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Re: News Release - Wednesday, May 21, 2008
G Zone Extends 450 Meters
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May 21, 2008, - Vancouver - Golden Peaks Resources Ltd. (TSX: GL) is
pleased to report the results of extension drilling on the G zone, La
Fortuna project, in Patagonia, Argentina. The G zone is located at
the NW end of the CR Structure. Seven shallow holes were drilled
between 200 meters and 450 meters SE of the G zone, towards the CR
Structure, at increasingly higher elevations (Figure 1:
http://www.goldenpeaks.com/s/LaFortuna-TechAspects.asp?ReportID=302569)
(Picture 1:
http://www.goldenpeaks.com/s/LaFortuna-Photos.asp?ReportID=273216) to
test low grade gold mineralization in trenches along the structure.
Holes CR-51 and CR-52 indicate the G zone extends to the SE (Table 1).
The lower grade gold mineralization in holes CR-46, CR-47 and CR-48 may
represent 'leakage' from higher grade mineralization deeper in the
system. If this interpretation is correct, the G zone could extend for
at least 500 meters. (Holes CR-49 and CR-50 lie outside the vertical
section (Figure 1) and are not included).
Currently deeper holes are being drilled as part of the current
program, to test for the higher grade gold mineralization at depth, the
potential of breccias, and the possible extension of the G zone to the
NW.
Table 1
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Hole From To Width Gold
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No. m m m g/t
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CR-52 51.00 71.50 20.50 1.63
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incl 63.50 67.00 3.50 4.51
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and 64.00 64.50 0.50 12.65
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and 68.50 71.50 3.00 3.24
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CR-51 79.50 89.00 9.50 0.54
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incl 83.50 85.00 1.50 2.92
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and 84.50 85.00 0.50 7.57
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CR-50 NSV
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CR-49 128.50 129.00 0.50 3.30
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CR-48 25.00 27.45 2.45 0.10
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56.00 60.00 4.00 0.09
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81.00 85.20 4.20 0.14
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CR-47 21.00 34.00 13.00 0.38
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incl 32.00 32.85 0.85 2.59
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CR-46 55.75 63.75 8.00 0.98
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incl 61.00 63.75 2.75 1.89
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Widths represent down hole core lengths. True widths
cannot be reliably estimated at this time.
Two CSAMT lines (deep penetrating resistivity) were surveyed at right
angles to the vertical section and the results are reproduced on Figure
1. The purpose of the CSAMT survey was to map the structure to depths
of up to 500 meters and to identify areas of high resistivity close to
the G zone which may represent gold mineralized breccias. Potential
gold mineralized breccias were identified on both lines. The locations
of the CSAMT lines and the approximate areas of the interpreted
breccias are presented on Figure1.
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.
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.
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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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