SASKATOON, Feb. 22, 2012 /CNW/ - Golden Band Resources Inc. (Golden Band or the Company) (GBN: TSXV; OTCQX: GBRIF) is pleased to report the assay results for the 19 holes drilled on its Komis Gold Deposit in the fall of 2011. Komis is located approximately 190 km northeast of La Ronge in northern Saskatchewan, and is 100%-owned by Golden Band.
A total of 4,319 m of NQ-diameter core was drilled (19 holes) from surface during fall and early winter of 2011 (Figure 1 - http://www.goldenbandresources.com/gbn-nr-22-feb-12.html). The program was to confirm the depth and on-strike potential of the Komis deposit. A summary of the composited fire assay results for mineralized intersections in the 19 drillholes is shown in Table 1.
Highlights of the Komis drilling include numerous high-grade gold intersections and new zones of shallow, low-grade mineralization over potentially significant intervals, such as:
- KO-11-010: 26.3 grams per tonne (g/t) Au over 2.0 metres (m) starting from 140 m depth, including 48.9 g/t Au over 1.0 m.
- KO-11-012: 4.4 g/t Au over 90 m from 24 m depth, including: 19.4 g/t Au over 18 m, 27.6 g/t Au over 2.0 m, 25.4 g/t Au over 2.0 m, and 114.4 g/t Au over 2 m.
- KO-11-016: 2.9 g/t Au over 24 m starting from 5 m depth, including: 46.4 g/t Au over 1.0 m.
Ron Netolitzky, Chairman of Golden Band Resources, stated, "These drilling results confirm that the Komis gold deposit remains open on-strike and to depth and also identifies that gold mineralization extends beyond the currently known deposit. With further definition, this newly recognized, near-surface, potential along strike may serve to expand the current resource, with higher grade mineralization beyond the currently defined deposit possibly forming the basis of an expanded mining operation."
Mr. Netolitzky further noted, "The other very significant outcome of this drilling program is the recognition of a large gold mineralized envelope extending beyond the known Komis deposit. As a first indication of this, the wide zones of gold mineralization in drillhole KO-11-012 certainly warrant follow-up for a for a bulk-tonnage potential that was completely unrecognized before now."
This gold-mineralized envelope to the north of the currently defined deposit was only realized after more comprehensive core sampling in this recent drilling. As an immediate follow-up, available historical core within the area having bulk tonnage potential will be assayed. This will indicate if additional drilling is warranted to define the bulk tonnage potential, as well as the newly recognized shallow on-strike potential at Komis.
Core samples from the 2011 drill program were prepared for assaying by splitting the NQ core and keeping one half for reference purposes and assaying the other half. A total of 2,493 intervals were assayed. Assays were determined by standard fire assay on 30-gram charges, and metallic screen assays were then completed for all standard assays greater than or equal to 5 g/t Au. All of the assays were completed at the Company's unaccredited Jolu Assay Lab, with check assays consigned to TSL Laboratories located in Saskatoon, Saskatchewan, which is also an ISO/IEC guideline 17025 accredited facility.
In addition to quality control by the lab, Golden Band inserts Certified Reference Materials, blanks, and duplicate samples into the sample batches for independent verification of quality control. A review of the Quality Assurance/Quality Control (QA/QC) results shows no significant biases and all results are considered highly reliable. Mr. Saimon Ngindi, P.Geo., Senior Resource Geologist and Qualified Person as defined by National Instrument 43-101, is responsible for the accuracy of the technical data and information contained in this press release.
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is now also its newest gold producer. Golden Band is a Saskatchewan-based, publicly listed company (GBN: TSXV; OTCQX: GBRIF) 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 875 km2, including 12 known gold deposits, four 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 of being 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 is the annual production of at least 75,000 ounces of gold over a ten-year project life. Other longer-term objectives include the continuation of its highly successful exploration and acquisition strategies.
On behalf of the Board of Directors of Golden Band Resources Inc.,
A.Robson Garden, QC,
President and CEO
Caution Regarding Forward-Looking Information and Statements
This document includes statements and information about the Company's expectations for the future. When Golden Band's strategy, plans, and future financial and operating performance, or other things that have not yet taken place, are discussed, the Company is making statements considered to be forward-looking information or forward-looking statements under Canadian and United States securities laws. Such forward-looking information and statements in this document are referred to as "forward-looking information".
Generally, forward-looking information can be identified by the use of forward-looking terminology such as, for example, "plans", "expects" or "does not expect", "is expected", "budget", "goal", "target", "project", "potential", "strategy", "outlook", "scheduled", "predicts", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", and similar expressions, or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results, "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Readers are cautioned that the forward-looking information in this document represents Golden Band's current views and can change significantly. Forward-looking information contained in this document is based on certain material assumptions, including, but not limited to:
- geological and other conditions that may affect exploration, development, and the amenability for mining;
- the Company's ability to comply with current and future environmental, safety and other regulatory requirements, and to obtain and maintain required regulatory approvals; and,
- the Company's operations not being significantly disrupted as a result of political instability, nationalization, terrorism, sabotage, blockades, breakdown, natural disasters, governmental or political actions, litigation or arbitration proceedings, or other development or operating risks.
Readers are cautioned that such assumptions are not exhaustive and may prove to be incorrect. Although the Company believes that the assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking statements because Golden Band can give no assurance that they will prove to be correct.
Actual results and events may be significantly different from those currently expected due to a number of material risks. These include, but are not limited to:
- the Company's inability to enforce its legal rights, or its being subject to litigation or arbitration that has an adverse effect on the Company;
- defects in title to the Company's properties;
- unexpected or challenging geological, hydrological, or mining conditions;
- environmental, safety and regulatory risks, including increased regulatory burdens or delays;
- the Company's inability to obtain or maintain necessary permits or approvals from government authorities or other third parties;
- changes to government regulations or policies, including, but not limited to, tax and trade laws and policies;
- natural phenomena, including, but not limited to, inclement weather, fire, and flooding; and,
- operational disruption of the Company due to problems and other developments and operating risks.
In addition, Golden Band's annual and interim MD&A, which are available on SEDAR at www.sedar.com, include a discussion of other material risks that could cause actual results to differ significantly from the Company's current expectations.
Forward-looking information is designed to help the reader understand management's current views of the Company's near and longer-term prospects, and it may not be appropriate for other purposes. The forward-looking information contained in this document is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The forward-looking information is expressly qualified by these cautionary 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.
|Table 1: Komis Gold Deposit Resource Definition Drilling: 2011 Assay Results Summary|
|Hole ID||Attitude||Drillhole Length (m)||Sample|| Assay g/t
|Interval||From (m)||To (m)||Length (m)1|
|114||No significant assays > 1.0 g/t Au|
|KO-11-010|| 2080/ -
1) All reported intercepts are core lengths; true widths are estimated to be between 60 and 80 per cent of core lengths.
2) Length-weighted averages calculated using uncut assays.
For further information:
Rodney Orr, P.Geo., VP Corporate Development
Golden Band Resources Inc.
Phone: 306 385 7123
Fax: 306 955 0788
Email: [email protected]