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Gold Mineralisation Drilled over 2.3 Kilometre Strike Length on Sondana Vein at Tanoyan Gold Project, Indonesia

December 13, 2011 Download PDF

  • 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
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

Investor Information, contact:
Mike Kordysz, Investor Communications

Figure 1: Sondana Vein Drill plan show location of new and historical drilling results

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