News Release - Tuesday, December 13, 2011Gold
Mineralisation Drilled over 2.3 Kilometre Strike Length on Sondana Vein at
Tanoyan Gold Project, Indonesia
- TND 087: 14.95 metres at 0.8 g/t Au
- including 2.9 metres at 1.6 g/t Au
- Continuity of mineralisation on Sondana Vein confirmed by drilling
along a 2,3 km strike length
- Strike potential of Sondana Vein is at least 3.1 Km
December 13, 2011, Golden Peaks Limited (TSX: GL) (the company) is
pleased to announce drilling results from diamond drilling on the Tanoyan Gold
Project, North Sulawesi, Indonesia
(Figure 1
http://www.goldenpeaks.com/i/maps/tanoyan/SONDANA-GAP-v2.jpg
).
The Tanoyan Gold Project consists of five principal vein systems,
Sondana, Ramai, Talong, Modupola and Lingkobungon, which are predominantly
orientated northeast to southwest and dip steeply to the northwest or southeast.
Drilling to date has primarily focused on the Sondana and Modupola
veins.
The company's structural mapping indicated a that 350 metre
southward projection of main Sondana Vein represented a "gap" yet to be
effectively tested by drilling (Figure 1). Based on this, three holes -- TND083,
085 and 087 were drilled to test the target at shallow depths. All three holes
intersected the main Sondana vein and assayed elevated gold (Table 1) and which
included the following results from TNBD087:
- 14.95 metres at 0.8 g/t Au from 37.45 metres including,
- 2.9 metres at 1.6 g/t Au from 41.70 metres
Experience from drilling on the Sondana North has shown
that better grades and widths occur deeper in the vein system. Follow-up
drilling in the Phase 2 program will test down dip projections of mineralisation
in the Sondana Gap area, as well as other prospective targets identified in
Phase 1.
The main Sondana Vein has now been drill tested by Golden Peaks
with 25 drillholes, and has indicated good continuity of gold mineralisation
along a 2.3km strike length from surface down to a depth of at least 100 meters
and has been traced an additional 1,100 meters to the north giving a strike
potential of at least 3.1 Km. The total strike potential of the vein systems at
Tanoyan is at least 6 Km.
Table 1: Tanoyan Project Drilling Results
| DH No. |
Vein |
From
(m) |
To
(m) |
Interval
(m) |
Au
(g/t) |
| TND 083 |
Sondana |
21.30 |
24.10 |
2.80 |
2.1 |
| TND 085 |
Sondana |
31.30 |
35.40 |
4.00 |
1.4 |
| TND 087 |
Sondana |
37.45 |
52.40 |
14.95 |
0.8 |
| |
Sondana |
55.40 |
58.40 |
3.00 |
0.5
|
Drill hole data for the holes reflect down
hole core lengths. True widths cannot be reliably estimated at this time
The company currently owns two drill rigs: Rig 1 is drilling the
Sondana vein system and rig 2 has concentrated on the Modupola vein system which
is located approximately 1 kilometre to the east of Sondana vein. Both veins are
part of an extensive system of auriferous quartz veins, hosted by andesitic
volcanics, which have been traced over a strike length of approximately 6
kilometres.
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.
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 Peaks' 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.com
Figure 1: Sondana Vein Drill plan show location of new and
historical drilling results
Copyright © 2011 GOLDEN PEAKS RESOURCES LTD. (TSX-V:GL) All rights reserved. For
more information visit our website at
http://www.goldenpeaks.com/
or send email to
info@goldenpeaks.com
.
