Rhyolite Resources Progresses Diamond Drilling at Paxson Gold Project
Rhyolite Resources is executing a minimum 1,500 m diamond drilling program at its Paxson gold project in east Alaska.
The first drill holes will target the strike and down dip extension of a 2010 surface trench, which encountered 8.85 g/t gold over 7 m in the Shalosky zone. This zone is outlined by a 1,100 m x 50 to 500 m > 100 ppb gold-in-soil geochemical anomaly. The company has discovered arsenic-antimony-gold mineralization on the geochemical anomaly that is present in an east-northeast trending shear zone including brecciation, quartz-sulphide veining and fault gouge in the silica-altered schist.
Moreover, this diamond drilling will examine the low showing wherein the 2010 surface sampling intercepted 13.37 g/t gold over 3 m that is around 3 km east-southeast direction of the Shalosky gold-in-soil anomaly.
The company has staked a further 21 adjacent claims in order to enlarge the size of the property and has brought the size of the land package up to 4,601 A.
Under the plan of the incentive stock option, the company has given options to certain officers, directors, consultants and employees, to acquire up to 500,000 shares in total at a nominal cost per share for two years.
Written by
Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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