GBN: TSX Venture Exchange
SASKATOON, Sept. 17 /CNW/ - Golden Band Resources Inc. announced today that it has successfully intersected the down-plunge continuation of the high-grade gold mineralization in the Company's Bingo gold deposit at a vertical depth of 525 metres below surface. This very significant extension of the mineralization to depth is 150 metres deeper than the previously deepest drillhole.
An updated resource estimate will be done after the drilling program is completed to confirm the size of the additional resource, but Golden Band is already very encouraged by the potential that this new deep drilling demonstrates for a significant increase in the Bingo deposit's mine life. Located in the La Ronge Gold Belt of northern Saskatchewan, the Bingo deposit currently has 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 and modelled to a depth of 425 metres below surface (see news release of May 26, 2009 http://www.goldenbandresources.com/html/news/press_releases/index.cfm?ReportID=203160).
Frank Hrdy, Golden Band's Vice President of Exploration, noted, "The current Bingo drill program is designed to incrementally enlarge the high-grade gold resource at depth and to confirm the continuity of the ore at depth. This first deep hole successfully intersected the high-grade gold mineralization right where we projected it to be. Encouraged by this, a second deep drillhole is now in progress to test at approximately the same depth and stepping out 30 metres north of the first deep drillhole. It is important to note that this deep drilling proves that the gold mineralization at Bingo is deep-rooted and is still open to depth and along strike at depth. These drillholes are some of the deepest ever completed in the La Ronge Gold Belt and support the Company's view that the potential for more of this type of high-grade mineralization in the Belt is still untapped. Planning of a future underground drill program at Bingo is in progress."
The two first drillholes in the current program (WD-181 and WD-182) tested the on-strike outer edges to the north and south of the known mineralization, at depths of 240 and 400 metres, respectively, below surface. The northern drillhole (WD-181) intersected 1.85 m of Bingo-style mineralization and graded 2.38 g/t Au over a down-hole length of 1.0 metre. The southern drillhole (WD-182) is now believed to have been stopped approximately 10 metres short of the Bingo structure and will be deepened later in this program. Figure 1 http://www.goldenbandresources.com/figure1Sep17.html is a longitudinal section along the length of the Bingo deposit showing the currently known gold resources and the locations of the new drillholes that are testing the down-plunge extension of the high-grade zone.
The first step-out drillhole (WD-183) in this program to test the central part of the down-plunge mineralization intersected the Bingo structure approximately 340 m below surface in an area known to host lower grades, and which is consistent with the 8.64 g/t gold over 1.0 m that was intersected.
The first deep Bingo structure intersection is seen in WD-184 as a 6.59-metre long intersection of interbedded mineralized quartz veins and diorite with a 0.50 m wide quartz breccia in the hanging wall that hosts massive pyrrhotite stringers. The initial Standard Fire Assay results from this zone have been received and include 14.7 g/t gold in the 0.50 m wide breccias, and anomalous grades of up to 1.17 g/t gold in the remaining intervals. Because of the potential for nuggetty gold in the Bingo deposit, Metallic Screen Fire Assays have been requested.
A second deep drillhole (WD-185) is currently underway to test the high-grade gold mineralization at approximately the same depth and 30 metres north of WD-184.
Thunder Showing Drilling Follow-up
The Company is also pleased to announce that a second diamond drill is being mobilized to follow-up on the newly discovered Thunder gold showing (see news release of September 8, 2009 http://www.goldenbandresources.com/html/news/press_releases/index.cfm?ReportID=203172). Up to three drillholes are currently planned to test this highly prospective new target.
On behalf of the Board of Directors of Golden Band Resources Inc.,
"Rodney G. Orr"
Rodney G. Orr, P.Geo.,
President & CEO
All 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 news release includes certain "forward-looking information within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements")." Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of Golden Band 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. Forward-looking statements are based on a number of material factors and assumptions including, with respect to mineral resource or reserve estimates, the key assumptions and parameters on which such estimates are based, as set out in the pre-feasibility report for its La Ronge Gold Belt properties. Important factors that could cause actual results to differ materially from Golden Band's expectations include availability of capital and financing on acceptable terms, economic evaluations prove to be correct, changes in project parameters as plans continue to be refined, future gold prices and the strength of the Canadian dollar against the US dollar, possible variations in ore reserves, grade or recovery rates, timeliness of getting the Jolu mill ready for production, failure of plant, equipment or processes to operate as anticipated, equipment breakdowns, availability of personnel, materials and equipment on a timely basis, labour disputes, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, accidents, delays in receiving government approvals or in the completion of development or construction activities, unanticipated environmental impacts on operations, reclamation costs, exploration results, and other exploration and development or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
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SOURCE Golden Band Resources Inc.
For further information: For further information: Golden Band Resources Inc., Rodney Orr, President & CEO, Phone: (306) 955-0787 x7123, Fax: (306) 955-0788, Email: email@example.com; Wani Capital Corp.: Raju Wani, (403) 240-0555, Email: firstname.lastname@example.org, www.goldenbandresources.com