VANCOUVER, May 14 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the
"Company") is currently reviewing the geology, geophysics and geochemistry of
the T-11 deposit to aid with the selection of specific drill targets for the
upcoming diamond drill program.
Gold mineralization has been intersected in drilling on the T-11 deposit
and its satellite bodies over a distance of approximately 1.4 km. (88 holes -
11,945.3 meters). The deepest drilling to date on the T-11 deposit has been to
approximately 200 meters vertical depth.
Gold mineralization in the T-11 deposit consists of high grade gold-rich
quartz vein systems (veins/stockworks/breccias) within broader zones of gold
mineralization in replacement pyrite bodies. Similar gold mineralization has
been intersected in the G deposit. Examples include:
Composite Intersection Examples of Contained High Grade
LF 7: 50 meters @ 3.65 g/t gold 1.20 meters @ 31.41 g/t gold
LF 8: 23 meters @ 3.62 g/t gold 1.00 meter @ 28.59 g/t gold
LF 11: 38 meters @ 5.72 g/t gold 1.75 meters @ 31.73 g/t gold
LF 13: 23.9 meters @ 3.97 g/t gold 1.00 meter @ 16.49 g/t gold
The roots (?) of these high grade vein systems have been identified
immediately below the T-11 deposit, its satellite bodies and the Valley zone
by a CSAMT survey and in part by drilling. The gold mineralization is
associated with broad conductive structural zones which, based on geophysics,
persist to depths greater than 500 meters.
The upcoming diamond drill program will test the high impact gold targets
immediately below the T-11 deposit at depths of between 200 meters to 400
meters. These targets have the potential of adding significant gold resources
in this area.
The T-11 and G deposits are located near the intersection of the A and CR
Structures and are part of the same large gold mineralizing system. There is a
strong probability of additional gold discoveries in this immediate area. The
T-11 and G deposits are approximately 700 meters apart across strike. The
drill tested Valley zone is located half way between the T-11 and G deposits.
The mineralization is simple, gold with minor silver, and it contains no
This area is particularly well mineralized and the Company believes a
significant gold resource can be delineated in this immediate area.
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
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