Riley Options Two Nevada Gold Projects

Tokop and Pipeline West/Clipper and Announces C$2,000,000 Private Placement

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VANCOUVER, British Columbia, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Riley Resources Corp. (TSX.V: RLY) (“Riley”) or the “Company”) is pleased to announce that it has executed multiple agreements to option and acquire two Nevada gold projects, located within two premier precious metals trends: the Battle Mountain-Cortez-Eureka Trend and the Walker Lane Trend. The Company is also pleased to announce a non-brokered private placement of up to 10,000,000 units at C$0.20 per Unit (“Units”) for total gross proceeds of up to C$2,000,000 (the “Private Placement”).

“We are excited to move Riley forward with projects strategically located within world-class precious metals trends in the mining-friendly State of Nevada. Tokop and Pipeline West/Clipper have very promising mineralization signatures within these trends.”, commented Todd Hilditch, CEO.

Tokop Gold Project:

The Tokop Gold Project (“Tokop”) is located in Esmeralda County (Tokop Mining District), approximately 80 km south of Tonopah. Riley has executed two separate agreements to consolidate two specific claim blocks as well as the assignment of a lease. Deposits currently being mined or developed in the area include: Mineral Ridge Mine, Bullfrog, North Bullfrog, Silicon and the Daisy-Secret Pass deposits. The nearby districts of Tonopah, Goldfield, and Bullfrog (near Beatty, Nevada) have accounted for historical production of more than 8.3 million ounces gold and 143.5 million ounces of silver.

At Tokop, gold mineralisation is hosted in intermediate granitic rocks, similar to that being mined at the Fort Knox Gold Mine near Fairbanks, Alaska. Higher grade gold is hosted in shears, ledges, stockworks, and closely spaced veins within granitic rocks. Potentially bulk mineable, lower grade mineralization can occur peripheral to high grade structures within the intrusives and surrounding altered and hornfelsed carbonates.

Historical Tokop drilling¹ has yielded gold intercepts including: 12.2 meters (m) of 2.5 grams per tonne (gpt); 18.8m of 1.3 gpt; 27.4m of 0.8 gpt and 13.8m of 0.94gpt. Trench sampling away from drilling returned values including 18m of 1.9 gpt gold. Mineralization is open in several directions.

Pipeline West/Clipper Project:

The Pipeline West/Clipper Project (“Pipeline West”) is located in Lander County (Cortez Mining District), approximately 80 km southwest of Elko, Nevada. Nearby gold deposits include Barrick’s ‘Cortez Complex’ (operated under the Nevada Gold Mines JV): Pipeline; Gold Acres; Cortez; Cortez Hills; Goldrush and Four Mile.