Golden Peaks tables Sierra De Las Minas results

Vancouver — Golden Peaks Resources (GL-V) has tabled the assay results from the first three holes drilled on the JV-14 zone at the Sierra De Las Minas property in Argentina.

The property is a joint venture between Golden Peaks and Japan-based Mitsubishi Materials. Earlier this year the partners performed an induced polarization and ground magnetic survey over the JV-13, JV-14 and JV-15 zones. Results delineated an anomaly measuring 1.4-by-1.6 km.

The recent 10 hole, 1,540.56-metre, drill program tested the JV-14 zone and its extension to the northwest. Highlights of the results are as follows;

• Hole JV-27 intersected 4.45 metres averaging 0.48 gram gold, starting 13.20 metres down-hole. This included a 0.6-metre interval that averaged 3.17 grams gold. Further down-hole, at 62.15 metres, a 10.15-metre interval assayed 0.34 gram gold. This included a 0.65-metre section that averaged 2.31 grams gold.
• Hole JV-29 intersected 12.44 metres averaging 0.98 gram gold, starting 113.9 metres down hole. this included a 2.55-metre interval that averaged 3.65 grams gold.
• Hole JV-28 failed to intersect significant values.

Holes JV-27 and JV-28 were drilled as reconnaissance holes, 150 meters apart, within the 500-metre-long gap between the 261 zone and the JV-14 zone.

JV-27 intersected heavily oxidized, moderate to strong haematite-sericite alteration and local disseminated pyrite. The company believes that the alteration patterns indicate a potential for stronger mineralization at depth.

JV-28 intersected three narrow structures, none of which were mineralized. This area is interpreted to be in the roof of the mineralizing system. Golden Peaks states that the area is delineated by a large chargeability geophysical anomaly which suggests further potential at depth.

JV-29 was drilled on the JV-14 zone, close to a fault and intersected the main alteration zone. Alteration consists of sericite-haematite and disseminated pyrite as well as narrow quartz stringer zones.

Drilling has been paused until the remaining assays are received and evaluated. All samples are being assayed by Alex Stewart (Assayers) in Argentina. Golden Peaks states that the complex structural setting created by block faulting creates challenges when drilling the target since equivalent levels in the mineralized system are not being tested by the holes.