NEWS–VANCOUVER, BRITISH COLUMBIA, Jan 12, 2012 (MARKETWIRE via COMTEX) — Golden Fame Resources Corp. /quotes/zigman/1556882 CA:GFA +9.52% (frankfurt:6GF) (“Golden Fame” or the “Company”) is pleased to report that it has received the results of the first three diamond drill holes from their on-going diamond drill program at the Algun Dia multi-element, epithermal vein prospect located near the city of Guanajuato, in the State of Guanajuato, Mexico.
Included in these first holes, of what will be a much larger program consisting of at least 20 holes as a first phase, is a high-grade, gold-silver-copper interval in hole GFAD002: 73.2 g/t gold over 0.6 m (or 26.53 g/t gold over 1.75 m); 348 g/t silver over 0.6 m (or 171.75 g/t silver over 1.75 meters); and 0.98% copper over 1.75 meters between 99.4 and 101.15 meters core length. This anomalous intersection is contained within a 10.15 meter wide interval which assays 4.77 g/t gold, 52.24 g/t silver, and 0.59% copper. Additionally, highly-anomalous copper values, ranging up to 4.07% over a core length of 1.1 meters (GFAD003), with additional highly-anomalous copper zones forming much wider intervals occur throughout the first three holes.
All geochemical anomalies and high-grade assays were returned from the San Cayetano structure, the same structural zone which hosts copper-gold-silver mineralization exploited on a small scale from a 300 meter-long near-surface adit. The structure has a true width of close to 15 meters in drill hole GFAD002 and over 24 meters in GFAD003, significantly thicker than the 10-12 meter true width measured in the adit. The drill hole intersections described below report the geochemical characteristics of the down-dip extension, towards the south, of the 60 to 70 degree dipping vein-structure system. The objective of the drilling program is to determine the lateral and vertical extents, as well as the average grades of copper, silver and gold, from this strongly-developed, multi-elemental hydrothermal system.
Examples of anomalous intervals from the first three holes, all drilled from the same drill location, are described briefly below. Thus it must be kept in mind that the first three holes reported in this press release represent a very spatially restricted panel of the entire, potentially mineralized system. Management considers the fact that highly-anomalous values of copper, gold and silver have been returned from the first three holes, while lacking knowledge of the morphology, especially the plunge, of the system, to be highly-encouraging and worthy of aggressive follow-up drilling.
Hole GFAD001: 21.0 meters averaging 0.17 g/t gold, 14.53 g/t silver, and 0.64% copper between 107 and 128.0 m; including 7.0 meters averaging 9.83 g/t silver and 0.85% copper between 107.0 and 114.0 meters; and including 6.0 meters averaging 0.49 g/t gold, 31.6 g/t silver and 0.97% copper. The most significant precious metals interval was 3.0 meters averaging 0.89 g/t gold, 53.03 g/t silver and 1.47% copper between 124 and 127 meters, including 2.0 meters averaging 1.2 g/t gold, 48.55 g/t silver and 0.78% copper between 125 and 127 meters.
Hole GFAD002: 16.65 meters averaging 2.95 g/t gold, 36.50 g/t silver, and 0.48% copper between 84.5 and 101.15 meters, including 7.5 meters averaging 6.44 g/t gold, 64.29 g/t silver, and 0.74% copper between 93.65 and 101.15 meters, and including 1.75 meters averaging 26.53 g/t gold, 171.75 g/t silver, and 0.98% copper between 99.4 and 101.15 meters. The highest silver grades occur in the 10.15 meter interval between 91.0 and 101.15 meters, where the mineralization averages 4.77 g/t gold, 52.24 g/t silver, and 0.59% copper.
Hole GFAD003: Within the main San Cayetano structure a 2.95 meter intersection between 101.85 and 104.8 meters averaged 0.61 g/t gold, 51.71 g/t silver, and 1.21% copper. This is contained within a larger interval of 24.25 meters, between 92.9 and 117.15 meters, which averages 0.24 g/t gold, 20.94 g/t silver, and 0.42% copper. Higher in the hole, at 77.15 – 78.25 meters, a 1.1 meter interval assayed 0.17 g/t gold, 34 g/t silver and 4.07% copper.
