Rhyolite Drilling Extends Gold Discoveries at Paxson: Highlights Include 1.6 g/t Au Over 70.1m, 1.0 g/t Au Over 100.1m and 8....
November 08 2011 - 12:59PM
Marketwired
Rhyolite Resources Ltd. ("Rhyolite" or the "Company") (TSX
VENTURE:RYE) reports the results from the remaining 11 holes from
its 14-hole 2011 reconnaissance diamond drill program on its
wholly-owned Paxson gold project in the Tintina Gold Belt, eastern
Alaska.
Drill Highlights:
Shalosky Zone: WG11-03 - 1.01 g/t gold over 100.1 meters (131.4-231.5m),
including 2.5 g/t gold over 10.5 meters (221-231.5m);
WG11-04 - 2.21 g/t gold over 13.2 meters (85.8-99.1M),
including 4.5 g/t gold over 5.2 meters (85.8-91.0m);
WG11-12 - 1.64 g/t gold over 70.1 meters (106.5-176.6),
including 3.1 g/t gold over 14.7 meters (143.2-157.9m);
and
WG11-13 - 2.05 g/t gold over 10.1 meters (178.9-189.0m),
including 3.2 g/t gold over 3.3 meters (182.4-185.7m).
Low Zone: WG11-06 - 4.03 g/t gold over 5.5 meters (31.7-37.2m),
including 8.6 g/t gold over 2.2 meters (35-37.2m).
Project Highlights:
Shalosky Zone: A total of eight diamond drill holes comprising
1,388 meters tested the Shalosky zone over a 600 meter strike
length and down to depths of approximately 160 meters below
surface. The Shalosky zone is associated with a regional
east-northeast, steeply dipping structural corridor adjacent to a
regional thrust fault and coincident with a 1,100-metre long
-by-50- to 500-metre wide greater-than-100-part-per-billion
gold-in-soil geochemical anomaly.
Seven of eight core holes drilled in 2011 encountered
significant gold mineralization in the estimated 5-to-35 meters
wide (true width), near vertical zone of brittle fractures and
healed breccias. Mineralization starts at surface and remains open,
both along strike east and west, and to depth. Gold values occur in
quartz veins and breccias hosted in quartz sercite schist
preferentially concentrated in the structural corridor, with
associated silicification and minor pyritic sulphides.
Low Zone: A total of four diamond drill holes comprising 536
meters were completed over the Low Target area with two holes
testing the Hi-Low target which returned higher-grade gold values
of 14.2 g/t gold over 2.8 meters (Hole WG11-05) and 8.6 g/t gold
over 2.2 meters (Hole WG11-06) within a package of highly altered,
oxidized calcareous metasediments intruded by mafic/intermediate
dikes.
Exploration of the expanded (86.7 sq. km) property has also
identified additional zones of mineralization along a 9 km long
structural corridor that merit follow-up work in 2012. In addition
to gold targets, a potential for base-metal massive sulfide
deposits is demonstrated by sampling in the northern portion of the
Paxson property at the HDS prospect where a composite grab sample
from talus float returned 1.4% copper, 14.9% lead, 14.7% zinc and
91 g/t silver.
Drill Results
Shalosky Zone
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From To Interval Weighted Grade
Drill Hole (m) (m) (m)(i) (g/t Gold)
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WG11-01(ii) 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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WG11-02(ii) 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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WG11-03 112.0 113.7 1.7 0.9
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And 118.2 120.2 2.0 1.6
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And 131.4 231.5 100.1 1.0
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Includes 193.0 210.8 17.8 1.9
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Includes 221.0 231.5 10.5 2.5
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WG11-04 85.8 99.1 13.2 2.2
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Includes 85.8 91.0 5.2 4.5
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Includes 85.8 86.9 1.1 13.7
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WG11-11 65.5 79.4 13.9 1.0
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Includes 76.9 78.8 1.9 4.8
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WG11-12 106.5 176.6 70.1 1.6
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Includes 143.2 157.9 14.7 3.1
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WG11-13 178.9 189.0 10.1 2.1
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Includes 182.4 185.7 3.3 3.2
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WG11-14 no significant values
short drill hole did not reach mineralized zone in hole
WG11-13.
