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 mineralized zone.
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 attractive targets.
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 field programs.
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 release.
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