PLANET DRILLS 80.1 METRES OF 1.00 G/T GOLD INCLUDING 23.7 METRES OF 2.15 G/T GOLD AT GOLDEN LOON PROJECT, SOUTHERN BRITISH COLUMBIA
Planet Exploration Inc. has intersected 80.1 metres of one gram per tonne gold, including 23.7 metres of 2.15 g/t gold, in drill hole GL-12-017, the first hole of the phase 2 diamond drill program at the Golden Loon project near Kamloops in Southern British Columbia. The mineralized zone is present from surface, where historic bedrock trenches have returned comparable results.
Mineralization is largely continuous with the exception of two less than 4 metre sections of minor post mineral faulting which are not mineralized.
GL-12-017 intersected a thickened mineralized zone that plunges very shallowly within a property-scale, silicified and mineralized structure. The zone is believed to plunge at only 15 to 20 degrees, meaning the reported gold mineralization is all within 60 vertical metres of the surface.
As drilled, the zone extends for at least 170 metres down-plunge from surface. Follow-up drilling and three-dimensional modeling are underway to define its true thickness and width. Drill holes GL-11-001 to 006, completed during Phase 1 drilling in fall 2011 and previously reported (see Planet news release of January 10, 2012), are interpreted to have intersected the upper portions of this zone, which has now been extended.
At least three of these thickened, shallowly-plunging zones are interpreted to have been intersected by the sixteen-hole, 700 metre striking drill fence completed during Phase 1 drilling. This tested a small portion of the eight-square kilometre gold-in-bedrock and soil system now defined at the Golden Loon project. All significant gold-in-soil anomalies drill-tested to date have been underlain by gold-in-bedrock mineralization. Planet will continue step-out drilling across this broad target throughout 2012, which is believed to be underlain by a network of frequently mineralized structures spanning several kilometres of the Golden Loon property.
"We are very pleased to show the significant potential of this easily accessed, rapidly growing project," said Chris Taylor, president of Planet, "The Company plans to continue aggressive exploration of this emerging multi-kilometre gold system throughout 2012."
Mr. Andrew Wilkins, P.Geo, is Vice President Exploration of Planet and is the Qualified Person as defined by National Instrument 43-101, who supervised the preparation of the above information.
Drill core assay results are evaluated through a Quality Assurance and Quality Control (QAQC) procedure that includes the use of standards with known precious metal values, duplicated core intervals and blank samples in order to determine accuracy. Assaying was carried out by Acme Analytical Laboratories Ltd. of Vancouver, Canada.