TORONTO, ONTARIO--(Marketwire - March 15, 2013) - Ryan Gold Corp. (TSX VENTURE:RYG), "Ryan Gold" or the "Company") is pleased to announce final 2012 exploration results from a number of project areas in the Yukon Territory and its plans for the 2013 exploration season.
2013 Exploration Program and Business Strategy
Over the past two field seasons the Company has spent approximately $25 million in exploring its Yukon properties. This included drilling 10,379 metres at Ida Oro and 2,307 metres at Flume, and taking approximately 140,000 ridge & spur and follow-up grid geochemical samples on its over 400,000 hectare package. Current market conditions for small market capitalization exploration and development companies have led management and the board of the Company to make the decision to conduct a reduced (approximately $0.6 million) exploration program in the Yukon in 2013. This program will be focused largely on getting a better understanding of the system of mineralization at Ida Oro. The Company will also conduct mapping and prospecting programs on the Mahtin project in the Mayo region and on the Pluto and Arm projects in the Kluane region.
At December 31, 2012 the Company had approximately $21.7 million in working capital. The Company also holds a 10% non-diluting interest in Carlisle Goldfields Limited's Farley Lake Project and a 10% participating interest in Castillian Resources Corp.'s Hope Brook Project (see press release from February 6, 2013). In 2013, the Company plans to evaluate advanced stage projects and other investment opportunities that the current resource market for junior companies presents.
Final 2012 Exploration Results
The results of the Company's 2012 exploration program were encouraging on a number of fronts. Drill results from the 2012 program at Ida Oro that confirmed a large mineralized system were released October 31, 2012. This update provides results from some of the Company's other Yukon properties.
The Mahtin Project in the Mayo Mining District showed significant promise. In the summer of 2011, a ridge and spur sampling program identified anomalous gold-in-soil values greater than 100 ppb gold up to a maximum of 1,344 ppb gold, the upper 1.6% of the gold-in-soil values, over the claim blocks. A grid soil geochemical sampling program revealed a strong gold-in-soil anomaly that is approximately 2 km long and trends east-west in the northern portion of the claim block. A helicopter borne magnetic and radiometric survey was completed during July/August 2011. From the interpretation of results numerous targets were identified for follow-up work.
The 2012 program involved geological mapping of the grids on the Mahtin Project and complete ridge and spur sampling on the Alp, Forty, May and Qu claim blocks. Spot anomalies identified from ridge and spur sampling and geophysical targeting were ground truthed and mapped. The exploration program in this area began in June and was completed at the end of July. A total of 10,403 soil samples and 694 grab samples were taken in 2012.
2012 mapping confirmed the presence of a large intrusion that has intruded into calcareous sedimentary units and subsequently formed skarns in the metamorphic aureole. These skarns were found to be mineralised, with the highest gold-in-grab sample being 12.03g/t Au. More distal, polymetallic veins were also found on the periphery of the intrusions and grab samples were collected which assayed 15.05g/t Au and 147g/t Ag (these values are from two separate distal vein systems).
