Golden Band Files NI43-101 Technical Report


TSX.V: GBN

SASKATOON, Nov. 6, 2015 /CNW/ - Golden Band Resources Inc. (Golden Band or Company) (TSXV: GBN) announces that further to the news releases dated May 1, 2015 and July 7, 2015, it has filed a technical report dated November 3, 2015 entitled "NI 43-101 Technical Report and Mineral Resource Estimate Update, Bingo Gold Deposit, Roy Lloyd Mine Project Area" (the "Technical Report") prepared by Frank Hrdy, P. Geo., Eugene Puiritch, P. Eng, and Mike Yakimchuk, P. Eng, all independent Qualified Persons under National Instrument 43-101 ("NI43-101").

The updated Indicated Resource estimate for the Bingo Gold deposit (Roy Lloyd Mine) is 268,184 tonnes grading 9.60 g/t gold and the Inferred Resource is 194,634 tonnes grading 11.47 g/t gold (see Table 1).  This update to the mineral resource estimate for the Bingo deposit (Roy Lloyd mine site) takes into account mined areas and 100 new exploration drill holes since the May 26, 2009 resource update.

Resource Estimate
Table 1: Resource Estimate for the Bingo Gold Deposit (Roy Lloyd Mine). A 5 g/t gold cutoff grade was used for this estimation.

5g/t Au Cut

tonnes (t)

Grade g/t Au

Au Ounces

Indicated

268,184

9.60

82,817

Inferred

194,634

11.47

71.773

Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Please note that this mineral resource update (dated October 26, 2015) supersedes the technical report entitled "Technical Report and Mineral Resource Update – Bingo Gold Deposit, Roy Lloyd Mine, Dickens West Project" dated May 2, 2013.  The amended report dated October 26, 2015 also includes the results from the most recent underground drill program (Press Release dated April 24, 2014). 

QA/QC

Mr. Hrdy carried out validation prior to resource modeling including visual inspection of the data files, statistical analysis and 3D computer visualizations of data.  During the course of this investigation many errors in the post 2008 channel sample database were found so this database was not used.  Some drillhole id's occurred more than once in drillholes added since late 2009 and this was corrected.  The Author also read through all of the Company's press releases located on their website to verify the number of drillholes, meters drilled, etc. matched what was in the database and to review the QA/QC discussions in these releases.  Drill logs from 2006 to late 2009 (WD-113 to WD-188B) were also reviewed as the earlier drilling was verified by the 2006 Technical Report and Resource Estimate by GeoSim Services Inc.  Drill logs for holes drilled in 2012 were not available as this was the time period when a deviation from the QA/QC occurred; however, the database supplied by the Company did include these drillholes.  To ensure appropriate quality assurance exists for samples collected from this time period the Author only used assays derived from drillcore and selected the critical samples (that fall in this time period) used for the estimation for check analysis at an external lab.  Table 2 lists the sample rejects that were sent to TSL Laboratories in Saskatoon as a check quality assurance measure.  In addition, no channel samples taken from underground were used.

Table 2- Check Samples sent to TSL Laboratories in Saskatoon.

Original Sample Number

Drillhole Collar

Assay (g/t gold)

Check Sample Number

Check Assay (g/t gold)

Check Assay Repeat (g/t gold)

637028

RLUG-02

19.23

637028

27.5

23.73

533444

WD-204

0.23

533444

0.27


637258

RLUB-04

20.8

637258

11.76

11.87

636895

RLUG-01

10.63

636895

11.66

10.7

680734

RLUG-10

3.47

680734

<.03


681054

RLUG-12

<0.03

681054

<.03


681057

RLUG-15

<0.03

681057

0.03


Estimation Method

As of 2014 the total exploration drill holes completed on the property since 1991 is 290 drill holes (47,260.8 m).  There are a total of 211 drillholes that intersect the grade shell that represents the main resource and 773 composite samples (each 1.0 m in length) that are hosted within the grade shell and were used for the resource estimation.

The entire resource estimation disclosed in Table 4 of the technical report was constrained by two three-dimensional grade shells that have a minimum horizontal width of 2 meters and were used independently to better constrain the higher grade ore chutes.  Block size is 2 x 2 x 2 meters (with sub-blocks to 1 x 1 x 1 meter) and grade estimation was carried out by the inverse distance cubed method (ID3) using 1.0 meter down-hole composite samples.  A cap (upper cut) of 31 g/t gold and a lower cut grade of 5 g/t gold were used for all resource classes.  Blocks were estimated using a search ellipse at an orientation of 340 degrees, -65 degrees plunge, and -10 degree dip and with a search ellipse major/semi-major ratio 3, major-minor ratio 3.  Maximum search distance of 50 meters for Indicated and 100 meters for Inferred class categories.  Tonnages were calculated using an average specific gravity of 2.75 g/cm3, based on 773 composite samples (each 1.0 meters in length).  In order to be included in the estimate, a block was required to have a minimum of 2 and a maximum of 15 composite samples within the given search radius.  Surpac version 6.4.1 was the software used to create the geological model and to estimate the resource.

Please refer to the Technical report, which is available under the Company's profile at www.sedar.com for further details including Estimation Method and QA/QC and Data Verification overview.

Frank Hrdy, P., Geo, a Geologist of CanMine Consultants  and an independent consultant to the Company, is the Qualified Person as defined in NI 43-101 for this disclosure and has reviewed and approved  the scientific and technical information contained in this release.

The technical reports for the Company's other Material Properties (the Jolu Area and Greywacke properties) are in progress and the Company is working with its consultants and Qualified Persons (as that term is defined under NI 43-101) to file the revised technical reports as soon as possible.

About Golden Band 

Golden Band Resources Inc. is a gold producer operating in the La Ronge gold belt in northern Saskatchewan and is listed on the TSX Venture Exchange in Canada under the symbol GBN. Commercial production was declared on April 1, 2011. The Company has recently suspended mining operations (see news release of June 30, 2014) but has been actively exploring the La Ronge Gold Belt since 1994 and has assembled a land package of 870 km2, including 13 known gold deposits and five former producing mines, being Jolu, Decade, Star Lake, EP and Komis.

On behalf of the Board of Directors of Golden Band Resources Inc.,

"Paul Saxton"
Paul Saxton, 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 regarding the updated technical reports, operational plans, estimates and costs of production, 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 operations, current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, 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. The Company makes all reasonable efforts to update its corporate information on a timely basis.

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.

SOURCE Golden Band Resources Inc.

For further information: Investor Relations: 604-682-6852, Email: info@goldenbandresources.com, www.goldenbandresources.com


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