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.
Source: http://www.rhyoliteresources.com/