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Re: News Release - Tuesday, July 29, 2008
La Fortuna Project Drill Results
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July 29, 2007, - Vancouver, BC - Golden Peaks Resources Ltd. (TSX: GL)
is pleased to provide an update to the drill program recently completed
at the La Fortuna Project, in Patagonia, Argentina. The La Fortuna
Project covers a large mineral district in which 21 zones of
structurally controlled gold mineralization have now been identified.
During the recent drilling campaign the Company completed a total of 45
diamond drill holes (6,675.4 meters) in the following areas:
.. CR Structure (Alto & Sigma zones)
.. G zone: southern and northern extensions
.. Hill zone
.. Valley zone
.. T-11S zone
.. T-11SX zone
.. HS zone
The objective of the program was to target either extensions of
existing drilled areas or delineate new zones which had been identified
from surface work previously completed. The work program successfully
achieved this objective. The drill rigs and camp were recently
demobilized to await the end of the South American winter and remain on
site securely winterized, we expect drilling to resume shortly.
Some of the more significant intersections obtained on this latest
drill program are detailed in the attached table.
Of the reported 45 holes drilled, 39 holes (representing 87%)
encountered mineralization confirming our interpretation that the La
Fortuna Project is a large prospective gold bearing district. The
remaining six drill holes were reported to contain no significant
mineralization. A complete list of these holes can be obtained from
the "Updated Technical Report on the La Fortuna Project" prepared by
Kieran Downes, Ph.D., P. Geo, or the Company's annual information form
which is available on SEDAR.
The data collected so far indicates that there are two main structures,
the "CR Structure" trending north-west some 6 km long and the "A
Structure" which also trends north-west and is about 5 km long.
The structures which host the various gold zones total in aggregate a
lineal distance of approximately 20 kilometres. Drilling to date has
been confined to testing the surface indicated exposures and has
consistently proven the existence of mineralization below these
exposures. While these drill results continue to demonstrate potential
for the discovery of significant gold deposits on the above gold
bearing zones the style of mineralization could indicate that there is
higher potential at depth.
The Company has now completed 31,131 meters of drilling in 244 drill
holes and has accumulated significant technical information on the La
Fortuna Project which will allow work to proceed on the preparation of
a National Instrument 43-101 resource calculation. This task is
expected to be part of the 2008 / 2009 work program and is anticipated
for completion by year-end.
The drill contractor is Boart Longyear Latin America. 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:
Scott Emerson, Chairman and Director
SE@goldenpeaks.com
Investor Information, contact:
Mike Kordysz, Investor Communications
MK@goldenpeaks.com
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.
TABLE FOR GOLDEN PEAKS LTD. NEWS RELEASE - JULY 29, 2008
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Hill Zone Drill Hole Intersections
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Hole From To Interval Gold
No. (m) (m) (m) (g/t) Note
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LF-125 15.5 20 4.5 0.85 Partial results
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incl 18.5 20 1.5 2.28 previously released
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40.5 41.5 1 0.87
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48.5 57 8.5 1.35
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incl 48.5 52 3.5 2.77
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and 50.5 51 0.5 15.47
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81 86 5 0.52
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144.5 150 5.5 1.05
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incl 147.5 148 0.5 7.65
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LF-131 57 60 3 1.55
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incl 58 59 1 4.34
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and 58.5 59 0.5 7.08
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63 68 5 0.14
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99 105 6 0.56
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LF-133 15.50 16.00 0.50 0.46
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28.50 30.00 1.50 0.26
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33.00 34.00 1.00 0.32
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43.50 45.00 1.50 0.48
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49.00 50.00 1.00 0.49
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76.00 78.00 2.00 2.60
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incl 77.00 77.50 0.50 10.05
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84.00 95.00 11.00 0.85
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incl 84.50 85.00 0.60 9.99
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123.00 127.00 4.00 0.14
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139.00 139.50 0.50 0.52
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LF-135 259.50 260.00 0.50 1.31
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263.00 264.00 1.00 0.82
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283.50 284.50 1.00 0.58
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288.00 291.00 3.00 0.87
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incl 290,00 291,00 1.00 4.09
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293.50 300.00 6.50 0.53
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T-11S Zone Drill Hole Intersections
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Hole From To Interval Gold
No. (m) (m) (m) (g/t) Note
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LF-106 14.00 15.00 1.00 1.98
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19.00 21.00 2.00 1.07
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77.00 78.00 1.00 0.37
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99.00 101.00 2.00 0.33
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Abandoned ahead of
LF-113 26.00 31.00 5.00 2.36 target
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incl 28.00 30.00 2.00 4.84
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and 29.00 30.00 1.00 7.19
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G Zone Drill Hole Intersections
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Hole From To Interval Gold
No. (m) (m) (m) (g/t) Note
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CRW-18 53.00 57.00 4.00 0.24 Footwall zones ?
