Golden Peaks bullish on drilling results

Golden Peaks Limited announced that drilling results in the Sondana North gold vein system of the Tanoyan gold project in Sulawesi have shown that mineralization increases in width and grade with depth

The company said in its press release that the strong drilling results from diamond drillhole TND 079 into the Sondana North gold vein system, coupled with the subdued surface expression of mineralization observed in the field, have suggested that the strengthening with depth was a general feature of the Sondana North vein system.

It said that TND 079 was drilled beneath historical drillhole TND 010. The TND 079 intersected a wide zone of gold mineralisation: 32.1 metres at 2.1 g/t Au from 80.5 metres, and 5.1 metres at 4.6 g/t Au from 105.5 metres.

The company stated that follow-up drilling in the planned phase 2 program will further test the depth potential beneath TND 079.

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.

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.

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.

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. (romel)