New High Priority Drill Targets Identified at Tokop Gold Project from Property- Wide Geophysical Program
New High Priority Drill Targets Identified at Tokop Gold Project from Property-
Wide Geophysical Program
VANCOUVER, British Columbia, March 23, 2022 -- Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) (“Riley Gold” or the
“Company”) is pleased to announce newly identified high priority geophysical targets resulting from its ongoing exploration
programs at its Tokop Gold Project (“ Tokop”), located in Esmeralda County, Nevada. Tokop’s land package includes more
than 21 Square Kilometres (“sq km”) within Nevada’s prolific Walker Lane Trend.
As a result of Riley Gold’s cumulative exploration efforts to date, Tokop is now being interpreted to have two styles of
mineralization within the project land package. Reference is being made to Tokop North and Tokop South within the global
Tokop project as the mineralizing systems tend to dominate by area: the reduced intrusive-related gold (“ RIRG”)/Orogenic
system is better seen in the Tokop North area while the low sulfidation, epithermal system (akin to the Bullfrog Mine) is more
prevalent in exposures in Tokop South. This release will focus on geophysics results from Tokop North with additional results
from the Tokop South area forthcoming.
“The goal of utilizing geophysics, along with other exploration tools such as rock sampling, soil sampling, and structural
mapping is to layer additional information in order to target and identify the best drill hole locations for success. We have only
been working on Tokop for a little over a year and have made considerable progress in understanding previous work and
augmenting that information with our own exploration in preparing a geological model for discovery of a gold deposit. This
includes the epithermal mineralization in the southern portion of the project (Tokop South) which was recently identified as a
secondary style of mineralization and augments the intrusive related main Tokop area (Tokop North). Our collective work
completed last year has culminated into several high priority drill targets that we are excited about and are advancing towards
being drill ready," stated Todd Hilditch, CEO of Riley Gold Corp.
Geophysics
Ground magnetics and gravity surveys were conducted by Magee Geophysical of Reno, Nevada, during the fall of 2021 at
Tokop. Raw data was provided to Jim Wright of Wright Geophysical in Spring Creek, Nevada, for interpretation and assistance
in targeting future drilling. Preliminary interpretation suggests several targets that coincide with recent mapping and surface
sampling. The data are simultaneously being added to ongoing modeling that includes drilling, surface mapping, as well as
rock and soil sample data.
Magnetic lines were run NE – SW every 200 metres (“ m”). Several anomalies of interest have confirmed previously identified
prospects which are now at the drill-ready stage of exploration. These anomalies primarily represent alteration via magnetite
destruction as well as potential carbonate skarn targets in Precambrian carbonate units (Wyman Formation and Reed
Dolomite). Additionally, the survey indicates a deeper intermediate intrusive potentially related to the RIRG mineralizing event.
The gravity survey was conducted on a 200-m grid. Gravity data revealed the potential for very prospective drill targets that
appear relatively shallow in the newly defined target areas. For example, drill targets are indicated near strong gravity gradients
and relatively large areas of low density, possibly altered rocks. Gravity has also aided in understanding depth to bedrock
under pediment cover in areas which mineralization is predominantly concealed.
The current interpretation of the ground magnetic dataset comes after an initial round of prospect-scale and regional-scale
mapping at Tokop. The Riley Gold team has found that subdued magnetic highs are primarily associated with granitoids of the
Sylvania Pluton but are also associated with the shaley-carbonate Wyman Formation.
Figure 1 – Tokop North Ground Magnetics Survey overlain by Rock/Soil Samples and Structural Interpretation
Prospect-scale mapping observations include intermediate dike swarms often associated with magnetic highs; while small
intermediate dikes at the surface are not large enough to visualize at the survey’s resolution, these mapped dikes are thought
to overlie a larger intermediate intrusive at depth.
It is clear from ground magnetic data that the same structural fabric observed at Tokop extends beyond the Main area (within
Tokop North) which was drilled in 2021 by Riley Gold. Surface rock sampling, trends in the locations of historic adits and
shafts, and subsequent drilling indicate that mineralized faults at Main strike northwest; this same northwest trend in
mineralization is noted in the Cabin area to the southwest of Main. Additionally, faults which strike north-south are also
confirmed to host mineralization based on mapping and sampling. These northwest and north-south faults have been truncated
by northeast-trending faults which are thought to be post-mineralization. Initial structural interpretation on the Tokop property
has been further confirmed with ground magnetic geophysics based on the trends of magnetic highs.
