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 Reliance Resources announces high-grade copper (5.2%) and silver (729 g/t) rock grab samples at Akelamo Prospect on Halmahera

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BeitragThema: Reliance Resources announces high-grade copper (5.2%) and silver (729 g/t) rock grab samples at Akelamo Prospect on Halmahera   Fr Nov 02, 2012 11:22 am

Reliance Resources announces high-grade copper (5.2%) and silver (729 g/t) rock grab samples at Akelamo Prospect on Halmahera

5.2% Cu from south-east extension of Akelamo Prospect
729 g/t Ag, 288g/t Ag and 75 g/t Ag from northernmost outcrops assayed at Akelamo
New zone of epithermal veining discovered to south-west of Akelamo
VANCOUVER, Oct. 30, 2012 /CNW/ - Reliance Resources Limited (the "Company") (TSX: RI) is pleased to provide an update on its exploration activities at its Akelamo Gold/Silver Prospect, located on the Kapa Kapa property on Halmahera Island, Indonesia. Reliance has more than 44,000 acres of exploration ground on Halmahera (Figure 1), and the Company is the second-largest holder of exploration licences on the island next to Newcrest Mining Limited (ASX: NCM).


Laboratory assay results have been received for 7 samples collected during the Akelamo reconnaissance exploration program (Table 1).



Sample No. Ag
ppm Au
ppm Cu
ppm Pb
ppm Zn
ppm
RC01041 75 0.01 227 228 195
RC01177 288 0.05 163 172 80
RC01184 655 1.09 1070 1880 1580
RF01185 83 0.02 5.2% 15 305
RC01192 13 0.01 95 36 36
RC01256 729 0.04 785 2300 2300
RC01258 631 0.11 836 1510 1510

Table 1: Recent Akelamo Prospect Rock Grab Sample Results
(See figure 3 for location)

Reconnaissance exploration in the southern extension of the Akelamo Zone has encountered rock float of silicified and brecciated volcanics with tarnished sulphides (Figure 2). A grab sample of this has assayed high in copper and silver - 5.2% Cu and 83 g/t Ag. This sample continues a pattern observed at Akelamo of high-grade copper values adjacent to the main Akelamo Zone (Figure 3).


In another area, three grab samples were collected from mineralised outcrops in the headwaters of Sanggut and Sobit creeks. Assays from these samples confirm strong silver - 729 g/t Ag, 288 g/t Ag and 75 g/t Ag. They represent the northernmost outcrop samples at Akelamo and show the zone is still open to the north.
Outcrop grab sample RC01258 of a vuggy quartz vein was collected 50m south-west the main mapped zone of alteration/veining and returned high silver assays 631 g/t Ag (Figure 3). Sample RC01184 was taken from an outcrop of colloform banded quartz veins near the intersection of Gunyira and Akelamo creeks, within the Main Akelamo Zone and continues to verify the high-grade silver nature of veins within this zone and its association with base metals - 655 g/t Ag, 1.09 g/t Au and 0.1% Cu.


Recent mapping has also discovered a new zone of epithermal quartz veining and hydrothermal alteration along Kasbi Creek, 500m to the south of the main Akelamo Zone. Mapping and sampling is still reconnaissance in nature and the dimensions of the prospect are still open. Several samples were collected and tested with a hand held Niton XRF instrument including one prepared sample returning a significant analysis of 123 ppm Ag and 0.1% Pb. This and other samples from the new Kasbi Creek prospect are being prepared for confirmation by laboratory analysis.


A grid-controlled soil sampling program, utilising the Niton, is currently underway across the Akelamo prospect.


Reliance Resources CEO Gary Lewis says, "The discovery of high grade copper at Akelamo is a further indication of the high prospectivity of the Reliance exploration concessions in Halmahera. Field exploration continues to increase the extent of the mineralisation at Akelamo and it is now evident that the mineralising system is of a large scale. Akelamo is only one 5 known prospect areas within the Kapa Kapa property.
The soil geochemical sample grid at Akelamo should provide further important target definition of the mineralisation prior to drilling. Regional and prospect scale exploration will continue."


