New Prospective Zones Discovered at Tokop Gold Project – Additional Exploration Underway - Seite 2

“It is exciting to find new areas of precious metals mineralization at Tokop. Several more, very prospective areas have yet to be investigated within Riley Gold’s large land package. The next phase of drilling at Tokop will be based on geochemical correlation to mineralized zones from the soil grids in conjunction with geophysics, detailed structural mapping and augmented with data analysis from drilling results to date.   Our goal is to test all of these targets and make a significant discovery,” commented Todd Hilditch, CEO.

¹ Historical (non-compliant 43-101 report) titled: Summary Report Tokop Project Esmeralda County, Nevada for High Frontier Resources by Sam E. Monteleone, Reno, Nevada, June 1990
²   Historical (non-compliant 43-101 report) titled: Summary Report Tokop Project Esmeralda County, Nevada for High Frontier Resources by Sam E. Monteleone, Reno, Nevada, June 1990

Tokop potentially hosts a Reduced Intrusion-Related Gold (“RIRG”) system in addition to the more typical Walker Lane-style epithermal mineralization. The RIRG model is similar to large mines in the Tintina Gold Belt of central Alaska and contiguous parts of the Yukon.  The best known and most economically important of these include the Fort Knox (>8.0 M oz gold produced through 2020), Pogo gold mines in Alaska and the Eagle Mine (M & I resource of ~2.98 M oz gold, 2011 Feasibility Report) of the Dublin Gulch Properties in the Yukon. At Tokop, similarly to those mines, sheeted quartz veins in a multi-phase, reduced, calc-alkaline granitoid intrusive, coupled with widespread hydrothermal alteration, may host gold mineralization of significant potential. Shear-hosted veins have been noted to extend for nearly two km along strike at Tokop. To date, grades within the vein systems sampled assayed as high as 71.73 gpt gold and 970 gpt silver (historical and current sampling). This year’s drilling has confirmed high grade mineralization down dip from surface rock chip sampling in the first three holes released, with grades up to 17.1 gpt gold and 235 gpt silver (see the press release from June 28, 2021).

Another mineralizing event overlapping the known RIRG mineralization appears somewhat similar in nature to Augusta Gold’s Bullfrog Mine Property (past production plus current M&I resources of >3.3 MM ounces gold and 3.8 MM oz silver (NBM&G report 2001 & Augusta Gold website), and the Corvus/now AngloGold Ashanti Ltd. North Bull Frog Deposit (M&I resource of 2.1 MM oz gold and 10.3 MM oz silver per Corvus PEA).