Mr. Ronald Netolitzky reports
GOLDEN BAND RESOURCES DISCOVERS NEW GOLD PROSPECTS IN VERY SUCCESSFUL SUMMER EXPLORATION PROGRAM
Golden Band Resources Inc. has released the preliminary results for its summer
exploration bulk till sampling program that was focused in a five-kilometre
radius of the company's Komis and EP mine sites in the Upper Waddy Lake
area of the La Ronge gold belt.
This summer's exploration program has been especially successful, with
the identification of at least three new gold prospects and several
more targets in an area that is already the focus of near-term mining
development by the company. The preliminary highlights are described herein.
Follow-up diamond drilling in several phases on the gold-in-till targets
will start this month.
Fireweed prospect
A total of 201 detailed till samples were collected, with three medium
to strongly anomalous sites for gold identified over a strike length of
250 metres. The strongest, with 36 gold grains per kilogram
(gg/kg) and 1,770 parts per billion gold in the fire assay of the fine fraction, was
immediately followed up by bulldozer and excavator trenching, exposing
an east-west-trending gold-mineralized shear zone that is currently
exposed for 36 metres along strike and that remains open along strike
in both directions.
The initial two highly weathered rock samples from the eastern end of
the showing returned 9.07 grams per tonne gold from a vein quartz (sample FW-01-11)
and 14.32 g/t gold from a shear zone (sample FW-02-11).
Channel samples were then cut over the exposed 36-metre length of the
showing, with the best initial assay returning 3.06 g/t gold
over six metres, including 8.17 g/t gold over one metre. The initial fire
assay results are provided in the accompanying table.
These results are very encouraging and indicate that follow-up drilling
is expected to start during September.
Big M prospect
This gold-in-till anomaly, located 1.5 kilometres north of the Komis and EP mine
sites, was originally identified by the company in 2003.
This summer, 93 detailed follow-up till samples were collected, with
the best returning a very anomalous 68 gg/kg and 454 ppb gold in the
fine fraction fire assay. The target is covered by up to five metres of
lacustrine clays, but appears to be close to the bedrock source.
Follow-up drill holes have been spotted for the initial testing of this
target in September.
Bean Lake prospect
This summer, the target was followed up by about 150 till samples at
very close intervals. The best samples returned strong anomalous values
in the range of 10 to 12 gg/kg. Assays of the fine fraction are not yet
available. The source is likely only a few tens of metres up ice. A
narrow sulphide-mineralized quartz vein within a diorite dike found
nearby returned an assay of 3.2 g/t gold. Follow-up drilling is
warranted.
This gold-in-till dispersion train, located four kilometres south of the Komis
mine, had the first anomalous till samples discovered in
2009. The prospect area is underlain by the small Bean Lake diorite
stock. The pebbles of the anomalous till samples indicate hematization
of the diorite and the presence of quartz.
Round Lake area
The potentially most significant exploration discoveries of 2011 were
made within the Round Lake and Dog Creek diorite stocks.
Both of the company's Komis and EP gold deposits are east of the Round
Lake stock and have been associated with late hydrothermal mineralizing
activities within the Round Lake stock.
During the past summer, close to 500 till samples were collected over
the stock with an excavator with a seven-metre boom that easily
penetrated the clay cover. Several strong to very strong and extensive
gold-in-till anomalies have been discovered.
One anomaly, named 301 pit, is only 300 metres southwest of the Komis
mine. This area is covered by 1.5 metres of till overlain by another 1.5 metres
of clay. The gold grain count returned 52 gg/kg and the assays of the
fines are still pending.
Trenching to bedrock revealed numerous hematized diorite cobbles with
ribboned quartz. Fifty hematized diorite and 10 quartz pebbles (between
five and nine millimetres in diameter and 180 grams in weight) assayed 2.2 g/t gold at the
company's Jolu assay lab. Because of high ground water, no observations
could be made about the attitude of the quartz veins. Either additional
trenching using a sump pump or diamond drilling is required for further
follow-up of this showing.
