- Phase 1 drilling completed with a total of 44 drill holes 5041.8 meters
- 88% of drillholes intersected reportable gold
- Updated 43-101 resource estimate to be undertaken
- 10,000 meter Phase 2 drilling program to commence
VANCOUVER, Jan. 18, 2012 /CNW/ - Reliance Resources Limited (TSX: RI)
(the company) is pleased to announce a summary of its recently completed
Phase 1 drilling program on the Tanoyan Gold Project, North Sulawesi,
Indonesia.
The Tanoyan Gold Project consists of
five principal vein systems, Sondana, Ramai, Talong, Modupola and
Lingkobungon, which are predominantly orientated northeast to southwest
and dip steeply to the northwest or southeast. Drilling to date has
primarily focused on the Sondana and Modupola veins.
The Phase 1 drilling program is now complete and includes a total of
5,041.8 meters over 44 drillholes Details of all drillholes are located
in Table 1 (
http://www.goldenpeaks.com/i/misc/Drillhole-meters.jpg)
and location of drillholes is shown on Figure 1
(http://www.goldenpeaks.com/i/misc/Tanoyan-Drill-Plan-location-Golden-Peaks-Phase.jpg)
This drill program was designed to increase the size and improve the
classification of the existing 43-101 Inferred Mineral Resource of 2.22
Mt at 1.3 g/t for 91,100 ounces of contained gold. The company is
confident that this successful completion of the Phase 1 drilling
program has resulted in a material increase in the size of the mineral
resource at the Tanoyan Gold Project.
Preparations
are currently underway for the Phase 2 drill program which will include
10,000 metres of diamond drilling and is designed to further explore
the potential of the Tanoyan epithermal gold vein system and to form the
basis of ongoing studies to ascertain the commercial viability of a
large gold mine at Tanoyan.
Phase 1 systematic
drilling has confirmed that gold mineralisation along the Sondana Vein
occurs over a strike length of approximately 2.0 kilometres, extending
from surface to a minimum of 100 metres vertical depth over much of its
length. The vein is still open to the north and open down-dip over much
of its length. The Sondana vein includes drill intercepts of auriferous
zones of up to 40 metres true width.
From surface
indications, the Sondana Vein system extends an additional 1.1 Km north
from TND 079 (32.1m @ 2.1 g/t Au) giving an overall strike potential of
at least 3.1 kilometres. This northern extension will be a priority
target during the Phase 2 drill program. (Inset A)
http://www.goldenpeaks.com/i/misc/Sondana-Vein-Phase-1-Drilling.jpg)
Experience from drilling the Sondana North zone during the Phase 1
program has shown that deeper drilling intersected mineralisation of
higher grade and greater widths than encountered in historical
drillholes; also updated detailed mapping and surface sampling of the
vein system, from Phase 1, has advanced the company's understanding of
structural controls of the mineralisation.
The other vein systems at Tanoyan include, the Modupola-Talong and Lingkobungon Vein systems, (Inset B)
http://www.goldenpeaks.com/i/misc/Modulopa-and-Talong-drill-map.jpg);
They have also provided significant intersections (TND076: 17.65m @ 3.8
g/t Au and TND056: 16.45m @ 2.0 g/t Au). In addition to following up
extensions along strike and down-dip to known mineralisation at Sondana
and additional drilling at the Talong-Modupola and Lingkobungon vein
systems, Phase 2 drilling will also target the Ramai Vein located 700
metres west of Sondana (Figure 1).
This 1.7Km long
Ramai Vein has only been tested by 6 historical drillholes, several of
which intersected significant gold mineralisation such as TND037: 7m @
5.3 g/t Au and 2m @ 5.2 g/t Au and TND018: 16m @ 0.6 g/t Au. The
continuous nature of the Ramai Vein as seen on surface suggests it has
similarities with the Sondana Vein.
President
Scott Emerson commented: "The Phase 1 drilling program has been a
significant step in advancing the Tanoyan Gold Project and drilling has
provided consistently strong results throughout the program. We are
looking forward to having the same success during the next Phase 2,
10,000 meter drill program which is aimed at further gold discovery and
the delineation of a mineral resource sufficient to form the basis of,
eventually, a large mining and milling operation. "
The company has a portfolio of five mineral tenements covering 68,000
acres on the islands of Sulawesi and Halmahera in East Indonesia.
The company is active on three of its five Indonesian gold projects;
currently preparing for Phase 2 drilling on the Tanoyan Gold Project and
conducting surface exploration programs, in preparation for drilling,
on the Kapa Kapa Gold Project and the Roko Gold Project. All of the
projects have easy access via paved and/or gravel roads and the regional
infrastructure is good.
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).
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 Peak's 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
forward-looking statement.
