SASKATOON, Sept. 7, 2011 /CNW/ - Golden Band Resources Inc. (TSX-V: GBN)
is pleased to announce the preliminary results for its summer
exploration bulk till sampling program that was focused in a five km
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. Following are the preliminary highlights,
with the locations of specific follow-up targets illustrated on the
following map (Figure 1 - http://www.goldenbandresources.com/fireweed#figure1).
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 (Figure 1). The strongest, with 36 gold grains per kilogram
(gg/kg) and 1,770 ppb 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 (Figure 2 and in photos on the Company's website - http://www.goldenbandresources.com/fireweed#figure2).
The initial two highly weathered rock samples from the eastern end of
the showing returned 9.07 g/t gold from a vein quartz (sample FW-01-11)
and 14.32 g/t Au from a shear zone (sample FW-02-11).
Channel samples were then cut over the exposed 36-metre length of the
showing (Figure 2) with the best initial assay returning 3.06 g/t gold
over 6 metres, including 8.17 g/t gold over one metre. The initial fire
assay results are provided in Table 1.
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 km north of the Komis and EP mine
sites (Figure 1), 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 5 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 dyke found
nearby returned an assay of 3.2 g/t gold. Follow-up drilling is
warranted.
This gold-in-till dispersion train, located four km south of the Komis
mine (Figure 1), 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 (Figure 1).
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 south west of the Komis
mine. This area is covered by 1.5 m of till overlain by another 1.5 m
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
5 and 9 mm in diameter, 180 g 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 (Figure 1). Only areas with multiple samples exceeding
10 gg/kg are shown. 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, and 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 August 30, 2011, 1,340 bulk till samples were
collected and processed in the in-field lab at the Company's Waddy Lake
exploration camp. Previous work has established that 3 to 5 gold grains
per kilogram (gg/kg) are anomalous.
A major advantage of the in-field lab processing is that the gold-grain
anomalies can be followed up within one day, whereas the commercial
labs have long turnarounds such 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 to indirect methods
such as geophysics that cannot detect gold directly.
In addition to the recovery of gold grains that is done in the Company's
in-field 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.
QA/QC
The Company's Jolu Lab assay lab is a non-accredited facility. Results
are based on the Standard Fire Assay method and utilization 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 3 g/t gold were re-assayed 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.
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is
now also its newest gold producer. Golden Band is a Saskatchewan-based,
publicly listed company (TSX-V: GBN) whose focus is the long-term,
systematic exploration and development of its 100%-owned La Ronge Gold
Belt properties. Since 1994, Golden Band has assembled through staking
and strategic acquisition a land package of more than 875 km2, including 12 known gold deposits, four former producing mines, and a
licensed gold mill. Golden Band's key value drivers are the methodical
and systematic targeting of primary to advanced-stage exploration while
progressing along a parallel path of being a sustainable gold producer.
The Company is aggressively pursuing its near-term goal of commercial
production of its Bingo, Komis, and EP deposits with processing at the
100%-owned Jolu mill. The Company's objective is the annual production
of at least 75,000 ounces of gold over a ten-year project life. Other
longer-term objectives include the continuation of its highly
successful exploration and acquisition strategies.
On behalf of the Board of Directors of Golden Band Resources Inc.,
"Ronald K. Netolitzky"
Ronald K. Netolitzky, Executive Chairman
All of Golden Band's exploration programs and pertinent disclosure of a
scientific nature are prepared and/or designed and carried out under
the supervision of Charlie Harper, P.Geo., who serves as the qualified
person (QP) under the definitions of National Instrument 43-101. All of
Golden Band's development-related programs and pertinent disclosure of
a development nature are prepared and/or designed and carried out under
the supervision of Gary Haywood, P.Eng., Golden Band's VP of Operations
and COO, who serves as the qualified person (QP) under the definitions
of National Instrument 43-101.
Caution Regarding Forward-Looking Information and Statements
This document includes statements and information about the Company's
expectations for the future. When Golden Band's strategy, plans, and
future financial and operating performance, or other things that have
not yet taken place, are discussed, the Company is making statements
considered to be forward-looking information or forward-looking
statements under Canadian and United States securities laws. Such
forward-looking information and statements in this document are
referred to as "forward-looking information".
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as, for example, "plans", "expects" or
"does not expect", "is expected", "budget", "goal", "target",
"project", "potential", "strategy", "outlook", "scheduled", "predicts",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate" or "believes", and similar expressions, or the negative
connotation thereof or variations of such words and phrases or
statements that certain actions, events or results, "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved" or the
negative connotation thereof.