Drilling is continuing in the Company's Tanoyan Gold project in Sulawesi, Indonesia, which currently has a NI 43-101 inferred mineral resource of 208,000 ounces of gold (4.58mt at 1.41 g/t Au) at 0.5 g/t Au cut-off grade which was announced on March 19, 2012.


Mr. Lewis says, "We look forward to informing shareholders as results from Sulawesi and Halmahera become available and are interpreted by our technical team."
"Tanoyan is the project with the best opportunity of near-term production and remains Reliance's primary focus at present. However, we see the potential of Halmahera as equally important for the long-term future as the island is clearly prospective for high grade gold and silver and hosts one of the world's highest grade epithermal gold mines - Newcrest's Gosowong mine (approximately 5 Moz at 24 g/t Au)."




About Reliance Resources Limited

Reliance Resources has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia. The projects offer both exploration potential and an existing resource base. All five projects are adjacent to or along strike from operating gold mines or identified gold resources with similar geology and structural feature.


The Company is active on four of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Palopo Gold Project, the Kapa Kapa Gold Project and the Roko Gold Project. All of the projects have easy access via paved and/or gravel roads and regional infrastructure is good.


The company's most advanced project is the Tanoyan Reliance's Tanoyan Gold project in Sulawesi, Indonesia, which currently has a NI 43-101 inferred mineral Resource of 208,000 ounces of gold (4.58mt at 1.41 g/t Au) as at March 2012.


Rock samples are collected and initially logged at Akelamo Base Camp at the project area. Samples are then securely transported to Reliance's Exploration Office in Tobelo, North Halmahera. Archival samples are retained, as a reference, in the secure Tobelo office facility. All QC samples are introduced before the bagged samples are sent by courier to PT Intertek Laboratory's sample preparation facility in Manado. Prepared samples are then couriered by PT Intertek to their analytical facility in Jakarta for analyses.
Gold is fire assayed using a 50.0 gram aliquot sample with an AA finish. Multi-element analysis is by Four Acid Digestion using an Induced Coupled Plasma (ICP) finish.


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.
This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Limited and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.
Figure 1: Northern Halmahera showing location of Reliance Resource's tenements
(http://files.newswire.ca/1117/KapaKapa-figure1.pdf)
Figure 2: Rock float sample RF01185 from Gunyira Creek showing tarnished copper sulphides in a breccia matrix - 5.2% Cu and 85 g/t Ag. (field of view approximately 6cm)
(http://files.newswire.ca/1117/KapaKapa-figure2.pdf)
Figure 3: Plan view of Akelamo Prospect showing mapped 600m zone of hydrothermal alteration, epithermal quartz veining and sulphide mineralisation and recently identified extensions
(http://files.newswire.ca/1117/KapaKapa-figure3.pdf)
PDF available at: http://stream1.newswire.ca/media/2012/10/30/20121030_C2772_DOC_EN_19795.pdf
PDF available at: http://stream1.newswire.ca/media/2012/10/30/20121030_C2772_DOC_EN_19796.pdf
PDF available at: http://stream1.newswire.ca/media/2012/10/30/20121030_C2772_DOC_EN_19797.pdf
SOURCE: Reliance Resources Ltd.

Gary Lewis, Chairman & CEO, Reliance Resources Limited: +61 2 8259 4799
Adam Holdsworth, DGI: +1 212-825-3210
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BeitragThema: Reliance Resources Ltd. - Drilling update: 24.9 metres at 2.8 g/t Au intersected at Tanoyan Gold Project, Sulawesi, Indonesia   Mi Nov 14, 2012 10:55 am

Reliance Resources Ltd. - Drilling update: 24.9 metres at 2.8 g/t Au intersected at Tanoyan Gold Project, Sulawesi, Indonesia

Significant intersection in drill hole TND105: North Sondana Vein
24.9 metres at 2.8 g/t Au from 95 metres
Including 3.4 metres at 7.0 g/t Au from 104.3 metres
Continues to confirm consistency of higher-grade zone
Additional Phase 2 drilling of 9 holes and 1,271 metres completed
Phase 2, 10,000 metre drilling program designed to increase the 208,000 ounce gold 43-101 mineral resource estimate continues with 2 diamond drills
Feasibility, Social and Environmental Impact Studies commenced