“We are very excited to have shown that the mineralization which occurs at surface and in the very limited underground workings near surface, continues down the dip of the San Cayetano vein-structure and that the thickness of the structure remains robust,” stated Graham Clark, CEO of Golden Fame. “These results are from just the first three holes of what is planned to be a 10,000 meter first phase drill program which will be ongoing into at least the end of the first quarter of 2012. The Company will be providing news on a timely basis as our drilling program continues and geochemical results are returned.”
The San Cayetano structure is a zone of intense silicification and brecciation which can be traced on surface for approximately 1 km. Multiple periods of structural preparation, quartz veining and mineralization can be documented. Chalcopyrite (copper) mineralization appears to have been introduced earlier, with gold and silver introduced later.
The San Cayetano structure, which hosts the geochemically anomalous gold, copper and silver, varies between 9 and 30 meters in thickness and has been intersected only to a maximum depth of 110 meters below the surface in these first three holes.
All three holes were drilled from a single site. Hole GFAD001 was oriented east-northeast at a bearing of 070 degrees to twin a historic drill hole for which verifiable data was not available. Holes GFAD002 and GFAD003 were oriented at 020 degrees, approximately perpendicular to the strike of the surface-outcropping, historically small-scale mined, copper-gold-silver mineralized epithermal system. These latter two holes intersected the down-dip extension of the surface mineralization beginning at 86.4 and 87.4 meters, respectively.
These initial results, the first to be returned, are considered highly encouraging by Golden Fame management and verify that the surface mineralization continues at depth. The first phase of drilling will test surface-exposed Cu-Ag-Au mineralization which has a known strike length of approximately 1,300 meters to a depth of up to 200 meters below surface. The limited historical underground excavations have demonstrated that the main, mineralized structural zone (the San Cayetano Zone) has a true thickness of over 10 meters, and dips at a moderate angle to the southwest. Intersections from the first three holes indicate that the mineralized structure has a width of between 9 and 30 meters and is comprised of multiple pulses of quartz veining, silicification, the development of crackle breccias and visible, widespread chalcopyrite mineralization.
Below are the individual assay values used to calculate the weighted average intersections reported in this press release, as well as a list of the weighted average intersections themselves.
The Company has planned a 10,000 meter drill program, currently underway with two drills, with the objective of proving continuity, both laterally and at depth, and grades of copper, silver and gold within the San Cayetano structural zone.
For details regarding the Algun Dia project, refer to Golden Fame’s recent press releases, and the Company’s website at www.goldenfameresources.com .
Geochemical sample preparation and analyses of drill core are being performed by ALS Chemex Laboratories located in Guadalajara, Mexico and North Vancouver. Strict sample handling and sample QAQC protocols have been implemented. New core logging and storage facilities have been constructed at site and applications have been submitted for the initiation of underground excavations, which will consist of extending the existing 200 meter-long horizontal adit the full length of the mineralized structure, and the construction of a spiral ramp down the dip of the mineralization. The Company has also established an office near Guanajuato.
The Company also announces that Brian DeBeck was elected as a director of the Company at its Annual General Meeting. Mr. DeBeck most recently held the position of Provincial Representative of the Retail Wholesale Union from 1998 until his retirement in 2011.
Lawrence Dick, Ph.D., P.Geo, a Director of the Company and a Qualified Person as defined by NI43-101, prepared this news release and has verified the data disclosed.
About Golden Fame Resources Corp.
The focus of Golden Fame is to explore historically-productive gold, silver and copper properties and advanced exploration prospects. We believe that prospects identified by Golden Fame will have higher potential to become economically-viable deposits through the application of sound exploration principles, geological imagination and interpretation through years of experience and discovery by our principals, and adequate financing. The Company is well funded, having completed a $7.1 million financing in June 2011.
On Behalf of the Board of Directors,
GOLDEN FAME RESOURCES CORP.
