Golden Band Resources Inc. - bulk mining gold potential at Greywacke gold project
Thursday, Dec 06, 2012
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.
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.
SOURCE Golden Band Resources Inc.