Reliance records positive results at Tanoyan project
Friday, June 1 2012 - 02:43 AM WIB
Vancouver-based Reliance Resources Ltd., announced positive results from its recent drilling at Sondana Vein at Tanoyan Gold Project in North Sulawesi.
The drilling at the hole TND090 is part of the planned 10,000' Phase 2 drill program to build on independent NI 43-101 Inferred Mineral Resource (4.58 Mt at 1.41 g/t Au) of 208,000 ounces of gold (March, 2012).
"These results further show how our Tanoyan Gold Project continues to improve as the drilling advances. Epithermal gold veins are not simple to evaluate as the gold occurs in shoots and at different levels. The TND 090 results and other similar results prove that only extensive drilling, such as we are undertaking in this Phase 2 drilling program, can unlock the potential of prospects such as Tanoyan,? Reliance President Scott Emerson stated.
?I look forward to continually updating the market as our Tanoyan drill program progresses and accelerates in coming months, as well as providing regular updates on our other exciting gold and silver properties in Indonesia.?
The Tanoyan Gold Project consists of an extensive system of auriferous quartz veins, comprising four principal vein systems, Sondana, Ramai, Modupola/Talong and Lingkobungon. These veins are predominantly orientated northeast and dip steeply or moderately to the northwest or southeast. The veins are hosted by andesitic volcanic rocks and have been mapped over a combined strike length of approximately 6 kilometers.
The Phase 2 program aiming for a significant upgrade to the existing NI 43-101 resource by targeting extensions to drilled sections of the veins, which have been identified, as well as along strike and at depth on all vein systems. Previous drilling has primarily been tightly focused on the Sondana and Modupola veins and the current Phase 2 program will extend drilling into all target areas.
Editing by Adianto P. Simamora