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32 Metres at 2.1 g/t Gold Further Confirms Sondana North Vein Extension

November 30, 2011 Download PDF

  • TND 079: 32.1 metres at 2.1 g/t Au
    • including 5.1 metres at 4.6 g/t Au
  • 100 metres north of TND 077 (72 metres at 1 g/t Au)
  • Fourth successive gold intersection from the Sondana North Vein
  • Mineralisation strengthening with depth
November 30, 2011 Golden Peaks Limited (TSX: GL) (the company) is pleased to announce drilling results from diamond drillhole TND 079 into the Sondana North Gold Vein system on the Tanoyan Gold Project, Sulawesi, Indonesia (Fig.1)http://www.goldenpeaks.com/i/maps/tanoyan/Sondana-Vein-Drill-Plan-TND-079.jpg ).

TND 079 intersected a wide zone of gold mineralisation:

  • 32.1 metres at 2.1 g/t Au from 80.5 metres including,
  • 5.1 metres at 4.6 g/t Au from 105.5 metres
The cross section in Figure 2 shows TND 079 was drilled beneath historical drillhole TND 010. The results show that the mineralisation is increasing in width and grade with depth, on this section. Strong drilling results coupled with the subdued surface expression of mineralisation observed in the field, suggests that this strengthening with depth is a general feature of the Sondana North Vein system. Follow-up drilling in the planned Phase 2 program will further test the depth potential beneath TND 079, as shown in Figure 2. http://www.goldenpeaks.com/i/maps/tanoyan/North-Sondana-Cross-Section-of-drillholes-TND010.jpg

As previously announced, the first three drillholes : TND 073 (10.7 metres at 1.6 g/t Au), TND 075 (18.85 metres at 4.4 g/t Au), and TND 077 (72.0 metres at 1 g/t Au) intersected gold mineralisation over widths varying between 10 and 72 metres, down-hole. Drillhole TND 079 is 100 metres along strike from TND 077 and is thus, the northern-most result drilled by the company on the Sondana Vein.

Table 1: Tanoyan Project Drilling Results

DH No. Vein From To Interval Au
(m) (m) (m) (g/t)
TND 079 Sondana 80.5 112.6 32.1 2.1
Incl. 105.5 110.6 5.1 4.6
Drill hole data for the hole reflect down hole core lengths. True widths cannot be reliably estimated at this time

Drillholes TND 073, TND 075, TND 077 and TND 079 have largely confirmed continuity of gold mineralisation along a previously under-explored 350 metre length of the Sondana Vein.

Drilling on the Sondana Vein has now confirmed gold mineralisation over a strike length of 2,000 metres. Drill intercepts range from near-surface to at least 100 metres vertical depth and the vein is open along-strike and down-dip over much of its length.
In addition, surface indications of the Sondana Vein system extends an additional 1,100 meters north from TND 079. This will be a prime target for Phase 2 drilling.

Follow-up drilling in the Phase 2 program will test dip and strike extensions of the Sondana North Gold Vein.

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

Investor Information, contact:
Mike Kordysz, Investor Communications

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.

Click to Enlarge
Figure 1: Sondana Vein Drill Plan show location of new and historical drilling results

Click to Enlarge

Figure 2: North Sondana - Cross Section of drillholes TND010 and TND079

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