Readers are cautioned that the forward-looking information in this
document represents Golden Band's current views and can change
significantly. Forward-looking information contained in this document
is based on certain material assumptions, including, but not limited
to:
- geological and other conditions that may affect exploration,
development, and the amenability for mining;
- the Company's ability to comply with current and future environmental,
safety and other regulatory requirements, and to obtain and maintain
required regulatory approvals; and,
- the Company's operations not being significantly disrupted as a result
of political instability, nationalization, terrorism, sabotage,
blockades, breakdown, natural disasters, governmental or political
actions, litigation or arbitration proceedings, or other development or
operating risks.
Readers are cautioned that such assumptions are not exhaustive and may
prove to be incorrect. Although the Company believes that the
assumptions on which the forward-looking information is based are
reasonable, undue reliance should not be placed on the forward-looking
statements because Golden Band can give no assurance that they will
prove to be correct.
Actual results and events may be significantly different from those
currently expected due to a number of material risks. These include,
but are not limited to:
- the Company's inability to enforce its legal rights, or its being
subject to litigation or arbitration that has an adverse effect on the
Company;
- defects in title to the Company's properties;
- unexpected or challenging geological, hydrological, or mining
conditions;
- environmental, safety and regulatory risks, including increased
regulatory burdens or delays;
- the Company's inability to obtain or maintain necessary permits or
approvals from government authorities or other third parties;
- changes to government regulations or policies, including, but not
limited to, tax and trade laws and policies;
- natural phenomena, including, but not limited to, inclement weather,
fire, and flooding; and,
- operational disruption of the Company due to problems and other
developments and operating risks.
In addition, Golden Band's annual and interim MD&A, whichareavailable on SEDAR at www.sedar.com, include a discussion of other material risks that could cause actual
results to differ significantly from the Company's current
expectations.
Forward-looking information is designed to help the reader understand
management's current views of the Company's near and longer-term
prospects, and it may not be appropriate for other purposes. The
forward-looking information contained in this document is made as of
the date hereof and the Company undertakes no obligation to update
publicly or revise any forward-looking information, whether as a result
of new information, future events or otherwise, unless so required by
applicable securities laws.
The forward-looking information is expressly qualified by these
cautionary statements.
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.
Table 1: Fireweed Prospect: Preliminary Channel Sample Assays (see Figure 2 for sample locations)
|
|
|
|
| Jolu Lab | SRC Lab |
Channel Sample Profile | Channel Sample Number | Channel Sample Length (m) | Structure / Rock Type | Assay Value (g/t Au) | Average (g/t Au) | Assay Value (g/t Au) | Metallic (g/t Au) | Average (g/t Au) |
A
|
1
|
0.50
|
diorite wallrock
|
0.000
|
|
|
0.049
|
|
|
|
2
|
1.00
|
sheared, limonite
altered diorite
|
0.470
|
|
|
0.220
|
|
|
|
3
|
1.00
|
sheared, limonite
altered diorite
|
8.170
|
|
|
2.300
|
2.250
|
|
|
4
|
1.00
|
sheared, limonite
altered diorite
|
5.000
|
|
|
2.370
|
2.730
|
|
|
5
|
1.00
|
sheared, limonite
altered diorite
|
3.670
|
|
|
4.650
|
4.940
|
|
|
|
|
|
| 5.613 | over 3.0 m |
|
| 3.307 | over 3.0 m |
6
|
1.00
|
sheared, limonite
altered diorite
|
0.800
|
|
|
0.330
|
|
|
|
7
|
0.50
|
limonite altered
diorite wallrock
|
0.270
|
|
|
0.056
|
|
|
