TORONTO, May 16, 2022
/CNW/ - Rhyolite Resources Ltd. (TSXV: RYE) ("Rhyolite" or the
"Company") is pleased to announce that its inaugural
3,000-metre diamond core drilling program at the Brothers Project
in Suriname has identified a gold mineralized shear zone 3.5 km in
length. The shear zone is open on strike at both ends and is open
down dip. Highlight assay results include 10 metres (m) of 1.8 g/t
gold (Au) in hole BRDD-001, 6m of 4.6
g/t Au in hole BRDD-004, 8m of 2.4
g/t Au in hole BRDD-009, 1m of 20.5
g/t Au in hole BRDD-013. The drill program was completed in late
March 2022.
Fred Stanford, Chief Executive
Officer of Rhyolite, commented: "These initial holes were drilled
to test for gold mineralization at shallow depths. It is early days
in this exploration program, but it was more than encouraging to
find 10m of 1.8 g/t Au in the first
hole drilled on the large 9,600-hectare Brothers Project located on
a significant, emerging gold belt in the Guiana Shield. The team
will make use of the geological and structural understandings that
were enhanced by this drill program, as well as additional
geophysics and geochemical work to refine the targeting for the
next drilling campaign at the Brothers Project.
"While this targeting work is ongoing at the Brothers Project,
an inaugural diamond drilling campaign is scheduled to commence at
the Suku Passi Project during the next dry season which typically
starts in August."
No previous diamond drilling had been conducted on the
district-scale Brothers Project. The focus of the initial 20-hole
drilling program was to test a variety of target types to identify
priority prospects along with host rocks, structure and alteration.
Planned follow-up exploration will include trenching and field
sampling in the southern part of Brothers that hosts
volcanic-sedimentary lithologies resembling the world-class Rosebel
and Merian gold mines in Suriname.
Standard protocol of chain of custody, standards, blanks and
duplicates were used. Oriented core of HQ size was done and
structural data entered in a database software. Filab Assay Lab in
Suriname was used for 50-gram fire assays. Check assays of pulps
and rejects are in progress.
Qualified Person
Dr. Dennis LaPoint, PhD, is a
Qualified Person (QP) under National Instrument 43-101 "Standards
of Disclosure for Mineral Projects" and has approved the technical
information contained in this news release. Dr. LaPoint is not
considered to be independent for the purposes of National
Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
Forward-Looking Statements
This news release includes certain "forward-looking
statements" under applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements with respect to the use of proceeds of the Offering.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties and other factors
which may cause the actual results and future events to differ
materially from those expressed or implied by such forward-looking
statements. Such factors include, but are not limited to: general
business, economic, competitive, political and social
uncertainties; delay or failure to receive regulatory approvals;
the ability to attract financing on these terms or at all; the
price of commodities; and the results of current exploration. There
can be no assurance that such statements will prove to be accurate,
as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/rhyolite-identifies-3-5-km-of-gold-mineralized-shear-zone-in-the-guiana-shield-greenstone-belt-of-suriname-301548416.html
SOURCE Rhyolite Resources Ltd.