Reliance Resources reports drilling results in Tanoyan
Thursday, January 19 2012 - 03:21 AM WIB
Reliance Resources has reported a summary of its recently completed Phase 1 drilling program on the Tanoyan Gold Project, North Sulawesi, Indonesia.
The company said on Wednesday that the Tanoyan Gold Project consisted of five principal vein systems, namely 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 Phase 1 drilling program is now complete at a total of 5,041.8 meters over 44 drill holes.
This drill program was designed to increase the size and improve the classification of the existing 43-101 Inferred Mineral Resource of 2.22 Mt at 1.3 g/t for 91,100 ounces of contained gold.
The company is confident that this successful completion of the Phase 1 drilling program has resulted in a material increase in the size of the mineral resource at the Tanoyan Gold Project.
Preparations are currently underway for the Phase 2 drill program which will include 10,000 metres of diamond drilling and is designed to further explore the potential of the Tanoyan epithermal gold vein system and to form the basis of ongoing studies to ascertain the commercial viability of a large gold mine at Tanoyan.
Phase 1 systematic drilling has confirmed that gold mineralization along the Sondana Vein occurs over a strike length of approximately 2.0 kilometres, extending from surface to a minimum of 100 metres vertical depth over much of its length.
The vein is still open to the north and open down-dip over much of its length. The Sondana vein includes drill intercepts of auriferous zones of up to 40 metres true width.
President Scott Emerson commented: "The Phase 1 drilling program has been a significant step in advancing the Tanoyan Gold Project and drilling has provided consistently strong results throughout the program. We are looking forward to having the same success during the next Phase 2, 10,000 meter drill program which is aimed at further gold discovery and the delineation of a mineral resource sufficient to form the basis of, eventually, a large mining and milling operation. "
The company has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia .
The company is active on three of its five Indonesian gold projects; currently preparing for Phase 2 drilling on the Tanoyan Gold Project and conducting surface exploration programs in preparation for drilling on the Kapa Kapa Gold Project and the Roko Gold Project. All of the projects have easy access via paved and/or gravel roads and the regional infrastructure is good
The projects offer both exploration potential and an existing resource base. All five projects are adjacent to or along strike from operating gold mines or identified gold resources with similar geology and structural feature. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009). All samples were assayed by Intertek Indonesia a division of the global Intertek Group Plc.
Editing by Benget Besalicto Tnb.