VANCOUVER, Jan. 11 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the "Company") is pleased to report that drill crews are mobilizing for the start of drilling on the La Fortuna Gold Project, Argentina.
Drilling will focus on extending the T-11 and G deposits and exploring for new zones of gold mineralization beneath, adjacent to and between the two deposits. The T-11 and G deposits are approximately 700 meters apart across strike, however, both deposits are hosted by the same large gold mineralizing system which is estimated to measure approximately 2 km(2).
The gold mineralization in the T-11 and G deposits is shallow. The deepest hole drilled to-date on the T-11 deposits tested the zone at approximately 200 meters vertical depth. The mineralization in the deposits is simple, gold with minor silver, and it contains no deleterious metals.
The current drill program has the potential of adding significant gold resources in this area.This area is particularly well mineralized and the Company believes a significant gold resource can be delineated here.
The drill contractor is Energold Drilling Corp., a publicly traded Canadian company based in Vancouver, British Columbia. The drill program will involve manually portable, low-environmental impact drills. This is an environmentally and socially sensitive approach to drilling and complements the development philosophy of the Company's modern mining practices on the La Fortuna Gold project.
This press release has been reviewed and approved by Dr. Kieran Downes, P.Geo., President of Golden Peaks Resources Ltd. 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 GOLDEN PEAKS RESOURCES LTD.
For further information: For further information: Media Information, contact: Scott Emerson, Chairman and Director, SE@goldenpeaks.com; Investor Information, contact: Mike Kordysz, Investor Communications, MK@goldenpeaks.com