Rimrock Gold Corp. Acquires Ivanhoe Creek Gold-Silver Property in
Nevada
LAS VEGAS, NV--(Marketwired - Oct 11, 2013) - Rimrock Gold Corp.
(OTCQB: RMRK) (the "Company"), is pleased to announce that it has
completed the acquisition of the advanced-stage Ivanhoe Creek,
Nevada, epithermal bonanza gold-silver property from RMIC Gold, a
private Nevada company controlled by Richard R Redfern. Mr. Redfern
is a director of the Company and this transaction is a non-arms
length transaction. The Company has agreed to issue 150,000 shares
of the Company's common shares to RMIC Gold and will pay one
percent (1%) Net Smelter Returns royalties to RMIC Gold for 100%
interest in the Ivanhoe Creek property.
The Ivanhoe Creek property consists of 22 unpatented lode-mining
claims (440 acres) situated in north-central Nevada on lands
administered by the U.S. Bureau of Land Management. The property
area is uninhabited and suitable for construction of large-scale
mine facilities, if warranted. The property is situated 63 Km
northeast of the mining center of Battle Mountain, and 75 Km
west-northwest of the mining hub city Elko. Rimrock Gold controls
22 claims along the north side of the Hollister property. The
property lies at the former site of a small mercury mine/ prospect
from which an unknown but small quantity of flasks of mercury were
produced, and south of Rimrock Gold's Rimrock property.
The Ivanhoe Creek property lies immediately adjacent to the
north of the epithermal bonanza gold-silver Hollister Mine property
that was recently purchased by Waterton Global Resources. Hollister
had a proven and probable resource of approximately 819,000 tonnes
@ 35.3 g/t gold and 195 g/t silver. Ivanhoe Creek also lies 17 Km
southeast of Newmont's Midas Mine, which is currently producing
gold and silver from high-grade volcanic epithermal gold-silver
veins, and has produced approximately 4.0 million ounces of gold
and substantial silver. The initial published measured and
indicated ore reserve for Midas was approximately 3,000,000 ounces
of gold and 25,000,000 ounces of silver. Newmont recently announced
plans for further expansion of the eastern, more silver rich part
of the Midas Mine.
Gold exploration drilling has been conducted near and under
certain of these mercury prospects. Most recently, Kent Exploration
Ltd drilled 5 shallow exploration core drillholes in 2007 for gold
and silver, totaling 791.3 meters. Drilling to date at Ivanhoe
Creek has discovered at least two significant gold-silver target
areas. These are associated with northerly-trending uplifted
fault-bounded blocks of rocks ("horsts"), which extend northward
into the Rimrock property, and south into the Hollister property.
These horsts were delineated and verified by CSAMT geological
surveys in 2006. Mercury-bearing silica deposits ("sinter") locally
are associated with gold in Nevada, and mercuric sinters are found
at Ivanhoe Creek alongside and above these horsts. Kent's shallow
drilling tested some of these sinter targets.
The five exploration holes drilled at Ivanhoe Creek are believed
to have been too shallow to adequately test for the Midas-style
gold-silver targets envisioned by the Company. The drillholes at
Ivanhoe Creek found: 1) Anomalous assay values of gold in each hole
drilled, and 2) Anomalous silver values in each hole, including up
to an assay value of 7.64 ounces per ton silver in hole 07-10
between 426-436 feet (core length; true width not known). This
latter silver-rich intercept also contained high values of 1130 ppm
tungsten, more than 100 ppm mercury, and 0.02 ppm gold. Local high
geochemical analysis values of arsenic, antimony, and selenium
suggest that a Midas-style mineral system was imposed on these
rocks altered and metamorphosed earlier by contact metamorphism of
nearby granitic plutons
The main gold-silver targets at Ivanhoe Creek are
Midas-Hollister style volcanic epithermal low-sulfidation vein and
disseminated gold deposits, which appear to be situated along or
near fault zones, beneath siliceous silica "sinter" hot spring
deposits that occur on the paleo ground surface along the Midas -
Silver Cloud trend, which is part of the "Northern Nevada Rifts"
volcanic province. Mercury occurrences are present locally in and
near these surficial siliceous sinter deposits, perhaps locally
indicative of gold deposits at further depth, as at Hollister. The
"top elevations" of epithermal Midas-Hollister type gold-silver
targets typically start at 150 to 300 meter depths below surface.
