TORONTO, ONTARIO -- (Marketwire) -- 03/15/13 -- 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).
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