Golden Peaks exploring mineralization prospects at Halmahera project

Golden Peaks Resources Limited said it is currently conducting an initial field program at the Akelamo silver and gold prospect within its Kapa Kapa property in North Halmahera regency of North Maluku province.

?Exploration has outlined a 1 kilometre zone containing hydrothermally altered rocks and precious metal mineralization,? the company said.

Historical channel sampling within this zone returned bonanza silver along with anomalous gold; including: 4m @ 1,800 g/t Ag (and 0.5 g/t Au); 4m @ 466 g/t Ag; and 5m @ 0.9 g/t Au.

A historic rock float sample assayed 15,800 g/t Ag (460 ounces of silver per tonne and 3.0 g/t Au. These values demonstrate the potential this prospect has for truly bonanza-grade silver mineralization, the company said.

The company has undertaken initial reconnaissance sampling and has confirmed the presence of additional high silver values.

The company is currently establishing a base camp at the Akelamo prospect to support a program of systematic exploration comprising surveying, mapping, soil sampling and channel sampling. This program is designed to further define the extent, style and intensity of the Akelamo hydrothermal mineralization in preparation for drilling. This prospect is under-explored and has never been tested by drilling

Currently, Golden Peaks 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.

Halmahera is host to Newcrest Mining Limited's Gosowong Mine, one of the highest-grade underground gold mines currently operating anywhere in the world (28 g/t gold average). Golden Peaks Resources has the second largest landholding for gold exploration on Halmahera after Newcrest Mining. (romel)