SASKATOON, Dec. 5, 2012 /CNW/ - Golden Band Resources Inc. (GBN: TSXV; OTCQX: GBRIF) (Company) is pleased to report that recent sampling of core from historic drilling on the
Greywacke North gold zone, on the Greywacke project (a 50:50 joint
venture between the Company and Masuparia Gold Corporation), has
confirmed potential for a bulk mining gold target. Elevated gold
values were also found, with the most significant being 5.88
grams/tonne (g/t) gold over 11.5 metres intersected at shallow depths.
As well, results from recent saw cut channels on outcrops at Greywacke
North, which included 71.50 and 65.36 g/t gold over two contiguous 0.5
metre channel samples, have extended and better defined the gold
A total of 725 core samples were collected representing approximately
705 metres of core previously not sampled from the historic core stored
on site. This historical drill work was completed during the period in
which bulk mineable low grade targets were not considered to be
The mineralized intervals obtained from historical sampling were
recalculated utilizing a lower cut-off of 0.45 g/t gold and
incorporated the additional 725 core samples. Elevated gold values
were indentified from the various sampled intervals with the most
significant being DDH GW02-79, which assayed 5.88 g/t gold over 11.5
metres (from 19.0 metres to 30.5 metres).
In addition, the mineralized intervals indicate the existence of a low
grade gold halo, which could have potential interest as a bulk mining
target. The complete assay results from the 725 core samples are to be
reported on the Company's website. Re-logging and splitting of
additional core is justified and will proceed in conjunction with other
The Greywacke North outcrop area was ground sluiced to expose the
historic saw cut channel samples and some drill collars. An additional
64 saw cut channel samples were taken to extend the mineralization and
better define the outer boundaries. The most notable values were
obtained from two contiguous 0.5 metre channel samples, which returned
71.50 g/t gold and 65.36 g/t gold.
A detailed airborne magnetic survey totalling 1,275 kilometre of
flight-lines was completed in June 2012 by Tundra Airborne Surveys. The
survey was designed to provide lithological and structural data and to
provide guidance for future gold exploration. Detailed orthophoto
coloured imagery was sourced from the Province of Saskatchewan and
provides a strong compliment to the magnetic data.
A geological interpretation, completed by Taiga Consultants Ltd on the
combined data set, concluded that the known gold occurrences and
deposits within the Greywacke property have a locational association
with two main types of structural situations:
With the fold closures in the MacLean Lake Group rocks, especially where
the structural features have been intersected and crossed by later
north-south and northwest-southeast oriented fault structures, and
With northwest oriented secondary splays off the McLennen Lake regional
fault as evidenced by the Shandy Lake occurrence.
The aeromagnetic survey flown on 75 metre spaced lines is very useful
for planning the ongoing exploration of the property. The Greywacke
North deposit and a number of the historical gold occurrences all fall
on the same folded magnetic horizon related to cross structures.
Based on these results a winter diamond drill program is recommended for
the Greywacke North deposit with an initial phase comprised of 2500
metres. The drill program will be focused on expanding the historic
resource. A new resource calculation would be considered after
completion of this program.
An application has been submitted to the Ministry of Environment for the
Province of Saskatchewan to collect a 10,000 to 15,000 tonne bulk
sample that will be tested in Golden Band's Jolu mill. Approval is
anticipated in sufficient time to complete this metallurgical test this
winter. Bench scale metallurgical test work has commenced on drill core
under the supervision of Golden Band's metallurgist and will assist the
planning of the bulk sample. The metallurgical program, ongoing
baseline environmental studies and the winter drill program are all
planned to support the completion of a preliminary economic assessment
on the Greywacke North deposit.
Mike Jamieson, P.Geol., of Taiga Consultants Ltd., has acted as the
Qualified Person as defined in National Instrument 43-101 for this
disclosure and has approved the technical information contained in this
About Golden Band
Golden Band Resources is a gold producer operating in the La Ronge gold
belt in northern Saskatchewan and publicly listed on the TSX Venture
exchange in Canada under the symbol GBN and is traded in the United
States on the OTCQX under the symbol GBRIF. Commercial production was
declared on April 1, 2011 and the Company has production from two
mines, Roy Lloyd and Komis. Processing is at the centrally located Jolu
mill, with a nominal capacity of 650 tonnes per day. The Company 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 four former producing mines,
being Jolu, Decade, Star Lake and Komis. The Company plans to undertake
aggressive drill programs throughout the La Ronge Gold Project with the
goal of significantly expanding the existing NI 43-101 gold resources
that have been identified to date.
On behalf of the Board of Directors of Golden Band Resources Inc.,
A. Robson Garden, President and 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
relating to the potential mineralization and geological merits of the
mine properties, estimates of production, costs of production, the
sufficiency and availability of capital and financing 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
current exploration activities, fluctuating gold prices, possibility of
equipment breakdowns and delays, cost overruns, availability of capital
and financing, 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 with securities regulators available on SEDAR at
www.sedar.com. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated, or intended.
Accordingly, readers should not place undue reliance on forward-looking
information. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether
as a result of new information, future events or otherwise except as
otherwise required by applicable securities legislation.
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:
Matthew Conklin, VP, Corporate Development
Golden Band Resources Inc.
Phone: 306 385 7124
Fax: 306 955 0788
Raju Wani: 403 240 0555
Tony Perri: 604 682 6852