Kinross Gold Commences Drilling at Riley Gold's PWC Gold Project (Cortez District - Nevada)
Kinross Gold Commences Drilling at Riley
Gold's PWC Gold Project (Cortez District -
Nevada)
Vancouver, British Columbia--(Newsfile Corp. - July 10, 2024) -
Riley Gold Corp. (TSXV: RLYG)
(OTCQB: RLYGF)
("
Riley Gold
" or the "
Company
") is pleased to announce that drilling is underway 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).
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 75% interest in Riley Gold's
PWC project by spending a minimum of US$20 million (see news release dated March 14, 2024 for
details).
PWC is located in Lander County, Nevada and consists of approximately 24.7 km² in the heart
of the significant gold producing Cortez District (Battle Mountain - Eureka Trend).
Kinross is funding and
operating PWC and has a strategic 9.9% (on a partially diluted basis) equity interest in the Company
acquired through a private placement.
"We are excited to have partnered with Kinross and to have drilling underway at PWC. Technical
meetings have identified exciting targets, based on geological and geophysical data interpretation, in
areas that have never been drill tested. Having a partner with a proven track record of gold production
from two mines in Nevada (Round Mountain and Bald Mountain) is extremely valuable from a
technical and operational standpoint.
Our PWC project is within the Cortez District that has a
significant history of gold production and current reserves.
PWC adjoins Nevada Gold Mines LLC
("
NGM
"), a joint venture between Barrick Gold Corp. and Newmont Corporation, that has current
production within their Cortez/Pipeline complex," commented Todd Hilditch, CEO of Riley Gold.
Technical Committee Formation - Mr. Paul Dobak Represents Riley Gold
The PWC project technical committee is led by Kinross and includes members from both Kinross and
Riley Gold. The appointed lead Riley Gold technical committee member is Mr. Paul Dobak, who joined
the Company on April 4, 2024 (see press release dated April 8 for his bio) as a member of Riley's
technical advisory committee. Mr. Dobak has a wealth of experience in the mineral exploration field,
particularly within the Cortez Trend where the PWC project is located and where he was involved in the
discovery of the Goldrush and Fourmile gold deposits as Chief Geologist - North America for Barrick
Gold. Mr. Dobak has additional direct practical experience in Nevada's style of mineralization and
deposits having held positions of increasing responsibility with Barrick for 25 years and senior positions
with other major mining companies for 15 years prior to that.
Recent Work, Drill Program and Cortez District Highlights
Drilling will target previously untested favourable lower plate carbonate host rocks of the Wenban and
Roberts Mountains Formations at explorable depths. The Wenban Formation is the primary host to all
the >5.0-million-ounce gold deposits in the Cortez District. Geologic work completed by Riley Gold and
Kinross since the PWC acquisition includes: 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 has been completed and used for developing 2024
drill targets.
The primary target is a large, disseminated gold deposit peripheral to the Gold Acres stock,
which is the geologic setting for the NGM Pipeline gold deposit. Permitting for the initial work and drilling
was submitted by Kinross to the Bureau of Land Management and approved.
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)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10015/216010_43326f8064f8380c_002full.jpg
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/216010