The site was previously drilled by International Gold Resources Inc. in 2007, and significant lengths of core were largely left unsampled. Three holes, MH07-02, MH07-04 and MH07-05, were recovered from their old camp, transported to Dawson, logged, sampled, and assayed in their entirety. It appears that International Gold Resources Inc. had been targeting the contact skarn and sampling was dominantly focused on the skarn horizons. Best results from the three holes re-sampled include:
- 1.5m at 0.82g/t Au (from 126.5m to 128.0m)
- 4.6m at 100.50g/t Ag (from 56.4m to 61.0m)
- 7.86m at 15.05g/t Ag (from 103.71m to 111.57m)
- 0.9m at 0.91g/t Au (from 17.6m to 18.5m)
- 2.0m at 0.46g/t Au (from 86.2m to 88.2m)
- 2.0m at 1.77g/t Au (from 94.2m to 96.2m)
- 1.41m @ 0.80g/t Au (from 43.59m to 45.0m)
- 1.5m @ 1.05g/t Au (from 49.5m to 51.0m)
- 4.0m @ 1.04g/t Au (from 65.0m to 69.0m)
- 1.2m @ 1.00g/t Au (from 142.3m to 143.5m)
- 1.05m @ 0.93g/t Au (151.5m to 152.55m)
The May-Qu area lies in the south-eastern portion of the larger Mahtin project, which is 46km northwest of Mayo. Geologically it lies in the Selwyn Basin, comprised of siltstones and mudstones that have in turn been intruded by Selwyn to Tombstone aged granodiorite plutons. The area was mapped in detail and was found to bear a geological similarity to the Dublin Gulch deposit (50km northeast), with mineralisation occurring as sheeted veins within the granodiorite body and returning assays up to 3.37g/t Au. Several distal polymetallic veins were also discovered in the hornfelsed aureole around the intrusion that were rich in silver (up to 492g/t Ag), lending further evidence to the presence of a mineralised system. To date, mapping and sampling has defined a mineralised area of interest of about 3km x 2km over the main intrusive stock, although additional (and as yet untested) soil anomalies occurred in adjacent cupolas of granodiorite.
The Company plans for a small mapping and ground truthing program at Mahtin in 2013.
Alp Forty Area
The Alp-Forty group of claims lies in the southern portion of the Mahtin claim block and is bordered by the May-Qu properties on its eastern margin. The magnetic and radiometric geophysical survey from 2011 showed the potential for several dyke systems through the property that could host gold mineralisation. As such, a ridge and spur soil program was undertaken over the entire property, as well as two soil grids focused over the geophysical anomalies.
Geological mapping recorded a siltstone-dominated lithology with the occasional occurrence of intrusive rocks such as granodiorites. The lack of outcrop was the largest hindrance here as the generally lower relief was covered by deep soils and vegetation. Although no significant samples were collected in the field, the soils did continue to show a correlation to the geophysically defined intrusives. As the bulk of the soils were collected later in the season and results were unknown, the Ryan Gold field crew focus remained on the May-Qu and Mahtin properties where anomalous soils and outcrop had already been identified.
The Company plans to continue with some reconnaissance work in Alp-Forty in 2013 to follow up on soil anomalies that could be a continuation of the mineralising systems seen in the adjacent May-Qu claims.
Other Mayo Area Projects
The company also worked on the MCQ/Moose and Summit projects in the Mayo area. All three claim blocks have significant soil anomalies, however thick overburden and a lack of outcrop limited the Company's mapping of these areas.
The Kluane Properties are located on a largely unexplored area located in the Whitehorse Mining District in the southwestern part of the Yukon. Reconnaissance ridge and spur soil sampling from 2011 identified significant anomalies in a number of project areas. For example, anomalous gold-in-soil values greater than 100 ppb gold and up to a maximum of 3,427 ppb gold were identified over the claim blocks covering an area of approximately 16 km by 7 km on the Pluto and Venus prospects in the Kluane area (see press release dated November 16, 2011). An encouraging aspect is that the anomalous soil values of greater than 100 ppb gold are associated with wide zones of 30 - 100 ppb gold-in-soil anomalies. In the Kilo prospect, anomalous gold-in-soil values greater than 100 ppb gold, the upper 3% of the gold-in-soil values, and up to a maximum of 1,392 ppb gold, were identified over the claim blocks covering an area of approximately 6 km by 5 km. The Company also reported initial anomalous gold-in-soil values of between 100 ppb and 574 ppb from the reconnaissance soil program conducted on the Sapphire Prospect (see press release dated November 28, 2011).
The Company did extensive mapping and sampling on eight of the properties making up the Kluane region in 2012, with 24,310 soil samples and 364 grab samples being collected. The Company also completed an airborne magnetic and radiometric geophysical survey over the Arm and Pluto properties.
