HOME PAGE SUBSCRIPTIONS, Print Editions, News Bulletin PRODUCTS READ MINING NEWS ARCHIVE ADVERTISING EVENT READ THE PETROLEUM NEWS, EXTENSIVE ARCHIVES!

Providing coverage of Alaska and Northwest Canada's mineral industry
April 2017

Vol. 22, No. 14 Week of April 02, 2017

Mining News: News Nuggets: Rhyolite raises acquisition funds

Rhyolite Resources Ltd. March 27 closed a C$1.6 million financing, which provides the owner of the Paxson gold project in Interior Alaska working capital and funds to potentially acquire new exploration properties. The financing involved the issuance of 16 million units at C10 cents each. Each unit consists of one share and half a purchase warrant, with each whole warrant exercisable into an additional Rhyolite share at C15 cents for two years. Rhyolite said it is evaluating new geological and geophysical data from Paxson, which is about 30 miles southwest of the town of Tok. Over the past two years, the Alaska Division of Geological and Geophysical Surveys has released the airborne geophysical data for the region and recently new results from a geological survey completed over the area in 2016, including additional samples taken from 2011 drill core collared on the Paxson property. Highlights from this drilling include 21 meters averaging 1.9 grams per metric ton gold in hole WG11-01; 23.1 meters of 3.5 g/t gold and 100.1 meters of 1 g/t gold in WG11-02; and 69 meters of 1.7 g/t gold in WG11-12.

-Shane Lasley






Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.miningnewsnorth.com ---
S U B S C R I B E

Copyright Petroleum Newspapers of Alaska, LLC (North of 60 Mining News)(Petroleum News Bakken)(Petroleum News)(PNA)©2013 All rights reserved. The content of this article and web site may not be copied, replaced, distributed, published, displayed or transferred in any form or by any means except with the prior written permission of Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA). Copyright infringement is a violation of federal law subject to criminal and civil penalties.