VANCOUVER, Nov. 13, 2012 /CNW/ - Reliance Resources Ltd. (the "Company" or "Reliance" ) (TSX: RI) is pleased to announce the completion of an additional 9 holes totalling 1,271m of diamond drilling on its 75%-owned Tanoyan Gold Project in Indonesia. To date, 19 holes totalling 2,802 metres have been completed in a planned 10,000 metre, Phase 2 program, which commenced after the publication of the NI 43-101 report and mineral resource estimate in March 2012 (Inferred mineral resource of 208,000 ounces of Au at 1.41 g/t Au). Drilling continues utilising 2 owner-operated drill rigs.

Highlights of the recent results include a wide intersection from TND105 which continues to confirm the consistency of a higher-grade and thicker gold mineralization zone, at intermediate levels of the North Sondana Block, especially between RLs 300m and 380m depth (see Figure 2).

TND105: 24.9 metres at 2.8 g/t Au from 95m
Including 3.4 metres at 7.0 g/t Au from 104.3m

Table 1 lists the gold intersections from the Phase 2 drilling since the previous release on 3rdSeptember 2012. The locations of the holes in relation to the mapped veins and previous drill collars is shown in Figure 1.

This drilling gives important information regarding the geological controls on the mineralization within the vein system. In common with most epithermal gold vein systems, the ore-grade mineralization is localised within a number of shoots and a considerable amount of drilling is required to properly define them.

At North Sondana, drilling has continued to identify a remarkably consistent zone of higher-grade mineralization between RLs 300 and 380 and there is a suggestion that this zone may plunge to the south-west, as indicated by hole TND097: 12.6M @ 2.7 g/t Au.

Holes testing the vein at even deeper levels, have defined the lower limits of potentially economic mineralization in the North Sondana shoot (e.g. TND101: 10.7m @ 0.4 g/t Au and TND103: 12.2m @ 0.6 g/t Au). It must also be noted however, that technical drilling issues in both these holes, resulted in the termination of TND103 whilst still in vein, and TND101 was also not completed to it's planned depth.

Detailed structural and lithological information is now being used to build a sophisticated 3D model using specialist "Leapfrog" software, which will greatly assist future drill planning and resource modelling. A perspective view from the preliminary Leapfrog model of Sondana North is shown in Figure 3.

The long section in Figure 1 shows a number of planned Phase 2 drill holes, which include drilling in the almost untested further-north extensions of the Sondana vein. Success in this drilling should add substantially to mineral resources. In addition, the Company will drill further holes in the Sondana vein to better define the mineral resource, prior to exploitation.

Reliance has engaged consultants to manage the preparation of a Feasibility Study and Environmental Impact Assessment Study, which are both necessary to transition the property status from exploration, to exploitation status.

Reliance Resources CEO Mr. Gary Lewis said: "Reliance management is pleased with the steady progress of the drilling at Tanoyan, which is necessary to update our resource position and provide the basis for the recently commenced studies that will ascertain the feasibility of mining and treatment of the Tanoyan vein system, as well as transition the status of the property from exploration to exploitation stage. We continue to explore and define mineral resources utilising two owner-operated diamond drill rigs, which allow us to carry out very cost-effective drilling.

"Work is progressing well on our other Indonesian projects, including the Kapa Kapa high-grade copper-silver prospect. We look forward to updating shareholders as results become available."

The Tanoyan Gold Project consists of an extensive system of auriferous quartz veins, comprising four principal vein systems, Sondana, Ramai, Modupola/Talong and Lingkobungon. These veins are predominantly orientated north-east and dip steeply or moderately to the north-west or south-east. The veins are hosted by andesitic volcanic rocks and have been mapped over a combined strike length of approximately 6 kilometres.

The Phase 2 program is aiming for a significant upgrade to the existing NI 43-101 resource by targeting extensions to drilled sections of the veins, which have been identified along strike and at depth on all vein systems. Previous drilling has primarily been tightly focused on the Sondana and Modupola veins and the current Phase 2 program will extend drilling into all target areas.