Graham M. Clark Jr., President, CEO and Director
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation), including without limitation statements as to the planned 10,000 meter first phase drill program consisting of at least 20 holes. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the ability to complete the drilling program as currently contemplated and the receipt of successful results as drilling proceeds.
Contacts:
Golden Fame Resources Corp.
Steven Green
VP Exploration
604.688.9588
www.goldenfameresources.com
Golden Fame Resources Corp. Reports Drill Core Assays Up to 26.53 g/t Au
Included in these first holes, of what will be a much larger program consisting of at least 20 holes as a first phase, is a high-grade, gold-silver-copper interval in hole GFAD002: 73.2 g/t gold over 0.6 m (or 26.53 g/t gold over 1.75 m); 348 g/t silver over 0.6 m (or 171.75 g/t silver over 1.75 meters); and 0.98% copper over 1.75 meters between 99.4 and 101.15 meters core length. This anomalous intersection is contained within a 10.15 meter wide interval which assays 4.77 g/t gold, 52.24 g/t silver, and 0.59% copper. Additionally, highly-anomalous copper values, ranging up to 4.07% over a core length of 1.1 meters (GFAD003), with additional highly-anomalous copper zones forming much wider intervals occur throughout the first three holes.
All geochemical anomalies and high-grade assays were returned from the San Cayetano structure, the same structural zone which hosts copper-gold-silver mineralization exploited on a small scale from a 300 meter-long near-surface adit. The structure has a true width of close to 15 meters in drill hole GFAD002 and over 24 meters in GFAD003, significantly thicker than the 10-12 meter true width measured in the adit. The drill hole intersections described below report the geochemical characteristics of the down-dip extension, towards the south, of the 60 to 70 degree dipping vein-structure system. The objective of the drilling program is to determine the lateral and vertical extents, as well as the average grades of copper, silver and gold, from this strongly-developed, multi-elemental hydrothermal system.
Examples of anomalous intervals from the first three holes, all drilled from the same drill location, are described briefly below. Thus it must be kept in mind that the first three holes reported in this press release represent a very spatially restricted panel of the entire, potentially mineralized system. Management considers the fact that highly-anomalous values of copper, gold and silver have been returned from the first three holes, while lacking knowledge of the morphology, especially the plunge, of the system, to be highly-encouraging and worthy of aggressive follow-up drilling.
-------------------------------------------------------------------- San Cayetano mineralized Drill Hole Pad Azimuth Dip structure (m) (i) -------------------------------------------------------------------- GFA001 0+00 72 -70 8.9 -------------------------------------------------------------------- GFA002 0+00 20 -50 14.8 -------------------------------------------------------------------- GFA003 0+00 20 -70 30.15 -------------------------------------------------------------------- GFA004 0+00 20 -90 Assays pending -------------------------------------------------------------------- (i) apparent thicknessHole GFAD001: 21.0 meters averaging 0.17 g/t gold, 14.53 g/t silver, and 0.64% copper between 107 and 128.0 m; including 7.0 meters averaging 9.83 g/t silver and 0.85% copper between 107.0 and 114.0 meters; and including 6.0 meters averaging 0.49 g/t gold, 31.6 g/t silver and 0.97% copper. The most significant precious metals interval was 3.0 meters averaging 0.89 g/t gold, 53.03 g/t silver and 1.47% copper between 124 and 127 meters, including 2.0 meters averaging 1.2 g/t gold, 48.55 g/t silver and 0.78% copper between 125 and 127 meters.
Hole GFAD002: 16.65 meters averaging 2.95 g/t gold, 36.50 g/t silver, and 0.48% copper between 84.5 and 101.15 meters, including 7.5 meters averaging 6.44 g/t gold, 64.29 g/t silver, and 0.74% copper between 93.65 and 101.15 meters, and including 1.75 meters averaging 26.53 g/t gold, 171.75 g/t silver, and 0.98% copper between 99.4 and 101.15 meters. The highest silver grades occur in the 10.15 meter interval between 91.0 and 101.15 meters, where the mineralization averages 4.77 g/t gold, 52.24 g/t silver, and 0.59% copper.
