Rock and soil samples from highly altered metasediments at the Paxson gold project in eastern Alaska have yielded some interesting results for owner Rhyolite Resources (RYE-V).
Samples from Rhyolite’s 2010 exploration program include 8.85 grams gold per tonne (weighted average) from a 7.0-metre continuous chip sample in the Shalosky zone.
Some 3 km east-southeast of the Shalosky zone, a 3.0-metre continuous chip sample in the Low zone returned 13.37 grams gold (weighted average); and at the Hunter prospect, 1 km south-southeast of Shalosky, a rock grab sample returned 50.80 grams gold.
The Shalosky zone was defined in 2001 when an exploration program funded by Placer Dome outlined a 1,100-metre by 500- metre, greater than 100 parts per billion, gold-in-soil geochemical anomaly.
The Paxson project is 50 km southwest of Tok and consists of seven mineral claims over 4.5 sq. km.
Between 1998 and 2001, Grayd Resource (GYD-V) and Placer spent about $1.3 million exploring for gold deposits on and immediately next to the current Paxson property.
In 2001, Placer funded 26 linekm of gridding, 23.5 line-km of geophysics, prospecting, and the collection of 1,023 soil samples, 325 rock samples, 72 metres of hand trenching and 1,743 metres of diamond drilling in 12 holes, seven of which were collared on the current Paxson property for a total of 1,174.7 metres.
Re-sampling and re-logging of historic drill core this year has validated the tenor of mineralization, with hole 01-01 returning 0.83 gram gold over 38.2 metres, including a higher-grade interval averaging 6.45 grams gold over 2.1 metres. A second mineralized zone lower down in the hole returned 17.8 grams gold over 1.3 metres.
Hole 01-02 was collared 50 metres to the northeast and returned 1.22 grams gold over the 17.4-metre interval, including a 6.9-metre interval averaging 1.98 grams gold. During the 2010 field season, a series of eight contiguous channel samples (0.50-to-1.0 metre long) were collected roughly 50 metres west of hole 01-01, and returned values ranging from 1.7-36.6 grams gold, for a length weighted average of 8.85 grams gold over 7 metres.
Rhyolite has 9.2 million shares outstanding and about $1.1 million in its treasury.
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