Figure 2 Cabin Prospect - Structural Interpretation, Rock/Soil Samples Results overlain on Ground Magnetics (RTP RES) &
DEM
Figure 3 Cabin Prospect gold-bearing quart breccia vein with mapped strike length of 500 m, possibly extending further under
cover (photo taken from historic cut located at structural intersection highlighted with a red ellipse on Figures 1 & 2; photo
view: northeast).
Geologic Overview
Recent work at Tokop has revealed more than one style of gold mineralization and host rock. One is a RIRG system hosted in
granitoids and carbonate units, while the other a system is typical Walker Lane-style epithermal mineralization hosted in
Tertiary volcanics (Ammonia Tanks tuff) as well as Wyman Formation carbonate. This style of mineralization is more akin to
ore deposits approximately 30 miles south and east of the project like those of the Bullfrog District. Deposits of the Bullfrog
District (surrounding Beatty, Nevada) are low-sulfidation, volcanic and sedimentary-hosted, epithermal gold deposits like the
Bullfrog Mine operated by Barrick Gold which produced over 2.3 million ounces of gold and 3.0 million ounces of silver from
1989 – 1999i, from open pit and underground workings. Additional exploration and deposit development in the Bullfrog District
includes work by Corvus Gold (now AngloGold), Coeur Mining, Kinross, and Augusta Gold Corp.
The RIRG model is 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 Fort Knox (>8.0 M oz gold produced through 2020 with an
additional 2.47 M oz P+P Reserveii), Pogo gold mine (4.0 M oz gold produced through 31 March 2021 with additional 3.956 M
oz M & I resource and 1.740 M oz Inferred Resource iii) and the Eagle Mine of the Dublin Gulch Properties in the Yukon (M & I
resource of ~2.98 M oz gold iv). At Tokop, similar to those mines, sheeted quartz veins in a multi-phase, reduced, calc-alkaline
granitoid intrusive as well as surrounding metamorphosed sedimentary rocks, coupled with widespread hydrothermal
alteration, may host gold mineralization of significant potential. Shear-hosted veins extend for nearly two kilometres along
strike at Tokop. To date, sampling of these vein systems returned grades of up to 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 three holes released, with grades up to 17.1 gpt gold and 235 gpt silver.
About Riley Gold Corp.
Riley Gold is an 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., Exploration Manager, 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 sufficient work to verify the historic information on Tokop, particularly in regards to the historical drill
and chip sample results. However, the Qualified Person believes 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, 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 program at Tokop, including results of drilling, sampling, geophysics, interpretations 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
Figure 1
Tokop North Ground Magnetics Survey overlain by
Rock/Soil Samples and Structural Interpretation
Figure 2
Cabin Prospect - Structural Interpretation, Rock/Soil
Samples Results overlain on Ground Magnetics (RTP
RES) & DEM
Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.
i Nevada Bureau of Mines and Geology; Special Publication MI-2001: The Nevada Mineral Industry 2001; Metals by Joseph V.
Tingley and Daphne D. LaPointe & Major Precious-Metal Deposits by Joseph V. Tingley & Augusta Gold Corp Press Releases
most recently dated 14 July 2021.
ii Kinross, Fort Knox Gold Mine website: https://www.kinross.com/operations/default.aspx#americas-fortknox
iii As reported in North of 60 Mining News; 01 March 2021 & updated 26 Sept. 2021:
https://www.miningnewsnorth.com/story/2020/03/01/news/pogo-gold-mine-reaches-4-million-ounces/6184.html & Pogo Mine
Northern Star Resources Ltd., Press Release dated 30 August 2018:
https://www.nsrltd.com/investor-and-media/asx-announcements/2018/august/northern-star-acquires-pogo-gold-mine-in-alaska
iv Victoria Gold Corp, Eagle Mine, Yukon website: https://vgcx.com/development/eagle-gold-project/ TECHNICAL REPORT
FOR THE EAGLE GOLD MINE, YUKON TERRITORY, CANADA; Prepared by: JDS ENERGY & MINING INC.; QPs Richard
Goodwin, P. Eng., Paul Gray, P. Geo, Barry Carlson, P. Eng, Marc Jutras, P. Eng, Steve Tang, P.Eng., Stephen Wilbur, P.
Geo, Report Date 06 Dec 2019.
Figure 3
Prospect gold-bearing quart breccia vein with mapped
strike length of 500 m, possibly extending further under
cover (photo taken from historic cut located at structural
intersection highlighted with a red ellipse on Figures 1 & 2;
photo view: northeast).