- 4.58 Mt at 1.41 g/t Au Inferred Resource for 208,000 Oz
- Epithermal gold vein mineralisation
- Near surface resources (0-200m)
- Additional drilling likely to increase resources
- Mineralisation open along strike
- Open at depth
- 10,000 metre Phase 2 diamond drilling program underway
VANCOUVER, March 19, 2012 /PRNewswire/ - Reliance Resources Limited, (TSX: RI) (the company) an Indonesian gold explorer, with a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia, is pleased to announce 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 full report is filed on SEDAR (www.sedar.com).
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 1 below:
| Table 1: Tanoyan Mineral Resource Estimate Mar 2012
At 0.5 g/t Au cut-off
| Contained Gold
Mining Associates state in their report:
"There are no indications that these zones are 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. RRL [Reliance Resources Limited] has a good understanding of the cross structures and can trace the vein extents laterally"
They further state:
"There is an opportunity to expand the Tanoyan model along strike and laterally with further drilling, and also to improve the confidence of the mineral resources internally by infill drilling. Lateral drilling to extend resources should be targeted based on existing intersections and understanding of cross structures and the steeply plunging shoots. Infill drilling should confirm the strike continuity of vein systems. It is also required to increase level of the resource categories."
President, Scott Emerson, comments: "Based on the encouraging results of Phase 1 drilling, which has resulted in a more than doubling of our mineral resources at Tanoyan, the company has planned a larger, 10,000 metre, diamond drilling program which is designed to further increase the mineral resources and improve their classification.
"The success of the Phase 1 program and the release of this new resource estimate is a major milestone for the Company and is a testament to our dedicated and experienced technical staff and crews in Indonesia. I look forward to progressively updating shareholders with the results of Phase 2 drilling."
Currently, the company is active on four of its five Indonesian gold projects; drill preparation at the Tanoyan Gold Project, surface exploration programs on the Kapa Kapa Gold/ Silver Project , Roko Gold/ Silver Project and on the Palopo Gold Project, All the projects have easy access via paved and/or gravel roads and the regional infrastructure is good.
This technical information contained in this release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Ltd. and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.
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.
SOURCE Reliance Resources Ltd.