SASKATOON, May 13, 2013 /CNW/ - The Companies; Masuparia Gold Corporation (TSXV: MAS) and Golden Band Resources Inc. (Golden Band or Company) (TSXV: GBN; OTCQX: GBRIF) are pleased to report on progress in obtaining a bulk sample from the Greywacke North deposit (refer to news release dated January 8, 2013). The Greywacke project is part of the La Ronge South Gold 50/50 Joint Venture between Masuparia Gold Corporation (TSXV: MAS) (Masuparia) and Golden Band. Masuparia is the operator during the exploration phase and has appointed Golden Band to be the contractor ("Contractor") for the purpose of collecting and processing the bulk sample. On April 7, 2008 Masuparia Gold Corporation and Golden Band Resources Inc. released a NI 43-101 compliant Technical Report on the Greywacke Lake Project which reports an Indicated Mineral Resource of 184,000 tonnes grading 8.40 g/t gold (49,700 Troy ounces of gold) plus an Inferred Mineral Resource of 58,000 tonnes grading 7.29 g/t gold (13,600 Troy ounces of gold) at a cut-off grade of 5 grams gold per tonne for the Greywacke North Zone.
Results and Discussion
To date sampling activity for the bulk sample has broken approximately 11,000 tonnes of material considered as ore grade (12.4 g/t gold) and 7,900 tonnes considered as dilution (see Table 1) from the bulk sample site. It does not consider waste material removed to provide ramp access to the pit.
Grade control of the material blasted was assured through systematic blast hole sampling. A total of 467 holes were drilled between March 10th and March 25th from which a total of 1,790 samples were collected and assayed at the Jolu Mill facility. The blast holes were drilled to an average depth of 10 metres with a 2m x 2m sampling pattern. Table 1 summarizes the estimated tonnes and grade (g/t gold) by category and Figure 1 provides visual images of the size, shape and grade distribution of this bulk sample.
Blast Grade and Tonne Estimate
Table 1: Blast Grade and Tonne Estimate for the Bulk Sample taken from the Greywacke North Gold Deposit. No gold cap or gold cut-off grade was used for this estimation.
|Category||Tonnes (t)||Grade g/t Au||Au Ounces|
Note: This is an estimate based on 467 blast holes that were drilled at a 2 m x 2 m spacing and were sampled at a 2.5 m down- hole sample length (totaling 1,790 samples). This estimate does not account for recovery in either the pit nor in the mill. A reconciliation of grade, tonnes and gold ounces that were estimated and what will be recovered will need to be complete once this bulk sample is milled and the pit is surveyed.
Figure 1: Images of the Size, Shape and Grade distribution of the Mineralization (Image 1 - Block Model: http://www.goldenbandresources.com/gbn-nr-13-may-13.html#image1, Dilution Image 2 - Block Model: http://www.goldenbandresources.com/gbn-nr-13-may-13.html#image2) and Combined Mineralization and Dilution with Blast Holes plotted (Image 3 - Grade Shells http://www.goldenbandresources.com/gbn-nr-13-may-13.html#image3).
The primary objective of the bulk sample is to confirm the metallurgical performance of the mineralized zone through the Jolu Mill and confirm the bench scale metallurgical results as released on January 8, 2013. Prior to suspension of the trucking (due to winter breakup conditions) approximately 6,000 tonnes were hauled and stockpiled at the Jolu mill. The outstanding amount, approximately 12,900 tonnes, will remain on site in-situ and will be removed during summer conditions. A review is being completed to determine if additional sampling would benefit the evaluation of metallurgical performance.
The bulk sample will be a critical component to the ongoing evaluation of the Greywacke deposit. Baseline environmental studies are continuing for the property. Evaluations of the waste and gold-mineralized rock characteristics are also in progress through the facilities of the Saskatchewan Research Council (SRC) located in Saskatoon, Saskatchewan. A two phase diamond drill program and completion of splitting and assaying of historical core that was not assayed and which may host gold mineralization not recognized previously will be conducted as a component of ongoing exploration of the property.