Hole GFAD003: Within the main San Cayetano structure a 2.95 meter intersection between 101.85 and 104.8 meters averaged 0.61 g/t gold, 51.71 g/t silver, and 1.21% copper. This is contained within a larger interval of 24.25 meters, between 92.9 and 117.15 meters, which averages 0.24 g/t gold, 20.94 g/t silver, and 0.42% copper. Higher in the hole, at 77.15 – 78.25 meters, a 1.1 meter interval assayed 0.17 g/t gold, 34 g/t silver and 4.07% copper.
“We are very excited to have shown that the mineralization which occurs at surface and in the very limited underground workings near surface, continues down the dip of the San Cayetano vein-structure and that the thickness of the structure remains robust,” stated Graham Clark, CEO of Golden Fame. “These results are from just the first three holes of what is planned to be a 10,000 meter first phase drill program which will be ongoing into at least the end of the first quarter of 2012. The Company will be providing news on a timely basis as our drilling program continues and geochemical results are returned.”
The San Cayetano structure is a zone of intense silicification and brecciation which can be traced on surface for approximately 1 km. Multiple periods of structural preparation, quartz veining and mineralization can be documented. Chalcopyrite (copper) mineralization appears to have been introduced earlier, with gold and silver introduced later.
The San Cayetano structure, which hosts the geochemically anomalous gold, copper and silver, varies between 9 and 30 meters in thickness and has been intersected only to a maximum depth of 110 meters below the surface in these first three holes.
All three holes were drilled from a single site. Hole GFAD001 was oriented east-northeast at a bearing of 070 degrees to twin a historic drill hole for which verifiable data was not available. Holes GFAD002 and GFAD003 were oriented at 020 degrees, approximately perpendicular to the strike of the surface-outcropping, historically small-scale mined, copper-gold-silver mineralized epithermal system. These latter two holes intersected the down-dip extension of the surface mineralization beginning at 86.4 and 87.4 meters, respectively.
These initial results, the first to be returned, are considered highly encouraging by Golden Fame management and verify that the surface mineralization continues at depth. The first phase of drilling will test surface-exposed Cu-Ag-Au mineralization which has a known strike length of approximately 1,300 meters to a depth of up to 200 meters below surface. The limited historical underground excavations have demonstrated that the main, mineralized structural zone (the San Cayetano Zone) has a true thickness of over 10 meters, and dips at a moderate angle to the southwest. Intersections from the first three holes indicate that the mineralized structure has a width of between 9 and 30 meters and is comprised of multiple pulses of quartz veining, silicification, the development of crackle breccias and visible, widespread chalcopyrite mineralization.
Below are the individual assay values used to calculate the weighted average intersections reported in this press release, as well as a list of the weighted average intersections themselves.
