Komis Deposit Step-Out Drilling Returns High-Grade Gold Intersections
SASKATOON, June 27, 2012 /CNW/ - Golden Band Resources Inc. (TSXV: GBN) (OTCQX: GBRIF) is pleased to announce the results of drilling adjacent to the Company's Komis and EP mine sites in the Upper Waddy Lake area of the La Ronge Gold Belt. Drilling intersections included 2.74 g/t Au over 12.2 m, 7.3 g/t Au over 7.6 m (including 17.1 g/t Au over 3 m), 3.1 g/t Au over 19.8 m, and 18.6 g/t Au over 6.1 m.
Golden Band is pleased with these results as they further validate both the near-term higher-grade and longer-term bulk tonnage prospects for a potential resource expansion in the Komis mine area. The Company is currently planning additional work in these areas as part of a larger program that centres on the Komis deposit that is in advanced planning for production in summer 2012.
Komis and EP Deposit Southern Extensions
This program saw 12 reverse circulation (RC) drillholes (825 metres) completed on the on-strike extensions southeast of the Komis deposit and south of the EP deposit (Figure 1 (http://www.goldenbandresources.com/gbn-nr-27-jun-12.html) and Tables 1 & 2). The purpose of the drilling program was an initial test of the continuity of the mineralized rhyolite/andesite contact along strike to the east and down dip towards the north. As was previously reported (see news release of February 22, 2012), diamond drilling had confirmed that the Komis gold deposit remains open on-strike to the northwest and southeast and to depth, and it also led to the recognition of a large gold-mineralized envelope with bulk tonnage potential extending beyond the known Komis deposit in the hanging wall rocks to the immediate north and east. Sixty-four historical diamond drillholes totalling some 4,600 metres of core are being split and assayed to test for this bulk tonnage potential.
Three RC holes, KOP-01, 02, 04 (266 m) were drilled on the west side of the main fault structure to test for lateral continuity of mineralization of holes drilled in 2009. Two other holes, KOP-03 and KOP-05 (178.58 m) were drilled on the east side. KOP-01 to 05 were drilled perpendicular to strike with average hole lengths of 75 m. All holes intersected a relative thick band of altered rhyolite with a 50 m true thickness. Gold mineralization was encountered in every hole, including 2.74 g/t Au over 12.2 m, 7.3 g/t Au over 7.6 m (including 17.1 g/t Au over 3 m), 3.1 g/t Au over 19.8 m, and 18.6 g/t Au over 6.1 m (Table 1).
Drilling immediately east of the above drillholes targeted the southward extension of the EP Deposit (Figure 1 and Table 2). Holes EPP-43, 44, 45 were drilled parallel to the strike of the rhyolite unit on the eastern side of the main north-south fault that trends through the entire Komis-EP area. The holes were 50 to 60 m in length and all holes intersected a mixture of rhyolite and andesite lenses of various core lengths but no significant gold mineralization was noted.
EPP-46, 47, 48, and 49 were drilled parallel to strike with average depths of 50 m. Hole EPP-50 was drilled from the same collar as EPP-49 to a length of 100 m. Holes EPP-47, EPP-48, and EPP-50 contained significant gold intersections, up to 8.2 g/t Au over 1.52 m (Table 2).
Overall, the RC drilling program southeast end of the Komis deposit was successful in confirming the southeast continuation of gold mineralization from the planned Komis open pit, in outlining the extent of the rhyolite lenses, and in identifying the potential for a gold mineralized resource. Follow-up this of RC drilling with diamond drilling to further define this area with a two-stage program is warranted. The first phase is designed to be close-spaced holes (20-m centres) around the fault area for further defining the potential resource. The second phase would test the east side of the fault and the eastern extent of the rhyolite zone.
All samples from the RC program were sent to the Company's Jolu Lab for fire assaying. The Jolu Lab is a non-accredited facility. Results are based upon a Standard Fire Assay method utilization of a 30-gram assay charge. The final results for this program include check assays of the data with standards inserted every 20 samples. Fire Assay results greater than 5 g/t gold were re-assayed using the Screened Metallic Assay method. The quality assurance/quality control of the assay results was monitored by a series of sample standards and sample blanks that Golden Band randomly inserted into the sample sequences.
Saimon Ngindi, P.Geo., a Qualified Person for the purposes of National Instrument 43-101, has reviewed the technical information in this news release.
About Golden Band
Golden Band Resources is a gold producer operating in the La Ronge gold belt in northern Saskatchewan and publicly listed on the TSX Venture exchange under the symbol " GBN" and on the OTCQX under the symbol "GBRIF". Commercial production was declared on April 1, 2011 and the Company has production from two mines, the Roy Lloyd and EP mines. A third mine, Komis, is to be brought into production later in the summer of 2012. Processing is at the centrally located Jolu mill, with a nominal capacity of 700 tonnes per day. The Company has been actively exploring for gold since 1994 and has assembled a land package of 870 km2, including 12 known gold deposits and four former producing mines. The Company plans to undertake aggressive drill programs throughout the La Ronge Gold projects with the goal of significantly expanding the existing NI 43-101 gold resources that have been identified to date.
On behalf of the Board of Directors of Golden Band Resources Inc.,
A. Robson Garden, President and CEO
Caution Regarding Forward-Looking Information and Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the mine properties, estimates of production, costs of production, the sufficiency and availability of capital and financing and other future plans, objectives or expectations of Golden Band Resources Inc. (Company) are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators available on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.
Table 1: RC Drilling Assay Highlights for Komis Southeast Trend
Table 2: RC Drilling Assay Highlights for EP South Trend
|EPP-43||270°/-50° 57.93 m||47.26||48.78||1.52||3.20|
|EPP-44||270°/-50° 48.77 m||44.20||45.72||1.52||1.10|
|EPP-45||270°/-50° 50.29 m||45.72||48.77||3.05||0.65|
|EPP-46||270°/-50° 50.29 m||No assays above 1.0 g/t Au|
|EPP-47||270°/-50° 50.29 m||19.81||21.34||1.53||6.90|
|EPP-48||270°/-50° 50.29 m||12.19||13.72||1.53||1.00|
|EPP-49||270°/-50° 50.29 m||33.53||39.62||6.09||0.48|
|EPP-50||270°/-65° 100.58 m||28.96||30.48||1.52||4.40|
1 Reverse circulation drillholes are 3 inches (76.2 mm) in diameter. A 20-litre pail of cuttings was collected from the onboard mounted cyclone for each 5-foot sample interval. It was then split to 12.5% using a 3-tier Jones splitter that produced approximately a 2 kg sample for assay. In addition a 1-2 kg reject sample was collected for future reference. The rest of the bulk sample was bagged for possible future analysis.
2 All reported intersections are measured along the hole.
3 Length-weighted averages calculated using uncut assays and may include internal dilution.
For further information:
Rodney Orr, VP of Corporate Development
Golden Band Resources Inc.
Phone: 306 385 7123
Fax: 306 955 0788