Press release from CNW Group
Reliance Resources announces high-grade copper (5.2%) and silver (729 g/t) rock grab samples at Akelamo Prospect on Halmahera
Tuesday, October 30, 2012
- 5.2% Cu from south-east extension of Akelamo Prospect
- 729 g/t Ag, 288g/t Ag and 75 g/t Ag from northernmost outcrops assayed at Akelamo
- New zone of epithermal veining discovered to south-west of Akelamo
VANCOUVER, Oct. 30, 2012 /CNW/ - Reliance Resources Limited (the "Company") (TSX: RI) is pleased to provide an update on its exploration activities at its Akelamo Gold/Silver Prospect, located on the Kapa Kapa property on Halmahera Island, Indonesia. Reliance has more than 44,000 acres of exploration ground on Halmahera (Figure 1), and the Company is the second-largest holder of exploration licences on the island next to Newcrest Mining Limited (ASX: NCM).
Laboratory assay results have been received for 7 samples collected during the Akelamo reconnaissance exploration program (Table 1).
Table 1: Recent Akelamo Prospect Rock Grab Sample Results
(See figure 3 for location)
Reconnaissance exploration in the southern extension of the Akelamo Zone has encountered rock float of silicified and brecciated volcanics with tarnished sulphides (Figure 2). A grab sample of this has assayed high in copper and silver - 5.2% Cu and 83 g/t Ag. This sample continues a pattern observed at Akelamo of high-grade copper values adjacent to the main Akelamo Zone (Figure 3).
In another area, three grab samples were collected from mineralised outcrops in the headwaters of Sanggut and Sobit creeks. Assays from these samples confirm strong silver - 729 g/t Ag, 288 g/t Ag and 75 g/t Ag. They represent the northernmost outcrop samples at Akelamo and show the zone is still open to the north.
Outcrop grab sample RC01258 of a vuggy quartz vein was collected 50m south-west the main mapped zone of alteration/veining and returned high silver assays 631 g/t Ag (Figure 3). Sample RC01184 was taken from an outcrop of colloform banded quartz veins near the intersection of Gunyira and Akelamo creeks, within the Main Akelamo Zone and continues to verify the high-grade silver nature of veins within this zone and its association with base metals - 655 g/t Ag, 1.09 g/t Au and 0.1% Cu.
Recent mapping has also discovered a new zone of epithermal quartz veining and hydrothermal alteration along Kasbi Creek, 500m to the south of the main Akelamo Zone. Mapping and sampling is still reconnaissance in nature and the dimensions of the prospect are still open. Several samples were collected and tested with a hand held Niton XRF instrument including one prepared sample returning a significant analysis of 123 ppm Ag and 0.1% Pb. This and other samples from the new Kasbi Creek prospect are being prepared for confirmation by laboratory analysis.
A grid-controlled soil sampling program, utilising the Niton, is currently underway across the Akelamo prospect.
Reliance Resources CEO Gary Lewis says, "The discovery of high grade copper at Akelamo is a further indication of the high prospectivity of the Reliance exploration concessions in Halmahera. Field exploration continues to increase the extent of the mineralisation at Akelamo and it is now evident that the mineralising system is of a large scale. Akelamo is only one 5 known prospect areas within the Kapa Kapa property.
The soil geochemical sample grid at Akelamo should provide further important target definition of the mineralisation prior to drilling. Regional and prospect scale exploration will continue."
Drilling is continuing in the Company's Tanoyan Gold project in Sulawesi, Indonesia, which currently has a NI 43-101 inferred mineral resource of 208,000 ounces of gold (4.58mt at 1.41 g/t Au) at 0.5 g/t Au cut-off grade which was announced on March 19, 2012.
Mr. Lewis says, "We look forward to informing shareholders as results from Sulawesi and Halmahera become available and are interpreted by our technical team."
"Tanoyan is the project with the best opportunity of near-term production and remains Reliance's primary focus at present. However, we see the potential of Halmahera as equally important for the long-term future as the island is clearly prospective for high grade gold and silver and hosts one of the world's highest grade epithermal gold mines - Newcrest's Gosowong mine (approximately 5 Moz at 24 g/t Au)."
About Reliance Resources Limited
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 feature.
The Company is active on four of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Palopo Gold Project, the Kapa Kapa Gold Project and the Roko Gold Project. All of the projects have easy access via paved and/or gravel roads and regional infrastructure is good.
The company's most advanced project is the Tanoyan Reliance's Tanoyan Gold project in Sulawesi, Indonesia, which currently has a NI 43-101 inferred mineral Resource of 208,000 ounces of gold (4.58mt at 1.41 g/t Au) as at March 2012.
Rock samples are collected and initially logged at Akelamo Base Camp at the project area. Samples are then securely transported to Reliance's Exploration Office in Tobelo, North Halmahera. Archival samples are retained, as a reference, in the secure Tobelo office facility. All QC samples are introduced before the bagged samples are sent by courier to PT Intertek Laboratory's sample preparation facility in Manado. Prepared samples are then couriered by PT Intertek to their analytical facility in Jakarta for analyses.
Gold is fire assayed using a 50.0 gram aliquot sample with an AA finish. Multi-element analysis is by Four Acid Digestion using an Induced Coupled Plasma (ICP) finish.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Limited and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.
Figure 1: Northern Halmahera showing location of Reliance Resource's tenements
Figure 2: Rock float sample RF01185 from Gunyira Creek showing tarnished copper
sulphides in a breccia matrix - 5.2% Cu and 85 g/t Ag. (field of view
Figure 3: Plan view of Akelamo Prospect showing mapped 600m zone of hydrothermal
alteration, epithermal quartz veining and sulphide mineralisation and
recently identified extensions
PDF available at: http://stream1.newswire.ca/media/2012/10/30/20121030_C2772_DOC_EN_19795.pdf
PDF available at: http://stream1.newswire.ca/media/2012/10/30/20121030_C2772_DOC_EN_19796.pdf
PDF available at: http://stream1.newswire.ca/media/2012/10/30/20121030_C2772_DOC_EN_19797.pdf
SOURCE: Reliance Resources Ltd.
For further information:
Gary Lewis, Chairman & CEO, Reliance Resources Limited: +61 2 8259 4799
Adam Holdsworth, DGI: +1 212-825-3210