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Golden Peaks Resources - Cerro Delta Project, Argentina

Wednesday January 21, 12:05 pm ET

VANCOUVER, Jan. 21 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL - News; the "Company") is pleased to provide an update on its Cerro Delta Project, La Rioja Province, Argentina. The Company is currently awaiting approval of its environmental impact study (EIS) for the upcoming diamond drilling program on the project. Company and Government officials are presently on site and drilling will commence once all permits have been received.

Cerro Delta is a porphyry gold-copper system. The company has recently received and reviewed the completed geophysical report on the Pole-Dipole IP/Resistivity and Ground Magnetic Surveys completed by Quantec Geoscience Argentina S.A. The new imagery clearly shows large scale porphyry and associated structural targets coincident with anomalous surface gold values. Drill targets have been selected for testing with widely spaced holes. Once the broad extent of the system has been established a tighter drill spacing will be used to establish the distribution of higher and lower grade mineralization in the system.

The Cerro Delta project is located in the Maricunga gold district of Chile/Argentina (42 million ounces of gold discovered to date). The drill targets lie on the same structure that hosts the Cerro Casale deposit, which is located approximately 20 km to the west. According to Barrick Gold Corporation the Cerro Casale deposit is one of the world's largest undeveloped gold and copper deposits. A pre-feasibility study on Cerro Casale is expected by about mid-2009.

Golden Peaks Resources Ltd. - High Priority Drill Targets Identified

 

VANCOUVER, May 7 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL - News; the "Company") is reviewing the geology, geophysics and geochemistry of the G deposit prior to the proposed diamond drill program.

Gold mineralization has been intersected in the G deposit over a distance of approximately 700 meters. The mineralization is open along strike and to depth. The mineralization is associated with broad conductive structural zones which geophysics shows, persist to depths of greater than 500 meters.

G deposit mineralization comprises high grade gold-rich quartz vein systems intruded into broader zones of gold mineralization in replacement pyrite bodies. Surface mineralization covers an area of approximately 100 X 125 meters. Within this area the high grade intersections, up to 4.0 meters (at) 10.57 g/t gold & 15.76 g/t silver, typically consist of quartz veins/breccias.

http://www.goldenpeaks.com/i/maps/g-zone-drilling.jpg

The roots (?) of the high grade vein systems were identified by a CSAMT survey. Also, high grade gold-rich quartz veins have been intersected in drilling.

Two CSAMT survey lines were run over the G deposit at a separation of approximately 350 meters. An analysis of the 2D inverse models from a CSAMT survey show resistive bodies bounded by conductive zones underneath the G deposit. Two additional structures, flank the G deposit; neither has been drilled and both are associated with a strong conductive zones which extend to + 500 meters depth.