- Phase 2 drilling totals 10 holes and 1,530.8 metres
- Deepest intersection at Tanoyan affirms the trend for increased gold grade with depth of 12.6 metres at 2.7 g/t Au from 179.1m (TND097)
- Part of Phase 2, 10,000-metre drilling program to increase 43-101 mineral resource estimate
VANCOUVER, Sept. 13, 2012 /CNW/ - Reliance Resources Ltd. (the
"Company") (TSX:RI) is pleased to announce the completion of 10 holes
and 1,530.8m of diamond drilling on its 75 percent-owned Tanoyan Gold
Project in Indonesia. This drilling is part of an ongoing, 10,000-metre
Phase 2 program designed to further assess the resource potential of
the large 6Km epithermal vein system at Tanoyan. The most recent
resource estimate was the independent NI 43-101 Inferred Mineral
Resource of 208,000 ounces of gold released on the 19th of March, 2012.
Table 1 lists the gold intersections from the Phase 2 drilling which
includes three holes that were previously released (17th May and 31st May, 2012), and the locations of the holes in relation to the mapped
veins and previous drill collars is shown in Fig 1.
Highlights of the recent results include those from TND097 which achieved the deepest gold intersection so far obtained on the Tanoyan property:
- TND 097: 12.6 metres at 2.7 g/t Au from 179.1m
This intersection is important as it confirms that the gold mineralising
system continues strongly to depth in the northern part of the Sondana
Vein.
The drilling results confirm the indications from previous work, that
the upper sections of the North Sondana vein is relatively low in gold
(e.g. TND 096 intersected only low gold values in the vein). The
vertical cross-section in fig. 2 shows recent drill results and is an
example of the deeper enrichment, near-surface-depletion zonation of
the gold mineralisation often encountered in Sondana North.
The recent drilling also emphasised the importance of post-mineral
cross-cutting faults that contributed to some of the misses in recent
holes. For example, TND093 did not intersect the Sondana Vein in the
predicted position. At this position the vein is now interpreted to
have been faulted off approximately 40 metres north.
The Sondana Vein has been traced along strike for at least a further 1.1
km from the northernmost hole drilled by Reliance Resources (TND081).
This northern extension has only been tested by two shallow historic
drillholes (see fig 3). In keeping with the pattern encountered at
Sondana North, below-average gold values were encountered in shallow
intersections of the vein (e.g. TND 039: 7.3m @ 1.0 g/t Au). However,
the mineralisation model being developed for Tanoyan suggests future
Phase 2 drilling will encounter stronger mineralisation at intermediate
and deep levels.
Reliance Resources CEO Mr. Gary Lewis said: "Tanoyan is our most
advanced project and the continued progress on the Phase 2 drilling is
important in our quest to turn the project into a producing asset.
These recent results have advanced our understanding of the geology of
the Tanoyan gold system as well as provided us with the deepest gold
intersection on the property to date. Drilling will continue at Tanoyan
and we look forward to updating investors as results come to hand and
are interpreted by our geologists."
The Tanoyan Gold Project consists of an extensive system of auriferous
quartz veins comprising four principal vein systems: Sondana, Ramai,
Modupola/Talong and Lingkobungon. These veins are predominantly
orientated northeast and dip steeply or moderately to the northwest or
southeast. The veins are hosted by andesitic volcanic rocks and have
been mapped over a combined strike length of approximately six
kilometres.
The Phase 2 program aiming for a significant upgrade to the existing NI
43-101 resource by targeting extensions to drilled sections of the
veins, which have been identified along strike and at depth on all vein
systems. Previous drilling has primarily been tightly focused on the
Sondana and Modupola veins and the current Phase 2 program will extend
drilling into all target areas.
The resource model at the Sondana and Modupola veins is open at depth
for most of its length, especially in the north of the Sondana vein,
where significant drill intersections from Phase 1 drilling are
located. The Phase 2 drilling program is designed to test at depth for
extensions mineralisation that have been mapped on surface and in
locations where earlier drilling has shown the mineralisation is open
at depth. Infill drilling should confirm the strike continuity of vein
systems and thereby improve the classification of the mineral
resources.
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. 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 Project and the Roko Gold
Projects. 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.
Table 1: Tanoyan Project Drilling Results for 2012 (*including
previously released results)
| DH No. | Zone 51 N UTM | Depth (m) |
Vein | From | To | Interval(1) | Au | |
| East | North | (m) | (m) | (m) | (g/t) | |||
| TND088* | 638857 | 66379 | 156.5 | Sondana Sth | 114.75 | 115.4 | 0.65 | 0.9 |
| 125.4 | 126.05 | 0.65 | 2.3 | |||||
| TND089* | 639020 | 66703 | 132 | Sondana Sth | 101.4 | 106.7 | 5.3 | 4.4 |
| TND090* | 639168 | 66915 | 222.5 | Sondana Cent | 50.5 | 65.0 | 14.50 | 2.8 |
| incl | 51.5 | 55.2 | 3.70 | 5.8 | ||||
| and | 59.5 | 62.5 | 3.00 | 4.1 | ||||
| TND091 | 639209 | 66957 | 120 | 56.8 | 60.2 | 3.4 | 0.5 | |
| TND092 | 639204 | 67016 | 130.6 | Sondana Cent | 129.35 | 130.60 | 1.25 | 0.3 |
| Hole abandoned due to ground collapse as DH intersected Sondana Vein - to be redrilled | ||||||||
| TND093 | 639121 | 66898 | 149.6 | Sondana Cent | No significant assays | |||
| Sondana Vein not intersected due to offset by late-stage fault | ||||||||
| TND094 | 639056 | 66812 | 132.3 | Sondana Sth | No significant assays | |||
| TND095 | 638927 | 66643 | 189.5 | Sondana Sth | Awaiting assay results | |||
| TND096 | 639598 | 67393 | 77 | Sondana Nth | 24.0 | 28.9 | 4.9 | 0.1 |
| TND097 | 639543 | 67438 | 220.8 | Sondana Nth | 179.1 | 191.7 | 12.6 | 2.7 |
| 1530.8 | ||||||||
PDF available at: http://stream1.newswire.ca/media/2012/09/13/20120913_C6241_DOC_EN_17812.pdf
PDF available at: http://stream1.newswire.ca/media/2012/09/13/20120913_C6241_DOC_EN_17813.pdf
PDF available at: http://stream1.newswire.ca/media/2012/09/13/20120913_C6241_DOC_EN_17814.pdf
SOURCE: Reliance Resources Ltd.
Media Enquiries, contact:
Gary Lewis, CEO
gary.lewis@relianceresources.com.au
Investor Enquiries, contact:
Adam Holdsworth, DGI
aholdsworth@dgicomm.com
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