The Pluto claims form one of the largest land holdings in Ryan Gold's portfolio, and are located approximately 65km northeast of Burwash Landing. The entire area was covered in a 12,754 soil sampling program comprising of ridge and spur, as well as a grid localised in the north-eastern corner of the claims over significant ridge and spur anomalies discovered in 2011. Soil assays up to 15.3g/t Au were returned within the grid. Extensive field mapping and sampling working on a 1:10,000 scale was also undertaken in order to gather as much data as possible for later interpretations. Grab samples in the vicinity of the high grade soil samples returned assays up to 7.11g/t Au.
Late in August 2012, a magnetic and radiometric geophysical survey was flown over the entire property.
The Company is currently interpreting the results of the survey, and plans a small mapping and ground truthing program in 2013 to better understand the structural controls on the claims.
The Arm property is located on the eastern flank of the Talbot Arm of Kluane Lake, approximately 25km from Burwash Landing. A grid of 2,782 soils was collected over an area of anomalous ridge and spur samples collected during the 2011 season. Two areas of interest were identified in the grids, with > 100ppb gold-in-soil results being returned. Detailed mapping on a 1:10,000 scale as well as targeted grab sampling was also undertaken across the property.
Mineralisation was found to be pervasive into the country rock, with some quartzites and limestones becoming more intensely altered close to monzonite and granodiorite dykes. Fracture hosted sulphide mineralisation (mainly chalcopyrite, arsenopyrite and galena) returned assays of up to 3.67g/t Au and 832g/t Ag.
A magnetic and radiometric geophysical survey was also flown in August 2012 which revealed a complex structural arrangement within the property boundaries.
The Company is currently interpreting the results of the survey, and plans a small mapping and ground truthing program in 2013.
Other Kluane Projects
Follow up mapping and soil sampling was completed on the Kilo, Sapphire, Bwick, Garnet, Glad, Serp, April, Beaver, Beryl, and Haine properties in the Kluane Region. These programs were successful in locating mineralization to explain the anomalous gold soil samples taken in 2011.
The Company also had smaller programs planned for a number of the other property areas including 50 Mile, Cantung, Nug and McQuesten, mostly involving mapping and soil and rock chip sampling to determine if follow up exploration programs (grid soil sampling and/or drilling) are warranted. The Company is assessing the data collected in 2012 to determine which properties have the most exploration potential.
Sealed plastic sample bags were placed in a security sealed bag and delivered to ALS Chemex ("ALS Chemex") in Whitehorse, Yukon Territories. Here the entire sample was crushed passing minus 2mm, from which a 250g split of the crushed sample was pulverized passing minus 75 micron. Pulp samples of 100g were shipped to ALS Chemex Vancouver where the samples were analysed for gold by fire assay using a 50g aliquot with an ICP-AES finish. An additional 0.5g sample using aqua regia digestion was analysed for an additional 51 elements with an ICP-MS finish.
As part of the Company's QA/QC procedures, internationally recognised standards, duplicates and blanks were inserted into the sample batches. ALS Chemex is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.
Ian Gendall, Pr.Sci.Nat., is providing his expertise as the qualified person within the definition of that term in NI 43-101. Mr. Gendall has also reviewed the technical information in this news release.
About Ryan Gold Corp.
Ryan Gold Corp. is an exploration company focussed primarily on gold exploration in the Yukon Territory, Canada. The Company is well funded and has a large land package of over 400,000 hectares comprised of over 60 different properties. The Company's flagship property is Ida Oro, which was drilled in 2011 and 2012. The Company also has 10% interests in Carlisle Goldfields Limited's Farley Lake Project and Castillian Resources Corp.'s Hope Brook Project.
This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans and business trends. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any mineral that may be produced, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitability, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including any technical reports filed with respect to the Company's mineral properties. This press release is not, and is not to be construed as an offer to buy or sell securities in the United States.
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.