VANCOUVER, Sept. 12, 2011 /CNW/ --
TSX: GL
-- Diamond Drill Hole TND 075 intersects:
o 18.85 metres at 4.4 g/t Au including 2m at 33.0 g/t Au
-- Northern-most result yet from main Sondana Vein Phase 1
drilling
-- Richest drill intersection to date
-- Mineralisation open along strike and at depth
VANCOUVER, Sept. 12, 2011 /CNW/ - Golden Peaks Limited (TSX: GL) (the
company) is pleased to announce drilling results from diamond drill
hole TND075, which is the most recent from the Tondana Vein system,
Tanoyan Gold Project, Sulawesi, Indonesia. This hole intersected
gold-bearing quartz vein over a drilled width of 18.85 metres,
approximately 70 metres below surface:
-- TND 075: 18.85 metres at 4.4 g/t Au from 96.2m, including 2.0
metres at 33.0 g/t Au from 98.25m
o The TND 075 result is considered important for several
reasons:
-- It confirms the strength of the Sondana vein system to the
north.
-- It is the northern-most 'effective and complete' test of the
Sondana vein
-- The mineralized zone is open at depth and to the north (Fig 1)
and cross section
http://www.goldenpeaks.com/i/maps/Sondana-Vein-Drill-Plan-new.jpg
-- Demonstrates the potential for relatively deep, high-grade
mineralization.
-- The structural knowledge about Tanoyan is reaching a high level
whereby it is possible for the company's geologists to target
the auriferous quartz veins even where little of no surface
indications are evident.
Golden Peaks' President Scott Emerson commented: 'The completion of hole
TND 075 is an important milestone as it is the richest gold
intersection made so far by the company. It opens up the exciting
potential of the northern section of the Sondana vein and it shows that
relatively deep veins at Tanoyan can host very high grade gold. Rig 1
continues to drill the northern sections of the Sondana vein and
additional results are expected in due course. The planning for the
10,000 metre Phase 2 drilling program is at an advanced stage and will
include follow-up of the exciting result in TND 075'
Table 1: Tanoyan Project Drilling Results
Zone 51 N UTM From To Interval Au Interpreted
DH No. Vein True Width
East North (m) (m) (m) (g/t) (m)
TND075 639572 67409 Sondana 79.3 81.3 2 1.5
96.2 115.05 18.85 4.4
incl 98.25 100.25 2 33.0
The company currently owns two drill rigs and they are being operated by
PT Maiwadrill Resources Antarnusa. 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.
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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