----------------------------------------------------------------------- -- Raw Assays - Holes GFAD001, GFAD002, GFAD003 ------------------------------------------------------------------------- From To Length Au Ag Hole ID (m) (m) (m) ppm ppm Cu % ------------------------------------------------------------------------- GFAD001 104.3 105 0.7 0.03 11.1 0.16 GFAD001 105 106 1 0.009 3 0.16 GFAD001 106 107 1 0.009 2.4 0.31 GFAD001 107 108 1 0.009 6.2 1.76 GFAD001 108 108.8 0.8 0.01 4 0.39 GFAD001 108.8 109.6 0.8 0.01 3.8 0.01 GFAD001 109.6 110.6 1 0.01 9.7 0.62 GFAD001 110.6 112 1.4 0.009 6.3 0.30 GFAD001 112 112.8 0.8 0.009 8.5 0.19 GFAD001 112.8 114 1.2 0.04 25.9 2.24 GFAD001 114 115 1 0.009 4.8 0.20 GFAD001 115 116 1 0.009 1.5 0.02 GFAD001 116 117 1 0.39 4.1 0.06 GFAD001 117 118 1 0.009 9.9 0.78 GFAD001 118 119 1 0.009 1.9 0.03 GFAD001 119 120.1 1.1 0.009 1.8 0.03 GFAD001 120.1 121 0.9 0.01 22.8 0.58 GFAD001 121 122 1 0.009 2.1 0.06 GFAD001 122 123 1 0.01 8.5 0.49 GFAD001 123 124 1 0.22 15.9 0.39 GFAD001 124 125 1 0.28 62 2.84 GFAD001 125 126 1 1.22 57.9 1.24 GFAD001 126 127 1 1.18 39.2 0.32 GFAD001 127 128 1 0.02 6 0.53 GFAD001 128 129 1 0.01 4.1 0.17 ------------------------------------------------------------------------- GFAD002 84.5 85.3 0.8 0.5 49.8 0.95 GFAD002 85.3 86 0.7 0.01 1.5 0.10 GFAD002 86 86.35 0.35 0.01 1.1 0.02 GFAD002 86.35 86.65 0.3 0.01 3.6 0.12 GFAD002 86.65 87 0.35 0.06 17.8 0.26 GFAD002 87 87.46 0.46 0.01 4 0.39 GFAD002 87.46 88.5 1.04 0.17 12.3 0.59 GFAD002 88.5 89 0.5 0.02 4.6 0.25 GFAD002 89 90 1 0.08 4.4 0.07 GFAD002 90 91 1 0.04 7.5 0.06 GFAD002 91 92 1 0.07 30.6 0.24 GFAD002 92 92.9 0.9 0.01 3.9 0.06 GFAD002 92.9 93.65 0.75 0.03 18.6 0.17 GFAD002 93.65 94.65 1 0.33 78.2 1.57 GFAD002 94.65 95 0.35 0.35 16.5 0.94 GFAD002 95 96.1 1.1 0.02 8.9 0.24 GFAD002 96.1 96.4 0.3 0.53 33.9 0.87 GFAD002 96.4 97 0.6 0.22 20.4 0.42 GFAD002 97 98 1 0.02 18.2 0.28 GFAD002 98 99 1 0.94 43.7 0.73 GFAD002 99 99.4 0.4 0.43 8.8 0.46 GFAD002 99.4 100 0.6 73.2 348 1.56 GFAD002 100 101.15 1.15 2.18 79.8 0.67 ------------------------------------------------------------------------- GFAD003 92.9 93.3 0.4 0.01 4 0.14 GFAD003 93.3 94 0.7 0.02 4 0.12 GFAD003 94 94.85 0.85 0.04 12 0.12 GFAD003 94.85 95.2 0.35 0.15 55 1.87 GFAD003 95.2 95.6 0.4 0.33 55 0.32 GFAD003 95.6 95.85 0.25 0.02 31 0.68 GFAD003 95.85 96 0.15 0.05 6 0.04 GFAD003 96 97 1 0.02 3 0.14 GFAD003 97 97.6 0.6 0.01 4 0.11 GFAD003 97.6 98 0.4 0.009 2 0.03 GFAD003 98 99 1 0.11 19 0.33 GFAD003 99 100 1 0.14 47 0.56 GFAD003 100 100.5 0.5 0.05 8 0.09 GFAD003 100.5 101 0.5 0.03 8 0.15 GFAD003 101 101.85 0.85 0.07 8 0.26 GFAD003 101.85 102.2 0.35 0.12 71 2.42 GFAD003 102.2 103 0.8 0.01 6 0.16 GFAD003 103 103.7 0.7 0.01 9 0.37 GFAD003 103.7 104.8 1.1 1.59 106 2.13 GFAD003 104.8 105.7 0.9 0.009 2 0.03 GFAD003 105.7 106.45 0.75 0.15 16 0.55 GFAD003 106.45 106.95 0.5 0.07 27 0.56 GFAD003 106.95 107.2 0.25 0.06 53 1.26 GFAD003 107.2 108 0.8 0.19 25 0.82 GFAD003 108 109 1 0.18 6 0.25 GFAD003 109 110 1 0.06 11 0.24 GFAD003 110 111 1 0.04 7 0.23 GFAD003 111 112 1 0.01 2 0.08 GFAD003 112 113 1 0.03 5 0.19 GFAD003 113 114 1 0.22 12 0.29 GFAD003 114 114.9 0.9 0.06 5 0.11 GFAD003 114.9 116 1.1 0.21 17 0.35 GFAD003 116 117.15 1.15 1.92 67 0.45 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted Average Intersections - Holes GFAD001, GFAD002, GFAD003 ------------------------------------------------------------------------- From To Length Au Ag Hole ID (m) (m) (m) g/t g/t Cu % ------------------------------------------------------------------------- GFAD001 63 67 4.00 0.04 15.75 0.29 GFAD001 107 128 21.00 0.17 14.53 0.64 GFAD001 inc 107 114 7.00 0.01 9.83 0.85 GFAD001 inc 122 128 6.00 0.49 