Tanoyan continues to deliver positive drilling results for Golden Peaks

Vancouver-based metal exploration firm Golden Peaks Limited reported on Wednesday drilling results from 11 holes into the Sondana Vein system on the Tanoyan Gold Project, North Sulawesi .

These holes are part of the company?s systematic evaluation of the project with an aim of increasing the size and improving 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.

Highlights of the drilling include a high‐grade intersection at shallow depth in hole TND 063: 7.3 metres at 7.2 g/t Au from 17.3m including 1.3 metres at 38.2 g/t Au from 22.3m.

Golden Peaks? President Scott Emerson commented: ?Drilling at Tanoyan continues to provide consistently strong results and the high hit‐rate is an indication of the persistent nature of the gold‐bearing vein system. In view of the positive results to date, our technical staffs are currently planning the next stage (Phase 2) of drilling of approximately 10,000 which is aimed at delineating a mineral resource sufficient to form the basis of a mineral reserve and technical and economic feasibility study.?

The company currently owns two drill rigs and they are being operated by PT Maiwadrill Resources Antarnusa. Rig 1 is drilling the Sondana Vein system, rig 2 has concentrated on the Modupola Vein system which is located approximately 1 Km to the east of Sondana Vein. Both veins systems are part of an extensive system of auriferous quartz veins, hosted by andesitic volcanics, which have been traced over a strike length of approximately 5,600 metres.(romel)