Reliance reports new results from Tanoyan project
Tuesday, March 20 2012 - 02:49 AM WIB
Reliance Resources Limited, an Indonesian gold explorer, said that a new NI 43-101 report on the Tanoyan project, including a revised mineral resource estimate, has been completed by independent consultants Mining Associate Pty Ltd.
The company, which has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia, said in a press statement on Tuesday that the report was commissioned in January 2012 following the completion of the 5,000+ metre phase 1 diamond drilling program in December 2011.
Internal company calculations had suggested that the drilling had discovered a significant amount of gold mineralisation and this was confirmed by the independent estimate.
The Tanoyan mineral resource estimate is stated in Table below:
| Tanoyan Mineral Resource Estimate Mar 2012 At 0.5 g/t Au cut-off |
|||
| Resource Category |
Tonnage Mt |
Grade Au g/t |
Contained Gold Oz |
| Inferred | 4.58 | 1.41 | 208,000 |
Mining Associates stated in their report that there were no indications that these zones were closed off at depth and, given the style of mineralisation, MA would expect that additional drilling will allow the estimates to be extended further to depth.
Reliance Resources Limited has a good understanding of the cross structures and can trace the vein extents laterally.
Editing by Benget Besalicto Tnb.