Golden Band Resources Reports Drill Program Has Started At Decade Deposit And Update On The Bingo Drill Program Results
TSX.V: GBN
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.
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Note:Â The assay results reported are "metallic" assay results over "standard"
assay results when both methods were used to assay a sample. Assays are
uncut.
QA/QC
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"
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
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SOURCE Golden Band Resources Inc.
For further information:
Investor Relations:Â 604-682-6852
Email:Â info@goldenbandresources.com
Web:Â Â www.goldenbandresources.com