Patriot Gold Announces Major Land Acquisition at Bruner Project, Nevada
May 01 2009 - 9:25AM
PR Newswire (US)
LAS VEGAS, May 1 /PRNewswire-FirstCall/ -- Patriot Gold Corp. (OTC
Bulletin Board: PGOL) today announced the acquisition of additional
mining claims at its Bruner Project, located in west-central Nevada
45 miles northwest of the Round Mountain Mine. The company has
increased its holdings from 22 claims to 56 claims and now controls
the entire Bruner Mining District. Patriot added 28 unpatented lode
claims to the 22 it already owned by directly staking the claims.
Allowing for overlap, this brings the total unpatented claims held
to approximately 900 acres. In addition, Patriot has entered into a
7 year option to purchase 28 patented claims from American
International Ventures Inc, located in Evergreen, Colorado. This
brings the company's land holdings in the district to approximately
1,400 acres or 2.2 square miles. Patriot is currently reviewing an
extensive database it has acquired for the Bruner District. Besides
surface work, this database includes results for 154 drill holes
from various exploration programs beginning in the late 1970's. The
work appears to be valid as it was done by well known mining
companies including Kennecott and Newmont. The data includes a
historic resource calculation done by a geologic consultant in 1991
of 15 million tons (short tons) grading 0.026 oz/ton gold or
383,000 ounces of contained gold. This resource total has not been
verified by Patriot, but a study of drilling sections indicates the
mineralization could be open-ended. The resource and potential
extensions are all on land held by Patriot. The Company's work in
the Bruner District to date has established two target types worth
further work. The first are high-grade gold/silver veins associated
with ancient hot springs systems. These quartz-calcite-adularia
rich veins are hosted by faults within brittle, non-permeable host
rocks. At the Penelas Mine, located within Patriot's claim block, a
vein averaging 0.56 oz/ton gold was mined during the 1930's. The
second target is a bulk minable heap leachable Round Mountain type
target. Both Patriot's drilling as well as the historic work at
Bruner indicates the presence of low-grade gold hosted in permeable
tuffaceous rocks. Numerous drill holes contain 20 to +100 feet long
intercepts of +0.01 oz/ton gold. The Round Mountain Mine has
produced over 10 million ounces of gold from a large open-pit
heap-leach operation. The mine has been economic for many years
producing at very low grades. The current grade being mined is
0.018 oz/ton gold according to a recent Kinross Gold Corporation
report. Both the Round Mountain Mine and Bruner project occur
within large volcanic centers and have similar host rocks. After
data compilation and interpretation are completed Patriot intends
to aggressively explore the Bruner project. The company is
currently surveying its claims to determine the accuracy of
previous drill hole and claim monument locations to produce an
accurate base map. A map showing the company's current land
position at Bruner will be placed on the company's website
http://www.patriotgoldcorp.com/ in the near future. Disclaimer:
This announcement may contain forward-looking statements which
involve risks and uncertainties that include, among others, limited
operating history, limited access to operating capital, factors
detailed in the accuracy of geological and geophysical results
including drilling and assay reports; the ability to close the
acquisition of mineral exploration properties, and other factors
which may cause the actual results, performance or achievements of
the company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. More information is included in the
company's filings with the Securities and Exchange Commission, and
may be accessed through the SEC's website at http://www.sec.gov/.
DATASOURCE: Patriot Gold Corp. CONTACT: Investor Relations of
Patriot Gold Corp., 1-877-501-GOLD (4653), or +1-702-456-9565 Web
Site: http://www.patriotgoldcorp.com/
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