February 24, 2012 - Reliance Resources Resources Limited (the Company) (TSX:RI)
is pleased to update exploration activities at its Palopo Gold Project located
on Sulawesi Island, Indonesia.
The Company recently conducted
reconnaissance rock chip sampling at the Mangkaluku North and Siguntu Gold
Prospect within its Palopo property. (Figure 1). Sampling at Mangkaluku North
was designed to test for extensions to quartz-sulphide veins with gold
mineralisation intersected by historical diamond drilling at the Mangkaluku
Prospect. Sampling at Siguntu took place to locate the source of alluvial gold
being worked by local villagers in Lattupa Valley.
These two prospects
have the least amount of historical exploration activity with Mangkaluku North
defined by a single rock sample which assayed 25 g/t Au.
Exploration is
planned to continue along this zone to the north of Mangkaluku and to the south
towards the Balantungan Prospect, in preparation for drilling.
At
Mangkaluku North (figure 2) a total of 23 reconnaissance
rock chip samples were collected from various rock-types over an area 1.5 to 2
kilometres north of Mangkaluku along a major NNW-trending structural zone.
Results show that 17 samples contained weak to moderately anomalous levels of
gold; 8 samples were strongly gold mineralised >0.5 g/t Au, and three samples
returned very high gold values of:
18.9, 21.0 and
29.1 g/t
Au.
Gold mineralisation that has been identified to date at the
Siguntu prospect (Figure 1) consists of thin but high-grade mesothermal
veins along the banks of the Lattupa River. Three rock chip samples were taken
and all returned significant gold values with a highest value of 70 g/t Au from
altered volcanic rocks cut by numerous quartz veinlets.
Work at the
Mangkaluku North prospect at this stage although preliminary and of a
reconnaissance nature clearly shows there is potential to find Mangkaluku-style
qtz-sulphide veins along the northern extensions of the NNW-trending regional
structure.
Exploration is planned to continue along this zone to the north of
Mangkaluku and to the south towards the Balantungan Prospect.
Historical exploration at Palopo outlined a series of
quartz-sulphide vein prospects hosted by hydrothermally altered igneous and
sedimentary rocks. The prospects appear to lie along major regional structures
(fig 1). Mineralisation exhibits similarities to the Awak Mas deposit (1.7M ozs
Au) approximately 40 km to the south of Palopo.
The majority of
historical activity has focused on the
Mangkaluku Prospect. Previous work
identified three principal mesothermal gold-bearing vein zones: Western, Central
and Eastern Zones. Each zone contains multiple gold brearing quartz-sulphide
veins with individual veins having strike-lengths up to 500m and varying between
0.5 and 5 metres in width.
Historical trenching intersected wide zones of
significant gold mineralisation including;
- 18.1m @ 13.9 g/t Au
- 3.1m @ 8.2 g/t Au
- 18.0m @ 6.8 g/t Au
- 36.0m @ 6.8 g/t Au
- 9.0m @ 40.7 g/t Au
- 18m @ 9 g/t Au
Previous explorers completed 22 diamond
drillholes widely spaced along each vein system (Figure 2). Significant
intersections include:
- 8.4m @ 7.5 g/t Au
- 2.0m @ 9.7 g/t Au
- 6.0m @ 3.9 g/t Au
- 2.0m @ 115.0 g/t Au
- 11.0m @ 2.7 g/t Au
- 12.0m @ 3.5 g/t Au
- 2.0m @ 18.3 g/t Au
Currently, the company is active on four of
its five Indonesian gold projects; drilling on the Tanoyan Gold Project, surface
exploration programs on the Palopo Gold Project, the Kapa Kapa Gold Project and
the Roko Gold Project. All the projects have easy access via paved and/or gravel
roads and the regional infrastructure is good.
This technical information
contained in this 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
Anzeige