Estimation Method and Quality Control
Assaying of samples was conducted at Contractors assay lab located at the Jolu Mill facility. The assay results are derived from the North Zone and include 1,790 samples of drill cuttings collected from 467 blast holes that were spaced 2 m x 2 m apart and that had a continuous 2.5 m sample spacing. All of the drill holes were vertical. A rigorous assay quality assurance/quality control program consisting of 217 sample standards, 12 sample blanks, 89 duplicates analysis and 74 duplicate lab checks was conducted by routine insertion of these reference standards, sample blanks and repeat assays into the sampling stream. A standard fire assay method of analysis was performed on drill cuttings utilizing a 50 g assay charge. The results from the this QA/QC program do not indicate any problems except in the case of Standard CDN-GS-5E (4.46 g/t Au lower limit, 5.2 g/t Au upper limit) where approximately 25 of 47 results assayed above the upper limit. However, Standard CDN-GS-4D (3.56 g/t Au lower limit, 4.06 g/t Au upper limit) only had 1 of 78 samples above the upper limit. All other QA/QC samples fell within acceptable range. It is speculated that the anomalous data from Sample Standard CDN-GS-5E indicates a possible problem with the Standard as this anomaly does not exist with the other Standards, in particular. Standard CDN-GS-4D which overlaps with Standard CDN GS-5E (the Standard in question).
The tonnes and grade estimate for the "mineralized" and "diluted" components of the bulk sample was constrained by a three-dimensional solid model (one for the mineralization and one for the dilution) that were modeled to tightly constrain the indicated mineralization derived from assay results and from the planned margins of the pit. Block size is 2.5 m x 2.5 m x 2.5 m and grade estimation was carried out by the inverse distance squared method using 2.5 m down-hole composite lengths. Top "cap" and lower "cut" grades were not utilized due to the close spacing of the samples (2.5 m apart). A spherical search was conducted with a maximum search distance of 6 m and a minimum of 2 and maximum of 10 composite samples were required within a given search radius.
Patty Ogilvie-Evans, P.Geo., Golden Band's Senior Geologist, is the qualified person (QP) as defined under NI43-101, who has reviewed and approved the scientific and technical information contained in this news release. The contents of this release has also been reviewed and Independently approved by Frank Hrdy, P.Geo of Canminx Enterprises Ltd.
About Golden Band
Golden Band Resources 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 and traded in the United States on the OTCQX under the symbol GBRIF. The Company has two producing mines, Roy Lloyd and Komis. Commercial production was declared on April 1, 2011. On February 26, 2013, the Company announced a temporary halt of mining at the Komis deposit to free up equipment and personnel for the construction of road access to the Golden Heart deposit. Operations at the Company's Roy Lloyd mine and Jolu Mill continue. 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.
Masuparia Gold Corporation is a Canadian mineral exploration company focused on grassroots exploration projects with world class potential. Masuparia currently is the Operator of a joint venture (LRSG JV) in the La Ronge Gold Belt of Saskatchewan with Golden Band Resources on three properties: Greywacke Lake, Preview Lake and North Lake. The Greywacke Lake gold project, which the Company believes to have bulk mineable potential, is at an advanced stage with several known high-grade gold-bearing zones and a resource estimate on the Greywacke North Zone of 184,000 tonnes at 8.4 g/t Au plus an Inferred Resource of 58,000 tonnes at 7.29 g/t (at a cut-off of 5 g/t) (NI 43-101, Wardrop 2008).
On behalf of the Board of Directors of Golden Band Resources Inc. and Masuparia Gold Corp.,
Paul Saxton, Chairman and Chief Executive Officer, Golden Band Resources Inc.
Contact: (306) 385-7144
Ron Netolitzky, President, Chief Executive Officer and Director, Masuparia Gold Corporation
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 Greywacke North deposit and other 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.
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.
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