- Recent exploration results enhances prospectively for gold mineralisation
- Host rocks, hydrothermal alteration and structural setting similar to nearby "Gosowong" bonanza gold deposit
- 3 km corridor hosting high level epithermal quartz veining and altered intrusive has been discovered
- Most prospective target zone for bonanza gold mineralisation expected to be at a deeper level
- Preliminary soil sampling results confirms anomalous pathfinder elements
- Surface exploration continues in preparation for diamond drilling program
VANCOUVER, May 15, 2012 /CNW/ - Reliance Resources Ltd. (the "Company")(TSX:RI) is pleased to update exploration activities on
its Roko Gold Prospect on Halmahera Island, Indonesia. Halmahera is
host to one of the highest-grade underground major gold discoveries in
recent years: Newcrest's Gosowong-Kencana gold mine, (past production:
2.0 Moz Au, current resources: 2.4 Moz Au, average head grade
2008-2011: 30 g/t Au)1. Reliance Resources has the second largest landholding for gold
exploration on Halmahera after Newcrest Mining.
Work to date on the Roko Project, including mapping, gridding, channel
sampling and trenching, has resulted in the discovery and surface
definition of a 3 kilometre long structurally-controlled target
corridor which is considered to be associated with a major, deep
crustal, north-east trending transfer fault (The Tiabo Lineament). The
Tiabo Lineament, which passes through the Roko concession area, is
considered an important regional geological feature associated with
numerous occurrences of gold and silver (including Reliance's Roko and
Kapa Kapa project areas). The major Gosowong-Kencana gold mining camp
is interpreted by the company's expert structural geologists to be
associated with another deep crustal lineament which parallels the
Tiabo Lineament.
The 3-kilometre Roko target corridor is host to igneous intrusions,
multi-phase hydrothermal alteration and high level epithermal quartz
vein mineralisation considered highly prospective for hosting gold and
silver mineralisation.
Detailed mapping at Roko West has outlined a north-west trending zone of
multiple chalcedonic quartz veins and strongly siliceous eruption
breccias with associated hydrothermal alteration along the south
western slope of Sesa Hill (Figure 1). Most veins trend north-west with
subsidiary north-south vein splays. The breccias occur mainly in an
area central to Sesa Hill and are interpreted to represent an eruptive
hydrothermal breccia pipe. Eruption breccia pipes are known to be
intimately associated with mineralised epithermal vein systems. The
Toka Tindung Mine (1.7 Moz Au) in Indonesia is centred on an eruption
breccia and epithermal vein systems at McLaughlin (4 Moz Au) in USA,
Twin Hills in Australia and Hishikari (9 Moz Au), Japan, grade upwards
into outcropping eruption breccia pipes.
The main zone of veining and alteration so far mapped at Roko West is
approximately 1 kilometre in length and 100-200m in width. Banded
chalcedonic veins at Roko East outcrop along the banks of the Ira
River. The zones are considered to be very prospective as historical
channel sampling along the banks of the Ira River retuned 8m @ 1.6 g/t
Au which is strongly anomalous for an epithermal vein at such a high
level in the system.
Fig 1 Plan view of Roko West and Roko east prospect with location of mapped
quartz veins
A grid-controlled soil sampling program has been completed at Roko West
and is currently being extended a further 1000 metres to the west where
float samples of hydrothermally altered porphyry with quartz-sulphide
veins have recently been encountered. Rock samples have been submitted
to Intertek Laboratories in Jakarta for assay and results are awaited.
Soil samples are collected in the field and taken to Reliance's
regional office to be dried. As a preliminary indication of metal
content, a portable, hand-held Niton XRF analyser2 is used to determine the concentration of epithermal pathfinder
elements such as arsenic (As) and antimony (Sb).
The Niton results show that Sb and As, are anomalous along the strike
length of the north-west trending zone of alteration/veining and are
highest adjacent to the interpreted eruptive breccia pipe.
Rock grab sampling of quartz veins at Roko has encountered anomalous
gold values of between 0.1 - 2.1 g/t Au. Previous reconnaissance
channel sampling at Roko East returned 8m @ 1.6 g/t Au. According to
the geological model developed for the Roko veins, bonanza gold values
are not to be expected at surface but may occur at deeper levels within
the system; in zones of fluid mixing and/or boiling. All current
indications at surface are that the Roko mineralisation outcrops at a
very high level in the hydrothermal system. For example siliceous
sinter has been encountered on the slopes of Sesa Hill, evidence of a
surface outpouring of hydrothermal fluids (eg similar to The Geysers
geothermal field and sinters at the nearby ex-Homestake McLaughlin Mine
(4Moz Au) in California).
Geological work at Roko has identified a structurally-controlled
corridor with many similar characteristics to the nearby Gosowong
deposits. Both have north-west to south-east and north-south trending
epithermal quartz veins with associated hydrothermal breccias and
sulphide mineralised porphyries. The high-grade veins at Gosowong occur
at a lower level in the hydrothermal system. The exploration focus at
Roko is to delineate epithermal veins within the prospective corridor
and then to drill them at the appropriate level to discover high-grade
gold and silver mineralisation.
To maximise the likelihood of a successful drill program further surface
exploration is planned such as ground geophysics (resistivity, IP,
Magnetics) across the main alteration zones at Roko. These surveys will
assist with better defining zones of silicification / epithermal quartz
veining, especially in areas of poor surface exposure and will also
provide a 3-dimensional view of the mineralising system to best target
the drilling, in what is a large epithermal system.
The Company has a portfolio of five mineral tenements covering 68,000
acres on the islands of Sulawesi and Halmahera in East Indonesia. 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.
The Company is active on four of its five Indonesian gold projects;
currently drilling on the Tanoyan Gold Project and conducting surface
exploration programs on the Palopo Gold Project, the Kapa Kapa Gold
Project and the Roko Gold Project. All of the projects have easy access
via paved and/or gravel roads and regional infrastructure is good.
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.
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.
- http://www.infomine.com/index/pr/PB164711.PDF Technical Report on the Gosowong Property in North Maluku Province, Indonesia dated December 31, 2011
- Portable XRF instruments are generally not sensitive enough to accurately detect low concentrations at which gold can occur in soil (<10ppm Au). Pathfinder elements are useful to define zones of hydrothermal fluid flow which may host gold mineralisation. The soil samples collected in this work will eventually be assayed for gold at a commercial laboratory
Scott Emerson, Chairman and Director
SE@goldenpeaks.com
Investor Information, contact:
Mike Kordysz, Investor Communications
MK@goldenpeaks.com
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