Rhyolite Drills 14.2 g/t Gold Over 2.8 Meters at Low: Significantly Increases Land Package at Paxson
September 07 2011 - 9:00AM
Marketwired Canada
Rhyolite Resources Ltd. ("Rhyolite" or the "Company") (TSX VENTURE:RYE) reports
that the initial drill hole into the Low target on its wholly-owned Paxson gold
project in the Tintina Gold Belt, eastern Alaska has returned significant gold
values.
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Weighted Grade
Drill Hole From (m) To (m) Interval (m) (g/t Gold)
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WG11-05 19.5 21.9 2.4 3.2
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And 26.9 54.3 27.4 1.9
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Includes 38.7 52.3 13.6 3.4
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Includes 40.2 43.0 2.8 14.2
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Hole WG11-05 was drilled to the south, angled at -45 degrees and tested the Low
target located approximately 3.2 km east southeast of the Shalosky zone where
the results from the first two diamond drill holes of the 2011 program returned
(Press Release August 18, 2011):
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Weighted Grade
Drill Hole From (m) To (m) Interval (m) (g/t Gold)
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WG11-01 56.1 77.1 21.0 1.9
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Includes 56.1 59.1 3.0 7.2
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Includes 70.1 71.8 1.7 6.3
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And 97.5 99.0 1.5 2.7
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Weighted Grade
Drill Hole From (m) To (m) Interval (m) (g/t Gold)
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WG11-02 88.3 111.4 23.1 3.5
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Includes 90.4 103.6 13.2 5.4
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The lengths indicated are drilled intervals and do not necessarily represent
true widths of mineralized sections. Additional drilling is warranted to assess
the geometry of the intercepted structures. The results from holes WG11-03 and
WG11-04 drilled at the Shalosky zone are still awaited due to pending assays
from infill sampling required on the holes.
Based on the initial results of the 2011 diamond drill program, Rhyolite has
staked an additional 106 contiguous mineral claims at its wholly-owned Paxson
gold property.
The Paxson property now comprises 135 mineral claims for a total of 8,670
hectares (86.7 square kilometers). The objective of the property addition is to
cover the projections of multi-kilometer scale structures that appear to control
the gold mineralization on the Paxson property. Of particular interest to the
property expansion is the northeast and southwest extensions of the Shalosky
zone.
To date, the Shalosky zone is defined by a 1,100-metre-by-50- to 500-metre
greater-than-100-part-per-billion gold-in-soil geochemical anomaly. However,
compilation work and prospecting in 2011 indicates that the controlling Shalosky
structure may extend for a much greater strike distance. Prospecting along the
southwestern projection of the Shalosky structure by Rhyolite in 2011 has
intermittently identified siliceous breccia in float and sub-parallel structures
for over 1.6 km west of hole WG11-01. Assay results from the surface sampling
program are pending.
Rhyolite also reports that the 2011 Paxson reconnaissance diamond drill program
has now been successfully completed. A total of eight diamond drill holes
comprising 1,388 meters have tested the Shalosky zone over a 600 meter strike
length and down to depths of approximately 160 meters below surface, four
diamond drill holes comprising 536 meters have been completed 3.2-km east
southeast at the Low zone where surface sampling in 2010 returned 13.37 grams
gold per tonne over 3 meters (Press Release November 10, 2010), and two holes
comprising 323 meters were collared approximately 2.8-km west of the Low zone at
the Hunter showing where surface sampling returned grab samples of up to 50.8
grams gold per tonne (Press Release November 10, 2010). All diamond drill holes
completed to date have encountered sulphide bearing structures. Results from
remaining 11 diamond drill holes will be released once received and compiled.
Details and results from the 2011 program are being compiled into a brand new
corporate website that is currently nearing completion. Rhyolite expects that
the new website will be launched by the end of September and will serve as a hub
for investors to keep up to date with the company, its developments and to
review the exploration data in more detail.
Quality control/Quality assurance
The 2011, mineralized intervals in the BTW-size drill core were sawn
longitudinally and half the drill core was sampled in intervals not exceeding
3.0 meters. All samples are transported in security-sealed bags to the lab for
analyses. All samples collected in 2011 were sent for gold fire assay and
48-element ICP analysis to ALS Chemex Labs. Samples were prepared in ALS
Chemex's Fairbanks prep facility and then sent to Reno Nevada for analysis. Gold
fire assays were on 50 gram pulp splits with an AA finish. One in every ten
samples contains a control (blank or gold standard).
Qualified Persons
The foregoing disclosure has been reviewed, compiled and is the responsibility
of Richard A. Graham, P. Geol., President of Rhyolite and a "qualified person"
for the purpose of NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF RHYOLITE RESOURCES LTD.
Richard Graham, President and CEO
Forward-Looking Statement
Some statements in this report contain forward-looking information. These
statements include, but are not limited to, statements with respect to future
exploration, expenditures, transactions and financings. These statements address
future events and conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of to be materially different from any future results,
performance or achievements expressed or implied by the statements. Such factors
include, among others, risks related to actual results of exploration
activities, the timing and amount of expenditures and the completion of
transactions and financings.
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