LAS VEGAS, NEVADA--(Marketwired - Apr 15, 2014) - Patriot Gold Corp. (PGOL) or ("Patriot Gold"), a developing gold and silver exploration and production company, today provided a more detailed update on Phase I - Pilot Plant operations of the Moss Gold-Silver project located in the historic and active Oatman Mining District near Bullhead City, Arizona.
Phase I -- Pilot Plant: Key Highlights (as of April 6, 2014) included:
A total of 3,389 ounces of gold and 13,211 ounces of silver has been recovered, processed and sold.
Gold recovery rates on Cells 1-5 were 80.51% after an average of 192 days, exceeding Preliminary Economic Assessment (PEA) estimates.
Gold recovery rates in Cells 6A and 6B were 55.87% after 96 days.
Gold recovery in all cells is scheduled to continue through mid-year.
An additional 600 ounces of gold and 12,000 ounces of silver are estimated to be recovered over the next several months.
"As gold recoveries continue to exceed PEA estimates during Phase I of the Moss project, we are even more confident as we move closer to the start of Phase II and our long-term goal of commercial production," said Bob Coale, CEO of Patriot Gold. "This is the first of a three phase project development plan surrounding the Moss project and we are extremely pleased with what's been accomplished. Through careful plan execution, diligent testing and leaching operations, we have minimized risks associated with the Moss project, and at the same time, positioned Patriot Gold to deliver enhanced value to our shareholders as we continue to make progress at our flagship project site."
Phase I -- Pilot Plant: Additional Metallurgical Findings
As of April 6, 2014, Cells 1-5 consisting of 81,630 tonnes of mineralized material containing 3,656.7 ounces of gold and 36,912 ounces of silver were under continued leaching which showed recovery rates of 80.51% with average leaching time of 192 days (leaching times varied from 218 days for cell 1 to 163 days for cell 5). Gold recovery attributed to cells 1-5 total 2,944.4 ounces yielding a pre-completion recovery of 80.51% Au compared to PEA based on 75% gold recovery after 9 months. Gold is still being recovered from all 5 cells. Silver recoveries are at 38.72% as gold is being preferentially absorbed onto the carbon resulting in high silver recycling values in the leach solution.
Three different heap bench heights were tested with both the physical and chemical results of the leach pad exceeding expectations at the higher bench heights. In addition, the material under leach in Cells 1-5 is considered reflective of mineralized material to be crushed, agglomerated and leached going forward to future phases of the project. Standard protocols for crushing were exceeded while cement additions for agglomeration were met.
Cell 6A and 6B were first treated with leach solution on January 1, 2014. Consisting of 12,730 tonnes containing 702.6 ounces of gold and 8,185 ounces of silver, Cells 6A and 6B showed gold recovery rates of 55.87% with leaching times of 96 days. Although gold recovery rates are slower than Cells 1-5, they remain in line with laboratory expectations. Silver recoveries are 12.44%. Furthermore, the material under leach in Cells 6A and 6B is from a wider area of the Phase I pit and is being used to test recoveries from varying crush sizes, further enhancing the contribution and value of this phase towards the overall understanding of the leachability of the Moss Mine mineralization as a whole. Different operating and agglomeration protocols were also used.
Gold recovery in all cells is anticipated to continue until mid-year.
Gold Production
Gold dore produced to date total 3,389 ounces of gold and 13,211 ounces of silver that has been recovered, processed and sold. An additional 600 ounces of gold and 12,000 ounces of silver are expected to be recovered, processed and sold over the next several months.
The Moss Mine Project is located approximately seven miles due east of Bullhead City, Arizona. Patriot Gold is the 100% owner in the historic Moss Gold-Silver property located in Mohave County, Arizona, which is subject to certain royalties and an earn-in option agreement for 70% interest. The earn-in optionee/operator (Northern Vertex Corp.) has the right to earn a 70% interest in the project by completing an $8.5 million investment over five years and a bankable feasibility study. Subsequent to the earn-in, financing of the project will be on a proportional basis.
About Patriot Gold
Patriot Gold Corp. is a precious metals exploration and production company with the mission to discover and develop significant gold and silver assets. Headquartered in Las Vegas, Nevada, Patriot Gold currently holds a portfolio of two projects in Nevada (Bruner and Vernal) and its flagship Moss project in Arizona, each at varying stages of development from grassroots to advanced exploration and resource development. For more information, go to our website at www.patriotgoldcorp.com.
Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and assay reports; the ability to close the acquisition of mineral exploration properties, and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's web site at www.sec.gov.
