SASKATOON, April 24, 2014 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the "Company") (TSXV-GBN) is pleased to announce that it has awarded the first drilling contract of the 2014 exploration season to Newmac Industries Ltd of Prince Albert, Saskatchewan. The program is for a minimum of 2,400 metres and will be located at the Decade gold deposit and at the northeast extension of the formerly mined Rod Zone (Jolu gold deposit). The Decade gold deposit, situated approximately 275 metres north of the existing Jolu mill site, has been mined in the past and is seen to have good potential to host additional resources on strike and to depth. The "Rod Zone Extension" hosts the historic "Pam", "Blindman" and "East" gold zones which also have potential to host additional gold resources. The program commenced on Friday, April 18th.
Although the Company has placed the operation on a care and maintenance status for the time being, as noted in the news release dated December 9, 2013, the Company plans to resume aggressive exploration throughout the La Ronge Gold project area with the goal to significantly expand the existing NI 43-101 gold resources that have been identified to date. There are currently 13 known gold deposits and numerous gold prospects within the general project area (see the Company website for more details).
The Company would also like to announce the results of the underground drill program that was carried out in the latter part of 2013 as well as earlier this year at the Bingo deposit which is part of the Roy Lloyd mine. The drill program was designed to define mineable resources within the Bingo structure below the 1175 metre level (175 metre elevation), which is the lowest active level of the Company's Roy Lloyd gold mine, and to test for additional resource to depth and along strike. These recent drill results, along with historic data are being utilized to define a new resource below the 1175 metre level.
The following table shows the highlights of the drill program; high grades were reported in holes 36 and 41. The larger table which is attached as an Appendix shows all the assay results from the complete drill program.
|AZIMUTH||DIP||FROM||TO||LENGTH||AU GT||ZONE|| CORE
Note: The assay results reported are "metallic" assay results over "standard" assay results when both methods were used to assay a sample. Assays are uncut.
A total of 604 samples were analyzed at Golden Bands' on-site laboratory via their "standard fire assay method" 20 samples were re-assayed via the "metallic method", 47 sample standards and blanks were routinely inserted into the sample stream by Golden Band personnel and 11 samples were re-assayed as duplicates. An additional 5 samples were selected from the mineralized intervals and were sent to TSL Laboratories in Saskatoon, Saskatchewan, which is an ISO/IEC guideline 17025 accredited facility, as an independent check of samples that occur within the significantly mineralized zone.
Frank Hrdy, P.Geo., 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.
Golden Band also wishes to note that Masuparia Gold Corporation has commenced a drill program on the Greywacke gold deposit, which is owned 50% each by Masuparia and Golden Band. As part of the La Ronge South Gold Joint Venture between the two companies, Masuparia is the Operator for the Greywacke project. For further updates on the drill program at Greywacke, please also refer to the Masuparia website at www.masupariagold.com.
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 and traded in the United States on the OTCQX under the symbol GBRIF. Commercial production was declared on April 1, 2011. 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 five former producing mines, being Jolu, Decade, Star Lake, EP 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.,
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.
Golden Band Resources Inc. - News Release April 24, 2014
APPENDIX - Full drill results
|1130 Exploration Drill Results|
|HOLE NAME||AZIMUTH||DIP||FROM||TO||LENGTH||AU GT||ZONE|| CORE
|RLUG-49||212.5||-52.07||Fault Intersected, No Zone||NSR|
SOURCE: Golden Band Resources Inc.
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