72.0 metres at 1.0 g/t Au including 12.9 metres at 2.2 g/t Au
Thickest zone intersected so far in Tanoyan Project drilling
North Sondana Vein drilling proving to be highly productive
VANCOUVER, Nov. 15, 2011 /CNW/ - Golden Peaks Limited (TSX: GL) (the
company) is pleased to announce drilling results from drillhole TND077
into the Sondana Vein system on the Tanoyan Gold Project, Sulawesi,
Indonesia (Figure 1). http://www.goldenpeaks.com/i/maps/tanoyan/Sondana-Vein-Drill-Plan-TND077.jpg
The current drilling is part of the company's systematic evaluation of
the project with an aim of increasing the size and improving the
classification of the existing 43-101 Inferred Mineral Resource of 2.22
Mt at 1.3 g/t Au for 91,100 ounces of contained gold.
The intersection in hole TND 077 is significant as it is the widest
drill intersection yet obtained in the Tanoyan Project and is also the
northern-most result the company has yet obtained from its drilling on
the Sondana Vein. The assay results confirm and extend mineralisation
outlined by recent drilling previously reported by Golden Peaks (TND073
- 10.7m @ 1.6 g/t Au and TND075 - 18.85m @ 4.4 g/t Au).
Gold mineralisation was intersected over a broad zone:
TND 077 - 72m at 1.0 g/t Au from 72m
Including 12.9m at 2.2 g/t Au from 116.1m
The highest-grade mineralisation, between 116.1m and 129m downhole, is
hosted by a thick, vein-breccia zone which is interpreted to be steeply
dipping. This orientation will be confirmed by additional drilling in
the Phase 2 program. The planned follow-up holes shown in figure 2 will
test the down-dip and up-dip extensions of this zone. (Fig.2) http://www.goldenpeaks.com/i/maps/tanoyan/Sondana-Vein-Cross-Section-Drill-Hole-TND077.jpg
An intense style of quartz-carbonate-sulphide stockwork veining was
intersected in the hanging wall zone of TND077. This hanging wall zone
returned consistent gold values throughout.
Golden Peaks' President Scott Emerson commented: "Drilling at Tanoyan
continues to provide consistently strong results. The high hit-rate is
an indication of the persistent nature of the gold-bearing vein system.
In view of the positive results to date, our geological team is
currently planning the next stage (Phase 2) of drilling of
approximately 10,000 metres which is aimed at delineating a mineral
resource potentially sufficient to form the basis of a mining reserve
and technical and economic feasibility study.
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
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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