GBN: TSX Venture Exchange
SASKATOON, April 19 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the "Company") (GBN: TSXV) is pleased to report the completion of a National Instrument ("NI") 43-101 compliant resource for the 100%-owned historical Corner Lake gold deposit, located in the La Ronge Gold Belt of northern Saskatchewan. It is the Company's objective to systematically update the resources of all the gold deposits within our control that are not compliant to the current reporting standard. This process will let the Company focus on advanced exploration opportunities and build up our mineral inventory for development planning purposes.
This news release presents the first NI 43-101 independent resource estimate for the Corner Lake gold deposit, as prepared by Ronald G. Simpson, P.Geo., of Geosim Services Inc. ("Geosim"). Mr. Simpson has read and approved the contents of this news release. An NI 43-101-compliant Technical Report will be filed on SEDAR shortly. James Wong, P.Eng., P.Geo., has acted as the Qualified Person for the Company.
The Corner Lake gold deposit is estimated to contain an Inferred Mineral Resource of 184,400 tonnes grading 8.07 g/t Au (47,900 ounces) at a cut-off grade of 5 g/t Au.
The Inferred mineral resource estimate for the Corner Lake gold deposit is presented in Table 1 at a range of cut-off grades, with the base case of 5 g/t gold in boldface. This is considered a reasonable starting point for reporting the potential resource extractable by underground mining methods at this level of study. Although a resource of this magnitude would not support a stand-alone development project, Golden Band will consider using material from the Corner Lake deposit to supplement resources from surrounding deposits using a centralized mill and mining scenario. Reported tonnes and ounces have been rounded to the nearest 100.
Table 1: Corner Lake Gold Deposit Inferred Mineral Resource Estimate
Cut-off in situ
g/t Au Tonnes Au g/t oz Au
4.0 236,300 7.28 55,300
5.0 184,400 8.07 47,900
6.0 138,300 8.92 39,700
Figure 1 (http://www.goldenbandresources.com/figure1apr-9-10.html) illustrates the historical exploration completed at Corner Lake and Oven Lake along the auriferous structures. The Corner Lake gold deposit remains open to depth; with the deposit currently defined over a strike length of 250 m and to a vertical depth of 150 m. Extensive areas along the mineralized trends remain open for exploration, including areas that have returned significant gold intersections from historical drilling.
The Corner Lake deposit is a shear-hosted lode gold occurrence within a granodiorite host proximal to the Oven Lake Fault. Exploration work carried by several companies since the 1960's has resulted in the delineation of four main gold mineralized zones (Figure 2 (http://www.goldenbandresources.com/figure2apr-9-10.html)) within broader areas of lower grade mineralization. Completed exploration includes the drilling of 76 core holes (12,038 m), the most recent which were drilled in the winter of 2004.
The mineral resource has been estimated by Geosim using the inverse distance cubed method, with interpolation constrained by 3D solid models of the mineralized zones. Grades were capped at 30 g/t gold (Au) prior to compositing. Composites were diluted to a minimum true width of 1.5 metres (m). A minimum of 2 and maximum of 8 composites were required to estimate a block grade. The maximum search distance was set at 100 m and a moderate anisotropy was imposed with the direction of maximum continuity plunging ENE between 25 degrees and 50 degrees. The ratio of the major to semi-major axis was set at 1.5 and the major/minor axis ratio at 3. Classified blocks were limited to those with a centroid within 50 m of a composite.
These mineral resource estimates were prepared pursuant to Canadian Institute of Mining (CIM) Standards on Mineral Resources and Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council December 11, 2005 and published in the CIM Bulletin of November 2005 and compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Exploration and Development and Mining Properties. Numbers have been rounded subsequent to calculation. No mineral reserves exist for the Corner Lake gold deposit. 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.
The sampling density is sufficient to support an inferred classification as geological and grade continuity can be reasonably assumed but has not been verified. Historic Quality Assurance / Quality Control (QA/QC) procedures do not meet current industry standards that recommend about 20% of the total analyzed samples to be standards, blanks, or duplicates and cross checks. An extensive program of rechecks has partly made up for the lack of rigorous QA/QC, in that most of the samples with significant gold content have at least two analyses and many have three or more including metallic screen assays. Geosim is of the opinion that this level of quality control is sufficient to support an inferred mineral resource estimate.
Conclusions and Recommendations
Geosim makes the following recommendations:
- Additional core drilling is recommended to upgrade existing inferred
resources to measured and indicated. Surface channel sampling is also
recommended in order to evaluate continuity of mineralized zones at
- Modern down-hole survey instruments should be used to monitor hole
deviation. Multishot instruments are recommended for deeper holes.
- The regular insertion of field blank samples should be included in
future drill programs.
- Specific gravity measurements should be carried out on representative
core samples in order to establish the true bulk density.
- Metallurgical testing should be initiated.
- A detailed topographic survey should be carried out and project
coordinates should be converted to UTM.
The Company intends to complete the recommendations of the Geosim Corner Lake gold deposit Technical Report and explore along the favorable mineralized trends. The location of the Corner Lake deposit being approximately 4 km west of the all weather Komis haul road increases the value of this target to be able to supply potential mill feed to the Jolu Mill that is being refurbished for renewed production.
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 Saskatchewan-based, publicly listed company (TSXV: GBN) whose focus is the long-term, systematic exploration and development of its largely 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 twelve known gold deposits, four former producing gold mines, and the licensed Jolu 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 for development and production from its Bingo, Komis, EP, and Golden Heart gold deposits, with processing at the 100%-owned Jolu mill. Longer-term objectives include production from the Company's other deposits and the continuation of its highly successful exploration and acquisition strategy.
On behalf of the Board of Directors of Golden Band Resources Inc.,
"Ronald K. Netolitzky"
Ronald K. Netolitzky, Executive Chairman
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 Vice President 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 planned development, potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of potential financing, development and 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: Gary Haywood, P.Eng., COO, Golden Band Resources Inc., Phone: (306) 955-0787 x7124, Fax: (306) 955-0788, Email: firstname.lastname@example.org; Investor Relations: Raju Wani, (403) 240-0555, Email: email@example.com, www.goldenbandresources.com