Phil Mickelson cooled off on the back nine after shooting a 29 on the front nine, and he closed the day at 11-under for the tournament.
Mickelson shot 9-under on Saturday with two birdies on the back nine. His 63 was one off the course record.
J.B. Holmes tied Mickelson at 11-under after getting back-to-back birdies on No. 7 and 8.
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Martin Kaymer, Justin Rose and Martin Flores are tied for third at 9-under overall. Charlotte resident Brendon de Jong, who tied the course record Friday, shot 4-under and sits in a tie for ninth at 6-under
A day after the course record was tied, Phil Mickelson is on pace to break it Saturday.
Mickelson is 7-under on the day through eight holes and 9-under for the tournament. He's tied for the lead with Martin Flores and Angel Cabrera.
Mickelson made four straight birdies, eagled the par-5 seventh and birdied No. 8.
On No. 7, Mickelson was on the green in two shots and holed a 13-foot putt for eagle.
The course record of 62 was tied by his playing partner, Brendon de Jonge, on Friday. de Jonge is 4-under on the day and 6-under for the tournament in a tie for seventh.
Things are heating up at Quail Hollow, weather-wise on the leader board. Rory McIlroy, mirroring his championship weekend of 2010, shot a 7-under 65 and trails co-leaders Angel Cabrera and Martin Flores by three strokes.
And Phil Mickelson, who struggled Friday, has four straight biridies -- including 38-foot putt on the par-3 6th -- to also close to within three of the leaders.
"I'm in the mix, it depends on what the guys do this afternoon," said McIlroy. "It's the exact same as (2010). I was 1 over and 9 behind. So I'll take it. But there were quite a few guys between me and the lead."
Cabrera and Flores tee off at 1:40 p.m.
Rory McIlroy is shooting up the leaderboard, going 6-under for the day. He's now 5-under for the tournament and four strokes behind co-leaders Martin Flores and Angel Cabrera, who tee off early this afternoon.
This is reminiscent of 2010, when McIlroy also barely made the cut, then shot a 66 on Saturday and then broke a course record with a final-round 62 on his way to the title. Can he do it again?