Patriot Gold's Moss Mine Magnetic Survey Identifies Additional 21 Kilometers of Potential Strike Length
April 11 2014 - 5:30AM
Marketwired
Patriot Gold's Moss Mine Magnetic Survey Identifies Additional 21
Kilometers of Potential Strike Length
Design of Exploration Program to Assess Potential of Additional
Structures Is Currently Underway
LAS VEGAS, NEVADA--(Marketwired - Apr 11, 2014) - Patriot Gold
Corp. (OTCBB:PGOL) or ("Patriot Gold"), a developing gold and
silver exploration and production company, today announced the
results of an airborne magnetic survey of its Moss Gold-Silver
project located in the historic and active Oatman Mining District
near Bullhead City, Arizona. Results of the survey included use of
magnetic, field mapping and historic mineral and workings data.
- The main Moss resource and hosting structure lies along a
well-defined magnetic high and includes three kilometers of
unexplored potential on one structure.
- Nine magnetic linear anomalies associated with know mineral
occurrences and historic workings were found as part of the Moss
structure, indicating potential for hosting new discoveries along
these structures.
- One structure includes nearly six kilometers of a mapped
extension of the Gold Road deposit which previously produced nearly
500,000 ounces at 0.32 opt gold.
- The implications of the new data indicate that the exploration
potential of the Moss site is very good and that there is the
likelihood of further discoveries on the Moss property.
- Following the interpreted results of the survey, the Company's
partner Northern Vertex Mining Corp., is currently designing an
exploration program to assess the potential of the additional
structures identified that would run concurrently with Phase II -
Operations Phase of the Moss project plan.
The survey found a total of 21 kilometers of potential strike
length along the entire Moss Mine property. In addition, several
other linear magnetic lows and highs were found that would require
ground work to determine if they are mineralized.
In June 2013, a preliminary economic assessment of the Moss Mine
Project, which did not include the current survey results, assessed
the measured and indicated gold equivalency of the site at 654,000
ounces with an inferred resource estimate of 82,000 ounces.
"While the results of the survey are preliminary at this stage,
this type of mapping has been the foundation for many successful
early stage exploration programs," said Bob Coale, CEO of Patriot
Gold. "Considering that the historic production in the Oatman
District previously exceeded 2 million ounces of gold production,
we believe the survey results highlight the Moss Gold-Silver
project's high potential for additional gold discoveries which
could further increase the value of this property."
The Moss Mine Project
& Patriot Gold's Optionee/Operator, Northern Vertex
Corporation
The Moss Mine Project is located approximately seven miles due
east of Bullhead City, Arizona. Patriot Gold is the 100% owner in
the historic Moss Gold-Silver property located in Mohave County,
Arizona, which is subject to certain royalties and an earn-in
option agreement for 70% interest. The earn-in optionee/operator
(Northern Vertex Corp.) has the right to earn a 70% interest in the
project by completing an $8.5 million investment over five years
and a bankable feasibility study. Subsequent to the earn-in,
financing of the project will be on a proportional basis.
About Patriot
Gold
Patriot Gold Corp. is a precious metals exploration and
production company with the mission to discover and develop
significant gold and silver assets. Headquartered in Las Vegas,
Nevada, Patriot Gold currently holds a portfolio of two projects in
Nevada (Bruner and Vernal) and its flagship Moss project in
Arizona, each at varying stages of development from grassroots to
advanced exploration and resource development. For more
information, go to our website at www.patriotgoldcorp.com???.
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 web site at
http://www.sec.gov.
Patriot Gold Corp.Investor Relations+1
702-456-9565invest@patriotgoldcorp.comwww.patriotgoldcorp.com
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