GBN: TSX Venture Exchange
SASKATOON, Oct. 8 /CNW/ - Golden Band Resources Inc. announced today the preliminary results of the follow-up drilling on its newly discovered Thunder Gold Showing in the La Ronge Gold Belt of northern Saskatchewan (see previous news release of September 8, 2009). This follow-up drilling (5 drillholes, 400 m) was carried out from September 23 to October 6, 2009.
The Thunder Showing has now been tested with seven drillholes over a strike length of about 50 metres and to a vertical depth of only 55 metres. The previously announced holes EK-3 (345 degrees, -45 degrees) and EK-4 (345 degrees, -60 degrees) are on the northeast end of the mineralized zone, with the new drilling reported here targeting about 15 metres to the west. These follow-up drillholes, consisting of another set of fan drillholes (EK-7: 310 degrees, -45 degrees) and EK-8 (310 degrees, -60 degrees), intersected the central part of the gold-mineralized zone in the showing. No assays are currently available.
EK-7 intersected a mineralized tectonic zone about 15-metre wide with frequent quartz-pyrite veins and veinlets and a five metre-wide central quartz-pyrite breccia (QPB) zone hosted by a volcanic debris flow. Within this central quartz-pyrite breccia zone, visible gold was noted in the drillcore of EK-7, consisting of a cluster of about ten gold grains in the 0.5 mm range, within a fine dusting of smaller gold grains. The second hole on this section (EK-8) intersected the same zone but without the central QPB zone.
Drillholes EK-9 (290 degrees, -60 degrees) and EK-6 (310 degrees, -45 degrees) drilled further to the southwest at 15 and 18-metre intervals respectively, intersected the QPB zone similar to EK-8. A subparallel, pyrite-mineralized, tectonized diorite porphyry dike within the tectonic structure has also been noted in some of the drillholes. The presence of more than one mineralized structure in the Thunder Showing is evidenced in the drillcore by the presence of visible gold in two structures. A southerly-located flanking zone similar to the one described above was intersected over about six metres in drillhole EK-5 (310 degrees, -45 degrees) and several quartz-pyrite veins up to 30-centimetre thick were noted with trace visible gold in one vein.
The Thunder Showing is in the Earl-Kidney area that has been the focus of exploration since the late 1970's, with Golden Band's most active period being during 2005 and 2006 when extensive programs of bulk till sampling and the compilation of historical data identified at least six high priority targets that contained high gold-grain counts and strongly anomalous gold content in the fines of the tills sampled. Within the main area of about four square-kilometres, numerous other anomalous sample sites have been identified. One of the reasons that this area has been difficult to explore is that it is down-ice from a series of very strong regional gold-in-till fans from up-ice sources such as the Komis and EP gold deposits.
Golden Band renewed exploration in the Earl-Kidney area this summer because of the merits of the existing targets and their proximity to the Komis and EP deposits that are scheduled for early production.
The Thunder and Lightening showings are new targets identified to the north and west of the previously high priority anomalies. Based on results to date, we consider the Earl Kidney area to contain multiple structures that contain elevated gold values and a comprehensive exploration program is warranted to define structures, locate the bedrock sources for gold enrichment, and ascertain if gold is present in potentially economic levels.
Golden Band will release more detailed Thunder Showing results, including the assay results, and drilling on the Lightening Showing, as soon as the information becomes available.
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is now poised to become a gold producer. Golden Band is a 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 100,000 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 & 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")." 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. 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.
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: For further information: Golden Band Resources Inc.: Rodney Orr, President & CEO, Phone: (306) 955-0787 x7123, Fax: (306) 955-0788, Email: firstname.lastname@example.org; Wani Capital Corp.: Raju Wani, (403) 240-0555, Email: email@example.com, www.goldenbandresources.com