In addition to this 301 pit, at least five more gold-in-till anomalies
have been discovered in various parts of the Round Lake and Dog Creek
diorite stocks. Many individual pits returned gold grain counts in
the 20- to 40-gg/kg range, and the first assay returns indicate a gold
content of 200 to 300 ppb in the fines. Common to all anomalies is the
presence of quartz and hematized diorite pebbles. Significant
additional work, trenching, sampling and drilling are required to
follow up on these new anomalies.
Other areas
The balance of the till samples were taken from several other areas
(Contact Lake, Earl-Kidney Lake, A-Zone and Old Komis Road) and some
have returned encouraging results. Additional work is needed.
The company is also undertaking mapping and prospecting within the North
Lake project and this will continue through September.
Bulk till sampling program details
Between June 21 and Aug. 30, 2011, 1,340 bulk till samples were
collected and processed in the infield lab at the company's Waddy Lake
exploration camp. Previous work has established that values of three to five gg/kg are anomalous.
A major advantage of the infield lab processing is that the gold grain
anomalies can be followed up within one day, whereas the commercial
labs have such long turnarounds that those results often cannot be
followed up until a later field season.
Gold-in-till anomalies are especially encouraging within
overburden-covered terrain, as they are direct indications of
mineralized systems that contain gold, as compared with indirect methods
such as geophysics that cannot detect gold directly.
In addition to the recovery of gold grains done in the company's
infield laboratory, the fine fractions of the till samples are also
assayed for gold in a commercial laboratory.
Assays were completed at both the company's non-accredited Jolu Mill
assay lab and at the Saskatchewan Research Council Geoanalytical
Laboratories.
Quality assurance/quality control
The company's Jolu Lab assay lab is a non-accredited facility. Results
are based on the standard fire assay method and usage of a
30-gram assay charge. The final results for this program include check
assays of the significant intervals. Standard fire assay results
greater than three g/t gold were reassayed using the screened metallic
assay method for the significant intervals. The quality
assurance/quality control of the assay results was monitored by a
series of sample standards and sample blanks that Golden Band routinely
inserts into the sample sequences.
The standard fire assays done by the Saskatchewan Research Council
Geoanalytical Laboratories are in accordance with ISO/IEC 17025:2005
(CAN-P-4E) standards. The quality assurance/quality control of the
assay results was monitored by a series of sample standards and sample
blanks that Golden Band routinely inserts into the sample sequences.
FIREWEED PROSPECT: PRELIMINARY CHANNEL SAMPLE ASSAYS
Jolu Lab SRC Lab
Sample length Assay value Average Assay value Metallic Average
(m) (g/t Au) (g/t Au) (g/t Au)
0.50 0.000 0.049
1.00 0.470 0.220
1.00 8.170 2.300 2.250
1.00 5.000 2.370 2.730
1.00 3.670 4.650 4.940
5.613 g/t Au 3.307 g/t Au
over three m over three m
1.00 0.800 0.330
0.50 0.270 0.056
0.50 0.370 0.620
0.70 2.370 1.740 1.740
1.00 3.600 3.970 4.420
1.00 2.200 9.510 9.950
1.00 8.500 5.160 5.120
4.505 g/t Au 5.738 g/t Au
over 3.7 m over 3.7 m
0.50 0.130 0.560
0.50 0.000 0.012
0.35 0.000 0.017
1.00 0.100 0.076
1.00 0.030 0.057
1.00 3.700 2.960 3.000
0.50 0.070 0.920
1.00 0.030 pending
1.00 0.000 pending
1.00 0.000 pending
0.50 0.070 pending
1.00 0.020 pending
1.00 0.270 pending
1.00 0.070 pending
1.00 0.010 pending
0.50 0.130 pending
0.50 0.000 pending
1.00 0.400 pending
0.50 0.000 pending
0.50 0.000 pending
1.00 0.000 pending
1.00 0.470 pending
0.55 0.200 pending
0.50 0.030 pending
1.00 0.270 pending
0.40 6.430 pending
0.55 3.330 pending
0.50 0.000 pending
1.00 0.000 pending
0.60 0.470 pending
0.55 0.100 pending
0.50 0.070 pending
0.70 0.000 pending
0.75 8.200 pending
0.50 0.030 pending
0.50 0.000 pending
0.70 3.570 pending
0.70 0.170 pending
We seek Safe Harbor.
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