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Re: News Release - Monday, April 30, 2007
Amphitheatre Zone -- Additional High Grade
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April 30, 2007, -- Vancouver -- Golden Peaks Resources Ltd. (TSX: GL).
The Company is pleased to provide an update on the drilling progress on
the Amphitheatre zone of the La Fortuna gold project in Patagonia,
Argentina. The diamond drilling program on the #16 structure ( 18 holes
- 2,814 meters) has confirmed the presence of a shallow zone of gold
mineralization, with local bonanza grades, over a distance of
approximately 430 meters (Map 1 and Table 1). Holes LF- 43, LF-50 and
LF-60 cut high grade intersections substantiating the high grade
results from the previous drill program (holes LF-16, LF-33, LF-34 and
LF-35). Hole LF- 43 encountered multiple gold intersections including
5.00 g/t over 5.5 meters (75.5 to 81.0 meters). In addition, hole LF-50
intersected gold mineralization of 3.15 g/t over 6.0 meters (12.0 to
18.0 meters). Sixteen of the 18 holes intersected gold mineralization.
Several holes intersected gold bearing sub-volcanic intrusive breccias.
The potential for a significant gold discovery has been greatly
increased with the discovery of gold mineralization associated with
pneumatolic breccias which may be rooted in auriferous sub-volcanic
intrusives. The pervasive and widespread light coloured argillic
alteration of the Amphitheatre, visible on the satellite imagery, is a
consequence of these sub-volcanic intrusives which intrude the local
andesitic sequence (Map 1), and associated gold mineralization could be
widespread. The overall size and potential of the breccias remain
untested at this time.
The #16 structure gold mineralization is hosted in single and multiple,
locally friable, pyrite +/- chalcopyrite rich quartz-calcite
veins/structures within a wider zone of clay rich, disseminated
mineralization. The structure parallels the south boundary of a 350
meter wide zone of high chargeability and coincident high resistivity.
The current drill hole density is insufficient to provide reliable data
on the size and shape of the gold mineralized shoots, or on the overall
volume of the disseminated gold mineralization.
Two concentrations of gold mineralization are currently recognized on
the #16 structure: one around hole LF-16 and the second around hole
LF-23. The mineralized zone around hole LF-16 is approximately 180
meters long, of variable width and has been drill tested to a maximum
depth of 70 meters.
Hole LF-26 indicates the mineralization probably extends a further 150
meters to the southeast, or a total of about 590 meters.
In addition, hole LF-60 significantly extended the area of high
mineralization to the northwest. The area between these two zones is
coincident with a cross cutting magnetic feature, possibly a fault.
The La Fortuna project covers a large mineral district in which eight
zones of structurally controlled gold mineralization have been
identified. The structures which host the various gold zones total in
aggregate a lineal distance of approximately 15 kilometers. Please
refer to the property and structural map at
http://www.goldenpeaks.com/i/maps/StructureMap-nocap.jpg.
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 will be 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 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.
The current drill hole density on the #16 structure, (and other
structures) is insufficient to provide reliable data on the size and
shape of the gold mineralized shoots, or on the overall volume of the
disseminated gold mineralization.
Table 1
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Hole No. From To Interval Au g/t
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LF-41 11.00 13.00 2.00 1.94
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incl 11.00 12.00 1.00 3.23
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82.00 89.00 7.00 1.26
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incl 86.00 87.00 1.00 3.21
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134.50 136.00 1.50 0.53
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147.00 155.00 8.00 0.56
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163.00 167.00 4.00 0.57
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LF-42 89.00 90.00 1.00 0.55
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128.00 129.00 1.00 0.46
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135.00 136.00 1.00 1.27
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180.00 181.00 1.00 1.28
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182.00 183.00 1.00 0.19
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LF-43 47.00 49.00 2.00 0.58
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62.00 64.00 2.00 2.27
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62.00 73.00 11.00 1.26
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incl 67.00 68.00 1.00 7.22
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and 67.00 73.00 6.00 1.56
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75.50 81.00 5.50 5.00
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incl 76.00 78.00 2.00 13.13
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96.00 97.00 1.00 0.37
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104.00 105.00 1.00 0.57
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170.00 180.00 10.00 0.80
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LF-44 51.40 52.50 1.10 0.38
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incl 51.40 51.70 0.30 0.73
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77.60 137.20 59.60 0.35
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LF-45 130.00 130.80 0.80 0.37
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LF-46 75.30 76.50 1.20 2.60
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incl 75.30 75.90 0.60 5.02
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114.60 122.50 7.90 1.52
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LF-47 PENDING
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LF-48 51.00 59.00 8.00 1.25
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95.60 98.00 2.40 0.37
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LF-49 32.00 35.00 3.00 2.49
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LF-50 12.00 18.00 6.00 3.15
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incl 12.00 14.80 2.80 6.66
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and 12.00 13.90 1.90 9.14
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and 12.00 12.65 0.65 26.21
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57.00 58.15 1.15 2.14
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incl 57.00 57.50 0.50 3.79
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LF-52 86.40 88.40 2.00 0.66
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LF-54 61.00 65.10 4.10 1.00
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67.80 70.00 2.20 0.41
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67.80 69.00 1.20 0.54
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69.00 70.00 1.00 0.26
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LF-56 15.30 25.00 9.70 0.73
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incl 15.85 20.50 4.65 1.15
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86.00 96.50 10.50 0.27
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incl 87.00 93.50 6.50 0.34
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LF-58 108.70 112.30 3.60 0.65
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LF-60 31.50 36.00 4.50 1.62
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74.00 77.00 3.00 3.04
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incl 75.00 76.00 1.00 7.04
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100.00 102.00 2.00 1.98
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LF-62 100.00 102.00 2.00 2.88
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124.00 125.00 1.00 0.37
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142.50 144.50 2.00 2.10
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LF-64 NSV
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LF-66 NSV
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Drill hole data for the holes reflect down hole core lengths.
True widths cannot be reliably estimated at this time.
Map 1
http://www.goldenpeaks.com/i/photos/amphitheatre-zone-drilling.jpg
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Copyright (c) 2007 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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