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(i) Downhole widths - based on a near vertical structural interpretation
with no stratigraphic controls true widths range from 30-80 per cent of
downhole width. (ii) WG11-01 and WG11-02 were previously released on
August 17, 2011. The last sample analyzed in hole WG11-12 returned
2.03 g/t gold over 1.1 meter and last sample analyzed in hole WG11-13
returned 0.40 g/t gold over 1.1 meter.
Hi-Low Showing
Hole WG11-05 located approximately 3.2 km east southeast of the
Shalosky zone, was drilled to the south, angled at -45 degrees
undercutting the upper Low target (13.4 g/t Au over 3.0m trench).
Hole WG11-06 was collared from the same site angled at -70
degrees.
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From To Interval Weighted Grade
Drill Hole (m) (m) (m)(i) (g/t Gold)
--------------------------------------------------------------------------
WG11-05(ii) 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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WG11-06 31.7 37.2 5.5 4.0
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Includes 35.0 37.2 2.2 8.6
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(i) Downhole Widths - there has been insufficient drilling to determine
true widths, (ii) WG11-05 was previously released on August 29, 2011.
Low-Low Showing
Holes WG11-07 and WG11-08 were drilled 100 meters south and 130
meters west of holes WG11-05 and WG11-06 to test a poorly exposed
showing known as the Low-Low target (3.76 g/t gold over 4 metres in
2010 trench). Holes WG11-07 and WG11-08, where drilled to the north
at -45 and -80 degree angles, respectively. Hole WG11-07 returned
1.56 g/t gold over 0.4m and hole WG11-08 failed to encounter any
significant mineralization.
Hunter Showing
Two holes comprising 323 meters were collared approximately
2.8-km west of the Low zone and 1 km south-southeast of the
Shalosky zone at the Hunter showing. Hole WG11-09 was drilled to
the north and angled at -50 degrees, while WG11-10 was collared
from the same site but angled at -70 degrees. Neither hole
encountered significant gold mineralization, but highly anomalous
silver/tungsten values were encountered in WG11-10 within highly
broken and altered metasediments with very poor core recovery (less
than 50 per cent at the interface of overburden and bedrock). The
unusually high values of 963 g/t Ag and 6230 parts per million
("ppm") W) in hole WG11-10 remain poorly understood.
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From To Interval Weighted Grade
Drill Hole (m) (m) (m) (g/t Silver)
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WG11-10 13.4 17.3 3.9 256.1
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Includes 14.6 15.5 0.9 963.0
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And 22.2 22.9 0.7 14.1
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And 30.8 31.4 0.6 12.4
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The lengths stated in this report are drilled intervals and do
not necessarily represent true widths of mineralized sections.
Holes were drilled from 330 degrees to 010 degrees and the dips of
the holes ranged from 45 degrees to 80 degrees. Estimated true
thickness ranges from 30 per cent to potentially 100 per cent. A
detailed plan map, cross-sections, assay sheets and photo montage
of select core samples from these holes will be available on the
Rhyolite website at www.rhyoliteresources.com.
Moving Forward
Rhyolite intends to complete metallic screen assays on drill
core samples that returned greater than 5 g/t gold. The metallic
screen method separates 1000 grams of the final prepared pulp over
a 100-micron dry screen. Coarse (+100 micron) and fine (-100
micron) fractions are then analyzed separately using standard fire
assay procedures and the weighted average grade is then computed.
This sampling method more accurately assesses gold grades in rock
types where coarse gold is present that would not necessarily be
represented in the standard fire assay method.
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 Minerals Laboratories. Samples were prepared in ALS
Minerals' Fairbanks prep facility and then sent to Reno Nevada for
gold assays with multi-element ICP analyses performed at ALS'
Vancouver Lab. 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). The Paxson property is an early stage exploration
property and does not contain any mineral resources as defined by
National Instrument 43-101.
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.
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.
Contacts: Rhyolite Resources Ltd. Richard Graham, P.Geol.
604-488-8717www.rhyoliteresources.com
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