Assay info. ----------------------------------------------------------
TWIN GOLD IDENTIFIES EXTENSIVE GOLD-BEARING VOLCANIC BRECCIA COMPLEX
Symbol: TWG
TORONTO, June 17 /CNW/ - Twin Gold Corporation (TWG - TSE) is pleased to
announce that it has formed a joint venture with its Indonesian partner, P.T.
Harita Jayaraya, to explore and develop a newly identified gold bearing
volcanic breccia and intrusive complex in the vicinity of Layuh, South
Kalimantan, Indonesia. The Company will have an 85% interest in the Joint
Venture - Contract of Work which covers 86,880 hectares. This newly discovered
gold occurrence is located in an area which has a history of alluvial gold
mining.
Extensive areas of intensely altered and veined, gold-bearing milled
breccias and volcanic breccias commonly showing multiphase brecciation have
been identified in recent due diligence fieldwork. Geological mapping,
covering in excess of one square kilometre, has identified extensive areas of
breccia, typically containing clasts of altered, mineralised and brecciated
intrusive rocks. Grades of up to 7.31 g/t Au have been assayed in recent
channel samples from outcrops. On the fringe of the volcanic breccias is an
extensive shatter or crackle breccia zone commonly observed peripheral to a
breccia pipe complex.
Outcrop sampling has returned grades of up to 1.39 g/t Au and 0.48% Cu in
gold-rich, porphyry style mineralisation in silica/sericite/clay/pyrite
altered porphyritic dacites which are associated with and in addition to the
gold bearing breccias.
The potential of the property is further underscored by highly anomalous
values in stream sediments and the presence of pannable gold from drainages
along strike of the breccia zone. These anomalous values have identified a
northeast trending mineralised corridor in excess of 7.5 km in length. Initial
geological work has identified similar brecciated lithologies and an extensive
zone of clay - silica alteration approximately 5.0 km to the northeast of the
main prospect.
The property is situated in an area of very favourable logistics. Direct
road access is possible to mineralised outcrops which is expected to
significantly reduce exploration and development costs. The Company is
extremely encouraged by the positive results to date at Layuh. Additional
detailed geological mapping and sampling is ongoing to rapidly identify drill
targets. Further results will be reported as they become available.
Twin Gold Corporation is a gold mining and exploration company. It is the
owner of the Atlanta Gold Mine in Idaho, U.S.A., with reserves and resources
of over 1 million ounces of gold and 3.2 million ounces of silver. In
Indonesia, it has forged a strong business alliance with its partner P.T.
Harita Jayaraya who is also the Indonesian partner in the Kelian Gold Mine
currently producing more than 450,000 ounces of gold per year.
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For further information: Hermann Derbuch, P.Eng., Chairman, President and CEO, Twin Gold Corporation - Tel: (416) 777-0013, Fax: (416)
777-0014 |
