GBN: TSX Venture Exchange
SASKATOON, May 26 /CNW/ - Golden Band Resources Inc. (GBN: TSXV) is
pleased to announce an updated NI 43-101 mineral resource estimate for the
Bingo gold deposit. Gold resources (capped) now total 73,777 ounces in the
Measured and Indicated category and 67,756 ounces in the Inferred category,
using a cut-off of 5 g/t gold over a diluted minimum width of 2.0 metres.
These figures represent an 18% increase in the Measured and Indicated resource
and a 368% increase in the Inferred resource since the previous resource
estimate of November 5, 2008.
As previously announced, the high-grade gold mineralization in the Bingo
deposit now continues to depth along a steep plunge to the north for an
additional 200 m vertically, and it remains open to depth. In addition, the
nearby Cockrum zone, now incorporated into the resource model for the first
time, is also open in several directions (see Figures 1 and 2 at
http://www.goldenbandresources.com/26-05-09-figure1.cfm and
http://www.goldenbandresources.com/26-05-09-figure2.cfm, respectively).
Bingo is a high-grade quartz vein-hosted gold deposit located at the
southern end of Golden Band's land package in northern Saskatchewan, and is 45
kilometres southwest of the Company's Jolu gold mill. The initial disclosure
of a mineral resource for the Bingo deposit was made by the Company on June
29, 2006 and updated resource estimates were made by the Company on January 8,
2008 and November 5, 2008. This fourth mineral resource estimate was completed
by the Company and conforms to National Instrument 43-101 (NI 43-101)
standards for the reporting of mineral resources.
The Bingo deposit (including the Cockrum zone) is estimated to contain a
Measured plus Indicated Mineral resource of 174,668 tonnes grading 13.14 grams
per tonne (g/t) gold at a cut-off of 5 g/t gold over a diluted minimum width
of 2.0 metres. An additional 155,074 tonnes with an average grade of 13.89 g/t
gold is classified as an Inferred Mineral resource.
Golden Band is encouraged by the very positive results from the most
recent drill program and the 368% increase in the Inferred resource tonnes. In
addition, the Cockrum Zone has been identified as having the potential to
contribute a significant resource to the Bingo deposit with additional drill
testing.
The Cockrum zone, which is open to the northeast, southwest, and down
plunge, appears to be a potentially high-grade gold zone sub-parallel to the
Bingo deposit. Based on nine shallow drillhole intersections, the Cockrum zone
accounts for an Inferred resource of approximately 3,000 tonnes at an average
grade of 6.0 g/t Au. The Quarry showing represents the northern extension of
the Bingo deposit and is now included in the Bingo geological model.
Frank Hrdy, Golden Band's Vice President of Exploration said "The results
from this first attempt in the fall of 2008 of a deeper drill program at Bingo
prove that the high grade gold mineralization continues to depth in a
continuous and geologically predictable way, and is open in this down-plunge
direction. It is also evident that other gold zones like Cockrum exist in
close proximity to the main Bingo gold mineralization and now that we have a
better understanding of the local structures we can target our exploration
more effectively. A drill program designed to continue testing the extent of
the high-grade gold mineralization at depth and other nearby structures is
recommended for the upcoming field season."
Table 1 lists the estimated tonnes and grade for the Measured, Indicated,
and Inferred resources when a statistically derived cap grades of 105 g/t gold
for the Measured category and 70 g/t gold for the Indicated and Inferred
categories are applied. For comparison, the variation of tonnes and grade for
cut off grades of 4, 5 and 6 g/t gold is also reported.Table 1: Bingo Gold Deposit Mineral Resources - Updated Estimates
(May 2009)
Capped at 105 g/t Au for Measured, and 70 g/t Au for Indicated
and Inferred
-------------------------------------------------------------------------
Measured Indicated Measured +
Category Category Indicated Inferred Category
-------------------------------------------------------------------------
Cut Grade, Grade, Grade,
Grade g/t g/t Gold g/t Gold,
g/t Gold Tonnes Gold Tonnes Gold Ounces Tonnes Gold Ounces
-------------------------------------------------------------------------
4.0 37,469 11.56 163,861 12.09 77,601 186,952 12.30 73,900
-------------------------------------------------------------------------
5.0 34,289 12.22 140,379 13.36 73,777 155,074 13.89 67,756
-------------------------------------------------------------------------
6.0 31,013 12.93 122,531 14.51 70,051 136,598 15.03 65,999
-------------------------------------------------------------------------Also for comparison, Table 2 lists the estimated tonnes and grade for
Measured, Indicated, and Inferred resource categories when capping grades are
