SASKATOON, Nov. 12 /CNW/ - Golden Band Resources Inc. (GBN: TSXV) announced today the receipt of the Metallic Screen Assays from the Company's recently discovered Thunder Gold Prospect. The Company reports that the Metallic Screen Assays have significantly upgraded the high-grade gold intercept in drillhole EK-7 and reduced it slightly in drillhole EK-5. Previous news releases on this prospect were made on September 8, October 8, and October 26, 2009 when the Standard Fire assay results were announced. An update on the recently completed Bingo drilling program is also provided.
Thunder Gold Prospect
- 43.0 m to 43.7 m: previously reported as 9.7 g/t gold over 0.7 m has
now changed to 16.8 g/t gold over 0.7 m.
- 43.7 m to 44.0 m: previously reported as 112.0 g/t gold over 0.3 m
has now changed to 158.9 g/t gold over 0.3 m.
- 47.0 m to 48.0 m: previously reported as 16.8 g/t gold over 1.0 m has
now changed to 12.8 g/t gold over 1.0 m.
These changes have modified the average grades:
- 38.0 m to 48.0 m: previously reported as 6.6 g/t gold over 10.0 m has
now changed to 8.1 g/t gold over 10.0 m;
- Including 42.0 m to 44.0 m: 31.2 g/t gold over 2 m, and
- Including 42.0 m to 48.0 m: 12.9 g/t gold over 6 m.
- 13.35 m to 13.70 m: previously reported as 42.5 g/t gold over 0.35 m
has now changed to 38.1 g/t gold over 0.35 m.
This change results in a minor modification of the average grade:
- 9.4 m to 15.7 m: previously reported as 2.9 g/t gold over 6.3 m has
now changed to 2.7 g/t gold over 6.3 m.
The Thunder prospect is located about five km south of the former Komis Mine and was discovered by following up gold-in-till anomalies. Further exploration work consisting of drilling and bulk till sampling on the Thunder prospect and several more gold-in-till anomalies in the area will be carried out in 2010.
Bingo Gold Deposit
The summer drilling program at the Bingo deposit was completed on November 6, 2009, with a total of eight NQ-diameter drillholes (3,543.3 m) (refer to news releases dated September 8 and September 17, 2009, and see the longitudinal section, Figure 1 http://www.goldenbandresources.com/figure1Nov12.html). As stated in the September 17 news release, drillhole WD-182 was believed to have been stopped short of the Bingo structure. The hole was re-entered, and extended from the previous depth of 467.87 m to a new final depth of 550.77 m. The likely expression of the Bingo structure in this hole was from a quartz vein with pyrite mineralization which returned a gold value of 1.23 g/t gold over 0.5 m, at a depth down-hole of 492.25-492.75 m, and a vertical depth of 370 m below surface.
Metallic screen assays have been received for drillhole WD-184 that was the first deep step-out drillhole (see news release dated September 17, 2009 and Figure 1). The new assays have upgraded the high-grade quartz breccia from 14.7 g/t gold over 0.5 m to 19.0 g/t gold over 0.5 m. One other anomalous assay from the Bingo structure intersection was upgraded from 1.17 g/t gold over 1.08 m to 1.45 g/t gold over 1.08 m.
Two drillholes, WD-186 and WD-187, were also completed at the Cockrum Zone to test for additional mineralization to the north (see news release dated February 2, 2009 and Figure 1). Drillhole WD-186 intersected a shear zone (believed to be the Cockrum Zone) with trace pyrite mineralization at 102 m vertical depth from surface, which returned only background gold values. The Cockrum Zone was intersected in WD-187 at approximately 140 m vertical depth below surface, as a 2.0 m-wide interval of quartz veining with minor pyrite and pyrrhotite that grades 0.56 g/t gold over 2.0 m, including two assay values of 1.05 and 1.03 g/t gold over 0.5 m each.
The final drillhole of the program, WD-188, was a follow-up deep drillhole intended to intersect the high-grade mineralization seen in WD-184 at the same depth but 30 metres north. The hole intersected a structure at the same depth but approximately 50 metres north of WD-184. Assay results from this hole will be released when they are available. An updated resource estimate that includes the 2009 drilling will be undertaken after all of the data are 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 production of at least 100,000 ounces of gold per year 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 and Director
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) acnsibility 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: email@example.com; Wani Capital Corp.: Raju Wani, (403) 240-0555, Email: firstname.lastname@example.org, www.goldenbandresources.com