Strong Gold-in-Soil Results at PWC Gold Project Adjacent to NGM’s Cortez Complex Exploration Results Define High-Priority Drill Target Areas
Strong Gold-in-Soil Results at PWC Gold Project Adjacent
to NGM’s Cortez Complex
Exploration Results Define High-Priority Drill Target Areas
NEWS RELEASE
Vancouver, B.C. February 8, 2023 – Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) (“Riley Gold” or the
“Company”) is pleased to announce results of its Fall 2022 exploration program for its Pipeline West/Clipper Gold
Project (“PWC”) located in Lander County, Nevada. The exploration program focused on a large soil geochemical
program, extensive field mapping, and a re-interpretation of geophysics . PWC consists of approximately 24.7
square kilometres (“sqkm”) in the heart of the Cortez District segment of the Battle Mountain – Eureka Trend and
adjoins Nevada Gold Mines LLC (“NGM”), which is a joint venture between Barrick Gold Corp. and Newmont
Corporation.
Highlights
• Riley Gold has defined new high-priority drill target areas that have never been tested at PWC;
• A nalytical results from the recently completed extensive soil survey identified significant anomalous gold-
in-soil values extending more than 3 kilometres (“km”); Several pathfinder elements, associated with both
Carlin-type and intrusive-related gold deposits, were also elevated;
• Re-interpreted Gravity, CSAMT, and Aero-Magnetic geophysical surveys support the new soil results;
• Recent geologic mapping provides a supporting structural foundation for the new soil results and
geophysical survey interpretations;
• A drill plan is currently being developed for a maiden drill program expected in 2023.
“We are pleased to report successful results from our Fall/Winter 2022 exploration work at PWC and are excited
to continue those initiatives into 2023. O ur goal was to fill in critical gaps of project information and augment
historical data, which has never been done within the PWC project. Our soil sampling program returned significant
gold-in-soil results, as well as elevated pathfinder elements over a 3 km strike length. This zone is directly on
trend with NGM’s Cortez Complex that currently has more than 18 million ounces of gold resource*. Additionally,
our extensive re-interpretation of previous geophysical surveys, combined with the exciting results from our new
soil sampling, will help us model high quality drill targets,” commented Todd Hilditch, CEO of Riley Gold.
Soil Survey Program:
As announced on December 1, 2022, a total of 1,046 soil samples (Figure 1 below – new soil grid) were collected
at PWC and submitted to American Assay Laboratories of Sparks, Nevada for gold and multi-element geochemical
analysis. North American Exploration, of Layton, Utah conducted t he 3.8 sqkm soi l program. The survey was
designed to expand historical soil survey coverage. P revious soil surveys contained open- ended gold- in-soil
anomalies within the PWC prospective target area (depicted by the red ellipse Figure 1). The soil program infilled
areas lacking soil sampling coverage and yielded excellent results.
Figure 1: Historical Soil Surveys (parts per million “ppm”), New Riley Gold Soil Grid Survey Area & Postulated Target Area.
Soil Results:
Figure 2 (below) shows the new gold- in-soil results overlain on the older surveys. Gold is strongly anomalous
compared to older surveys. The results of the survey also revealed that arsenic , antimony, silver, and other
pathfinder metal anomalies were not only confirmed by new sampling over older sampling grids, but revealed new,
even stronger values in areas not previously sampled. This target area has never been drilled.
Figure 2: Gold-in-Soil Results (ppm)
Geologic Mapping Supports Geophysical and Structural Interpretations as well as New Soil Results:
During October 2022, Mike Ressel, PhD, conducted geologic mapping at PWC . His mapping identified several
structures of similar attitudes as earlier geophysical interpretations m ade by Chet Lide of Zonge International,
Reno, NV (refer to Riley Gold press release dated April 28, 2022). Additionally, the geological mapping provides
a sound foundation for interpretation of Riley Gold’s recent soil geochemical survey.
As shown in Figures 3 & 4, the new geology map highlights the northwest trending structural zone originally
interpreted from the horizontal gradient (HG) of Complete Bouguer Anomaly ( CBA) gravity. Another structural
corridor, this trending northeasterly, coincides with similar features first interpreted from both horizontal gradient
of the CBA gravity and the first vertical derivative of the Reduced to Pole (RTP) magnetics. Similar orientations of
faults are recognized to control Carlin-type gold mineralization at the nearby Gold Acres-Pipeline mines.
Figure 3: Recent Geological mapping Figure 4: New structure, as-mapped, on the horizontal gradient
(HG) of the Complete Bouguer Anomaly (CBA) Gravity
In Figure 5 below , the gold- in-soil values (ppm) are overlain on geology. The anomalies coincide with a
northwesterly structural trend from the southeast corner of the postulated target zone northwest through the center
of the target area. This structural corridor , named the Orbit structural zone, was a fluid migration pathway and
may play host to structurally controlled Carlin-type gold mineralization.
Figure 5: Gold-in-Soils on geology
Another, even stronger gold-in-soils anomaly appears at structural intersections and along a lithologically
controlled zone within Ordovician Valmy quartzite. The quartzite, being brittle and subject to greater fracturing,
may also provide fluid migration pathways for metals rising above dee per target zones in Antler l ower-plate
carbonate rocks that are the primary host strata for Carlin-type deposits in northern Nevada. Results for arsenic,
antimony, and mercury show similar patterns. For details on arsenic and other Carlin-type pathfinder geochemistry
refer to the Riley Gold Corp website (rilerygoldcorp.com).
An additional consideration at PWC is that of silver, base metal s, and bismuth anomalies related to reduced,
intrusion-related gold systems. This signature dominates areas of hornfels and skarn alteration peripheral to the
~105 million year old (Ma) Gold Acres stock. By way of comparison, hornfels proximal to the Tenabo stock show
similar metal associations and host 1.3 million ounces in the measured and indicated gold resources plus 1.1
million ounces in inferred gold resource at NGM’s Robertson property only 4 km from PWC*. At PWC, there is a
marked boundary between hornfelsed and carbon- rich rocks, based on geochemistry , aero- magnetics, and
CSAMT (resistivity), as well as some older drill information. That boundary also coincides with mapped
northwesterly trending structures in the Orbit s tructural corridor. Figure 6 (below) clearly shows that boundary as
it is marked by a strong bismuth anomaly.
Figure 6: Bismuth in soil and lithics on structure.
Geochemical results (historic and current) from the soil and lithic chip sampling, combined with our detailed review
of prior geophysical surveys, and historic drilling to the east and north of Riley Gold’s 3 km long target trend (red
ellipse in Figure 2), will be modeled with the new mapping to help delineate specific drill targets. For a more in-
depth review of Riley Gold’s exploration results, please refer to our website.
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 Pipeline West/Clipper 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.
Qualified Person
This news release has been reviewed and approved by Char les Sulfrian, CPG., Exploration Manager, of Riley
Gold and a ‘qualified person’, as defined by National Instrument 43- 101, Standards of Disclosure for Mineral
Projects.
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.
*Resources and Reserves quoted from TECHNICAL REPORT ON THE CORTEZ COMPLEX, LANDER AND
EUREKA COUNTIES, STATE OF NEVADA, USA; NI 43 -101 TECHNICAL REPORT; Barrick Gold Corp for
Nevada Gold Mines, effective date 31 December 2021.
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 PWC , including results of
historical drilling, sampling, geophysics, interpretations and future exploration plans at PWC including future drilling
plans at PWC. 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 disclaims any intention or obligation to update or revise any forward- looking statement,
whether as a result of new information, future events or otherwise.