Rhyolite raises acquisition funds
Last updated 4/2/2017 at Noon
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.