The main zone of ore grade gold-silver mineralization at Midas is
at least 500 metres in height, below the "top elevations". Local
small poddy bodies of high-grade gold mineralization may occur
above this "top elevation" level as at Midas. Rimrock Gold's
exploration efforts are focused upon discovery of deeper Midas and
Hollister Mine style gold-silver mineralization at Ivanhoe Creek,
but the possibility of finding near-surface open pittable
gold-silver mineralization is still present due to the minimal
level of exploration of Ivanhoe Creek. The elevations of the main
ore zones at Hollister are at elevations of 4900 to 5400 feet ASL.
This will be used to help guide exploration on the Ivanhoe Creek
and Rimrock properties.
The Ivanhoe Creek property also lies directly astride the
prolific Carlin Trend break that boasts numerous giant world-class
sediment-hosted gold deposits. Excitingly, the Paleozoic rocks at
Ivanhoe Creek are present at surface just north of the property
boundary, and also were encountered in Kent's drillholes.
Consequently, the Ivanhoe Creek property does have Carlin-style
gold potential, albeit perhaps at fair depths. Great Basin Gold
drilled one deep hole in the southeastern part of their property at
Hollister and penetrated Devonian Rodeo Creek unit Paleozoic rocks.
They never reached the Carlin-host Popovich-equivalent limestone
rock section, which lies at still greater depths at this particular
locality. The Rimrock - Ivanhoe Creek area is interpreted as being
a structurally uplifted dome, which could have brought Carlin
deposit age rocks closer to the surface. The Company is now focused
upon the discovery of relatively shallow Midas style gold-silver
deposits.
"We are very excited to have acquired the Ivanhoe Creek, Nevada
property from RMIC Gold expanding our presence in the strategic,
high-grade Midas-Hollister mining area. We feel this area will be a
core area of focus by mining companies for the foreseeable future.
Our plan is to analyze the Ivanhoe Creek data, initiate geological
detail mapping, geochemistry, and local new geophysical surveys,
followed by a new drilling program after final interpretations have
been made," stated President and CEO, Jordan Starkman.
Rimrock Gold is a diversified mineral exploration company
focused on identifying, acquiring, advancing, and drilling
high-grade Gold-Silver metal exploration projects in Nevada, and
lithium exploration projects in Quebec. The company is managed by
experienced and successful board members and advisors. The
Company's main exploration assets comprise a 100% interest in the
Rimrock, Ivanhoe Creek, West Silver Cloud, and Pony Spur
gold-silver properties in Nevada. In addition, the company owns the
Abigail property in Quebec, comprising 177 map-designated cells
totaling 9,400 hectares located in the James Bay, Quebec region of
Canada, along with 12 map-designated cells just north of the
Abigail property named Lac Kame and 25 map-designated cells named
EM-1 totaling approximately 1,960 hectares.
The Company's Vice President of Exploration, Richard R. Redfern,
M.Sc., a Certified professional Geologist and 'qualified person'
for the purposes of Canada's National Instrument 43-101 Standards
of Disclosure for Mineral Properties, has verified and approved the
information contained in this news release.
Certain statements in this document that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "anticipate,
"believe," "expect," "future," "may," "will," "would," "should,"
"plan," "projected," "intend," and similar expressions. Such
forward-looking statements, involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Rimrock Gold Corp. to be materially
different from those expressed or implied by such forward-looking
statements. The Company's future operating results are dependent
upon many factors, including but not limited to: (i) the Company's
ability to obtain sufficient capital or a strategic business
arrangement to fund its current operational or expansion plans;
(ii) the Company's ability to build and maintain the management and
human resources and infrastructure necessary to support the
anticipated growth of its business; (iii) competitive factors and
developments beyond the Company's control; and (iv) other risk
factors discussed in the Company's periodic filings with the
Securities and Exchange Commission, which are available for review
at www.sec.gov under "Search for Company
Filings".
CONTACT: Rimrock Gold Corp. Jordan Starkman CEO
www.rimrockgold.com 1-800-317-4772
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