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Riley Gold Executes Strategic Land Package Agreements to Extend Pipeline West/Clipper Project Adjacent to the Nevada Gold Mines JV

Wed 19th May, 2021 10:30am
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VANCOUVER, British Columbia, May 19, 2021 (GLOBE NEWSWIRE) -- Riley Gold Corp.
(TSX.V: RLYG) (OTCQB: RLYGF) (“Riley Gold” or the “Company”). is
pleased to announce that the Company has significantly increased its land
holdings near and adjacent to the Pipeline West/Clipper Project (“PWC”),
located 80 kilometers (“km”) southwest of Elko, Nevada. This strategic
acquisition includes two claim blocks totaling approximately 3.25 square kms
(1.26 square miles) between the already well-positioned PWC and the Nevada
Gold Mines joint venture (“JV”) (operated by Barrick and Newmont)
boundary, just west of the Gold Acres and Pipeline deposits within the Cortez
complex portion of the Battle Mountain-Eureka Trend (Figure 1).

Figure 1 – Riley Gold strategic land
https://www.globenewswire.com/NewsRoom/AttachmentNg/45b0a822-b3d0-405a-9065-9bd3e4782be9

“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”, commented William Lamb, Executive Chairman of the Board
of Riley Gold.

About the Pipeline West/Clipper Project

PWC constitutes a very prospective, early staged exploration property for
Carlin-type disseminated and replacement gold deposits. The project consists
of a land package now totaling approximately 24.7 square kms (9.5 square
miles) of unpatented mining claims and patented (fee) lands adjacent to
properties controlled by the massive Nevada Gold Mines JV.

Figure 2 – Cortez trend portion of the Battle Mountain – Eureka Trend and
Riley Gold land holdings
https://www.globenewswire.com/NewsRoom/AttachmentNg/29017321-b7f7-410c-99f0-042a2a9ce9a7

PWC lies within the exceptionally productive Cortez trend portion of the
Battle Mountain – Eureka Trend in north central Nevada (Figure 2). The
Cortez section of this trend has a gold endowment of more than 50 million
ounces (past production + current reserves & resources). Several multi-million
ounce past and currently producing gold mines including Pipeline, Cortez
Hills, Fourmile and Goldrush are located southeast of PWC along strike of the
Trend. Northwest of PWC, other large mines along the northern portion of the
Battle Mountain – Eureka Tend include Copper Canyon, Phoenix, Marigold and
Lone Tree.

The principal targets for exploration at PWC include units within the lower
plate of the Roberts Mountains Thrust Fault system, primarily the Devonian
Wenban and Siluro-Devonian Roberts Mountain formations. The Wenban is the
primary host for much of the gold mineralization in the Cortez area. Target
depths to this lower plate unit within PWC are reasonably thought to be within
300 to 600 meters of the surface.

Land Terms Overview:

The Company has entered into two mining lease agreements (“Lease
Agreements”) with multiple land holders (collectively the “Parties”),
whereby the Parties have granted to Riley Gold the exclusive right to 100%
interest in certain unpatented mining claims located in Lander County, Nevada,
for the purposes of exploration, development, and mining of minerals (and all
additional incidental rights and privileges). The Lease Agreements have an
initial term of 10 years (with the option to extend for a second 10-year term)
whereby the Company must incur annual minimum lease payments during the
initial 10-year term totalling US$305,000 and work commitments totalling
US$1,275,000. On the commencement of commercial production, the annual minimum
lease payments shall terminate and be replaced with a 4.0% gross smelter
return royalty (“GSR”) which Riley Gold has the right to buydown to a 2%
GSR at varying amounts adjusted for inflation.

About Riley Gold Corp.

Riley is a mining exploration and development company focused in Nevada, USA.
The Company’s primary focus is on its two cornerstone assets: the Tokop Gold
Project located within the Walker Lane Trend and the Pipeline West/Clipper
Project located in the Battle Mountain Eureka Trend. Riley’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.

Qualified Person:

This news release has been reviewed and approved by Charles Sulfrian, CPG.,
Consulting Geologist, for Riley Gold and a ‘qualified person’, as defined
by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The Qualified Person has not completed sufficient work to verify the historic
information on PWC, particularly in regards to the historical drill results.
However, the Qualified Persons believe that drilling and analytical results
were completed to industry standard practices. The information provides an
indication of the exploration potential of PWC but may not be representative
of expected results.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Todd Hilditch

Chief Executive Officer

Tel: (604) 443-3831

Toll free: 1 877 792-6688 Ext 2

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 news release contains forward-looking statements that are not historical
facts.  Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied by such
forward-looking statements, including statements regarding the exploration
program at PWC, including results of drilling, and future exploration plans at
PWC.  Factors that could cause actual results to differ materially from these
forward-looking statements include, but are not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be located, the
Company's inability to obtain any necessary permits, consents or
authorizations required for its planned activities, and the Company's
inability to raise the necessary capital or to be fully able to implement its
business strategies. The reader is referred to the Company's public disclosure
record which is available on SEDAR (www.sedar.com).  Although the Company
believes that the assumptions and factors used in preparing the
forward-looking statements are reasonable, undue reliance should not be placed
on these statements, which only apply as of the date of this news release, and
no assurance can be given that such events will occur in the disclosed time
frames or at all.  Except as required by securities laws and the policies of
the TSX Venture Exchange, the Company disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.

(https://www.globenewswire.com/NewsRoom/AttachmentNg/81e3c9bf-815e-4ca0-99ad-02f41af13372)
Figure 1 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/45b0a822-b3d0-405a-9065-9bd3e4782be9/en)
Riley Gold strategic landFigure 2 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/29017321-b7f7-410c-99f0-042a2a9ce9a7/en)
Cortez trend portion of the Battle Mountain – Eureka Trend and Riley Gold
land holdings


GlobeNewswire, Inc. 2021
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