The resource model of the Sondana and Modupola veins is open at depth for most of its length, especially in the north of the Sondana vein, where significant drill intersections from Phase 1 drilling are located. The Phase 2 drilling program is designed to test at depth for extensions of mineralization which have been mapped on the surface and in locations where earlier drilling has shown the zone is open at depth. Infill drilling should confirm the strike continuity of vein systems and thereby improve the classification of the mineral resources.

The Company has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera, in East Indonesia. The projects offer both exploration potential and an existing resource base. All five projects are adjacent to, or along strike from, operating gold mines or identified gold resources with similar geology and structural features. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).

The Company is active on three of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Kapa Kapa Gold-Silver Project and the Roko Gold Project. All of the properties have easy access via paved and/or gravel roads and regional infrastructure is good.

This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Limited 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.

Table 1: Recent Tanoyan Project Drilling Results

DH No. Zone 51 N UTM Depth
(m) SONDANA
BLOCK From
(m) To
(m) Interval
(m) Au
(g/t)
East North
TND098 639368 67105 156.5 CENTRAL 57.40 59.10 1.70 0.3
TND099 639639 67463.3 95 NORTH 48.50 53.80 5.30 0.7
TND100 639338 67133 141.6 CENTRAL 93.60 100.65 7.05 0.3
TND101
639584
67517
245
NORTH
Incl. 232.60
232.60 243.30
233.95 10.70
1.35 0.4
1.2
TND102
639370
67166
177
CENTRAL
71.35
118.20 73.75
123.30 2.40
5.10 0.5
0.3
TND103
639665
67583
170
NORTH
Incl. 158.20
166.30 170.40
170.40 12.20
4.10 0.6
1.0
TND104 639423 67158 115 CENTRAL 24.00 26.00 2.00 1.4
TND105

639654

67527

80

NORTH

Incl. 71.50
95.00
104.30 76.00
119.90
107.70 4.50
24.90
3.40 0.5
2.8
7.0
1270.85

Figure 1: Sondana Vein showing location of DHs completed in 2012 relative to earlier drilling, surface mapping of the veins and identified cross faults
(http://files.newswire.ca/1117/RelianceNov13fig1.pdf)

Figure 2: Long Section of the Sondana Vein, Tanoyan Project. Shows past, recent and planned drilling. Contours are of the product of gold grade and drilled thickness of intersections
(http://files.newswire.ca/1117/RelianceNov13fig2.pdf)

Figure 3: 3D Leapfrog model of North Sondana Vein showing various lithological, mineralization and structural elements
(http://files.newswire.ca/1117/RelianceNov13fig3.pdf)



PDF available at: http://stream1.newswire.ca/media/2012/11/13/20121113_C6893_DOC_EN_20475.pdf

PDF available at: http://stream1.newswire.ca/media/2012/11/13/20121113_C6893_DOC_EN_20476.pdf

PDF available at: http://stream1.newswire.ca/media/2012/11/13/20121113_C6893_DOC_EN_20477.pdf

SOURCE: Reliance Resources Ltd.

Media Information, contact:
Gary Lewis, CEO
gary.lewis@relianceresources.com.au
+61 2 8259 4799

Investor Information, contact:
Adam Holdsworth, DGI
aholdsworth@dgicomm.com
212 825 3210
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BeitragThema: Reliance Resources Limited - Shareholder Updat   Mo Mai 06, 2013 7:35 pm



Recently Appointed President Nicholas Clark progressing capital raising options
Assessing options for sale and/or Joint Ventures on select Indonesian projects
Early stage discussions regarding precious metals project in North America
Reliance well placed to capitalise on TSX Main Board listing status

VANCOUVER, March 25, 2013 /CNW/ - The Directors of Reliance Resources Limited (TSX: RI) ("The Company or "Reliance") are pleased to provide this update to shareholders.
Following the appointment of Nicholas Clark as President on 5 February 2013, and Mr Clark's subsequent relocation to North America, the President is progressing a number of initiatives to deliver value for shareholders.

Capital raising and other funding arrangements
Reliance can confirm that it is in ongoing discussions with a number of parties that have expressed an interest in funding Reliance's growth and development. Of particular interest to one of these parties is Reliance's status as a Main Board TSX-listed company which presents the company with a number of opportunities.
Although there has been a delay, due to circumstances that the Company cannot control, there is a pleasing degree of investor interest in funding Reliance's projects and growth opportunities, and discussions and negotiations are ongoing and positive.

