- Riley Gold Corp. (TSXV:RLYG) provided a drilling update on its Pipeline West/Clipper Gold Project in Nevada conducted by Kinross Gold U.S.A.
- The first core hole, PWC 01-24, was completed to a depth of 1,095 metres and intercepted a 380-metre thick structurally complex section of lower plate carbonates
- The results confirm the presence of known Cortez District host lithologies at explorable drill depths over a large, untested area near the Pipeline complex
- Riley Gold stock last traded at $0.190 per share
Riley Gold Corp. (TSXV:RLYG) provided an update Wednesday on drilling activities at its Pipeline West/Clipper Gold Project (PWC) in Lander County, Nevada.
The drilling is being conducted by Kinross Gold U.S.A., Inc., a wholly owned subsidiary of Kinross Gold Corp. (TSX:K; NYSE:KGC).
On July 10, 2024, Kinross initiated drilling at the PWC project, targeting previously untested portions of the property. The focus is on favourable lower plate carbonate host rocks of the Wenban and Roberts Mountains Formations. The Wenban Formation is notably the primary host to all the gold deposits exceeding 5.0 million ounces in the Cortez District. The targeting strategy is based on surface geologic mapping, soil geochemistry, and controlled-source audio-frequency magnetotelluric (CSAMT) surveys. Additionally, re-interpretation of historic drill hole, gravity, magnetic, and CSAMT data is being utilized to develop further drill targets. The primary objective is to identify a large, disseminated gold deposit peripheral to the Gold Acres stock, similar to the geologic setting of Nevada Gold Mines LLC’s Pipeline gold deposit.
Inaugural drill hole PWC 01-24
The first core hole, PWC 01-24, was designed to identify local stratigraphy in an area with no previous deep drilling. This hole was successfully completed to a depth of 1,095 metres and intercepted a 380-metre thick structurally complex section of lower plate carbonates, including various units of the Devonian Wenban Formation, starting at a depth of 715 metres. The results from PWC 01-24 confirm the presence of known Cortez District host lithologies at explorable drill depths over a large, untested area near the Pipeline complex.
All samples from PWC 01-24 have been submitted to ALS Labs in Reno, Nevada, for gold assays and trace element geochemistry, with results pending.
Technical review
The Kinross team, along with Riley’s technical committee lead, Paul Dobak, are currently reviewing the core and geologic sections to further interpret findings ahead of the assay results. These results will inform the planning of the next round of drilling.
Kinross agreement overview
Riley Gold entered into an exploration and venture option agreement with Kinross on March 13, 2024. This agreement grants Kinross the right to earn up to a 75 per cent interest in Riley Gold’s PWC project by spending a minimum of US$20 million. PWC spans approximately 24.7 square kilometres in the heart of the significant gold-producing Cortez District (Battle Mountain – Eureka Trend). Kinross is funding and operating the PWC project and holds a strategic 9.9 per cent equity interest in Riley Gold, acquired through a private placement.
About Riley Gold Corp.
Riley Gold Corp. is an exploration and development company operating in Nevada. Its assets include the Pipeline West/Clipper Project in the Battle Mountain Eureka Trend (Cortez District) and the Tokop Gold Project in the Walker Lane Trend.
Riley Gold stock (TSXV:RLYG) last traded at $0.190 per share and has risen 18.75 per cent year-to-date.
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(Top image via Riley Gold Corp. on Twitter/X)