Golden Peaks Resources HUB - AGORACOM
Drilling about to restart at La Fortuna, 1st resource calc being worked on
Message: November 1st, 2007 - T11 gold zone expanded - again
November 1, 2007, – Vancouver – Golden Peaks Resources Ltd. (TSX: GL) (the “Company”) announces further results from the T-11 zone, La Fortuna project, Chubut province, Argentina. High grade gold mineralization was intersected in holes LF-94, LF-95 and LF-96 drilled as undercuts to high grade mineralization on the T-11 zone. The recent drilling at La Fortuna targeted the high grade mineralization in holes LF-10 and LF-12 and showed the mineralization continues to depth. This central part of the T-11 zone contains strong gold mineralization over a distance of +100 meters and to vertical depths of between 100 to 160 meters. The significant intersections in holes LF-69 and LF-105 are open. LF-105 is located at the easternmost end of the zone and is open at depth and on strike to the southeast for a minimum of 250 meters. LF-69 collared in strongly oxidized rock and almost immediately intersected gold mineralization of 3.98 g/t gold over 2.0 meters. This suggests there may be other gold zones paralleling the main T-11 zone in the hanging wall. LF-95, drilled to intersect the zone of interest 40 meters beneath hole LF-10, intersected the gold mineralized zone at a vertical depth of approximately 110 meters. LF-96, drilled to intersect the zone of interest 50 meters beneath hole LF-12, intersected the mineralized zone at a vertical depth of approximately 90 meters. The intersections in LF-95 and LF-96 are above the level of the broad, high grade gold mineralization intersected in LF-105 and drilling is planned to test for the extensions to this zone beneath LF-95 and LF-96. Immediately west of holes LF-7/LF-9 the mineralization appears to change direction to the southwest before resuming its overall NW-trend. This change in direction (flexure/roll) appears to have opened a new NW-plunging, mineralized shoot. Hole LF-69, drilled to test this possible shoot, intersected high grade mineralization. LF-94 tested for mineralization approximately 15 meters west of holes LF-7/LF-9 and NE of the intersection in LF-69. The intercepts in LF-94, which are at a vertical depth of approximately 110 meters, may be the NW-plunging shoot.LF-94 also tested for any NE-trending mineralization between fences LF-7/LF-9 and LF-8/LF-10/LF-95. No NE-trending mineralization was intersected confirming the mineralized zone, overall, trends to NW. Said Chairman Scott Emerson “The intersection in LF-105 is at a depth of approximately 160 meters. Drilling immediately to the NW has only tested to a depth of approximately 100 meters. We believe the mineralization continues at depth to the NW and SE and offers the potential for significant expansion of the zone.”
Previously released (* Press Release of February 21, 2006; ** Press Release of September 25, 2007;***Press Release October 2, 2007.). Drill hole data for the holes reflect down hole core lengths. True widths cannot be reliably estimated at this time.
****Intersection contains 2 meters at zero grade. The drill contractor is Connors Argentina S.A. Split/sawn core samples are assayed by Alex Stewart (Assayers) Argentina S.A., a certified ISO 9002 laboratory. In accordance with the Company's QC/QA policy all high grade samples are being check assayed at a different laboratory.
This press release has been reviewed and approved by Dr. Kieran Downes, P.Geo., President of Golden Peaks Resources Ltd. and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.
Media Information, contact: Investor Information, contact:
Scott Emerson, Chairman and Director Mike Kordysz, Investor Communications
SE@goldenpeaks.com MK@goldenpeaks.com
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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.