31.58 0.97 GFAD001 inc 124 127 3.00 0.89 53.03 1.47 GFAD001 inc 125 127 2.00 1.20 48.55 0.78 ------------------------------------------------------------------------- GFAD002 84.5 101.15 16.65 2.95 36.50 0.48 GFAD002 inc 91 101.15 10.15 4.77 52.24 0.59 GFAD002 inc 93.65 101.15 7.50 6.44 64.29 0.74 GFAD002 inc 99.4 101.15 1.75 26.53 171.75 0.98 ------------------------------------------------------------------------- GFAD003 61 63 2.00 0.02 16.00 0.21 GFAD003 76 78.25 2.25 0.10 18.16 2.09 GFAD003 inc 77.15 78.25 1.10 0.17 34.00 4.07 GFAD003 92.9 117.15 24.25 0.24 20.94 0.42 GFAD003 inc 94.85 95.85 1.00 0.19 49.00 0.95 GFAD003 inc 99 108 9.00 0.26 30.54 0.68 GFAD003 inc 101.85 104.8 2.95 0.61 51.71 1.21 GFAD003 inc 103.7 104.8 1.10 1.59 106.00 2.13 GFAD003 inc 116 117.15 1.15 1.92 67.00 0.45 -------------------------------------------------------------------------The Company has planned a 10,000 meter drill program, currently underway with two drills, with the objective of proving continuity, both laterally and at depth, and grades of copper, silver and gold within the San Cayetano structural zone.
For details regarding the Algun Dia project, refer to Golden Fame’s recent press releases, and the Company’s website at www.goldenfameresources.com .
Geochemical sample preparation and analyses of drill core are being performed by ALS Chemex Laboratories located in Guadalajara, Mexico and North Vancouver. Strict sample handling and sample QAQC protocols have been implemented. New core logging and storage facilities have been constructed at site and applications have been submitted for the initiation of underground excavations, which will consist of extending the existing 200 meter-long horizontal adit the full length of the mineralized structure, and the construction of a spiral ramp down the dip of the mineralization. The Company has also established an office near Guanajuato.
The Company also announces that Brian DeBeck was elected as a director of the Company at its Annual General Meeting. Mr. DeBeck most recently held the position of Provincial Representative of the Retail Wholesale Union from 1998 until his retirement in 2011.
Lawrence Dick, Ph.D., P.Geo, a Director of the Company and a Qualified Person as defined by NI43-101, prepared this news release and has verified the data disclosed.
About Golden Fame Resources Corp.
The focus of Golden Fame is to explore historically-productive gold, silver and copper properties and advanced exploration prospects. We believe that prospects identified by Golden Fame will have higher potential to become economically-viable deposits through the application of sound exploration principles, geological imagination and interpretation through years of experience and discovery by our principals, and adequate financing. The Company is well funded, having completed a $7.1 million financing in June 2011.
On Behalf of the Board of Directors,
GOLDEN FAME RESOURCES CORP.
Graham M. Clark Jr., President, CEO and Director
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation), including without limitation statements as to the planned 10,000 meter first phase drill program consisting of at least 20 holes. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the ability to complete the drilling program as currently contemplated and the receipt of successful results as drilling proceeds.
Contacts: Golden Fame Resources Corp. Steven Green VP Exploration 604.688.9588 www.goldenfameresources.com