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 - 11:59AM
Marketwired Canada
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)
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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.
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