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59.00 62.00 3.00 0.30
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64.00 64.50 0.50 0.33
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65.50 66.50 1.00 0.17
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70.00 72.00 2.00 0.23
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73.50 80.00 6.50 0.14
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84.00 86.00 2.00 0.18
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91.00 93.00 2.00 0.36
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106.50 107.50 1.00 0.12
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111.00 112.00 1.00 0.21
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122.00 125.00 3.00 0.13
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CRW-19 53.00 64.50 11.50 2.21 Main zone
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incl 53.00 62.00 9.00 2.74
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and 55.00 60.50 5.50 3.90
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and 58.50 60.50 2.00 6.25
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and 58.50 59.50 1.00 9.20
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and 58.50 59.00 0.50 11.28
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Alto Zone Drill Hole Intersections
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Hole From To Interval Gold
No. (m) (m) (m) (g/t) Note
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CR-30 30.75 32.75 2.00 0.22 Alto
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43.00 48.00 5.00 1.15
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incl 45.00 47.50 2.50 2.16
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63.80 64.20 0.40 1.56
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85.00 87.00 2.00 0.28
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CR-32 26.50 30.25 3.75 3.73 Alto
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incl 27.50 30.25 2.75 5.04
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and 27.50 28.00 0.50 7.36
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and 29.00 30.25 1.25 7.83
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CR-33 66.80 70.10 3.30 2.25 Alto
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incl 66.80 68.80 2.00 3.00
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T-11SX Zone Drill Hole Intersections
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LF-61 50.00 57.50 7.00 1.20
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incl 50.00 52.00 2.00 3.33
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and 50.50 51.50 1.00 6.30
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and 51.00 51.50 0.50 10.10
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LF-97 78.00 90.50 12.50 0.80
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incl 84.00 90.50 6.50 1.37
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and 86.00 89.00 3.00 2.35
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and 86.00 88.00 2.00 3.13
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and 87.00 87.50 0.50 10.10
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HS Zone Drill Hole Intersections
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Hole From To Interval Gold
No. (m) (m) (m) (g/t) Note
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LF-117 12.00 13.00 1.00 2.39
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22.00 23.00 1.00 0.73
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92.00 94.50 2.50 0.41
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102.50 106.50 4.00 0.69
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108.00 109.00 1.00 0.85
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LF-118 38.90 43.00 4.10 2.50
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incl 38.90 41.00 2.10 4.71
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61.00 62.00 1.00 0.29
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137.00 138.00 1.00 0.49
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Drill hole data for all holes reflect down hole core lengths. True widths
cannot be reliably estimated at this time.
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View News Release and Table in PDF Format:
http://www.goldenpeaks.com/i/pdf/2008-07-29_NR.pdf
36 KB in size, approx. 8 seconds to download at 56.6Kbps
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Copyright (c) 2008 GOLDEN PEAKS RESOURCES LTD. (TSX-V:GL) All rights
reserved. For more information visit our website at
http://www.goldenpeaks.com/ or send mailto:info@goldenpeaks.com
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