Re:
News Release - Wednesday, September 07,
2011Title:
Tanoyan Continues to Deliver Positive Drilling
Results
- Sondana Vein diamond drilling results include:
- 7.3 metres at 7.2 g/t Au including 1.3 metres at 38.2 g/t Au
- 12.3 metres at 1.7 g/t Au
- 10.7 metres at 1.6 g/t Au
- Sondana drilling progressing north shows trend of increasing gold grades
with depth
- Phase 2 program of 10,000 metres in planning stage
Golden Peaks Limited
(TSX: GL) (the company) is pleased to announce drilling results from 11 holes
into the Sondana Vein system on the Tanoyan Gold Project, Sulawesi, Indonesia
(see Table 1 and Figure 1).
http://www.goldenpeaks.com/i/maps/SondonaVeinDP.jpgThese
holes are part of the company's systematic evaluation of the project with an aim
of increasing the size and improving 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.
Highlights of the drilling include a high-grade intersection at
shallow depth in hole TND063:
- TND 063: 7.3 metres at 7.2 g/t Au from 17.3m including 1.3 metres at 38.2
g/t Au from 22.3m
The intersection in hole TND 073 is significant
as it is the northern-most result the company has yet obtained from its drilling
on the Sondana Vein. Follow-up drilling in the Phase 2 program will test the
down-dip extensions of this zone.
Golden Peaks' President Scott Emerson
commented: "Drilling at Tanoyan continues to provide consistently strong results
and the high hit-rate is an indication of the persistent nature of the
gold-bearing vein system. In view of the positive results to date, our technical
staff are currently planning the next stage (Phase 2) of drilling of
approximately 10,000 which is aimed at delineating a mineral resource sufficient
to form the basis of a mineral reserve and technical and economic feasibility
study.
Table 1: Tanoyan Project Drilling Results
| DH
No. |
Vein |
From
(m) |
To
(m) |
Interval
(m) |
Au
(g/t) |
| TND053
|
Sondana
|
18
|
30.3
|
12.3 |
1.7 |
| TND054-R
|
Sondana
|
38.1
|
42.1
|
4.0 |
0.6 |
|
|
49.3
|
50.5
|
1.2 |
1.5 |
| TND057
|
Sondana
|
126.1
|
131.55
|
5.45 |
2.3 |
| TND059
|
Sondana
|
54.9
|
62.0
|
7.1 |
0.3 |
|
|
137.8
|
144.15
|
6.35 |
1.0 |
| TND061
|
Sondana
|
60.3
|
79.65
|
19.35 |
0.9 |
| TND063
|
Sondana
|
17.3
|
24.6
|
7.3 |
7.2 |
|
|
incl
|
22.3
|
23.6
|
1.3 |
38.2 |
|
|
|
27.6
|
28.6
|
1 |
0.9 |
| TND065
|
Sondana
|
no significant intersections |
| TND067
|
Sondana
|
10.55
|
11.55
|
1 |
0.4 |
| TND069
|
Sondana
|
11.2
|
13.5
|
2.3 |
0.5 |
| TND071
|
Sondana
|
14.65
|
21.7
|
7.05 |
0.3 |
| TND073
|
Sondana
|
149
|
159.7
|
10.7 |
1.6 |
Drill
hole data for the holes reflect down hole core lengths. True widths cannot be
reliably estimated at this timeThe company currently owns two
drill rigs and they are being operated by PT Maiwadrill Resources Antarnusa. Rig
1 is drilling the Sondana Vein system, rig 2 has concentrated on the Modupola
Vein system which is located approximately 1 Km to the east of Sondana Vein.
Both veins systems are part of an extensive system of auriferous quartz veins,
hosted by andesitic volcanics, which have been traced over a strike length of
approximately 5,600 metres.
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.
Media Information, contact:
Scott
Emerson, President
SE@goldenpeaks.comInvestor
Information, contact:
Mike Kordysz, Investor Communications
MK@goldenpeaks.comThe 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.
Figure 1: Sondana
Vein Drill Plan show location of new and historical drilling results
http://www.goldenpeaks.com/i/maps/SondonaVeinDP.jpg
- View News Release in PDF Format:
http://www.goldenpeaks.com/i/pdf/2011-09-07_NR.pdf
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