not applied. The variation of tonnes and grade are also shown for when cut off
grades of 4, 5 and 6 g/t gold are used. Table 2 is included to show how grade
capping affects the resource estimate. Grade capping is commonly used when
high-grade deposits demonstrate a strong "nugget effect", as is the case with
Bingo; however, as the capped grade is a statistical estimate, it may not
reflect the true nature of the deposit. For the uncapped grades in this case,
at the 5 g/t gold cut-off, there is a 39% increase of gold ounces in the
Measured + Indicated resource and a 79% increase of gold ounces in the
Inferred resource.Table 2: Bingo Gold Deposit Mineral Resources - Updated Estimates
(May 2009)
Uncapped
-------------------------------------------------------------------------
Measured Indicated Measured +
Category Category Indicated Inferred Category
-------------------------------------------------------------------------
Cut Grade, Grade, Grade,
Grade g/t g/t Gold g/t Gold,
g/t Gold Tonnes Gold Tonnes Gold Ounces Tonnes Gold Ounces
-------------------------------------------------------------------------
4.0 37,716 12.51 166,746 17.04 106,535 186,957 20.92 125,770
-------------------------------------------------------------------------
5.0 34,359 13.30 143,822 19.05 102,762 155,364 24.26 121,180
-------------------------------------------------------------------------
6.0 31,485 14.01 126,962 20.85 99,276 137,269 26.73 117,976
-------------------------------------------------------------------------The resource estimates are classified as Mineral Resources that are
consistent with the guidelines in "CIM Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines" (2003) as required by National
Instrument 43-101. Mineral resources are not mineral reserves and by
definition do not demonstrate economic viability. Golden Band is not aware of
any issues that may materially affect its estimates of mineral resources.
Estimation Methodology & Quality Control
The assay results from 789 core samples taken during the fall 2008 drill
program were incorporated into the Bingo assay database and were used to
update the mineral resource. A total of 76 drillcore samples were assayed by
the "metallic" method and 713 core samples were assayed by the standard fire
assay method. Golden Band implements a rigorous assay quality
assurance/quality control program including the use of the reference standards
and sample blanks. All samples were consigned for assaying to ALS Chemex in
Vancouver, British Columbia, an ISO/IEC guideline 17025 accredited facility.
In addition, 69 samples were sent to TSL Labs in Saskatoon, Saskatchewan for
re-assay checks. A total of nine surface channel sample cuts, 213 underground
development face chip sample lines, 43 underground drillhole intersections,
and 158 surface drillhole intersections of the Bingo zone were used to
estimate the Bingo deposit gold resource. Resource estimation was constrained
by a three-dimensional solid model that has a minimum 2 m width and was
developed from the most current geological and analytical data. Block size was
5x5x5 metres and grade estimation was carried out by the inverse distance
squared method using 1-metre downhole composite samples. Statistically derived
cap grades of 105 g/t Au for the Measured category and 70 g/t Au for Indicated
and Inferred categories were applied to all assay results used in the resource
estimations. Blocks were estimated using a search ellipse at an orientation of
356 degrees, -65 degrees plunge, and -10 degree dip, with maximum search
distances of 25 metres for Indicated and 60 metres for Inferred categories. A
factor of 0.75 was used for the semi and major axis of the search ellipse and
a factor of 2 was used for the minor axis of the search ellipse.
The Measured portion of the resource represents only the areas that were
developed underground (see news release of July 21, 2008), with a 12.5-metre
influence above and below the existing development. Tonnages were calculated
using an average specific gravity of 2.75 grams/cm(3), based on 147
measurements taken on mineralized core samples. In order to be included in the
estimate, a block was required to have at least two composites within a
maximum radius of 60 metres. Surpac version 6.1.1 was the software used to
create the geological model and to estimate the resource.
Frank Hrdy, Golden Band's VP of Exploration, serves as the Qualified
Person as defined by NI 43-101. These mineral resource estimates were prepared
pursuant to the Canadian Institute of Mining (CIM) Standards on Mineral
Resources and Reserves. prepared by the CIM Standing Committee on Reserve
Definitions that were adopted by the CIM Council December 11, 2005 (published
in the CIM Bulletin of November 2005), and are compliant with National
Instrument 43-101 - Standards of Disclosure for Mineral Exploration and
Development and Mining Properties.
