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New high-priority drill target identified in the Tokop Gold Project from the Property Wide Geophysics Program of the Canadian Business Journal

Vancouver, British Columbia, March 23, 2022 (GLOBE NEWSWIRE) — Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) (“”Riley Gold “ or “society”) Is pleased to announce the newly identified high-priority geophysical targets as a result of the ongoing exploration program at the Tokop Gold Project (“).Tocop”), Located in Esmeralda County, Nevada. Tokop’s land package contains over 21 square kilometers (“Square km“) Within Nevada’s prolific Walker Lane trend.

As a result of Riley Gold’s cumulative exploration efforts to date, Tokop is now interpreted as having two styles of mineralization within the project’s land package. Tokop North and Tokop South are referenced within the global Tokop project because the mineralization system tends to be dominated by the region.RIRG“) / Orogeny is more common in the northern Tokop region, but the hyposulfated epithermal system (similar to Bullfrog Mine) is more common in exposure in the southern Tokop region. This release focuses on geophysical results from Tokop North and presents additional results from the Tokop South area.

“The purpose of using geophysics with other exploration tools such as rock sampling, soil sampling, and structural mapping is to layer additional information to target and identify the optimal drill hole location for success. I’ve been working on Tokop for over a year now, by understanding the research so far and reinforcing that information with my own research to prepare a geological model for the discovery of gold deposits. Significant progress has been made, including thermal extramineralization in the southern part of the project (Tokop South), which was recently identified as a secondary style of mineralization and is intrusion-related. Reinforces the major Tokop region (Tokop North) of. Our collaboration, completed last year, has led to some high-priority drill targets that are making us excited and ready to drill. It has arrived. ” Todd Hilditch, CEO of Riley Gold Corp, said:

Geophysics

The geomagnetic and gravity survey was conducted in Tokop in the fall of 2021 by Magee Geophysical in Reno, Nevada. The raw data was provided to Jim Wright of Wright Geophysics in Spring Creek, Nevada, for interpretation and support for future drilling. Preliminary interpretations suggest some targets that are consistent with recent mappings and surface sampling. Data are being added simultaneously to ongoing modeling, including drilling, surface mapping, rock and soil sample data.

The lines of magnetic force performed NE–SW every 200 meters (““m“). Some anomalies of interest have confirmed previously identified prospects, which are currently in the drill preparation stage for exploration. These anomalies represent predominant alterations due to magnetite destruction and potential carbonate skarn targets for Precambrian carbonate units (Wyman Formation and Reeddromite). In addition, this study shows deeper intermediate intrusive rocks that may be associated with RIRG mineralization events.

The gravity survey was conducted on a 200m grid. Gravity data reveals the potential for very promising drill targets that appear relatively shallow in the newly defined target area. For example, a drill target is shown near a relatively large area with a strong gravity gradient and low density, and the rock may be changing. Gravity also helped to understand the depth to the bedrock under the pediment cover in areas where mineralization is primarily hidden.

The current interpretation of geomagnetic datasets comes after the first round of perspective-scale and region-scale mapping in Tokop. The Riley Gold team found that suppressed magnetic highs were primarily associated with Sylvanian Pluton granite, but also with the Shaley Carbonate Wyman Formation.

Figure 1-Tokop NorthGround Magnetics Survey Covered by Rock / Soil Samples and Structural Interpretations

Prospect scale mapping observations include intermediate levees that are often associated with magnetic heights. The small intermediate dikes on the surface are not large enough to be visualized at the resolution of the survey, but these mapped dikes are thought to cover the larger intermediate dikes that penetrate deeper. I am.

Geomagnetic data reveal that the same structural fabric observed at Tokop extends beyond the main area (within Tokop North) excavated by Riley Gold in 2021. Sampling of surface rocks, historical tunnel and shaft location trends, and subsequent excavations show that the main mineralization fault hits the northwest. The same northwestern mineralization trend can be seen in the cabin area southwest of the main. In addition, north-south faults have also been found to host mineralization based on mapping and sampling. These northwest and north-south faults are truncated by northeastern trend faults that are believed to be post-mineralization. Early structural interpretations of Tokop properties have been further confirmed in geomagnetic geophysics based on trends in magnetic height.

Figure 2 Cabin Perspective-Structural Interpretation, Rock / Soil Sample Results Overlaid on Geomagnetic Field (RTP RES) and DEM

Figure 3 Quart breccia vein containing gold in the cabin prospect. The mapped strike length is 500m and may extend further under the cover (photos, photo views taken from a historic cut at the structural intersection highlighted by the red ellipse in Figures 1 and 2: Northeast)..

Geological overview

Recent studies at Tokop have revealed multiple styles of gold mining and host rocks. One is the RIRG system hosted by granite and carbonate units, and the other is the typical Walker Lane-style thermal mineralization hosted by Tertiary volcanoes (ammonia tank tough) and Wyman Formation carbonates. It is an action. This style of mineralization resembles a deposit about 30 miles south and east of the project, like the deposit in the Bullfrog area. The Bullfrog area (around Beatty, Nevada) is a low-sulfurization, volcanic, sedimentary thermal extra-gold deposit similar to the Barrick Gold-operated Bullfrog mine, with over 2.3 million ounces of gold and 300 from 1989. Produced 10,000 ounces of silver. 1999MeFrom open pit mining and underground work. Additional exploration and deposit development in the Bullfrog area includes work by Corvus Gold (now AngloGold), Coeur Mining, Kinross, and Augusta Gold Corp.

