Rhyolite Extends Gold Zone and Discovers VMS Target at Paxson
October 04 2012 - 8:00AM
Marketwired Canada
Rhyolite Resources Ltd. (TSX VENTURE:RYE) ("Rhyolite" or the "Company") reports
that updated assay data from a new infill sampling and quality assurance program
has extended the mineralization in its most westerly and in its most easterly
drill holes that tested the Shalosky gold zone on its wholly-owned Paxson gold
property in eastern Alaska.
Shalosky 2012 Core Infill Program
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To (m) Weighted
Drill From End of Interval Grade
Hole Section Azimuth Dip (m) Hole(ii) (m) (g/t Gold)
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WG11-12 870 330 70 106.5 187.0(ii) 80.5 1.5 (New)
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Includes 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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---------------------------------------------------------------------------
WG11-02 940 350 65 87.6 138.7(ii) 51.1 1.8 (New)
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Includes 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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---------------------------------------------------------------------------
WG11-13 1435 190 45 176.3 223.1(ii) 46.8 0.7 (New)
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Includes 178.9 189.0 10.1 2.1
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Weighted Grade is based on 0.10 gram gold per tonne cut-off with the
inclusion of up to 10 per cent internal waste. All sub-intervals as
reported on November 8, 2011 were confirmed by the Quality Assurance
program. All intervals reported are downhole depth and core length, pending
additional drilling and more accurate determination of true thickness.
The results from the infill sampling suggest that the mineralization in the host
schist may have stratigraphic controls as well as structural controls, in that
the mineralization is now seen to continue beyond the limit of primary
structures to the full limit of drilling in core holes WG11-02; WG11-12; and
WG11-13. A complete summary of the remaining 2011 drilled intervals on the
Shalosky zone incorporating the new quality assurance data reported above can be
found at the end of this news release.
Surface sampling in 2012 identified a volcanic massive sulphide area located 6
km northeast of the Shalosky gold zone. This occurrence dubbed HD-North is
exposed in outcrop and appears to be 2 metres thick striking N30E and dipping 45
degrees to the southeast. Sample 3629 is a 2 metre by 2 metre panel chip sample
collected from the 2 metre by 4 metre outcrop area. Sample 3630 is a grab sample
with subtle chalcopyrite banding and sample 3631 is a grab sample with prominent
galena/sphalerite banding each collected from the same outcrop.
Base & Precious Metal assays from 2012 Outcrop Sampling
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Sample # Zinc (%) Lead (%) Copper (%) Silver (g/t) Gold (g/t)
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3629 5.68 2.80 0.48 65.6 0.53
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3630 4.73 0.60 0.42 23.6 0.35
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3631 8.46 5.93 0.32 111.0 0.50
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The Paxson property comprises 135 mineral claims for a total of 8,670 hectares
(86.7 square kilometers). Rhyolite is currently seeking a partner to help
advance the Paxson property.
Remaining 2011 Shalosky Diamond Drill Holes updated with Quality Assurance
assays
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Drill From To Interval Weighted Grade
Hole Section Azimuth Dip (m) (m) (m) (g/t Gold)
---------------------------------------------------------------------------
WG11-01 940 350 45 56.1 77.1 21.0 2.0 (ii)((1.9))
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Includes 56.1 59.1 3.0 7.3 (ii)((7.2))
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Includes 70.1 71.8 1.7 7.0 (ii)((6.3))
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And 97.5 99.0 1.5 2.9 (ii)((2.7))
---------------------------------------------------------------------------
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WG11-03 971 010 65 112.0 113.7 1.7 0.9 (ii)((0.9))
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And 118.2 120.2 2.0 2.0 (ii)((1.6))
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And 131.4 231.5 100.1 1.0 (ii)((1.0))
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Includes 193.0 210.8 17.8 1.9 (ii)((1.9))
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Includes 221.0 231.5 10.5 2.5 (ii)((2.5))
---------------------------------------------------------------------------
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WG11-04 940 330 65 85.8 99.1 13.2 2.2 (ii)((2.2))
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Includes 85.8 91.0 5.2 4.4 (ii)((4.5))
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Includes 85.8 86.9 1.1 13.6 (ii)((13.7))
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WG11-11 870 330 50 65.5 79.4 13.9 1.3 (ii)((1.0))
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Includes 76.9 78.8 1.9 5.0 (ii)((4.8))
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All intervals reported are downhole depth and core length, pending
additional drilling and more accurate determination of true thickness.
(ii)(( )) represents original values reported on November 8, 2012.
The 2011 diamond drill results from the Hi-Low showing were not impacted by the
infill or Quality Assurance program and remain as reported on August 29, 2011
and November 8, 2011.
2011 Hi-Low Target Drill Results
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Interval Weighted Grade
Drill Hole From (m) To (m) (m)(i) (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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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.
Quality control/Quality assurance
In 2012, the infill samples were collected from intervals in the BTW-size drill
core that were sawn longitudinally and half the drill core was sampled in
standard intervals not exceeding 2.0 metres in length. Core samples were
transported in security-sealed bags to the lab for analyses. All samples
collected in 2012 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 30 gram pulp
splits with an AA finish. One in every ten samples contains a control (blank or
gold standard).
A total of 407 core samples from the 2011 diamond drill program were submitted
for re-assay at no cost to Rhyolite because the control samples that were
associated with select assay batches returned statistical variations. Within
that group of 407 samples, 62 samples were ultimately determined to contain gold
mineralization of 0.5 gram gold per tonne or more. Of these, 1/3 of the samples
increased by more than 5% above the original assay; and for another 1/3 the
final accepted value was more than 5% lower than originally reported; and for
the remaining 1/3 there was less than a 5% change. However, in the group whose
original values were too low, the average increase was +48% compared to a -16%
average for the group that went down.
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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