News Release - Wednesday, March 14,
2012
Title:
Additional High-Grade Silver Assays from Kapa
Kapa Gold-Silver Project, Halmahera, Indonesia
- Rock grab samples assay up to 2,920 g/t Ag (85.1 ounces silver per ton)
- Continued confirmation of bonanza-grade silver
- Mineralized zone traced over 1 Km strike; remains open
March
14, 2012 - Reliance Resources Limited (the Company) (TSX:RI) is pleased to
update exploration activities from the ongoing field program at the Kapa Kapa
gold and silver project, located on, Halmahera Island, Indonesia.
Current
exploration is focussing on hydrothermally altered rocks and precious metal
mineralisation within a target zone; so far exceeding 1 Km strike length and up
to 200 metres width.
Mapping and rock chip sampling is continuing to
define and extend the north-north-west trending zone. The company regards the
Akelamo prospect to be underexplored due to the presence of an extensive blanket
of geologically recent volcanic ash which largely covers underlying mineralised
bedrock. Erosion has removed this ash layer in isolated places allowing inliers
of bedrock to be exposed. Epithermal veining seen in Akelamo River occurs within
one such inlier of exposed bedrock.
Grab sampling of outcrops within the
Akelamo River valley (Figure 2) has continued to return high silver values
associated with epithermal quartz veining and hydrothermal breccias,
including;
- RC00978 - 1,080 g/t Ag
- RC00989 - 344 g/t Ag
- RC00996 - 307 g/t Ag
- RC00988 - 392 g/t Ag
- RC01102 - 2,920 g/t Ag
The highest silver value from the
company's recent sampling (RC01102 - 2,920 g/t Ag) is from an epithermal quartz
vein cutting across a hydrothermal breccia along the banks of a tributary of
Akelamo River. This sample also has a significant base metal association -
0.2%Cu, 1.7% Zn and 1.0%Pb.
This zone was further tested with a 1.2 meter
channel sample using a continuous chip sampling method and
returned:
CH01006 -
1.2m @ 1,490 g/t Ag, 1.7%Zn, 800ppm Pb and 570ppm
Cu
Sampling by the company shows the zone of mineralised and altered
andesitic volcanics is approximately 200 meters in width along the Akelamo River
valley. The zone is open to the north and the south. Preliminary reconnaissance
work to the south of Akelamo River has encountered altered volcanic bedrock with
quartz veining and secondary copper staining (malachite) 600m south of Akelamo
River within the NNW-trending zone of interest (Figure 1).
A grab sample
of material derived from this zone assayed:
- RF01105 - 0.7% Cu, 0.1 g/t Au, 12 g/t Ag
Historical
channel sampling from the Akalemo prospect (Figure 1) returned bonanza silver
along with anomalous gold; including:
- 4m @ 1,800 g/t Ag (and 0.5 g/t Au)
- 4m @ 466 g/t Ag
- 5m @ 0.9 g/t Au
A historic rock float sample assayed 15,800
g/t Ag (460 ounces of silver per ton) and 3.0 g/t Au. Preliminary sampling by
the company previously reported high silver values up to 992 g/t Ag from the
initial reconnaissance sampling and mapping program. These values plus the new
values demonstrate the potential this prospect has for truly bonanza-grade
silver mineralisation. Surface exploration is continuing in preparation for the
upcoming drilling program.
Halmahera is host to Newcrest Mining Limited's
Gosowong Mine, one of the highest-grade underground gold mines currently
operating anywhere in the world (28 g/t gold average). Reliance Resources has
the second largest landholding for gold exploration on Halmahera after Newcrest
Mining.
Currently, the company is active on three of its five Indonesian
gold projects; preparations for Phase 2 drilling on the Tanoyan Gold Project are
underway, surface exploration programs ongoing at the Kapa Kapa Gold Project and
the Roko Gold Project. All the company's projects have easy access via paved
and/or gravel roads and the regional infrastructure is good.
Rock samples
are collected and initially logged at Akelamo Base Camp at the project area.
Samples are then securely transported to Reliance Resources' Exploration Office
in Tobelo, North Halmahera. Archival samples are retained, as a reference, in
the secure Tobelo office facility. All QC samples are introduced before the
bagged samples are sent by courier 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 and certified assay standards into the sample shipments. Locally-sourced
blank samples are inserted in every assay batch of 20 samples. Commercial
standards are inserted in every assay batch of 25 samples. Regular monitoring of
these QC samples is a critical part of Reliance Resources' QA/QC
protocols.
This press release has been reviewed and approved by Mr. John
Levings, B.Sc., FAusIMM, director of Reliance Resources Ltd. and a Qualified
Person as defined by National Instrument 43-101, under whose direction the
exploration programs are being carried out.
Media Information, contact:
Scott Emerson, President
and Director
se@relianceresources.com
Investor
Information, contact:
Mike Kordysz, Investor
Communications
mk@relianceresources.com
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.
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