Sale and or Joint Venture of some Indonesian Assets
Reliance's portfolio of exploration assets in Indonesia are highly prospective and have significant unlocked value. The Company has received a number of approaches regarding a possible sale (partial or full) of these assets. Joint Venture options have also been presented to the Company.
These opportunities are being pursued and carefully assessed, and given the Company's portfolio of five mineral tenements covering some 68,000 acres on the islands of Sulawesi and Halmahera, Reliance has plenty of scope to further realize value through the sale or joint venture of some of these assets. Negotiations are ongoing and the Company will update shareholders when appropriate.

Indonesian Projects Progress
Recent emphasis has been placed on officially transitioning the Tanoyan property from exploration to exploitation status. Consultants have been engaged for environmental and mining studies. Initial presentation and consultations with the regional government has been completed and the process is on track. Good progress has also been made in processing the forestry permits for the Anggrek and Roko properties and both permits have reached the penultimate stage within the Ministry of Forestry in Jakarta.

Assessment of precious metals project located in North America
The Company is also in the early stages of assessing an advanced precious metals (gold-silver) project located in North America. This opportunity would complement Reliance's precious metals focus, and while negotiations are at an early stage, the Board believes a more in-depth assessment of this opportunity is warranted.

Commenting on these corporate initiatives Reliance's President Nicholas Clark said: "Since my appointment in early February of this year, I have undertaken a detailed review of the Company's portfolio of assets, its growth strategy, and its funding needs, establishing the best path forward for the Company and its shareholders.
"Negotiations around funding are ongoing and positive, and we are firmly focused on finding a suitable partner to help further unlock the value of our Indonesian assets. The Board has excellent commercial links in Indonesia, and a number of opportunities are being pursued.

"One of our biggest advantages at this point is our status as a Main Board TSX-listed Company, and this status presents Reliance with a number of opportunities. One such opportunity is the possible acquisition of a precious metals project in North America or South America which we are now reviewing.

"The Reliance team is working hard to generate acceptable returns for shareholders and we are firmly focused on these initiatives in the immediate term. We will update shareholders as soon as practical on any meaningful developments."

SOURCE: Reliance Resources Ltd.
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BeitragThema: Reliance Resources formally engages IBK Capital to undertake a Private Placement   Di Aug 27, 2013 12:06 pm

Reliance Resources formally engages IBK Capital to undertake a Private Placement


/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

SYDNEY, Australia, Aug. 21, 2013 /CNW/ - Reliance Resources Limited (TSX: RI) ("Reliance" or the "Company") announces that a formal agreement has been entered into with IBK Capital ("IBK") to facilitate the placement of convertible debentures ("Convertible Debentures") and common share purchase warrants ("Warrants") with appropriate accredited investors; the agreement allows for aggregate gross proceeds of up to $1,490,000 (the "Private Placement") to be raised. The Convertible Debentures shall bear interest at a rate of 10% per annum and have a three-year term to maturity. The conversion price is set at 10 cents and provides a matching warrant for every $1000 invested.

The Company has paid a nominal Administrative Fee of $25,000 to IBK and has agreed to pay, upon closure of the Private Placement, a Finder's Fee equal to 9% of the proceeds of the Private Placement. The Administrative Fee is recoverable by the Company upon the close of the Private Placement.

Nicholas Clark [President of Reliance] stated: "We are pleased to have the support of such a reputable firm as IBK and look forward to working with them in support of this raise. I am confident that proceeding with this private placement, as a convertible debt offering, will help to reduce shareholder dilution while at the same time enabling Reliance to move forward with our various exploration programs. Although the market climate has been difficult, the quality and variety of the projects in our exploration portfolio have helped to differentiate us and have allowed us the opportunity to work with IBK".

RELIANCE RESOURCES LIMITED
NICHOLAS CLARK
[President]




SOURCE: Reliance Resources Ltd.
Further Information, please contact:
Nicholas Clark
nc@relianceresources.com.au
+1 864 991 6687
Copyright CNW Group 2013
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