| Hole | From | To | Interval | Gold | Note | |
| # | (m) | (m) | (m) | (g/t) | ||
| LF-8* | 9.00 | 32.00 | 23.00 | 3.62 | 25m test | |
| incl | 9.00 | 15.00 | 6.00 | 7.24 | ||
| LF-10* | 12.20 | 80.56 | 68.36 | 2.35 | 50m under LF-8 intersection | |
| incl | 12.20 | 29.00 | 16.80 | 7.69 | ||
| incl | 20.70 | 29.00 | 8.30 | 10.58 | ||
| and | 52.10 | 54.00 | 1.90 | 8.88 | ||
| LF-95 | 133.00 | 147.00 | 16.00 | 3.06 | 40 m under LF-10 intersection | |
| incl | 138.00 | 143.00 | 5.00 | 8.40 | ||
| incl | 139.00 | 142.00 | 3.00 | 11.96 | ||
| incl | 141.00 | 142.00 | 1.00 | 24.97 | ||
| LF-12* | 7.00 | 20.00 | 13.00 | 3.30 | 25m test | |
| incl | 7.00 | 10.65 | 3.65 | 6.42 | ||
| LF-96 | 97.50 | 127.00 | 29.50 | 1.94 | 50 m under LF-12 intersection | |
| incl | 116.00 | 126.00 | 10.00 | 3.69 | ||
| incl | 118.00 | 121.50 | 3.50 | 5.62 | ||
| incl | 118.00 | 120.50 | 2.50 | 7.02 | ||
| and | 125.50 | 126.00 | 0.50 | 19.49 | ||
| LF-94**** | 113.00 | 135.00 | 22.00 | 2.58 | ||
| incl | 113.00 | 129.00 | 16.00 | 2.94 | ||
| incl | 122.00 | 129.00 | 7.00 | 5.02 | ||
| incl | 124.00 | 126.00 | 2.00 | 7.15 | ||
| and | 134.00 | 135.00 | 1.00 | 6.39 | ||
| LF-7* | 4.00 | 54.00 | 50.00 | 3.65 | 25m test | |
| incl | 18.50 | 42.00 | 23.50 | 6.70 | ||
| incl | 23.00 | 29.00 | 6.00 | 11.66 | ||
| and | 31.30 | 39.00 | 7.70 | 10.68 | ||
| LF-9* | 6.30 | 69.00 | 62.70 | 2.05 | 50m under LF-7 intersection | |
| incl | 38.50 | 69.00 | 30.50 | 3.07 | ||
| incl | 38.50 | 50.00 | 11.50 | 6.56 | ||
| and | 39.00 | 46.50 | 7.50 | 9.42 | ||
| LF-69*** | 6.00 | 8.00 | 2.00 | 3.98 | ||
| 14.00 | 48.00 | 34.00 | 3.90 | |||
| incl | 17.00 | 39.90 | 22.90 | 5.37 | ||
| incl | 17.00 | 28.00 | 11.00 | 6.80 | ||
| incl | 23.00 | 28.00 | 5.00 | 10.00 | ||
| and | 29.00 | 39.90 | 10.90 | 4.37 | ||
| incl | 38.00 | 39.90 | 1.90 | 12.03 | ||
| LF-11* | 3.00 | 41.00 | 38.00 | 5.72 | 25m test | |
| incl | 19.50 | 29.80 | 10.30 | 10.90 | ||
| incl | 23.35 | 28.50 | 5.15 | 18.34 | ||
| incl | 33.53 | 39.55 | 6.02 | 10.08 | ||
| LF-92** | 93.00 | 134.00 | 41.00 | 1.7 | 50 m under LF-11 intersection | |
| incl | 105.70 | 112.00 | 6.30 | 8.16 | ||
| incl | 107.70 | 112.00 | 4.30 | 11.17 | ||
| LF-98** | 82.00 | 102.00 | 10.00 | 5.37 | 30m under LF-92 intersection | |
| incl | 85.00 | 89.00 | 4.00 | 4.00 | ||
| and | 99.00 | 102.00 | 3.00 | 7.12 | ||
| LF-105** | 83.50 | 138.50 | 55.00 | 2.44 | 40m under LF-98 intersection | |
| incl | 83.50 | 91.00 | 7.50 | 3.65 | ||
| incl | 87.50 | 91.00 | 3.50 | 7.02 | ||
| incl | 89.50 | 91.00 | 1.50 | 12.66 | ||
| and | 105.50 | 110.00 | 4.50 | 8.43 | ||
| incl | 105.50 | 107.50 | 2.00 | 15.14 | ||
| and | 124.00 | 138.00 | 14.00 | 3.80 | ||
| incl | 131.50 | 138.00 | 6.50 | 5.66 | ||
| incl | 135.00 | 138.00 | 3.00 | 8.66 | ||
| LF-107** | 160.00 | 171.00 | 11.00 | 0.10 | 70m under LF-105 intersection |
Previously released (* Press Release of February 21, 2006; ** Press Release of September 25, 2007;***Press Release October 2, 2007.). Drill hole data for the holes reflect down hole core lengths. True widths cannot be reliably estimated at this time.
****Intersection contains 2 meters at zero grade. The drill contractor is Connors Argentina S.A. Split/sawn core samples are assayed by Alex Stewart (Assayers) Argentina S.A., a certified ISO 9002 laboratory. In accordance with the Company's QC/QA policy all high grade samples are being check assayed at a different laboratory.
This press release has been reviewed and approved by Dr. Kieran Downes, P.Geo., President of Golden Peaks Resources Ltd. and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.
Media Information, contact: Investor Information, contact:
Scott Emerson, Chairman and Director Mike Kordysz, Investor Communications
SE@goldenpeaks.com MK@goldenpeaks.com
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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.
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