|
B
|
1
|
0.50
|
diorite wallrock
|
0.370
|
|
|
0.620
|
|
|
|
2
|
0.70
|
sheared, limonite
altered diorite
|
2.370
|
|
|
1.740
|
1.740
|
|
|
3
|
1.00
|
sheared, limonite
altered diorite
|
3.600
|
|
|
3.970
|
4.420
|
|
|
4
|
1.00
|
sheared, limonite
altered diorite
|
2.200
|
|
|
9.510
|
9.950
|
|
|
5
|
1.00
|
sheared, limonite
altered diorite
|
8.500
|
|
|
5.160
|
5.120
|
|
|
|
|
|
| 4.505 | over 3.7 m |
|
| 5.738 | over 3.7 m |
6
|
0.50
|
limonite altered
diorite wallrock
|
0.130
|
|
|
0.560
|
|
|
|
C
|
1
|
0.50
|
diorite wallrock
|
0.000
|
|
|
0.012
|
|
|
|
2
|
0.35
|
sheared, limonite
altered diorite
|
0.000
|
|
|
0.017
|
|
|
|
3
|
1.00
|
sheared, limonite
altered diorite
|
0.100
|
|
|
0.076
|
|
|
|
4
|
1.00
|
sheared, limonite
altered diorite
|
0.030
|
|
|
0.057
|
|
|
|
5
|
1.00
|
sheared, limonite
altered diorite
|
3.700
|
|
|
2.960
|
3.000
|
|
|
6
|
0.50
|
limonite altered
diorite wallrock
|
0.070
|
|
|
0.920
|
|
|
|
D
|
1
|
1.00
|
sheared, limonite
altered diorite
|
0.030
|
|
|
pending
|
|
|
|
2
|
1.00
|
sheared, limonite
altered diorite
|
0.000
|
|
|
pending
|
|
|
|
3
|
1.00
|
sheared, limonite
altered diorite
|
0.000
|
|
|
pending
|
|
|
|
4
|
0.50
|
limonite altered
diorite wallrock
|
0.070
|
|
|
pending
|
|
|
|
E
|
1
|
1.00
|
limonite altered
diorite wallrock
|
0.020
|
|
|
pending
|
|
|
|
2
|
1.00
|
limonite altered
diorite wallrock
|
0.270
|
|
|
pending
|
|
|
|
3
|
1.00
|
limonite altered
diorite wallrock
|
0.070
|
|
|
pending
|
|
|
|
4
|
1.00
|
sheared, limonite
altered diorite
|
0.010
|
|
|
pending
|
|
|
|
5
|
0.50
|
limonite altered
diorite wallrock
|
0.130
|
|
|
pending
|
|
|
|
F
|
1
|
0.50
|
limonite altered
diorite wallrock
|
0.000
|
|
|
pending
|
|
|
|
2
|
1.00
|
sheared, limonite
altered diorite
|
0.400
|
|
|
pending
|
|
|
|
3
|
0.50
|
diorite wallrock
|
0.000
|
|
|
pending
|
|
|
|
G
|
1
|
0.50
|
diorite wallrock
|
0.000
|
|
|
pending
|
|
|
|
2
|
1.00
|
sheared, chlorite
altered diorite
|
0.000
|
|
|
pending
|
|
|
|
3
|
1.00
|
sheared, chlorite
altered diorite
|
0.470
|
|
|
pending
|
|
|
|
4
|
0.55
|
diorite wallrock
|
0.200
|
|
|
pending
|
|
|
|
H
|
1
|
0.50
|
diorite wallrock
|
0.030
|
|
|
pending
|
|
|
|
2
|
1.00
|
diorite wallrock
|
0.270
|
|
|
pending
|
|
|
|
3
|
0.40
|
sheared, chlorite
altered diorite
|
6.430
|
|
|
pending
|
|
|
|
4
|
0.55
|
sheared, chlorite
altered diorite
|
3.330
|
|
|
pending
|
|
|
|
I
|
1
|
0.50
|
diorite wallrock
|
0.000
|
|
|
pending
|
|
|
|
2
|
1.00
|
diorite wallrock
|
0.000
|
|
|
pending
|
|
|
|
3
|
0.60
|
sheared, chlorite
altered diorite
|
0.470
|
|
|
pending
|
|
|
|
4
|
0.55
|
sheared, chlorite
altered diorite
|
0.100
|
|
|
pending
|
|
|
|
J
|
1
|
0.50
|
diorite wallrock
|
0.070
|
|
|
pending
|
|
|
|
2
|
0.70
|
sheared, chlorite
altered diorite
|
0.000
|
|
|
pending
|
|
|
|
3
|
0.75
|
sheared, chlorite
altered diorite
|
8.200
|
|
|
pending
|
|
|
|
4
|
0.50
|
diorite wallrock
|
0.030
|
|
|
pending
|
|
|
|
K
|
1
|
0.50
|
diorite wallrock
|
0.000
|
|
|
pending
|
|
|
|
2
|
0.70
|
sheared, chlorite
altered diorite
|
3.570
|
|
|
pending
|
|
|
|
3
|
0.70
|
sheared, chlorite
altered diorite
|
0.170
|
|
|
pending
|
|
|
|
<table border="0" valign="top"> <tr> <td> Rodney Orr, VP of Corporate Development,<br/> Golden Band Resources Inc.<br/> Phone: 306 385 7123<br/> Fax: 306 955 0788<br/> Email: <a href="mailto:rodney.orr@goldenbandresources.com">rodney.orr@goldenbandresources.com</a> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> <b>Investor Relations: </b><br/> Raju Wani: 403 240 0555<br/> Tony Perri: 604 682 6852<br/> Email: <a href="mailto:info@goldenbandresources.com">info@goldenbandresources.com</a><br/> <a href="http://www.goldenbandresources.com">www.</a><a href="http://www.goldenbandresources.com">golde</a><a href="http://www.goldenbandresources.com">n</a><a href="http://www.goldenbandresources.com">band</a><a href="http://www.goldenbandresources.com">resources</a><a href="http://www.goldenbandresources.com">.com</a> </td> </tr> </table>