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Riley Gold Exploration Program Underway at its Tokop Gold Project Including Initial Surface Rock Samples up to 16.1gpt Gold and 105gpt Silver

Thu 17th December, 2020 10:00am
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VANCOUVER, British Columbia, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Riley Gold
Corp. (“Riley” or the “Company”) (TSX.V: RLYG) is pleased to report
that the exploration program at its Tokop Gold Project (the “Project”)
located in Esmeralda County, Nevada, is well underway. The 2020/21 program
includes mapping, sampling, geophysical surveys and drilling, as well as
Riley’s geological review and interpretation of previous work conducted at
the Project.

The Project is located within the Walker Lane Trend approximately 80
kilometers south of Tonopah, and was consolidated in Q3, 2020 by Riley through
various agreements with land holders (see Riley’s news release dated October
1, 2020). Deposits currently being mined or developed in the area include:
Mineral Ridge Mine, Bullfrog, North Bullfrog, Silicon and the Daisy-Secret
Pass deposits. The nearby districts of Tonopah, Goldfield, and Bullfrog (near
Beatty, Nevada) have accounted for historical production of more than 8.3
million ounces gold and 143.5 million ounces of silver.

Gold mineralization is hosted in intermediate granitic rocks, similar to that
being mined at the Fort Knox Gold Mine (Kinross Gold) near Fairbanks, Alaska.
Higher grade gold is hosted in shears, ledges, stockworks, and closely spaced
veins within granitic rocks. Potentially bulk mineable mineralization can
occur peripheral to high grade structures within the intrusives and
surrounding altered and hornfelsed carbonates.

Exploration Program Initiated:

The exploration program is being led by Charles Sulfrian, Exploration Manager
for Riley who has more than 40 years of experience as an exploration
geologist. Over the last few months, Riley concentrated its efforts on
understanding and delineating highly prospective exploration targets as
identified by past operators as well as future exploration opportunities at
the Project. As a result of this analysis, Riley initiated a detailed mapping
and rock chip sample program to aid in the planning of a new round of
drilling. Additional geophysical surveys will also help define drill targets.
The geophysical work will begin in early 2021 and drilling will follow by the
end of Q1 or early Q2, 2021.

Initial grab and chip samples (up to 3 meters (“m”)) were selected from
dumps and outcrops in varied structural settings which returned assays results
up to 16.1 gram per tonne (“gpt”) gold and 105 gpt silver. See the table
below for detailed results.

The Company has also recently submitted 110 additional rock samples to the lab
for assaying and geochemical analyses. Assay results are expected in early
2021.

                                                                       Weight  Au     Ag      
                                                                       kg      gpt    gpt     
 Sample#  Description                                                  0.02    0.005  0.01    
 1        Select Quartz Vein (" QV ") grab sample from dump            1.45    5.840  105.00  
 2        ~3m chip sample from altered Limestone (“ LS ”) outcrop      1.22    0.023  0.90    
 3        Select altered LS grab sample from dump                      1.13    0.116  7.54    
 4        Select QV grab sample from dump                              1.04    16.1   55.90   
 5        ~3m chip sample from fault zones in altered LS               1.22    0.894  70.80   
 6        ~1m chip sample of QV                                        1.23    7.240  34.00   
 7        Grab sample of QV in granite porphyry                        1.10    5.740  3.23    
 8        ~ 2m chip sample from fault zone in altered LS               1.02    0.045  0.38    
 9        ~1m chip from jasperoid outcrop in altered LS                1.19    0.020  0.22    

Table – Grab and Chip Surface Rock Sample results

Historical Exploration Activity

The Riley 2020/2021 exploration program will focus on expanding historical
efforts made in the area and will build on previous work completed at the
Project between 2010 and 2014 by Global Geoscience Limited (“Global”).
Previous work conducted consisted of a major regional rock sampling program
(approximately 600 rock chip, outcrop and channel samples) that returned
assays up to 34.40 gpt gold and included outcrop rock chip (not channel)
samples of 4m of veined monzonite that assayed 9.93 gpt gold, 3m of sheeted
veins in granite porphyry that assayed 9.56 gpt gold, and another 3m of quartz
veined monzonite that assayed 7.28 gpt gold. Global also completed a mapping
and geophysical program, as well as a 20-hole maiden drill program (where 14
of the 20 drill holes encountered >1.0 gpt gold) that was funded as part of an
earn-in agreement executed in February 2012 with Osisko Mining Corporation
(See Global’s news release dated February 14, 2012).

Historic trench Sampling

Historical trench sampling was conducted in four areas which were generally
north of most of the maiden drilling. Highlights from the trench sampling
include:
* 18m of 1.94 gpt gold
* 12m of 1.39 gpt gold
* 3 m of 0.287 gpt gold
Historical Drilling:

The maiden drill program was conducted with Reverse Circulation (RC) drilling
and include the following highlights (apparent widths; see Global’s new
release dated September 16, 2013 and May 7, 2014):
* 12.2m of 2.5 gpt gold
* 18.8m of 1.3 gpt gold
* 27.4m of 0.8 gpt gold
* 13.8m of 0.94 gpt gold
Gold and silver mineralization is open in several directions.

“We look forward to aggressively moving the Tokop exploration program
forward in preparation for a drill program in early 2021. To date, we have
been impressed with our field and research results and we continue to grow
more excited about the project upside”, stated Todd Hilditch, CEO of Riley.

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, of Riley 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 Tokop, particularly in regards to the historical drill and chip
sample 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 Tokop but
may not be representative of expected results.

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 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 Tokop, including results of drilling, and future exploration plans
at Tokop. 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)



GlobeNewswire, Inc. 2020
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