Table 2: Phase 1 Drill Results
| DH No. | Vein | From | To | Interval | Au |
| (m) | (m) | (m) | (g/t) |
| TND045 | Sondana | 0.00 | 16.10 | 16.10 | 0.8 |
| incl | 4.10 | 4.90 | 0.80 | 4.3 |
| TND046 | Sondana | 77.00 | 78.00 | 1.00 | 0.7 |
| TND047 | Sondana | did not effectively test Sondana vein |
| TND048 | Sondana | 44.20 | 49.20 | 5.00 | 2.9 |
| TND049 | Sondana | 10.93 | 30.70 | 19.77 | 1.6 |
| Sondana | 132.10 | 134.50 | 2.40 | 0.9 |
| Sondana | 144.50 | 145.40 | 0.90 | 0.9 |
| TND050 | Sondana | 55.60 | 71.10 | 15.50 | 3.1 |
| incl | 63.00 | 63.90 | 0.90 | 12.4 |
| and | 69.10 | 70.10 | 1.00 | 23.2 |
| TND051 | Sondana | 14.60 | 22.30 | 7.70 | 0.9 |
| TND052 | Modupola | 44.10 | 45.10 | 1.00 | 1.7 |
| TND053 | Sondana | 18.00 | 30.30 | 12.30 | 1.7 |
| TND054-R | Sondana | 49.30 | 50.50 | 1.20 | 1.5 |
| TND055 | Modupola | did not effectively test Sondana vein |
| TND056 | Modupola | 73.90 | 90.35 | 16.45 | 2.0 |
| incl | 73.90 | 83.30 | 9.40 | 3.1 |
| incl | 73.90 | 78.50 | 4.60 | 5.7 |
| | 113.45 | 115.70 | 2.25 | 7.1 |
| TND057 | Sondana | 126.10 | 131.55 | 5.45 | 2.3 |
| TND058 | Modupola | 124.75 | 127.75 | 3.00 | 3.2 |
| TND059 | Sondana | 137.80 | 144.15 | 6.35 | 1.0 |
| TND060 | Modupola | no significant intersections |
| TND061 | Sondana | 60.30 | 79.65 | 19.35 | 0.9 |
| incl | 60.30 | 65.70 | 5.40 | 1.4 |
| incl | 74.75 | 79.65 | 4.90 | 1.6 |
| TND062 | Modupola | 40.90 | 44.90 | 4.00 | 0.8 |
| TND063 | Sondana | 17.30 | 24.60 | 7.30 | 7.2 |
| incl | 22.30 | 23.60 | 1.30 | 38.2 |
| | 27.60 | 28.60 | 1.00 | 0.9 |
| TND064 | Modupola | 79.25 | 81.35 | 2.10 | 8.7 |
| | 86.50 | 90.75 | 4.25 | 0.9 |
| | 138.30 | 139.30 | 1.00 | 1.0 |
| TND065 | Sondana | did not effectively test Sondana vein |
| TND066 | Modupola | 29.70 | 43.55 | 13.85 | 1.0 |
| incl | 40.00 | 41.90 | 1.90 | 3.5 |
| TND067 | Sondana | 10.55 | 11.55 | 1.00 | 0.4 |
| TND068 | Modupola | 77.70 | 79.10 | 1.40 | 2.3 |
| TND069 | Sondana | 11.20 | 13.50 | 2.30 | 0.5 |
| TND070 | Modupola | 51.10 | 65.00 | 13.90 | 0.8 |
| incl | 51.10 | 55.95 | 4.85 | 1.0 |
| incl | 62.20 | 64.00 | 1.80 | 2.4 |
| TND071 | Sondana | 14.65 | 15.90 | 1.25 | 0.4 |
| TND072 | Modupola | 57.15 | 58.55 | 1.40 | 1.0 |
| TND073 | Sondana | 149.00 | 159.70 | 10.70 | 1.6 |
| | 171.20 | 172.20 | 1.00 | 0.6 |
| | 178.00 | 183.30 | 5.30 | 0.5 |
| TND074 | Modupola | 63.30 | 67.10 | 3.80 | 0.5 |
| | 78.20 | 87.80 | 9.60 | 1.1 |
| | 100.40 | 107.00 | 6.60 | 1.3 |
| TND075 | Sondana | 4.50 | 8.50 | 4.00 | 1.8 |
| | 79.30 | 81.30 | 2.00 | 1.5 |
| | 96.20 | 115.05 | 18.85 | 4.4 |
| incl | 98.25 | 100.25 | 2.00 | 33.0 |
| TND076 | Modupola | 69.85 | 87.50 | 17.65 | 3.8 |
| incl | 81.10 | 87.50 | 6.40 | 7.8 |
| TND077 | Sondana | 63.50 | 64.50 | 1.00 | 1.9 |
| | 72.00 | 144.00 | 72.00 | 1.0 |
| incl | 116.10 | 129.00 | 12.90 | 2.4 |
| TND078 | Talong | 11.70 | 13.70 | 2.00 | 1.4 |
| | 19.70 | 24.35 | 4.65 | 1.5 |
| | 28.90 | 31.50 | 2.60 | 0.9 |
| TND079 | Sondana | 80.50 | 112.60 | 32.10 | 2.1 |
| incl | 105.50 | 110.60 | 5.10 | 4.6 |
| TND080 | Talong | intersected artisanal mine opening |
| TND081 | Sondana | 46.60 | 48.10 | 1.50 | 0.3 |
| TND082 | Talong | no significant intersections |
| TND083 | Sondana | 21.30 | 24.10 | 2.80 | 2.1 |
| TND084 | Talong | no significant intersections |
| TND085 | Sondana | 31.40 | 35.40 | 4.00 | 1.4 |
| TND086 | Ling Atas | 31.55 | 36.9 | 5.35 | 2.0 |
| | 36.1 | 36.9 | 0.80 | 8.8 |
| | 63.75 | 64.9 | 1.15 | 1.2 |
| TND087 | Sondana | 37.45 | 52.40 | 14.95 | 0.8 |
| | 55.40 | 58.40 | 3.00 | 0.5 |
Drill hole data for the holes reflect down hole core lengths. True widths cannot be reliably estimated at this time
Amended Filing
