Golden Touch's Gold and Chromite Exploration Tenements Renewed Under New Mining Law of Albania
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/19/11 -- Golden Touch Resources Corp. ("Golden Touch" or the "Company") (TSX VENTURE: GOT)(FRANKFURT: 0GT) is pleased to announce that the Company's Gold Project tenement (Prospecting and Exploration Licence 1124 - "PEL 1124"), together with Chromite Project tenement (Prospecting and Exploration Licence 1375 - "PEL 1375") have now been renewed for 12 months under the new Albanian Mining Law.
PEL 1376 covering the platinum project was renewed in November and drilling is underway on that tenement.
The renewals have taken longer than expected due to the implementation of a new Mining Law in Albania that has been considerably delayed by internal government processes. However, Golden Touch is of the view that the renewals under the new law provide the Company with a much higher level of security of title going forward through the exploration phase to mining.
The renewal of PEL 1124, covering the Rubik Gold Project, allows the Company to start the planning of its 2012 exploration program with confidence. Exploration activity undertaken by the Company within PEL 1124 in 2011 has substantially improved both the potential and geological understanding of the Project. The work included a 26 hole diamond drilling program, which was completed in September and a program of geological mapping and geophysical traversing, still in progress.
The drilling outlined significant gold mineralisation within nine steeply dipping, stacked, shear zones hosted by greenstone volcanic rocks at a locality known as the Gjazuj Prospect (an area of 400 meters x 200 meters). The drilling intersected 27 separate intervals of gold mineralisation above a cut off of 0.5 grams/tonne gold (g/t Au). The highest assay over a one meter interval was 39 g/t Au. The best intersection was 3 meters (at) 14.8 g/t Au. The 27 intersections averaged 4 meters (at) 2.7 g/t Au.
The results of the geophysical program obtained thus far indicate that there are a number of encouraging resistivity and chargeability anomalies and that the program will provide some very interesting drill targets for 2012. The geological surface mapping program combined with logging of drill core has already located a number of outcropping shear zones and resulted in the development of a new and more prospective geological model.
PEL 1375 covers the northern half of the Company's North East Albanian Chromite Project. The Company is awaiting the renewal of PEL 1125 over the southern half of the chromite project, expected shortly. The Company is currently evaluating the options for the funding of the further exploration and development of this project.
Ken Chapple, President of Golden Touch, a Fellow of the Australian Institute of Geoscientists and hence a qualified person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
On Behalf of the Board of Directors
Golden Touch Resources Corp.
Ken Chapple, President
Neither 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 release.
Contacts:
Golden Touch Resources Corp.
Ken Chapple
President
(604) 248-5175
Golden Touch Resources Corp.
Tom Corcoran
Corporate Development
(604) 248-5175
(604) 687-3141 (FAX)
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Datum: 19.12.2011 - 14:30 Uhr
Sprache: Deutsch
News-ID 98299
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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"Golden Touch's Gold and Chromite Exploration Tenements Renewed Under New Mining Law of Albania"
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