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Rhyolite Resources Closes Acquisition of the Suku Passi Project in Suriname
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2021) -  Rhyolite Resources Ltd....
About this update from Rhyolite Resources Ltd.
[{"type":"text","content":"Rhyolite Resources Closes Acquisition of the Suku Passi Project in SurinameVancouver, British Columbia--(Newsfile Corp. - March 31, 2021) -  Rhyolite Resources Ltd. (TSXV: RYE) (the \"Company\" or \"Rhyolite\") is pleased to announce that it has completed the acquisition of all of the outstanding share capital of 2765798 Ontario Ltd. (\"ONCorp\"), pursuant to the terms of a definitive share purchase agreement entered into with each of the shareholders (collectively, the \"Vendors\") of ONCorp. ONCorp is a privately-held arms-length company which holds an option to acquire an 70% interest in the Suku Passi Project (the \"Project\") in Suriname.The Vendors received 3,500,000 common shares of Rhyolite in consideration for all of the outstanding share capital of ONCorp (the \"Transaction\").\"We are delighted with the transformational progress made in the last few months, with the closing of two acquisitions in Suriname that will form our flagship portfolio along with our Paxson gold project in Alaska, positive sampling results at the Brothers Project announced in January, as well as the strengthening of our board and management team with key appointments,\" said Richard Graham, President and Chief Executive Officer of Rhyolite.\"We look forward to advancing these strategically-located prospects with the drill bit on a number of defined targets this year.\"Highlights of the Suku Passi ProjectThe recently consolidated 335-square-kilometre Suku Passi Project is a land package composed of five concessions located within the prolific Guiana Shield 20 kilometers from IAMGOLD's world-class Rosebel Gold Mine in Suriname.The Project has exploitation rights for mining development and production. Most of the mining and exploration to date has been conducted at the Suku Passi Pit and Bob's Pit.At the Suku Passi Pit, the exposed mineralization is at least 30 meters wide with values up to 25.5 grams gold per tonne. At Bob's Pit, one channel sample panel of 17 meters in width averaged 9.5 grams gold per tonne, and an adjoining panel returned 32 meters of 2 grams gold per tonne. Mineralization at both Suku Passi and Bob's Pits are open along strike and at depth and are part of the same mineralized zone.There has been no drilling to date at the Suku Passi Project, but mining by concession holders in saprolite with sampling and mapping from 201...