Vancouver Company Tests The Resource Potential Of Its Gold Mining Project In Sulawesi, Indonesia
Reliance Resources Ltd. recently completed 10 holes and 1,530.8 meters of diamond drilling on its 75 percent-owned Tanoyan Gold Project in Indonesia
Vancouver (I-Newswire) September 26, 2012 - Reliance Resources Ltd., an exploration company based in Vancouver, Canada, recently completed 10 holes and 1,530.8 meters of diamond drilling on its 75 percent-owned Tanoyan Gold Project in Indonesia. The drilling is part of an ongoing, 10,000-meter Phase 2 program designed to further assess the resource potential of the large, six-kilometer epithermal vein system at Tanoyan. A recent resource estimate, completed in March 2012, inferred the presence of 208,000 ounces of gold.
The Tanoyan Gold Project consists of an extensive system of auriferous quartz veins comprising of 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 six kilometers. 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.
The resource model at the Sondana and Modupola veins is open at depth for most of its length, especially in the north of the Sondana vein, where significant drill intersections from Phase 1 drilling are located. The Phase 2 drilling program is designed to test at depth for extensions mineralization that have been mapped on the surface and in locations where earlier drilling has shown the mineralization is open at depth. Infill drilling should confirm the strike continuity of vein systems and thereby improve the classification of the mineral resources.
Reliance Resources has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia. 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 features. Importantly, all projects have been converted to IUP tenements as required under the Indonesian Mining Act of 2009.
The Company is active on three of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Kapa Kapa Gold Project and the Roko Gold Projects. All of the projects have easy access via paved and/or gravel roads and regional infrastructure is good.
About Dian Griesel Inc.
Dian Griesel Inc.
PO Box 302
Washington Depot, CT
Phone : 860-619-0177
Published On:September 26, 2012
Print Release:Print Release
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