirmed that high grade
gold exists at Tokop. The Company’s next iterative phase in the exploration of Tokop’s large project
property package includes the current Geophysical Surveys , project mapping and additional surface
sampling, and analysis of our first round of drilling results that will lead to the compilation of a geologi c
model prior to initiating a phase 2 of drilling. Ideally, this added information will help us define the intrusive
related system similar to that of Dublin Gulch (Victoria Gold) and Ft. Knox (Kinross)”, commented Todd
Hilditch, CEO.
The geophysical survey program will consist of both a ground magnetic survey and a gravity survey
conducted over much of the current Tokop project area of approximately 21 sq kms . Ground magnetic
surveys measure subtle variations in the earth’s magnetic field and help reveal the magnetic susceptibility
of the underlying rock formations. While the outcropping intrusive at Tokop is reduced and therefore not
particularly magnetic, the historical magnetic survey has revealed the possibility of a buried intrusive below
the outcropping monzonite porphyries of the Sylvania Stock. This possibility suggests that a second, later
intrusive phase may be responsible for a much larger system of epithermal alteration than can be attributed
to the original orogenic mineraliz ation associated with the Sylvania porphyries. Depressed magnetic
signatures in intrusive and surrounding sediments can represent areas of altered lithologies, possibly from
hydrothermal reaction. Gradients in various models of magnetic data can also provide structural data. The
additional survey will enhance the larger project area knowledge for phase 2 drill planning.
Gravity surveys can reveal the density of rock formations by measuring subtle variances in the earth’s
gravitational field. Density/gravi ty variations can provide insights into depth of overburden or alluvium,
lithology, structure, and alteration. Magnetics are commonly used with gravity as a low -cost way to
understand the structure of the subsurface during early phases of exploration. The two techniques are
proven technologies complimenting each other to help improve drill targeting.
The ground magnetic survey is currently underway and should be completed in October. The gravity survey
will follow in November.
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Tokop Gold Project
Tokop potentially hosts a Reduced Intrusion-Related Gold System, similar to large mines in the Tintina Gold
Belt of central Alaska and contiguous parts of the Yukon. The best known and most economically important
of these include the Fort Knox (>8.0 M oz gold produced through 2020) and Pogo gold mines in Alaska and
the Eagle Mine (M & I resource of ~2.98 M oz gold, 2011 Feasibility Report) of the Dublin Gulch Properties
in the Yukon. At Tokop, similarly to those mines, sheeted quartz veins in a multi-phase, reduced, calc -
alkaline granitoid intrusive, coupled with widespread hydrothermal alteration , may host gold mineralization
of significant potential. Shear-hosted veins have been noted to extend for nearly two kilometers along strike
at Tokop. To date, grades within the vein systems sampled assayed as high as 71.73 gpt gold and 970 gpt
silver (historical and current sampling). This year’s drilling has confirmed high grade mineralization down
dip from surface rock chip sampling in the first thr ee holes released, with grades up to 17.1 gpt gold and
235 gpt silver (see the press release from June 28, 2021).
About Riley Gold Corp.
Riley Gold is a mining exploration and development company focused in Nevada, USA. The Company’s
primary focus is on its two cornerstone assets: the Tokop Gold Project located within the Walker Lane Trend
and the Pipeline West/Clipper Project located in the Battle Mountain Eureka 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.
Qualified Person
This news release has been reviewed and approved by Charles Sulfrian, CPG., Consulting Geologist, of
Riley Gold and a ‘qualified person’, as defined by National Instrument 43- 101, Standards of Disclosure for
Mineral Projects. The Qualified Person has not completed suffi cient work to verify the historic information
on Tokop, particularly in regards to the historical drill and chip sample results. However, the Qualified
Persons believe that drilling and analytical results were completed to industry standard practices. The
information provides an indication of the exploration potential of Tokop but may not be representative of
expected results.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Todd Hilditch
Chief Executive Officer
Tel: (604) 443-3831
Or
Mars Investor Relations
Tel: (778) 999-4653
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
Certain disclosures in this release constitute "forward-looking information" within the meaning of Canadian
securities legislation (such statements being referred to as "forward-looking statements"). Forward-looking
statements are statements that are not historical facts and are generally, but not always, identified by words
such as the following: expects, plans, anticipates, believes, intends, estimates, projects, ideally, assumes,
potential and similar expressions. Forward-looking statements involve risks, uncertainties and other factors
that could cause actual results, performance, prospects and opportunities to differ materially from those
expressed or implied by such forward- looking statements, including statements regarding the exploration
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program at Tokop, including results of drilling, sampling, geophysical surveys and future exploration plans
at Tokop. Factors that could cause actual results to differ materially from these forward-looking statements
include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may
be located, the Company's inability to obtain any necessary permits, consents or authorizations required
for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to
implement its business strategies. The reader is referred to the Company's public disclosure record which
is available on SEDAR ( www.sedar.com). Although the Company believes that the assumptions and
factors used in preparing the forward- looking statements are reasonable, undue reliance should not be
placed on these statements, which only apply as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames or at all. Except as required by securities
laws and the policies of the TSX Venture Exchange, the Company discla ims any intention or obligation to
update or revise any forward- looking statement, whether as a result of new information, future events or
otherwise.