Tanoyan Drilling Produces Strong Drilling Results
TSX: GL
•Modupola Vein, results include:
◦16.5 metres at 2.0 g/t Au including 4.6 metres at 5.7 g/t Au
◦3.0 metres at 3.2 g/t Au
•Round the clock drilling with 2 diamond drill rigs
•Program designed to expand Tanoyan's initial NI43-101 resource of
91,100 ounces of gold
VANCOUVER, Aug. 31, 2011 /CNW/ - Golden Peaks Limited (TSX: GL)
(the company) is pleased to announce drilling results from the
Modupola Vein system on the Tanoyan Gold Project, Sulawesi,
Indonesia.
The company currently has 2 diamond drill rigs operation at
Tanoyan. 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.
Historical drilling on the Modupola vein has been less extensive
than on the Sondana vein and only sparse outcrop occur in the
vicinity of Modupola. For these reasons the strike and dip of the
veins was not well defined, which prompted the company to initially
drill a fence of holes (Fig 1) in order to strengthen the
geological understanding of the system. Figure 1
(http://www.goldenpeaks.com/i/maps/2011-08-31_NR1.jpg) shows that
one of the holes reported here (TND060) was most likely collared in
the footwall of the vein; which explains the lack of significant
mineralisation in this hole. The poor surface expression of the
veins in certain areas such as Modupola represents a significant
additional opportunity for the company to increase the 43-101
Mineral Resource at Tanoyan by better positioning of the drill
holes in the light of this recent information.
Table 1 lists the 6 holes completed so far at Modupola. Four holes
have cut mineralised structures from the vein system. Two holes did
not effectively test the vein; TND055 was abandoned before reaching
target depth due to technical drilling problems and TND060 in
interpreted to have been collared in the footwall of the main vein.
Highlights of the results include intersections from holes TND 056
and TND 058:
TND 056: 16.5 metres at 2.0 g/t Au from 73.9m (Interpreted true
thickness 14.1m), including
4.6 metres at 5.7 g/t Au from 73.9m (Interpreted true thickness
3.9m),
TND 058: 3.0 metres at 3.2 g/t Au from 124.75m (Interpreted true
thickness 2.6m)
Figure 1 reveals a thickening of the structure of the mineralised
vein at approximately 75 metres below surface. It is interpreted
that this thickening represent a dilatational feature commonly
found in veins of this type, which, when traced along strike, often
translate into shoots of higher grade mineralisation. The principal
focus of Golden Peaks current drilling campaign is the discovery
and delineation of these thicker and higher-grade shoots.
Golden Peaks' President Scott Emerson commented: "This is our
second release of drilling results from Tanoyan and it is a strong
follow-up to the first set of results from the Sondana Vein,
released recently. It is very gratifying to see consistent
geological correlations of the veins and gold mineralisation in
cross sections and with continued drilling, building a growing
geological model which will form the basis for significantly
increasing the initial NI 43-101-compliant Inferred Mineral
Resource of 2.22 Mt at 1.3 g/t for 91,100 ounces of contained
gold."
Table 1: Tanoyan Project Drilling Results
DH No. Zone 51 N UTM Vein From To Interval Au Interpreted
East North (m) (m) (m) (g/t) True Width (m)
TND052 641003 67563 Modupola 44.1 45.1 1.0 1.7 1.5
TND055 Modupola hole abandoned - no samples
TND056 640990 67613 Modupola 73.9 90.35 16.5 2.0 14.1
incl 73.9 83.3 9.4 3.1 8.0
incl 73.9 78.5 4.6 5.7 3.9
113.45 115.7 2.3 7.1 2.0
TND058 640942 67640 Modupola 124.75 127.75 3.0 3.2 2.6
TND060 641047 67528 Modupola hole abandoned - no samples
TND062 640915 67326 Modupola 40.9 44.9 4.0 0.8 3.4
The company currently owns two drill rigs and they are being
operated by PT Maiwadrill Resources Antarnusa. 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.
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