Positive results from Tanoyan Project extends known gold vein and completes 2012 drilling
- Three drill holes all intersect significant widths and grades of gold mineralisation, e.g.:
- TND 109: 23.45 metres at 1.8 g/t Au from 56.05 metres
- Confirms: consistency of mineralisation
- Confirms: potential extensions along strike
- Reliance completes 22 holes and 3,316 metres for high-quality diamond drilling in 2012
- Studies underway to transition property to exploitation stage
VANCOUVER, Jan. 17, 2013 /CNW/ - Reliance Resources Ltd. (the "Company") (TSX:RI) is pleased to announce recently received gold assays, which have confirmed the continuity of wide intervals of gold mineralisation in the Sondana North Vein; Tanoyan Gold Project; Indonesia.
The three drill holes, which complete the 2012 program, assayed as follows:
- TND 107: 28.90 metres at 1.3 g/t Au from 89 metres
- TND 108: 23.20 metres at 0.6 g/t Au from 139.1 metres
- TND 109: 23.45 metres at 1.8 g/t Au from 56.05 metres
Full details of the results are located in Table 1.
These intersections have confirmed that the Sondana North Vein is a significant zone of gold mineralisation.
TND109 extended the gold-bearing Sondana North Vein an additional 100m to north (Figure 1).
A review of the Sondana North drilling suggests mineralisation is still open further to the north and this high-priority target will be tested during a continuation of the Phase 2 drilling program in 2013.
Reliance has completed a total of 22 holes comprising 3,316.2 metres of high-quality diamond drilling, using owner-operated drill rigs, during 2012. A summary of all drilling completed at Tanoyan is located in Table 2 and a complete list of 2012 results can be located on the Reliance Resources Limited website.
The Phase 2 drilling program, which is slated to extend to 10,000 metres, entered a hiatus during the Christmas - New Year period for essential equipment maintenance and is planned to recommence in early 2013.
Reliance is currently undertaking studies which will transition the Tanoyan property from the current exploration phase to exploitation phase. Consultants have been engaged and environmental baseline and impact studies have commenced on site.
Table 1: Tanoyan Project Drilling Results
Table 2: Tanoyan Drilling Statistics
|Drilling Program||From||To||Total DHs||Metres|
|RELIANCE - Phase 1||TND045||TND087||43||5,002.4|
|RELIANCE - Phase 2||TND088||TND109||22||3,316.2|
Background on Tanoyan Project
The Tanoyan Gold Project consists of an extensive system of auriferous quartz veins, comprising four principal vein systems, Sondana, Ramai, Modupola/Talong and Lingkobungon. These veins are predominantly orientated northeast and dip steeply or moderately to the northwest or southeast. The veins are hosted by andesitic volcanic rocks and have been mapped over a combined strike length of approximately 6 kilometres.
The Phase 2 drilling program is aiming for a significant upgrade to the existing NI 43-101 resource of 208,000 ounces of gold by targeting extensions to drilled sections of the veins, which have been identified along strike and at depth on all vein systems. Previous drilling has primarily been tightly focused on the Sondana and Modupola veins and the current Phase 2 program will extend drilling into all target areas.
The resource model at the Sondana and Modupola veins is open at depth for most of its length, especially in the north of the Sondana vein, where significant drill intersections from Phase 1 drilling are located. The Phase 2 drilling program is designed to test at depth for extensions of mineralisation which have been mapped on surface and in locations where earlier drilling has shown the mineralisation is open at depth. Infill drilling should confirm the strike continuity of vein systems and thereby improve the classification of the mineral resources.
Background on Reliance
Reliance has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia. The Company owns a 75% direct equity interest in both the Tanoyan and Anggrek properties and a 90% direct equity interest the Polopo property in Sulawesi. In the two Halmahera properties, Roko and Kapa Kapa, Reliance has an 82.5% beneficial joint-venture interest through a 100% Reliance-owned Indonesian subsidiary. The projects offer both exploration potential and an existing resource base. All five projects are adjacent to or along strike from operating gold mines or identified gold resources with similar geology and structural feature. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).
The Company is active on three of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Kapa Kapa Gold-Silver Project and the Roko Gold Project. All of the Reliance properties have easy access via paved and/or gravel roads and regional infrastructure is good. Further information is located on our website www.relianceresources.com.
This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Limited and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
SOURCE: Reliance Resources Ltd.For further information:
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