Updated La Ronge Gold Project Resources and Reserves
With this increase in the Bingo resources, an updated summary of the NI
43-101-compliant gold resources contained in eight of the 12 deposits owned by
the Company brings the total Measured + Indicated resources to 817,879 ounces
of gold (Table 3). Inferred resources now total 254,657 ounces.Table 3: Golden Band Inc. Updated NI 43-101 Compliant Resources
-------------------------------------------------------------------------
Measured + Indicated Resources Inferred Resources
-------------------------------------------------------------------------
Assays Cut Cut Res-
Capped off Grade Resources off Grade ources
at (g/t (g/t (g/t (ounces (g/t (g/t (ounces
Deposit Au) Au) Tonnes Au) Au) Au) Tonnes Au) Au)
-------------------------------------------------------------------------
Komis 70 1.0 990,000 3.81 121,300 1.0 94,000 2.98 9,000
-------------------------------------------------------------------------
Tower
East 15 1.0 5,019,080 1.86 299,835 1.0 902,020 1.52 43,965
-------------------------------------------------------------------------
Golden
Heart 24 1.0 4,486,400 1.80 259,900 1.0 598,800 1.66 31,900
-------------------------------------------------------------------------
Memorial 30 1.0 288,400 2.83 26,220 1.0 90,900 2.49 7,272
-------------------------------------------------------------------------
EP 40 1.0 102,000 3.81 12,494
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Birch
Cross-
ing 120 2.0 536,300 5.11 88,100
-------------------------------------------------------------------------
(*)Grey-
wacke 33.15 5.0 90,160 8.40 24,353 5.0 28,420 7.29 6,664
-------------------------------------------------------------------------
Bingo 105
and
70 5.0 174,668 13.14 73,777 5.0 155,074 13.89 67,756
-------------------------------------------------------------------------
Totals: 11,150,708 817,879 2,405,514 254,657
-------------------------------------------------------------------------
(*) Golden Band owns 49% of the Greywacke gold deposit and only that
portion is included in the table.In January 2009, Golden Band released details of reserves calculated for
a Pre-Feasibility Study of the La Ronge Gold Project. Because the majority of
the increase reported in this update is in the Inferred Resource Category,
this update does not materially change the Bingo portion (127,000 tonnes
grading 14.43 g/t Au or 58,900 ounces) of the total Proven and Probable
Reserves (762,000 tonnes grading 6.21 g/t Au or 152,300 ounces) reported in
the Pre-Feasibility Study.
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is
now poised to also become a gold producer. Golden Band is a well-financed,
Saskatchewan-based, publicly listed company (GBN: TSXV) whose focus is the
long-term, systematic exploration and development of its 100%-owned La Ronge
Gold Belt properties. Since 1994, Golden Band has assembled through staking
and strategic acquisition a land package of more than 750 km(2), including 12
known gold deposits, five former producing mines, and a licensed gold mill.
Golden Band's key value drivers are the methodical and systematic targeting of
primary to advanced-stage exploration while progressing along a parallel path
to becoming a sustainable gold producer. The Company is aggressively pursuing
its near-term goal of commercial production of its Bingo, Komis, and EP
deposits with processing at the 100%-owned Jolu mill. The Company's objective,
supported by a positive Pre-Feasibility Study completed in January 2009, is
the annual production of at least 75,000 ounces of gold over a ten-year
project life. Other longer-term objectives include the continuation of its
highly successful exploration and acquisition strategy.On behalf of the Board of Directors of Golden Band Resources Inc.,
"Rodney G. Orr"
Rodney G. Orr, P.Geo.,
President & CEOAll of Golden Band's exploration programs and pertinent disclosure of a
scientific nature are prepared and/or designed and carried out under the
supervision of Frank Hrdy, P.Geo., Golden Band's VP Exploration, who serves as
the qualified person (QP) under the definitions of National Instrument 43-101.
All of Golden Band's development-related programs and pertinent disclosure of
a development nature are prepared and/or designed and carried out under the
supervision of Gary Haywood, P.Eng., Golden Band's VP of Operations and COO,
who serves as the qualified person (QP) under the definitions of National
Instrument 43-101.
Cautionary Statements on Forward-Looking Information: The statements made
in this News Release may contain certain forward-looking information. Actual
results may differ materially from those currently anticipated in such
statements. Certain risk factors may also materially affect the actual results
achieved by the Company. Potential and current shareholders are cautioned not
to place undue reliance on forward-looking information. The Company disclaims
any intent and undertakes no obligation to update publicly or otherwise revise
any forward-looking information whether as a result of new information, future
events, or other such factors that may affect this information, except as
required by law.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.%SEDAR: 00007862E
For further information: Rodney Orr, President & CEO, Golden Band
Resources Inc., Phone: (306) 955-0787 x7123, Fax: (306) 955-0788, Email:
rodney.orr@goldenbandresources.com; Wani Capital Corp.: Raju Wani, (403)
240-0555, Email: info@goldenbandresources.com, www.goldenbandresources.com
