Multiple Nevada Gold Projects

Riley Gold Corp. (TSX-V: RLYG)(OTC: RLYGF) — currently trading around C$0.60 per share — is advancing multiple Nevada gold projects including a current phase-one drill program at the flagship Tokop Gold Project located in the prolific Walker Lane Mineral Trend.

The initial 3,000-plus meter drill program at the 100%-owned property is permitted for a minimum of 18 holes to be drilled from 17 sites.
 

Initial drill targets have been delineated through historical and recent surface sampling with highlight grades up to 34.4 grams per tonne (g/t) gold and 970 g/t silver including occurrences of visible gold (as illustrated below).
 

 
 
 
At Tokop, gold mineralization is hosted in intermediate granitic rocks characterized by shear-hosted quartz veins — similar to what’s currently being mined at the Fort Knox Gold Mine [8MM+ ounces production] near Fairbanks, Alaska. 
 
Limited historical drilling at Tokop has yielded numerous mineralized intercepts including:
 
  • 12 meters at 2.54 g/t Au

  • 18 meters at 1.25 g/t Au

  • 30 meters at 0.72 g/t Au

  • 14 meters  at 0.94 g/t Au
The current exploration and drilling program is being led by Exploration Manager, Charles Sulfrian, who boasts more than 40 years of experience as an exploration geologist. Mr. Sulfrian commented via press release on 13 April 2021: 
 
 
“We are very excited to begin coring at Tokop. Our boots on the ground field work over the last few months, in addition to a detailed data review and background research, helped us plan a coherent and very prospective drill program which we believe to be just the start of our work at Tokop.”
 
 
The company expects to announce initial drill assays on the first 2 to 3 holes within the next two weeks.

Riley Gold’s second 100%-owned project — which can also be considered a flagship and wherein the company recently significantly increased its land package — is the Pipeline West-Clipper Gold Project (“PWC”) located approximately 80 km southwest of Elko, Nevada, in the famed Battle Mountain-Eureka Mineral Trend. 
 

 
The 24.7 sq km PWC project is on strike with the Nevada Gold Mines JV between industry leaders Barrick Gold (NASDAQ: GOLD) and Newmont Corp. (NASDAQ: NEM) in the prolific Cortez Mining District.

Exploration will begin in earnest at PWC once drilling wraps up at Tokop with phase-one drilling slated for Q4 2021 - Q1 2022.

The Cortez Mining District is a major gold-producing trend boasting a rich gold endowment of more than 50 million ounces of past production plus current reserves and resources.

Nearby deposits in the Cortez District include:
 
  • Pipeline Complex (23MM oz/Au) - which includes the Pipeline, Pipeline South, Gap, Crossroads, and Gold Acres deposits

  • Cortez “Cortez Hills” Complex (27MM oz/Au) - which includes the Pediment, Four Mile, Goldrush, and South Goldrush deposits
 
The PWC property lies less than 2.5 km west of the Pipeline Mine and just 0.6 km west of the Gold Acres open pit, which alone hosts ~1 million ounces at 2.77 g/t Au.

Exploration and drilling activities will target some of the same rock formations — at relatively shallow depths between 300 and 700 meters — as those that host the Pipeline Complex orebodies particularly in the Wenban formation.

Riley Gold chairman, William Lamb, commented via press release on 19 May 2021:
 
 
“We were happy to be able to execute agreements that strategically fills the gap, along strike, between our PWC property boundary and the Gold Acres/Gap/Pipeline deposits controlled by the Nevada Gold Mines JV.  This property transaction was important in order to enhance Riley Gold’s district scale land package and cover the west to east extension of the Wenban geological unit that is known to be the host of gold mineralization in this district, including gold production at the Nevada Gold Mines JV, Pipeline and Cortez facilities. An exploration program will be designed to enhance the known information within the district as well as garnered from previous historical work, where Riley Gold believes that the Wenban target was not tested adequately.”
 
 
 
There’s a lot to like about Riley Gold Corp. at current levels. The company has the drills turning at one Nevada gold project with assays due soon and will then be pivoting to its second flagship in Nevada, which butts right up to a producing mine.

The company boasts an exceptionally tight share structure with only 35.6 million shares issued and outstanding (fully-diluted) and has approximately C$1.3 million in the treasury.

Of course, in the junior mining space, it’s all about the people running the show — and Riley Gold boasts an impressive amalgamation of talent starting with Todd Hilditch, CEO, who brings 20-plus years of industry experience, including at Terraco Gold which he founded in 1996 and subsequently sold to Sailfish Royalty Corp. in 2019.

Our own Gerardo Del Real of Junior Resource Monthly caught up with Mr. Hilditch for an overview of the team, the share structure, and the two flagship gold projects. CLICK HERE TO LISTEN. Transcript is also available. 
 
 

Yours in profits,

 

Mike Fagan

Mike Fagan
Editor, Resource Stock Digest


Mike Fagan has mining in his blood. As a teenager he staked countless gold and silver properties in Nevada alongside his dad, Brian Fagan, who created the Prospect Generator model that’s still widely used today in the resource space. One of those staking projects was put into production by a major Canadian mining company — a truly rare and profitable experience. That background uniquely qualifies him as a mining stock speculator. One of the most well-known names in the business, Mike is now putting that experience to use for the benefit of Resource Stock Digest and Hard Asset Digest readers.