The RIRG model resembles a large mine in the adjacent part of the Tintina Gold Belt and Yukon Territory in central Alaska. The best known and most economically important of these is Fort Knox (> 8.0 Moz gold produced by 2020 and an additional 2.47 Moz P + P reserve).ii), Pogo Gold Mine (4.0 Moz Gold Produced by March 31, 2021, Additional 3.95 Moz M & I Resources and 1.740 Moz Estimated Resourcesiii) And Eagle Mine at Dublin Gulch Property in the Yukon Territory (M & I resource is approximately 2.98 Moz Gold)iv). In Tokop, as in these mines, the sheet-like quartz veins of polyphasic reduced calc-alkaline granitic intrusive rocks and surrounding metamorphic sedimentary rocks, combined with extensive hydrothermal alteration, have great potential for gold mining. May bring. Along the strike at Tokop, shear-hosted veins extend nearly 2 km. To date, sampling of these venous systems has returned up to 71.73 gpt of gold and 970 gpt of silver grades (past and present sampling). In this year’s drilling, sampling of surface rock chips confirmed high-grade mineralization with up to 17.1 gpt of gold and 235 gpt of silver in the first three holes released.

About Riley Gold Corporation.

Riley Gold is an exploration and development company focused on the state of Nevada, USA. The company’s main focus is on two key assets: the Tocop Gold Project within the Walker Lane Trend and the Pipeline West / Clipper Project within the Battle Mountain Eureka Trend. Riley Gold’s founders and leadership team have a proven track record of maximizing shareholder value at each stage of the mining life cycle (exploration, development, production).

Qualified person

This news release is by Charles Sulfrian, CPG, Exploration Manager at Riley Gold. And reviewed and approved by “Qualified Persons” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. Qualified personnel have not completed sufficient work to validate Tokop’s historical information, especially with respect to past drill and tip sample results. However, qualified personnel believe that the results of drilling and analysis have been completed according to industry standard practices. This information indicates the potential for Tokop’s exploration, but may not represent the expected results.

Please contact us for more information.

Todd Hilditch
Chief executive officer
Tel: (604) 443-3831

or

Mars Investor Relations
Tel: (778) 999-4653
RLYG@marsinvestorrelations.com

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

Precautions regarding future prospects

The specific disclosures in this release constitute “forward-looking information” in the sense of Canadian securities law (such statements are referred to as “forward-looking statements”). Forward-looking statements are not historical facts and are not always, but are generally identified by the following words: expectations, plans, forecasts, beliefs, intentions, estimates, projects: , Assuming, potential and similar expressions. Forward-looking statements include statements about Tokop’s exploration program, where risks, uncertainties, and actual results, performance, prospects, and opportunities include drilling results, by such forward-looking statements. Includes other factors that may differ materially from those expressed or implied. , Sampling, geophysics, interpretation, and future exploration plans at Tokop. Factors that may cause actual results to differ materially from these forward-looking statements include potential variations in the nature, quality and quantity of the deposits, and our inability to obtain the necessary permits and consents. Includes, but is not limited to. Or the approval required for the planned activity and the company’s inability to raise the necessary capital or to fully execute the business strategy. Readers should refer to our public records available at SEDAR (www.sedar.com).). We believe that the assumptions and factors used in making forward-looking statements are reasonable, but we should place undue reliance on these statements that apply only as of the date of this news release. And there is no such guarantee. The event does not occur within the disclosed time frame or at all. Except as required by the Securities Act and the policies of the TSX Venture Exchange, we disclaim any intention or obligation to update or revise any forward-looking statement as a result of new information, future events, etc.

Me Department of Geology, Nevada Mine; Special Publication MI-2001: Nevada Mineral Industry 2001; Metals by Joseph V. Tingley and Daphne D. Lapointe and Major Precious Metal Deposits by Joseph V. Tingley and Augusta Goldcorp July 14, 2021 Attached press release.
ii Fort Knox Goldmine Website: https: //www.kinross.com/operations/default.aspx#americas-fortknox
iii As reported in the North of 60 Mining News; March 1, 2021 and September 26, 2021 Updates: https: //www.miningnewsnorth.com/story/2020/03/01/news/pogo-gold- mine-reaches-4-million-ounces / 6184.html & Pogo Mine Northern Star Resource Limited, press release dated August 30, 2018:
https://www.nsrltd.com/investor-and-media/asx-announcements/2018/august/northern-star-acquires-pogo-gold-mine-in-alaska
iv Victoria Gold Corp, Eagle Mine, Yukon Website: https: //vgcx.com/development/eagle-gold-project/ Technical report for Eagle Gold Mine, Yukon Territory, Canada. Author: JDS ENERGY & MINING INC.; QPs Richard Goodwin, P. Eng. , Paul Gray, P. Geo, Barry Carlson, P. Eng, Marc Jutras, P. Eng, Steve Tang, P. Eng. , Stephen Wilbur, P. Geo, Report Date 06 Dec 2019.


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New high-priority drill target identified in the Tokop Gold Project from the Property Wide Geophysics Program of the Canadian Business Journal

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