- Ministry approval for forestry permit received
- Past exploration outlined six zones of alteration and gold mineralization
- Immediate focus to define priority targets for drill testing 2nd half 2013
Under new Mining Laws in Indonesia, the forestry approval allows for exploration in Production Forest areas. Access to the entire Anggrek tenement is now available and if a discovery is made, all forms of mining are permissible.
Reliance President Nicholas Clark said; "With approval from the Indonesian Government to undertake drilling within the Anggrek tenement the Company can now advance its exploration program with confidence.
"Previously we have undertaken surface reconnaissance mapping and sampling, this approval now permits us to plan a drilling program to test the targets defined by our work and from historical exploration activity".
The immediate focus of the Company will be to undertake infill geochemical sampling and mapping within known prospects in order to define priority drill targets. This will support the Company's goal of commencing drill testing of the Anggrek Project in the second half of 2013.
The Anggrek property lies along a composite volcanic island arc which runs through the north arm of the island of Sulawesi and extends northwards into the Philippines. The island arc is host to a number of well-known gold and copper-gold mines (Mesel - 2Mozs, Lanut - 1.0Mozs, Toka Tindung - 1.8Mozs) and deposits in development phase (Bakan- 0.5Mozs). The Bakan deposit is approximately 12km from Anggrek.
Past exploration of Anggrek, has outlined six zones of alteration and gold mineralization. These are hosted by quartz veins in hydrothermal breccias and fault breccia zones which are up to 20metres in width and can be traced up to 1.2 kilometres along strike. Grab samples include 46.0 g/t gold from the Maleo Zone and 10.2 g/t gold from the TongTong Zone.
Mr Clark continued; "We have every confidence in the Anggrek assets and
are very pleased we can move forward with this exciting project. We
expect to update shareholders on our progress as soon as is practical."
The Anggrek project regional geology consists of interlayered sediments and basic volcanics. Gunung Menangix is a prominent flat-toped hill in the centre of the prospect and is underlain by the large Patung Breccia of approximately 1 square kilometre surface area. Outcrop this breccia is shared between Reliance's property and an adjacent locally-held property.
The breccia is interpreted as likely to be a diatreme pipe, representing
the core of a large hydrothermal system with widespread alteration,
veining and precious metal mineralisation. Gold mineralisation has been
recorded in fault and associated fracture zones. These zones extend out
from the breccia pipe and at least 5 zones of alteration and veining
have been identified so far with rock chip assays of up to 46.0 g/t
gold from Maleo Zone and 10.2 g/t gold from Tong Tong.
Reliance has a portfolio of five mineral tenements covering 68,000 acres
on the islands of Sulawesi and Halmahera in East Indonesia. The Company
owns a 75% direct equity interest in both the Tanoyan and Anggrek
properties and a 90% direct equity interest the Polopo property in
Sulawesi. In the two Halmahera properties, Roko and Kapa Kapa, Reliance
has an 82.5% beneficial joint-venture interest through a 100%
Reliance-owned Indonesian subsidiary. 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).
The Company is active on three of its five Indonesian gold projects;
currently drilling on the Tanoyan Gold Project and conducting surface
exploration programs on the Kapa Kapa Gold-Silver Project and the Roko
Gold Project.
All of the Reliance properties have easy access via paved and/or gravel
roads and regional infrastructure is good. Further information is
located on our website www.relianceresources.com
This press release has been reviewed and approved by Mr. John Levings,
B.Sc., FAusIMM, director of Reliance Resources Limited and a Qualified
Person as defined by National Instrument 43-101, under whose direction
the exploration programs are being carried out.
SOURCE: Reliance Resources Ltd.
nc@relianceresources.com.au
+1 864 991 6687
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