TORONTO, ONTARIO--(Marketwire - July 19, 2012) - Ryan Gold Corp. (TSX VENTURE:RYG), "Ryan Gold" or the "Company") is pleased to announce that the first diamond drilling program on the Flume Property has commenced. The Company is in the process of earning a 51% interest on the Flume Property from Bearing Resources Ltd (TSXV:BRZ). A total of 1,500 meters of drilling is planned to test soil anomalies identified in last year's exploration program. On the Ida Oro Project, the Company has also completed 14 diamond drill holes, 4016 m of the planned 6,000 meters of drilling for 2012.
The Flume Property lies approximately 60 km south west of Dawson City in the Yukon Territory, and is in the heart of the gold rich 10-Mile River placer district. The area is underlain by Devonian to Mississippian quartz-mica schists, with intermediate to mafic intrusives interlayered with the meta-sediments. The country rock is then in turn intruded by a mid-Cretaceous monzonite stock. Geophysical surveys also highlight large north-south trending structures, possible dyke systems, which are interpreted to be one of the controls of the gold-in-soil anomalies. The southernmost surface gold-in-soil anomaly on the Flume Property is, in total, approximately 4km long and 1km wide. It is this southern anomaly that is the focus of the 2012 diamond drill program. Smaller northern gold-in-soil anomalies are also present in the area of confluence between the Ten Mile and Flume Creeks. Please see attached map: http://file.marketwire.com/release/Flume.pdf.
The fence of seven drill holes on the southern gold-in-soil anomaly is to be drilled to intersect geophysical lineaments, meta-sediments and intrusive stocks which may control and host gold mineralization.
Ida Oro Project
Diamond drilling began in early June at Ida Oro, and 14 holes totalling 4016 m have now been completed. The Company's current plans call for approximately 6,000 metres of drilling at Ida Oro. The objectives of the drill program are: a) to step out drilling to the west and east of the 2011 drill fence to test the strike extent of the mineralization as well as the controls and distribution of mineralization; b) to continue drilling along the ridge to the south of the 2011 drill holes to test the southern 'Europa' and 'Ganymede' gold-in-soil anomalies; c) to test gold-in-soil anomalies peripheral to the central gold-in-soil anomaly. Please see attached map: http://file.marketwire.com/release/IdaOro.pdf. Assays from completed diamond drill holes will be released when available.
The Ida Oro Project has a 100 ppb gold anomaly trending along a NNW-SSE ridge to the east of the main camp. This anomaly is approximately 4 km long and 2 km wide. Drilling in 2011 focused on the northern and central zones of the gold-in-soil anomaly, with the southern zone being as yet untested. Significant results from the 11 holes drilled in 2011 included: IODD-002 - 136.5 m grading 0.56 g/t Au, IODD-003 - 52.87 m grading 0.72 g/t Au, IODD-004 - 39.0 m grading 0.63 g/t Au and 11.3 m grading 1.23 g/t Au; IODD-009 - 5.37 m grading 1.23 g/t Au and IODD-011 - 11.98 m grading 0.83 g/t Au and 16.5 m grading 3.83 g/t Au.
The exploration program is supervised by Andy Randell, Acting Chief Geologist of Ryan Gold Corp. 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 on gold exploration primarily in the Yukon Territory, Canada. The Company is well funded and has a large land package of approximately 470,000 hectares comprised of 80 different properties. The company's flagship property is Ida Oro. During the summer of 2010 a soil sampling programme completed on Ida Oro revealed a significant, >100 ppb Au, gold-in-soil anomaly over an area of 4 km by 1.2 km. In 2011 the Company completed an 11 hole drill campaign for a total of 2,854 m. The Company is presently drilling on the Ida Oro and Flume Properties, as well as systematically exploring a number of its other properties.
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.