Golden Peaks drills 15.5m at 3.1 (g/t) gold at Sulawesi project

Vancouver-based exploration firm Golden Peaks Limited reported Tuesday that it has begun to receive assay results from its initial 5,000 metre drill program at its Tanoyan Gold Project, Sulawesi.

Results have been received for the first seven drill holes at Tanoyan, with six holes cutting mineralized structures from the Sondana Vein system. Highlight results include intersections from holes TND 049 and TND 050 with results of 19.8 metres at 1.6 g/t Au from 10.9m and 15.5 metres at 3.1 g/t Au from 55.6m, respectively.

The Tanoyan property hosts an extensive set of gold-bearing quartz vein systems which have been mapped over a strike length of about 5,600 metres. Historical drilling comprised of 44 widely-spaced holes in 2 programs testing portions of vein systems. As previously reported, CSA Global Resource Industry Consultants (CSA Global) estimated a NI 43-101 compliant inferred mineral resource of 2.22 Mt at 1.3 g/t for 91,100 ounces of contained gold.

Golden Peaks' President Scott Emerson commented: "This is a pleasing start to our initial drilling program at Tanoyan and confirms our confidence in the potential for this project. With a resource in place of 91,100 ounces of gold, we have every confidence that we will increase this figure.

To date, we have completed 18 holes as part of the initial drilling program planned for Tanoyan. Exploration work is ongoing with two rigs operating around the clock. We expect to report additional drilling results in the near future as well as updating shareholders on progress at our four other Indonesian projects." (alex)