TND 079: 32.1 metres at 2.1 g/t Au
including 5.1 metres at 4.6 g/t Au
100 metres north of TND 077 (72 metres at 1 g/t Au)
Fourth successive gold intersection from the Sondana North Vein
Mineralisation strengthening with depth
VANCOUVER, Nov. 30, 2011 /CNW/ - Golden Peaks Limited (TSX: GL) (the
company) is pleased to announce drilling results from diamond drillhole
TND 079 into the Sondana North Gold Vein system on the Tanoyan Gold
Project, Sulawesi, Indonesia (Fig.1) http://www.goldenpeaks.com/i/maps/tanoyan/Sondana-Vein-Drill-Plan-TND-079.jpg ).
TND 079 intersected a wide zone of gold mineralisation:
32.1 metres at 2.1 g/t Au from 80.5 metres including,
5.1 metres at 4.6 g/t Au from 105.5 metres
The cross section in Figure 2 shows TND 079 was drilled beneath
historical drillhole TND 010. The results show that the mineralisation
is increasing in width and grade with depth, on this section. Strong
drilling results coupled with the subdued surface expression of
mineralisation observed in the field, suggests that this strengthening
with depth is a general feature of the Sondana North Vein system.
Follow-up drilling in the planned Phase 2 program will further test the
depth potential beneath TND 079, as shown in Figure 2. http://www.goldenpeaks.com/i/maps/tanoyan/North-Sondana-Cross-Section-of-drillholes-TND010.jpg
As previously announced, the first three drillholes : TND 073 (10.7
metres at 1.6 g/t Au), TND 075 (18.85 metres at 4.4 g/t Au), and TND
077 (72.0 metres at 1 g/t Au) intersected gold mineralisation over
widths varying between 10 and 72 metres, down-hole. Drillhole TND 079
is 100 metres along strike from TND 077 and is thus, the northern-most
result drilled by the company on the Sondana Vein.
Table 1: Tanoyan Project Drilling Results
Drill hole data for the hole reflect down hole core lengths. True widths
cannot be reliably estimated at this time
Drillholes TND 073, TND 075, TND 077 and TND 079 have largely confirmed
continuity of gold mineralisation along a previously under-explored 350
metre length of the Sondana Vein.
Drilling on the Sondana Vein has now confirmed gold mineralisation over
a strike length of 2,000 metres. Drill intercepts range from
near-surface to at least 100 metres vertical depth and the vein is open
along-strike and down-dip over much of its length.
In addition, surface indications of the Sondana Vein system extends an
additional 1,100 meters north from TND 079. This will be a prime target
for Phase 2 drilling.
Follow-up drilling in the Phase 2 program will test dip and strike
extensions of the Sondana North Gold Vein.
The company currently owns two drill rigs: Rig 1 is drilling the Sondana
vein system and rig 2 has concentrated on the Modupola vein system
which is located approximately 1 kilometre to the east of Sondana vein.
Both veins are part of an extensive system of auriferous quartz veins,
hosted by andesitic volcanics, which have been traced over a strike
length of approximately 6 kilometres.
Currently, the company is active on four of its five Indonesian gold
projects; drilling on the Tanoyan Gold Project, surface exploration
programs on the Palopo Gold Project, the Kapa Kapa Gold Project and the
Roko Gold Project. All the projects have easy access via paved and/or
gravel roads and the regional infrastructure is good.
All samples were assayed by Intertek Indonesia; a division of the global
Intertek Group PLC.
Core is collected and initially logged at Tanoyan Base Camp at the
project area. The core is then securely transported in closed core
boxes to Golden Peaks' Exploration Office in Kotamobagu, North
Sulawesi. Here the core is logged in detail, cut longitudinally into 2
equal halves and half-core is sampled at 1 meter intervals; except
where the geology dictates a lesser sampling interval. Half core is
permanently retained, as a reference, in the secure Kotamobagu
core-storage facility. All QC samples are introduced before the bagged
samples are trucked to PT Intertek Laboratory's sample preparation
facility in Manado. Prepared samples are then couriered by PT Intertek
to their analytical facility in Jakarta for analyses. Gold is fire assayed using a 50.0 gram aliquot sample with an AA finish.
Multi-element analysis is by Four Acid Digestion using an Induced
Coupled Plasma (ICP) finish. The Company's QA/QC program now includes the regular insertion of
blanks, multiple certified assay standards into the sample shipments.
Locally-sourced blank samples are inserted in every assay batch of 10
samples. Commercial standards are inserted in every assay batch of 25
samples. Sludge samples are also collected and assayed on a 1 metre
interval from the drilling fluid circulation return. Regular monitoring
of these QC samples is a critical part of Golden Peaks' QA/QC protocols.
This press release has been reviewed and approved by Mr. John Levings,
B.Sc., FAusIMM, director of Golden Peaks 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
SOURCE Golden Peaks Resources Ltd.
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