Kinross Gold Commences 2026 Drill Program at Riley Gold's PWC Gold Project (Cortez District - Nevada)
Rhea-AI Summary
Riley Gold (OTCQB:RLYGF) announced that the 2026 drilling campaign has started at its Pipeline West/Clipper (PWC) gold project in the Cortez District, Nevada, operated and funded by Kinross Gold U.S.A. under an exploration and venture option agreement.
Kinross has built a detailed geologic model comparing PWC to several >5-million-ounce Cortez District deposits and will test high-priority targets along the highest-grade gold-in-soil anomalies, including areas not previously drilled within the roughly 27 km² land package. The Agreement allows Kinross to earn up to a 75% interest in PWC by spending a minimum of US$20 million and it holds a 9.9% strategic equity stake in Riley Gold. The company also granted 2,240,000 stock options to directors, officers and consultants at an exercise price of $0.55 per share, expiring August 11, 2031.
Positive
- Kinross-funded 2026 drilling underway at PWC, testing high-priority, previously undrilled targets
- Option to earn 75% interest at PWC through a minimum US$20 million spend by Kinross
- Kinross operates and funds the PWC project, reducing Riley Gold’s direct exploration outlay
- Kinross holds 9.9% equity stake in Riley Gold on a partially diluted basis
Negative
- 2,240,000 new stock options granted at $0.55 per share, expiring in 2031, implying future dilution
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - August 12, 2026) - Riley Gold Corp. (TSXV: RLYG) (OTCQB: RLYGF) ("Riley Gold" or the "Company") is pleased to announce that the 2026 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 to have the 2026 drilling underway at PWC. As highlighted in our July 14, 2026 news release, the Kinross technical team along with Riley Gold's Paul Dobak, have defined high-priority drill targets along and on trend with the highest-grade gold-in-soils anomaly known area on the property. These are exciting targets, based on iterative geological, geophysical and data interpretation to date, in areas that have never been drill tested within our 27.2 square kilometer land package. Our PWC project is within the Cortez District, which 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. Our primary target remains a large, disseminated gold deposit peripheral to the Gold Acres stock (see Figure 1), a geologic setting similar to NGM's Pipeline gold deposit," commented Todd Hilditch, CEO of Riley Gold.
2026 Kinross Drill Targets Overview
Kinross has developed a comprehensive geologic model to compare PWC with several greater-than-five-million-ounce gold discoveries in the Cortez District.
Key Cortez District elements at PWC include 1) a NW trending metallogenic belt, 2) NW stepping, symmetrical, on echelon structures, 3) district deposits are within and straddle the "Cortez Window" into the lower plate rocks, 4) deposits occur symmetrically around Mesozoic Stocks and, 5) Goldrush/Fourmile deposits discovered in soil anomalies through the upper plate.
Additional framework drill holes will be north and south of Kinross' initial 2025 drill holes, PW25-02 and PW25-03, and west of PW24-01 (see Figure 1 below). The planned drilling will test targets to the south along some of the highest-grade surface gold-in-soil anomalies, which coincide with an interpreted major structure identified through recent seismic work, previous geophysics, and geologic mapping. Downhole geochemistry from 2024 and 2025 drilling has helped refine the team's understanding of the system and its similarities to regional gold deposits.
2026 Drill Target Map
Figure 1 – 2026 Drill Target Areas
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Kinross Agreement Overview
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
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 27.2 km² 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 Gold's PWC boundary) are top producers within Nevada, a State that consistently produced between 4-5 million ounces of gold a year.
Figure 2: PWC Location (project boundary approximate)
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Qualified Person
Matthew Dumula, P. Eng. is an independent contractor and a 'qualified person', as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The Company also announces that, pursuant to its stock option plan and subject to regulatory acceptance, it has granted an aggregate total of 2,240,000 incentive stock options to certain directors, officers, and consultants of the Company, subject to certain vesting provisions. These options will be exercisable at a price of
About Riley Gold Corp.
Riley Gold is an exploration and development company focused in Nevada, USA, with 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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