Rhyolite Announces 0.83 g/t Gold Over 38.2 Metres and 17.8 g/t Gold Over 1.3 Metres at Paxson
26 Juillet 2010 - 7:27PM
Marketwired Canada
Rhyolite Resources Ltd. ("Rhyolite" or "Company") (TSX VENTURE:RYE) is pleased
to report that a detailed geological compilation program in conjunction with the
validation sampling of diamond core drilled in 2001 has resulted in the
identification of two prospective gold targets on its wholly-owned Paxson
project in Alaska.
The main area of interest was outlined in 2001 when a Placer Dome USA Inc.
funded exploration program defined a 1,100 metre by 500 metre greater than 100
parts per billion gold-in-soil geochemical anomaly. In 2001, two drill holes
tested a very limited portion of the anomaly where surface trenching returned
3.9 grams gold per tonne over 16.4 metres at the Shalosky showing. The first
hole intersected 38.2 metres grading 0.8 gram gold per tonne from 69 metres down
hole, including a higher grade interval averaging 3.8 grams gold per tonne over
2.1 metres and a second mineralized zone lower down the hole averaging 12.2
grams gold per tonne over 1.3 metres. The second hole was collared approximately
100 metres along strike and returned 17.4 metres grading 1.2 grams gold per
tonne from 95.65 metres down hole, including a 7 metre interval averaging 2.2
grams gold per tonne.
Re-sampling and re-logging of the historic drill cores in 2010 has validated the
tenor of mineralization intercepted by the historic drill holes collared over
the Shalosky anomaly. Hole WG01-01 returned 0.83 grams gold per tonne over the
38.2 metres including a higher grade interval averaging 6.45 grams gold per
tonne over 2.1 metres. The second mineralized zone was also increased to 17.8
grams gold per tonne over 1.3 metres.
Hole WG01-02 returned 1.22 grams gold per tonne over the 17.4 metre interval,
including a 6.9 metre interval averaging 1.98 grams gold per tonne.
Mineralization is dominantly metasediment-hosted with the overall sulphide
content varying from less than 1% to more than 10%. There is a strong
correlation between gold, arsenic and antimony. Copper, lead, zinc, bismuth,
mercury and tellurium values are all typically low and silver values are
generally only weakly to moderately anomalous.
The Shalosky gold-arsenic-antimony-in-soil anomaly extends 500 metres uphill
from the previous drilling and more than 900 metres along strike to the
northeast.
2001 Shalosky Diamond Drill Hole Summary and 2010 Validation Results
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2001 2010
Target Azi- From To Width Gold Gold Variation
Tested Hole # Dip muth Depth (m) (m) (m) (m) (g/t) (g/t) (%)
---------------------------------------------------------------------------
Shalosky WG01-01 -45 340 152.4 69.0 107.2 38.2 0.8 0.8 Nominal
--------------------------------------------------
Including 75.0 79.7 4.7 2.1 1.3 -38
--------------------------------------------------
Including 105.1 107.2 2.1 3.8 6.4 +68.4
--------------------------------------------------
117.5 118.8 1.3 12.2 17.8 +45.9
---------------------------------------------------------------------------
Shalosky WG01-02 -50 340 170.1 95.6 113.1 17.4 1.2 1.2 Nominal
--------------------------------------------------
Including 97.1 104.1 6.9 2.2 2.0 -9.1
---------------------------------------------------------------------------
Intervals shown are mineralized lengths of core; geometry is not well enough
understood to reliably calculate true widths.
Geological compilation work also identified a second target that has never been
drill tested and which lies 3 kilometres east-southeast of the Shalosky
gold-in-soil anomaly. Known as the Low showing, hand trenching in 2001 returned
8.6 grams gold per tonne over 9.8 metres including a 3.8 metre interval
averaging 14.3 grams gold per tonne. Individual samples returned from 3.05 to
14.95 grams gold per tonne and the mineralization remains open in both
directions under talus cover.
Between the Shalosky and Low showings a third target area has been identified.
Known as the OTG showing, grab samples collected in 2001 returned from no
significant values up to 5.3 grams gold per tonne and float samples returned
from no significant values up to 4.8 grams gold per tonne. This area has never
been drill tested but will require additional geochemical and geological work to
determine if a drill target can be defined.
An exploration crew has been mobilized to the project in an effort to refine
drill targets.
Quality control/Quality assurance
The 2001 geological data for the Paxson Project was completed prior to the
implementation of NI 43-101 standards. All samples collected in 2001 were sent
for gold fire assay and 32-element ICP analysis to ALS Chemex Labs. Samples were
prepared in ALS Chemex's Fairbanks prep facility and then sent to Vancouver,
B.C. for analysis. Gold fire assays were on 30 gram pulp splits with an AA
finish. Samples which assayed greater than 10 g/t Au were then re-assayed using
a gravimetric finish. Selected samples were resent for screen fire (metallic)
assay. There are no records of the use of any external gold standards and blanks
in the geological data. Mineralized intervals in the NQ2-size drill core were
sawn longitudinally and half the drill core was sampled in standard intervals
not exceeding 1.5 metres in length. Core samples were transported in
security-sealed bags to the lab for analyses.
All samples collected in 2010 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). Mineralized intervals in the NQ2-size drill
core were sawn longitudinally and quarter of the drill core was sampled in
intervals mirrored by the 2001 program. Core samples were transported in
security-sealed bags to the lab for analyses.
Qualified Persons
The foregoing disclosure has been reviewed and compiled by Richard A. Graham, P.
Geol., President of Rhyolite and a "qualified person" for the purpose of NI
43-101. Carl Schaefer, (CPG 10834), Vice President of Northern Associates, Inc.
(a Fairbanks, Alaska based geological consulting firm), a "qualified person" for
the purpose of NI 43-101 and project geologist during the above mentioned 2001
diamond drill program has also reviewed the information pertaining to the Paxson
property for accuracy.
Mr. Schaefer is an independent qualified person as defined by NI 43-101 and has
reviewed and approved the contents of this press release.
About Rhyolite
Rhyolite has 9,200,100 shares issued and outstanding and approximately
$1,200,000 cash in its treasury. Its strategy is to identify and acquire
prospective mineral projects through staking and then seek either joint venture
partners or an outright sale.
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.
On behalf of the Board, Richard Graham, President & CEO
Rhyolite Resources (TSXV:RYE)
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