Kinross Gold Commences 2025 Drill Program at Riley Gold's PWC Gold Project (Cortez District - Nevada)
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2025) - Riley Gold Corp. (TSXV: RLYG) (OTCQB: RLYGF) (" Riley Gold" or the " Company") is pleased to announce that the 2025 drilling campaign is underway at the Company's Pipeline West/Clipper Gold Project (" PWC") operated by Kinross Gold U.S.A., Inc. (" Kinross"), a wholly-owned subsidiary of Kinross Gold Corporation (TSX: K) (NYSE: KGC).
"We are happy that Kinross is ahead of schedule and to have the 2025 drilling well underway at PWC. As highlighted in our April 29, 2025 news release, the Kinross technical team along with Riley Gold's Paul Dobak, have defined high-priority framework drill targets in the highest-grade gold-in-soils anomaly known area on the property. These are exciting targets, based on geological and geophysical data interpretation, in areas that have never been drill tested within our 25 square km land package. Our PWC project is within the Cortez District that has a significant history of gold production and current reserves. PWC adjoins Nevada Gold Mines LLC (" NGM"), a joint venture between Barrick Gold Corp. and Newmont Corporation, that has current production within their Cortez/Pipeline complex," commented Todd Hilditch, CEO of Riley Gold.
2025 Kinross Exploration Plan and Map
A comprehensive geologic model was built for comparison with the many Cortez Districts >5.0-million-ounce gold discoveries. The new step-out wide spaced framework drill holes are being spotted approximately 2.5 kilometers (" km") (up to 8,200 feet) northwest of the first Kinross drill hole in 2024 (see Figure 1 below) and include northwest vectoring to the highest-grade surface geochemical gold anomalies from the soil survey near the intersection of two major structures. The primary target is a large, disseminated gold deposit peripheral to the Gold Acres stock, which is the geologic setting for NGM's Pipeline gold deposit (see Figure 2 property location).
Compiled geologic mapping, geophysical surveys, historical drill results, and gold-in-soil survey results uploaded in Leapfrog software support the new 2025 drill hole locations. Recent geologic modeling and interpretation by Kinross also provides a supporting structural foundation and information for the 2025 Drill Program.
Additional soil sampling is planned by Kinross for the 2025 field season to increase surface geochemical coverage adjacent to the 2023 soil survey completed by Riley Gold. The previous soil survey returned significant anomalous gold-in-soil values that extended more than 3 km. Several pathfinder elements, associated with both Carlin-type and intrusive-related gold deposits, were also elevated in the first soil survey.
Riley Gold entered into an exploration and venture option agreement (the " Agreement") with Kinross on March 13, 2024. The Agreement grants Kinross the right to earn up to a 75% interest in Riley Gold's PWC project by spending a minimum of US$20 million (see news release dated March 14, 2024 for details). PWC is located in Lander County, Nevada and consists of approximately 24.7 km² in the heart of the significant gold producing Cortez District (Battle Mountain - Eureka Trend). Kinross is funding and operating PWC and has a strategic 9.9% (on a partially diluted basis) equity interest in the Company acquired through a private placement.
About PWC
PWC constitutes a very prospective exploration property for Carlin-type, disseminated and replacement gold deposits. PWC consists of a land package totaling approximately 24.7 square kms of unpatented mining claims and patented fee lands adjoining NGM. PWC is situated along the Cortez Structural Zone of the exceptionally productive Cortez Trend within the Battle Mountain - Eureka Trend in north central Nevada (Figure 2). The Cortez and Pipeline complexes (adjoining Riley's PWC project boundary) are top producers within Nevada, a State that has consistently produced between 4-5 million ounces of gold a year.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10015/253742_0c4caebe84de4ac6_003full.jpg
Tokop Gold Project
The Company also wishes to report that it has terminated all agreements related to its Tokop Gold Project and has relinquished the property. Previous drilling on the property did not provide results that warranted continued exploration under current junior market conditions. The Company is electing to preserve cash and reduce costs.
Qualified Person
This news release has been reviewed and approved by Richard DeLong, P.Geo., Director of Riley Gold and a 'qualified person', as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Riley Gold Corp.
Riley Gold is an exploration and development company focused in Nevada, USA, of the Pipeline West/Clipper Gold Project located in the Battle Mountain Eureka Trend within the Cortez District. Riley Gold's founders and leadership team have a proven track record of maximizing shareholder value during each phase of the mining life cycle: exploration, development, and production.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Todd Hilditch
Chief Executive Officer
Tel: (604) 443-3831
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement regarding forward-looking information
This press release contains statements which constitute "forward-looking information" under applicable Canadian securities laws, including statements regarding plans, intentions, beliefs and current expectations of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking information. Although Riley Gold believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Riley Gold can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties and the Company's future business activities may differ materially from those in the forward-looking information as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions and the ability to obtain the requisite approvals of the TSX Venture Exchange when necessary. Investors are cautioned that any such forward-looking information is not a guarantee of future business activities and involves risks and uncertainties. Additional information on these and other factors that could affect Riley Gold operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca). There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
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