New Prospective Zones Discovered at Tokop Gold Project – Additional Exploration Underway

VANCOUVER, British Columbia, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) (“Riley Gold” or the “Company”) is pleased to announce that it has identified two newly discovered prospective zones at its Tokop Gold Project (“Tokop”) which is located in Esmerelda County, Nevada (within the Walker Lane trend). Soil geochemistry and mapping programs are underway on both newly discovered prospective areas.

Soil sampling and mapping will include the two newly identified areas within the 21 square kilometre (“sqkm”) Tokop land package. The two areas lie more than 2 kilometres (“km”) apart and each are more than 1 km from Riley Gold’s recently completed core drill program.

One of the new prospective areas lies south of the main Tokop claim block, where a historic drill hole returned 12.3 metres (“m”) of 1 gram per tonne (“gpt”) gold¹. Another drill hole in the same area returned 12.3 m at 0.617 gpt gold². The second new area is south and west of the Company’s recent drilling by 1 km. This newly discovered structural zone includes felsic intrusives more than 100 m wide flanked by quartz veining and ferruginous quartz vein breccias mapped over a strike length of more than 500m.

Soil samples will be analyzed for gold and multi-element geochemistry, as well as pH and conductivity.

Tokop Update of Work to Date and Pending Results:

On September 23, 2021, Riley Gold announced an additional ground magnetic survey covering approximately 11 sqkm. This survey was completed in early October and nearly doubles the size of existing magnetic susceptibility coverage. A gravity survey of up to 20 sqkm is scheduled to begin in late October and should be completed in November. The surveys are designed to augment known data at Tokop including: historical and Riley Gold outcrop sampling, historical and Riley Gold drilling, and historical geophysical surveys. The combined data set will be used to simulate a 3-dimensional geologic and alteration model necessary for better targeting the next round of drilling. As part of its first drill program, Riley Gold drilled 12 core holes, of which 3 holes have been released and 9 drill holes remain to be assayed and finalized for release.