GBN: TSX Venture Exchange
SASKATOON, July 3, 2014 /CNW/ - Golden Band Resources Inc. (GBN:TSXV) announced today the assay results from the drilling program completed in May, 2014 on the Company's 100%-owned Decade gold deposit located in the La Ronge Gold Belt of Saskatchewan (see previous news releases of January 29, 2014 and March 11, 2008). The following table summarizes the assay highlights.
Table 1: Decade Gold Deposit Assay Data - Results
2014 Spring Drilling Program
Summary of Aggregated Uncut Gold Results
|Dip (degrees)|| Drillhole
|DC-52-14||145.9||-45.1||41.77||No Significant Intervals|
|DC-62-14||328.9||-50.9||99.70||No Significant Intervals|
The spring 2014 drilling program at the former Decade mine consisted of 22 diamond drillholes (NQ-diameter) totalling 1,600.93 m. Drillhole spacing were typically 12.5 m apart, with the objective to test for:
- The existence of a southwest zone down-plunge for an earlier high grade drill hole intersect,
- The possible existence of higher grade mineralization down plunge of the mine workings,
- The possible existence of higher grade mineralization to the northeast of the mine workings,
- The possible existence of a new zone to the far northeast of the existing mine workings.
Golden Band is encouraged by these initial results which indicate that additional higher-grade, near-surface gold occurrences exist than what were previously indicated and that these gold zones could potentially be available for near-term production as part of the Company's plans to re-start gold production using its Jolu mill.
The former Decade mine workings are only 275 metres from the Company's Jolu gold mill, and 600 metres from the former Jolu gold mine, all 100%-owned by Golden Band. The Decade area was discovered in 1944 and saw limited underground operations in the 1970's and 1990's. The deepest portion of the existing development is approximately 50 m below surface and certain portions of the gold mineralization were drill tested in the 1990's to about 100-150 m below surface.
A total of 831 samples were analyzed at Golden Bands' on-site laboratory; 77 samples were re-assayed as duplicates, 58 sample standards and blanks were routinely inserted into the sample stream and 61 samples were assayed via the "Total Pulp Metallics" method. An additional 55 samples were selected from the mineralized intervals and were sent to TSL Laboratories in Saskatoon, Saskatchewan, which is an ISO/IEC accredited facility, as an independent check of samples that occur within the significantly mineralized zone (the results from these independent checks on assay results are pending).
Frank Hrdy, P.Geo., (APEGS) Consulting Geologist, has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and has reviewed and approved the scientific and technical information contained in this release.
About Golden Band Resources Inc.
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, CEO
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.
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 future exploration plans, restructuring of operations, 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 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Golden Band Resources Inc.
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