The majority of the drill holes in this program were focused on exploring the potential of the Talc Mine Area, and the results are very encouraging. Notable gold intercepts were drilled in numerous holes. As well as the Talc Mine Area, anomalous assay results indicate more work is warranted on the Porphyry Hill and Midway Areas (Appendix 2).
All sampling is now complete and the remainder of the results are pending from the lab. Assay results from holes PG13-110 to PG13-113 are anticipated to be ready for release in early July.
Summary of drill holes:
PG13-101 and PG13-102
These two holes tested a geochemical anomaly at the Porphyry Hill Area and a structural target, under a swamp, at the Midway Area, respectively. Although no significant assays were returned, geochemically anomalous values in both drill holes indicate that more drilling is warranted.
PG13-103 to PG13-106
PG13-103 to PG13-106 were drilled to follow up mineralization intersected in the 2008 and 2010 drilling by Rio Tinto in the Talc Mine area. Significant assays were returned from carb rock and from sediments. PG13-104 and PG13-106 were extended to test for new zones at depth, where they intersected an additional zone of well altered, quartz vein rich carb rock (southern carb rock unit) to the south of the original carb rock zone. Significant assay results were returned from holes PG13-105 and PG13-106.
PG13-107 was designed to test a possible fold nose of the carb rock zone and was drilled at azimuth 225 degrees. The drill hole intersected grey zone alteration and quartz veining in carb rock and quartz veining in sediments, with significant assays returned from both rock types.
PG13-108 was drilled to explore for additional carb rock zones and the mafic volcanic contact. It successfully tested the newly discovered altered and quartz-rich southern carb rock unit intersected in PG13-104 and PG13-106. It was also designed to test the talc-carbonate-carb rock contact vein near surface. Significant assays were returned in both the near surface talc-carbonate-carb rock contact vein and in a new vein discovered in the southern carb rock units. It also intersected a previously unknown felsic unit and mafic volcanics.
PG13-109 was drilled to continue a fence of holes at azimuth 225 degrees. It was collared at the same location as PG13-108 (drilled due south). It intersected a narrow mineralized talc-carbonate-carb rock contact vein, demonstrating the continuity of this vein.
Current summer work program:
1. LIDAR ("Light Detection and Ranging" remote sensing method) survey on the Pen Gold South area was completed last week and data is being processed. The results, expected in 6 weeks, will be used as a mapping and prospecting tool and for locating large geological structures/features.2. Compilation of historical work in the area is continuing. The historical data has indicated several areas of interest for follow-up.3. Mapping and prospecting will commence in July. This will assist in planning drill programs for the fall and winter.4. Interpretation of the drill results and correlation with known surface geology has begun. The results of this work will guide the fall and winter drill programs.
Roger Walsh President and CEO stated, "Issuance of these initial assay results on our first drill program is very gratifying. It confirms the potential of the Pen Gold Project to host high grade gold mineralization. Our current summer program will follow up on other important targets and further our understanding of the Talc Mine Area targets so that they can be advanced towards a mineral resource."
Quality Assurance - Quality Control ("QA/QC")
Industry best practices are followed on the project including the routine insertion of duplicate, blank and standard samples in all drill holes. The core samples are submitted directly to Actlabs in Timmins for preparation and analysis. Gold analyses are conducted on 1 assay-ton aliquots, using fire assay methods with an atomic absorption finish up to 5 g/t Au and with a gravimetric finish above. Metallic sieve assays are requested for samples when visible gold is observed. Gravimetric finish or metallic sieve results are used whenever available, in the reporting of results.
Gary Wong, P.Eng., Vice-President Exploration of the Company, a Qualified Person under the definition in National Instrument 43-101, has reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Walsh, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration activities, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
To view Appendix 1 and 2 please click on the following link: http://media3.marketwire.com/docs/RPR0624.pdf
Rapier Gold Inc.